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Deltic Timber reports 65 percent rise in net income for first quarter Tuesday, Apr 24, 2007 Arkansas News Bureau LITTLE ROCK - Deltic Timber Corp. announced Monday that net income for the first quarter of 2007 increased 65 percent to $6.6 million, or 53 cents a share, compared to $4 million, or 32 cents a share, last year. The increase was primarily due to the sale of 680 acres of undeveloped real estate at a pretax margin of $7.5 million, combined with a 174 percent increase in pine pulpwood sales revenue, the company reported. Last quarter, Deltic posted a $2 million loss that it attributed to a "reduction" in its lumber milling segment and lower residential and commercial sales activity. "The reduced level of annual housing starts in the U.S. continues to cause difficult market conditions for our lumber manufacturing operations, in addition to reduced residential lot sales in our real estate developments," Deltic Timber President Ray C. Dillon said Monday, "but we are pleased to report that we are currently seeing some increase in activity in our Chenal Valley development." The company's mills segment reported an operating loss of $2 million in 2007's first quarter, a decrease of $3.6 million when compared to the same quarter a year ago. The real estate segment earned $7.4 million, up from $700,000 in the first quarter of 2006. Shares of Deltic Timber (NYSE: DEL) closed Monday at $50.37, down 66 cents. |
