Deltic Timber Sees Big Profits For Year
by February 22, 2011 7:00 pm 67 views
Deltic Timber Corp. had weak fourth quarter profits, but that didn’t stop the El Dorado-based timber and real estate company from recording a stellar year.
Deltic Timber posted fourth quarter earnings of $1.27 million on revenue of $33.7 million. Revenues were up 8.5% from the previous year when quarterly net income topped $3.68 million.
The weaker quarter didn’t hurt full year profits. Deltic’s 2010 revenues grew 26% to $142.6 million and earnings more than tripled to $12.4 million.
“Our excellent portfolio of diverse assets continued to respond well in these difficult times, and we reported profitable financial results for the seventh consecutive quarter, despite the overall depressed environment for both the forest and building products and residential and commercial real estate development businesses," said Deltic Timber CEO Ray Dillon.
In particular, Dillon cited a $1.7 million increase in oil and gas revenues from land the firm owns in the Fayetteville Shale unconventional natural gas play. He also noted that a Chilean earthquake disrupted fiberboard imports from that country to the benefit of Deltic.
Another big boost to the company’s bottom line this year came from a 19-acre sale of commercial real estate in the lucrative Chenal Valley development. St. Vincent’s Health System is building a west Little Rock campus in the area on 17.76 acres.