DELTIC TIMBER CORP

CIK:0001022469|SEC Filings

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 61,656	$ 53,541	$ 170,224	$ 160,870
Costs and expenses
Cost of sales	43,795	37,506	118,835	111,895
Depreciation, amortization, and cost of fee timber harvested	6,412	5,911	19,244	17,402
General and administrative expenses	5,188	5,562	15,658	15,566
Total costs and expenses	55,395	48,979	153,737	144,863
Operating income	6,261	4,562	16,487	16,007
Interest income	13	3	26	10
Interest and other debt expense, net of capitalized interest	(2,273)	(2,256)	(5,852)	(7,133)
Other income	85	88	309	220
Income before income taxes	4,086	2,397	10,970	9,104
Income tax expense	(1,584)	(910)	(4,671)	(3,002)
Net income	$ 2,502	$ 1,487	$ 6,299	$ 6,102
Earnings per common share
Basic (in dollars per share)	$ 0.21	$ 0.12	$ 0.52	$ 0.50
Assuming dilution (in dollars per share)	0.20	0.12	0.52	0.50
Dividends per common share
Paid (in dollars per share)	0.10	0.10	0.3	0.3
Declared (in dollars per share)	$ 0	$ 0.10	$ 0.3	$ 0.4
Weighted average common shares outstanding (thousands)
Basic (in shares)	12,071	11,991	12,068	12,005
Assuming dilution (in shares)	12,156	12,023	12,165	12,065

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 6,299	$ 6,102
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization, and cost of fee timber harvested	19,244	17,402
Deferred income taxes	2,729	915
Real estate development expenditures	(3,955)	(4,204)
Real estate costs recovered upon sale	3,476	2,896
Timberland costs recovered upon sale	18	6
Stock-based compensation expense	1,243	2,586
Net increase in liabilities for pension and other postretirement benefits	210	1,679
Net decrease in deferred compensation for stock-based liabilities	0	(551)
(Increase)/Decrease in operating working capital other than cash and cash equivalents	(6,449)	961
Other changes in assets and liabilities	463	497
Net cash provided by operating activities	23,278	28,289
Investing activities
Capital expenditures requiring cash, excluding real estate development	(17,395)	(28,188)
Timberland acquisition expenditures requiring cash	(353)	(1,207)
Net change in purchased stumpage inventory	630	(1,324)
Net change in funds held by trustee	0	1
Other – net	406	308
Net cash required by investing activities	(16,712)	(30,410)
Financing activities
Proceeds from borrowings	6,000	26,000
Repayments of notes payable and long-term debt	(8,000)	(8,000)
Treasury stock purchases	(262)	(15,174)
Common stock dividends paid	(3,656)	(3,645)
Proceeds from stock option exercises	90	1,719
Excess tax (provisions) from stock-based compensation expense	0	(156)
Other – net	(583)	(1,023)
Net cash required by financing activities	(6,411)	(279)
Net increase/(decrease) in cash and cash equivalents	155	(2,400)
Cash and cash equivalents at January 1	5,773	5,429
Cash and cash equivalents at September 30	$ 5,928	$ 3,029

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 5,928	$ 5,773
Trade accounts receivable, net of allowance for doubtful accounts of $112 and $130, respectively	12,976	8,667
Inventories	11,014	12,228
Prepaid expenses and other current assets	5,230	3,334
Total current assets	35,148	30,002
Investment in real estate held for development and sale	59,231	59,111
Timber and timberlands – net	356,034	360,183
Property, plant, and equipment – net	105,216	102,890
Deferred charges and other assets	2,527	2,507
Total assets	558,156	554,693
Current liabilities
Trade accounts payable	8,166	8,583
Accrued taxes other than income taxes	3,505	2,052
Income taxes payable	0	679
Deferred revenues and other accrued liabilities	8,801	8,508
Total current liabilities	20,472	19,822
Long-term debt	238,850	240,839
Deferred tax liabilities – net	2,895
Deferred tax liabilities – net		1,744
Other noncurrent liabilities	40,541	41,095
Commitments and contingencies
Stockholders’ equity
Cumulative preferred stock – $.01 par, authorized 20,000,000 shares, none issued	0	0
Common stock – $.01 par, authorized 50,000,000 shares, 12,813,879 shares issued	128	128
Capital in excess of par value	90,631	89,090
Retained earnings	208,988	206,344
Treasury stock	(35,287)	(34,816)
Accumulated other comprehensive loss	(9,062)	(9,553)
Total stockholders’ equity	255,398	251,193
Total liabilities and stockholders’ equity	$ 558,156	$ 554,693