Deltic Timber Corporation’s 1Q 2017 net sales totaled $53.2 million, up 5% from $50.6 million for the prior-year 1Q, as the company said in the press release received by Lesprom Network.
Net income was $1.1 million, or $.09 per diluted share, versus net income of $.4 million, or $.03 per diluted share, for the same period of 2016.
The improved financial results for the 1Q 2017 were primarily due to increased operating income in the Company’s Manufacturing segment resulting from a higher average sales price for both lumber and medium density fiberboard (“MDF”), increased lumber sales volume, and improved operating performance at the Company’s MDF plant.
In addition, interest expense was $1.1 million less in the 1Q 2017 than the same quarter of 2016 due to a lower average interest rate, combined with a $.5 million patronage refund from one of Deltic’s lenders that was accounted for as a reduction to interest expense.
“Deltic continues to benefit from its well-positioned asset base and solid team, which have allowed the Company to improve financial performance over the prior year’s 1Q,” commented John D. Enlow, Deltic’s President and CEO.
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.