Deltic Sees Q1 EPS of $0.01
April 25, 2011 4:21 PM
President and Chief Executive Officer, Ray C. Dillon, of Deltic Timber Corporation (NYSE: DEL) announced today preliminary net income for the first quarter of 2011 was $.1 million, $.01 a share, compared to net income of $2.3 million, $.18 a share, a year ago. The decrease in 2011's first quarter results was due primarily to a lower average lumber sales realization when compared to the first quarter of 2010.
Lumber prices in 2010 benefitted from a supply-side driven price increase primarily caused by a sawmill log supply shortage due to inclement weather in the southeast portion of the U.S. Net cash required by operating activities was $1.2 million for the first quarter of 2011, which compares to net cash provided of $4.4 million a year ago.
