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Deltic Timber earnings rise in fourth quarter behind one-time charges Thursday, Feb 7, 2008 Arkansas News Bureau LITTLE ROCK - Deltic Timber Corp. announced Wednesday that its fourth quarter earnings rose to $1.7 million from a loss of $2 million in the same quarter last year. The improvement was primarily because of the settlement last quarter of property and business interruption insurance claims resulting from a fire at one of the company's mills a year ago, the El Dorado-based company said. One-time charges that benefited the bottom line for the quarter totaled $3.1 million, including $1.9 million for the conversion of assets lost in the fire and $1.2 million from business interruption insurance claims. "I am pleased that all repairs have been made and the facility is operating at higher hourly productivity rates than before the fire," Deltic President and CEO Ray Dillon said in a prepared statement. Increased operating income from the resumption of harvesting activities after the fire, as well as increased sales of non-strategic hardwood timberland also contributed to the increase, Deltic said. "The company's financial results for the year were respectable, especially given the impact to our businesses of the depressed housing and lumber markets," Dillon said. Revenues for the quarter were $24.4 million, down 8.6 percent since the same quarter last year. Net income for the year totaled $11.1 million, down from $11.3 million last year. Shares of Deltic Timber (NYSE: DEL) closed Wednesday at $49.63, down $1.16 for a 2.3 percent decline. |
