For the year of 2014, net income was $19.7 million, $1.56 a share, compared to $20.3 million for the year of 2013 before consideration of non-recurring gains that resulted from the acquisition of the remaining 50% ownership interest in the Del-Tin Fiber medium density fiberboard plant in April 2013 and an involuntary conversion of assets in the Company’s Manufacturing segment. Inclusive of these gains that totaled $5.9 million, net of income taxes, reported net income for the year of 2013 was $26.2 million, $2.06 a share.
Net income for the 4Q 2014 was $3.5 million, $.28 a share, compared to net income of $2.3 million, $.18 a share, for the 4Q 2013. The improvement over the prior-year quarter was primarily due to increased residential lot sales activity combined with the benefit of decreased Corporate segment expense.
Net cash provided by operating activities was $6.4 million for the 4Q 2014, compared to $8.1 million for the same period a year ago. Cash provided by operating activities for the year of 2014 was $31.5 million, compared to $42.1 million for the year of 2013.
The Woodlands segment reported operating income of $3.5 million for the 4Q 2014, compared to $3.4 million for the same period a year ago.
The Company’s Manufacturing segment reported operating income of $5.4 million for the 4Q 2014 compared to $5.6 million for the same period of 2013. The decrease in operating income was primarily due to increased maintenance-related expenses at Del-Tin Fiber.
The Company’s Real Estate segment reported operating income of $1 million in the 4Q 2014, compared to an operating loss of $.2 million for the same period of 2013.
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.
