Deltic Timber Corp. of El Dorado said Monday that first quarter preliminary net income fell 61 percent to $1.9 million, or 15 cents per share, amid bad winter weather and a fire at one of its plants.
“Harsh winter weather conditions existed for much of the United States during the first quarter,” President and CEO Ray Dillon said in a news release. “The negative impact on the lumber market was reflected in reduced demand for lumber and decreased lumber sales prices.”
The company also cited the financial effect of a fire that occurred March 10 in the press at its medium-density fiberboard plant. The fire halted production for a month. The company’s earnings reflected the expense associated with insurance policy deductibles for property damage and business interruption insurance policies.
Operating results for the company’s individual segments were:
- Woodlands: income of $6.5 million, up 22 percent from the same quarter last year.
- Manufacturing: income of $3.5 million, down 58 percent from the same quarter last year.
- Real estate: a loss of $800,000, down from income of $200,000 for the same period of 2014.
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