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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deltic Timber Corp. (delisted) | NYSE:DEL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 93.28 | 0.00 | 01:00:00 |
Deltic Timber Corporation (NYSE:DEL):
DELTIC TIMBER CORPORATION CONSOLIDATED FINANCIAL DATA SUMMARY FOURTH QUARTER 2017 2016 Net sales $72,041,000
58,493,000 Net income 189,000 3,143,000 Earnings per common share Basic .02 .26 Assuming dilution .02 .26 Average common shares outstanding Basic 12,078,004 12,022,689 Assuming dilution 12,162,947 12,110,305 YEAR-TO-DATE 2017 2016 Net sales $ 242,265,000 219,363,000 Net income 6,488,000 9,245,000 Earnings per common share Basic .53 .76 Assuming dilution .53 .76 Average common shares outstanding Basic 12,070,270 12,009,534 Assuming dilution 12,150,185 12,073,888Deltic Timber Corporation (NYSE:DEL), a natural resources company, today announced financial results for the fourth quarter of 2017.
Fourth Quarter 2017 Highlights
Financial results for the fourth quarter of 2017 benefited from increased operating income in the Woodlands and Manufacturing segments as demand for the Company's timber and wood products remained strong during the fourth quarter, but were offset by significantly increased corporate general and administration expenses related to the Agreement and Plan of Merger agreed upon by Deltic and Potlatch on October 22, 2017.
Woodlands Segment
Fourth Quarter 2017 Highlights
Woodlands Segment Financial Results
($ in millions) Q4 2017 Q4 2016 Q3 2017 Segment net sales $ 18.8 9.3 11.3 Segment operating income $ 9.9 4.2 5.4Woodlands segment operating income increased in fourth quarter of 2017 compared to fourth quarter 2016 due to higher volumes of sawtimber and pulpwood sold combined with sales of 851 acres of HBU timberland. The increase in timber volume sold was mainly due to Company sales of timber through timber deeds as part of the Company's strategic initiatives.
Manufacturing Segment
Fourth Quarter 2017 Highlights
Manufacturing Segment Financial Results
($ in millions) Q4 2017 Q4 2016 Q3 2017 Segment net sales $ 45.8 40.7 48.3 Segment operating income $ 5.2 3.2 3.7Manufacturing segment operating income increased in fourth quarter 2017 compared to fourth quarter 2016, principally as a result of increased lumber sales volumes and price per MBF sold, combined with a higher sales volume of MDF and lower per-unit cost at the MDF plant.
Real Estate Segment
Fourth Quarter 2017 Highlights
Real Estate Segment Financial Results
($ in millions) Q4 2017 Q4 2016 Q3 2017 Segment net sales $ 13.9 13.6 6.2 Segment operating income/(loss) $ 5.1 6.4 1.0Real Estate segment operating income was lower in the fourth quarter of 2017 compared to fourth quarter 2016 as increased revenue from residential lot sales was offset by a write-down to the basis of the Company's speculative homes in our Red Oak Ridge development. Lot sales reflect the closings of successful lot offerings in three Chenal Valley neighborhoods and in the Wildwood development during the fourth quarter of 2017.
Corporate Segment General and Administrative Expense, Interest Expense, and Income Tax Expense
Corporate segment general and administrative expense was $20.5 million, compared to $8.1 million for the same period of 2016. The increase is primarily due to higher legal and professional fees related to the merger with Potlatch. The provision for income tax was a benefit of $2.8 million, compared to an expense of $.3 million in the prior-year’s fourth quarter. The current year provision included a $2.5 million benefit from the remeasurement of deferred tax liabilities due to the Tax Cuts and Jobs Act of 2017.
Capital Expenditures
Capital expenditures were $4 million in the fourth quarter 2017 compared to $11 million for the fourth quarter of 2016. There were no timberland acquisition expenditures in the fourth quarter of 2017 compared to timberland acquisition expenditures of $.6 million during the same period of 2016.
1Supplemental Disclosure Regarding Non-GAAP Financial Information
The following table sets forth the Company's Adjusted Net Income for the three and twelve months ended December 31, 2017 and 2016. Adjusted Net Income is not a measure that is prepared in accordance with U.S. generally accepted accounting principles (GAAP).
We use Adjusted Net Income in our operational and financial decision-making, believing that the measure is useful to eliminate certain items in order to focus on ongoing operating performance and our ability to generate cash flow from operations. We believe that this Non-GAAP measure, when used in conjunction with our GAAP financials, provides useful information to investors by presenting a key measure that we use internally when making operating decisions and evaluating our overall performance.
Three Months Ended Twelve Months Ended December 31, December 31, (Millions of dollars) 2017 2016 2017 2016 Net Income $ 0.2 3.1 $ 6.5 9.2 Potlatch merger costs 16.9 — 16.9 Income tax effect of merger costs (5.8 ) — (5.8 ) — 1Adjusted Net Income $ 11.3 3.1 $ 17.6 9.2 Earnings per share assuming dilution $ 0.02 0.26 0.53 0.76 Potlatch merger costs 1.37 — 1.37 — Income tax effect of merger costs (0.47 ) — (0.47 ) — 2Adjusted Earnings per share assuming dilution $ 0.92 0.26 $ 1.43 0.76Forward-Looking Statements
Statements included herein that are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” within the meaning of the federal securities laws. Such statements reflect the Company’s current expectations and involve certain risks and uncertainties. Actual results could differ materially from those included in such forward-looking statements. Factors that could cause such differences include, but are not limited to, pending merger with Potlatch Corporation, the cyclical nature of the industry, changes in interest rates, credit availability, general economic conditions, adverse weather, cost and availability of materials used to manufacture the Company’s products, natural gas pricing and volumes produced, and the other risk factors described from time to time in the reports and disclosure documents filed by the Company with the Securities and Exchange Commission.
About Deltic
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. Headquartered in El Dorado, Arkansas, the Company’s operations are located primarily in Arkansas and north Louisiana.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180214006490/en/
Deltic Timber CorporationAnna Torma, 870-881-6463ir@deltic.com
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