Deltic Timber Corporation's net income for the 2Q 2016 was $4.2 million, $.35 a share, which compares to results for the 2Q 2015 of $.8 million, $.07 a share, as the company said in the press release received by Lesprom Network.
For the first six months of 2016, net income was $4.6 million, $.38 a share, compared to net income of $2.7 million, $.22 a share for the first six months of 2015. Net cash provided by operating activities for the first half of 2016 was $20 million, compared to $14.6 million for the same period of 2015.
Commenting on the results, President and CEO, Ray C. Dillon, stated, “The Company’s financial performance for the 2Q is indicative of the potential income and cash flow that Deltic’s excellent group of operating assets can produce, even when markets are only marginally favorable. In the Woodlands segment, we continue to achieve a sustainable harvest volume of our pine sawtimber; however, pine pulpwood markets remain weak. Our investment in a new small-log line at our Ola Mill, that will be operational in October, will allow us to better utilize smallwood from our forest-maintenance thinning activity in our sawmill. In the Manufacturing segment, we saw an improvement in the lumber market during the quarter, allowing us to run additional hours and sell more lumber at a higher average sales price, while maintaining our market share and balancing supply with demand. Both operating and financial performance at our MDF plant continue to improve, and the plant generated increased operating income and cash flow from the 1Q 2016.”
Deltic Timber Corporation is a natural resources company focused on the efficient and environmentally responsible management of its land holdings. The Company owns approximately 530,000 acres of timberland, operates two sawmills and a medium density fiberboard plant, and is engaged in real estate development.
