Deltic Timber Profits Tumble
by October 25, 2011 7:00 pm 53 views
Deltic Timber Corp. saw its third quarter profits erode from $3.28 million one year ago to just $720,000 in the most recent quarter.
Revenue for the El Dorado-based timber and real estate firm also tumbled from $37.05 million in the third quarter of 2010 to $31.37 million in the most recent quarter.
The decrease, when compared to the prior-year period, was primarily due to the sale of a 19-acre commercial real estate tract in the third quarter of 2010, while there were no commercial acreage sales in the 2011 period, the company said.
“While third quarter earnings were lower when compared to a year ago, I am pleased to report profitable financial results for the tenth consecutive quarter," said Deltic Timber CEO Ray Dillon.
"This was achieved despite the continued recession-like economic conditions that exist for forest and building products businesses and residential and commercial real estate development businesses. The company’s core Woodlands and Mills segments’ assets continue to perform well, even with near-record low prices for pine sawtimber and finished lumber. In the Real Estate segment, we continue to focus on commercial real estate in our Chenal Valley development with the continuation of a depressed residential real estate market,” he added.
Deltic Timber’s stock closed trading on Wednesday at $68.23 per share. The 52-week range for the stock’s performance is a low of $45.03 per share to a high of $74.43 per share.