Oct 30, 2008. /Lesprom.com/. Deltic Timber Corp. reported net income of $2.5 million, a huge percentage increase compared to profits of $0.2 million in the comparable quarter. Quarterly revenues rose 37% to $34.9 million. Earnings per share rose to $0.21 from $0.2 in the 3Q 2007. The company attributed the rise in profit to improvements in the financial results of its mills segment and to an income tax benefit. The supply of privately-owned pine sawtimber was higher than normal in the quarter, while demand fell near its Waldo Mill because of other mill closures, allowing the company to pay lower stumpage prices, the company said. Contracted credit markets have worsened the already depressed lumber and residential real estate markets, CEO Ray Dillon said. The company's residential lot sales fell 54.2% in the quarter, while average lot price fell by $10,000 to $74,300. "However, the company's positive financial results for the third quarter and the improvement in these results from a year ago reflect the benefit of the quality and diversity of Deltic's assets," he said.