Deltic Timber Corp. on Wednesday reported a loss of $200,000, or 2 cents a share, during fourth-quarter 2011 compared with net income of $1.3 million, or 10 cents a share, in the year-earlier quarter.
The company, based in El Dorado, said net income for 2011 was $2.7 million, or 21 cents a share, compared with $12.4 million, or 99 cents a share, for the 12 months ended Dec. 31, 2010.
Net revenue was $121.8 million in 2011 compared with $141.6 million in 2010.
The company blamed the quarterly decrease primarily on lower sales volume and prices for pine saw timber and a decline in the sale of hardwood bottomland.
"Despite the continued weak markets for dimension lumber and residential real estate caused by the low level of housing starts and excess single family homes for sale in the United States, Deltic’s excellent portfolio of assets produced both positive net income and respectable cash flows for yet another year," Ray C. Dillon, Deltic’s president and CEO, said in a company statement.
"We did not sell all of the hardwood bottomland acreage planned for 2011, as we kept this sales activity at the level the market would absorb, while maintaining the average sales price received per acre. Having our Mills segment generate positive operating income in this lumber market environment was quite an accomplishment."
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