Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

Deltic Timber Corporation (NYSE:DEL)

Q1 2014 Earnings Conference Call

April 22, 2014 11:00 AM ET

Executives

Ray Dillon - President and CEO

Ken Mann - VP and CFO

Analysts

Brendan Lynch - Sidoti

Albert Sebastian - Prospect Advisors

Robert Howard - Prospector Partners

Operator

Good day, ladies and gentlemen, and welcome to the Q1 2014 Deltic Timber Earnings Call. My name is Sarah, and I'll be your operator for today. At this time, all participants are in listen-only mode. And later, we'll conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I'd now like to turn the conference over to your host for today, Mr. Ray Dillon, President and Chief Executive Officer. Please proceed.

Ray Dillon

Good morning. I would like to welcome you to Deltic Timber Corporation's first quarter conference call. I appreciate your interest in Deltic. For today's call, I'm joined by Ken Mann, Vice President and Chief Financial Officer. Ken will begin with an opening statement followed by a review of the financial results released yesterday. And then I'll close with some comments on current operations and the outlook for the second quarter and remainder of 2014 before we open the line for any questions. Ken?

Ken Mann

Thank you, Ray. Deltic issued its news release yesterday announcing earnings for the first quarter of 2014. If you don't have a copy yet, you can download one from the Investor Relations section of our company website at deltic.com. If you don't have access to the Internet, you can call me to request a copy. My direct telephone number is 870-881-6432.

Now, before we begin our prepared comments, there are a couple of item I need to cover. First is that information recorded on this call speaks only as of today. Therefore, you are advised that any time-sensitive information may no longer be accurate as of the date of any replay.

In addition to this, some of the comments made during the course of this conference call will be considered forward-looking statements. These statements will reflect the company's current views in regard to future events and financial performance. However, no assurance can be given that these events will occur or that the projections will be attained. Certain important risk factors that may cause actual results to differ materially from these forward-looking statements are identified in Deltic's 2013 Form 10-K, which is on file with the SEC.

The financial results for the first quarter of 2014 were net income of $4.9 million, $0.39 a share. These results were a decrease of $1.9 million from the first quarter of 2013 due mainly to a $3 million reduction in operating income from the company's Manufacturing segment. For the quarter, net sales of $55.4 million were approximately 33% higher than a year ago.

Going through our operating segment in detail, the Woodland segment reported operating income of $5.3 million, a $700,000 increase from the first quarter of 2013. The increase largely came from an increased harvest volume for both pine sawtimber and pine pulpwood, combined with a $1 per ton increase in the average sales price for the pine sawtimber harvested.

For the quarter, the pine sawtimber harvest volume was 209,548 tons compared to 181,069 tons in the first quarter of 2013. The average sales price received for the timber increased $1 per ton to $24 per ton.

The pine pulpwood harvest for the first quarter of 2014 was 109,009 tons, an increase when compared to 97,010 tons harvested in the first quarter of 2013 while the average per ton sales price for pine pulpwood was $8 compared to $9 per ton for 2013's first quarter.

Oil and gas lease rental and royalty income for the first quarter of 2014 was $1.4 million, which is $200,000 more than the same period a year ago due to the impact of increased net royalty income. This increase was a result of a combination of higher natural gas prices and increased production volumes for gas wells from which the company receives royalty payments.

During the quarter, we sold 160 acres of timberland for $1,000 per acre versus first quarter 2013 sales of 288 acres at an average price of $1,800 per acre.

Our Manufacturing segment reported income of $8.3 million in the first quarter of 2014 compared to income of $11.3 million for the first quarter of last year. The average lumber price received decreased $24 per 1thousand board feet to $378 per thousand, while the lumber sales volume for the first quarter of 2014 of 64.3 million board feet was about 6.8 million board feet less than a year ago.

The average sales price for medium density fiberboard sold during 2014's first quarter was $577 per thousand square feet, which compares to $573 per thousand square feet for the first quarter a year ago. The sales volume of MDF in the first quarter of 2014 was 28.5 million square feet, 600,000 square feet less than sold during the first quarter of 2013.

The Real Estate segment reported operating income of $200,000. That compared to a loss of $700,000 in the first quarter a year ago. In the current year quarter, we had sales of 23 residential lots at an average price per lot of $88,900 versus 12 lots sold for $74,400 per lot in 2013's first quarter. There were no commercial sales in either quarter.

Corporate operating expense for the first quarter of 2014 was $4.8 million, a $200,000 increase from first quarter of 2013 due to the timing of general and administrative expenses.

Since we're now consolidating the financial results of Del-Tin Fiber into our Manufacturing segment, 2014 does not include any equity earnings of the plant, while equity and earnings of Del-Tin for the first quarter of 2013 were $1.1 million.

Income tax expense for the first quarter of 2014 was $2.8 million, compared to $3.8 million for the first quarter of last year. That's primarily due to decreased pre-tax income.

Capital expenditures were $109.8 million for the first quarter of 2014 versus $13.4 million in the first quarter -- sorry, the 109 was in the first quarter of 2014 versus 13.4 million in the first quarter of 2013, and that's due to increased timberland acquisitions that Ray will discuss in more detail.

Long-term debt at March 31st was $199 million, and that's due to borrowings to fund the timberland acquisitions during the quarter while working capital increased from $5.4 million at year end 2013 to $14 million at March 31st of this year.

And now, I'll turn the call back over to Ray for his comments.

Ray Dillon

Thank you, Ken. A recovery of the United States housing market began back in 2012 and built momentum in 2013 evidenced by increases in a number of new home starts and residential repair and remodeling activity.

Due to this recovery, combined with an improving overall U.S. economy, companies in the wood products business and real estate businesses were very optimistic about the business environment that could exist for 2014 as they entered the year. However, the winter weather conditions that existed for much of the U.S. during the first quarter had a chilling effect on markets for these companies' wood products. These conditions prevented builders from starting new homes, which resulted in decreased demand and lower prices for the dimension lumber used to construct these new homes.

With these market conditions, we were forced to reduce our lumber production to meet the market demand while maintaining our desired levels of lumber inventories. With this, the average sales price that we received for the lumber we sold during the first quarter of 2014 decreased 6% from the average sales price for the same quarter of 2013, while our lumber sales volume decreased almost 10%.

The operating flexibility that exists for our saw mills allowed us to decrease operating hours at the mills during the quarter in order to only produce the lumber that the market would absorb. As a result, our manufacturing segment reported reduced operating income for the first quarter of 2014 when compared to a year ago.

Despite the reduced lumber sales volume, we continued to focus on increasing hourly productivity rates and achieving improvements in other operating efficiencies at both of our saw mills. For the quarter, these operations continue to generate strong cash flows for the company.

We will continue to adjust the operating hours in our saw mills to match lumber production with market demand. Improved hourly productivity rate achieved by our facilities allowed us to produce the volume of lumber that we sold during the quarter in fewer operating hours, as we continue to focus on improving the cost structure in our saw mills. However, the reduced production volume for the quarter resulted in fixed cost at our saw mills being spread over fewer units, and we saw the cost of lumber sold increase slightly.

In regard to the second quarter in the year of 2014, we estimate finished lumber sales volume to be 65 million to 75 million board fee and 270 million to 290 million board fee respectively.

During the quarter, the demand for MDF was softer than a year ago. As a result, the volume of MDF that we sold in the first quarter 2014 decreased about 2% when compared to the same quarter of 2013, while the average sales price for the MDF we sold actually increased almost 1%. The increase in sales price was more than offset by higher manufacturing cost, primarily as a result of price increases for the resin glue used to produce MDF.

At Del-Tin Fiber, we are intensively focused on continuing to increase the plant's hourly productivity to chase the plant's annual rated production capacity, despite the negative impact on press feeds caused by changes in resin chemistry to reduce formaldehyde emissions. We're also working on improving the critical metrics for both press and resin efficiencies at the plant.

In regard to the second quarter in the year of 2014, MDF volume is forecasted to be 25 million 35 million square feet and 110 million to 130 million square feet respectively.

Our Woodland's operating segment with its mid September products in which our cost basis is very low, continued to stay in performance for providing the company with operating income and cash flows. The harvest level of pine sawtimber during the first quarter of 2014 increased 16% from the first quarter of 2013, primarily due to timing; despite the weather conditions that affected lumber consumption, we saw increased demand for pine sawtimber by producers from that at the year ago, as they were focused on procuring the plant's stoppage expected to be netted by their mills as weather conditions improved and home construction activity increased, resulting the sales price for pine sawtimber during the quarter to be $1 per ton higher than a year ago.

During the first quarter of 2014, our Woodland segment also harvested 109,000 tons pine pulpwood, a 12% increase in volume from the first quarter of 2013, due to the mix of products growing on the tracks harvested. However, the average sales price received for this pulpwood of $8 per ton was $1 per ton less than received in the first quarter of 2013.

We are continuing to harvest our forest on a sustainable yield basis, which allows us to maximize growth rates in our forest and properly maintain. In addition, this aids in maintaining our logging infrastructure. In regard to the second quarter and year of 2014, we estimate our pine sawtimber harvest to be 155,000 tons to 165,000 tons and 575,000 tons to 625,000 tons respectively.

We continue to see interest in our recreational use hardwood bottomland acreage during the quarter, and we were able to sell 160 acres, which compares to 288 acres sold during the first quarter of 2013. We'll continue to evaluate our timberland acreage to identify non-strategic hardwood bottomland for future sale.

Our strategy in selling this recreational-used land is to use the proceeds from these sales when possible to acquire replacement land that is more desirable for producing pine sawtimber, thereby upgrading our timberland portfolio and adding to our pine sawtimber inventory.

Natural gas prices increased slightly during the first quarter and benefited our Woodland segment. This increase in gas price combined with additional production volume for the wells from which Deltic receives royalty payments resulted in a $200,000 increase in oil and gas-related revenues when compared to the first quarter of 2013. The increase in natural gas production was due to additional wells in production from which Deltic received royalty payments.

Drilling activity continues in the Fayetteville shale area, despite the low natural gas prices. During the first quarter of 2014, Deltic began receiving royalties on an additional 14 wells, bringing the number of royalty producing wells to 443.Many factors including natural gas prices affect the level of drilling activity within this area, making it difficult to forecast the future amount of this ancillary revenue from our land ownership.

Potential exploration of the lower Smackover Brown Dense formation in South Arkansas and North Louisiana has continued to receive attention. We have leased about 14,000 net mineral acres within the boundary of this area. We also have some additional mineral acreage in the formation that we have not leased at this time.

Southwestern Energy is currently the primary operator that is active in the area. To-date, they have drilled 10 wells, while the results for these wells have been mixed and are still being analyzed, Southwestern Energy has announced a plan to drill additional wells in 2014.

In our Real Estate segment, we saw an increase in lot sales activity during the first quarter of 2014. These sales were mainly lots that were offered in a new neighborhood during the fourth quarter of 2013 and we are under contract at the end of the year. For the current quarter, residential lot sales almost doubled the level reported for the first quarter of 2013, and the average sales price per lot was higher than the first quarter of last year due to the sales mix of lots sold.

During 2014, we will be developing residential lots in new neighborhoods to ensure the right mix of lot inventory exist to meet the increased lot demand. In regard to the second quarter and year of 2014, we estimated residential lot sales to be eight lots to 12 lots and 60 lots to 80 lots respectively. There were no sales of commercial real estate acreage in the first quarter of 2013 or 2014. We have seen the increased activity by potential buyers regarding our commercial properties during the first quarter.

We are very focused on achieving sales of commercial acreage in 2014, especially near the key commercial intersection of Chenal Parkway and Rahling Road in our Chenal Valley development. However, due to the significant factors involved, it's difficult to predict the timing of future commercial real estate sales.

During the first quarter we successfully accomplished a strategic timberland acquisition consisting of over 64,000 contiguous acres. This acreage is in one continuous track, which is only 35 miles from our Ola mill. The track is well stuffed with pine sawtimber and has excellent age distribution. This acquisition will be very beneficial in meeting the future water supply needs of our Ola mill as we increases annual lumber production over time as a result to capital projects there combined with further increased efficiencies.

I am pleased with the performance of our vertically integrated operating assets for the first quarter of 2014, given the impact on them by the weather. With weather conditions in our primary sales areas improving, I expect the operating environment for our businesses to get better. Deltic is well positioned to achieve future growth in both its assets and their operating and financial results as well as to capitalize on any business opportunities as they present themselves.

Sarah, we can now open the line for any questions.

Question-and-Answer Session

Operator

Great. (Operator Instructions) We do have the first question coming from Brendan Lynch from Sidoti. Please proceed.

Brendan Lynch – Sidoti

Good morning, Ray. Good morning, Ken.

Ray Dillon

Good morning, Brendan.

Ken Mann

Good morning.

Brendan Lynch – Sidoti

My first question is on the land acquisition. Can you just give us some more details on that perhaps the aggregate price and if the land that you have acquired is pine tree plantations? Is there any oil and gas exposure there? Just some more color on that, please.

Ray Dillon

It's 64,443 acres, Brendan; 35 miles south of the Ola mill. The purchase price was roughly $105 million. That's about $1,650 an acre. 93% of the volume on the track is pine products with 65% of that being in the pine sawtimber classification. So, it's very well stocked. It's highly oriented toward pine production, which is ideally suited for Ola mill. So, we are very proud of the acquisition, it's very strategic and quite frankly timely.

Brendan Lynch – Sidoti

Yeah, great. It seems like a very good deal, and certainly close enough to your mills to harvest that timber efficiently.

Ray Dillon

Absolutely.

Brendan Lynch – Sidoti

With the increase in timberland, do you think you will be changing the rate of sawtimber that you buy externally from other vendors?

Ray Dillon

It's a combination, Brendan. Certainly with adding the inventory that's on this track into our harvest schedule, it will bode well for us to be able to increase our own internal harvest. And then, depending upon the mill's production and ultimately raw material needs will drive how much outside or third-party timber we need to purchase to meet the mill's needs.

Most of the time that works out very close to 50/50, but it can swing to 60/40, given both this timing and conditions that might exist, but certainly we're buying this land to be able to take the timber to our mill with the expectation as the housing market and starts improves that will be needing the timber. We need to harvest more from our lands and buy more from other people.

Brendan Lynch – Sidoti

Sure. Do you think we would see an increase in non-strategic land sales now that you have additional acreage, perhaps shedding some hardwood bottomland from the newly acquired land?

Ray Dillon

I don't think we'll see a material difference, Brendan. I mean this land is quite frankly very much -- essentially all of it is in pine production, very little of it's hardwood, and we haven't identified any hardwood bottomland in it at this point in time, but the acreage would be minimal. That's the way I'll characterize it.

Brendan Lynch – Sidoti

Okay, great. In terms of lumber volume, it was down year-over-year in the first quarter, but you’ve projected a range of 270 to 290 million board feet for the full year, which would be an increase of about 3% to 11%. Is this predicated on housing start growth or are you doing something differently internally to grow volume?

Ray Dillon

It's predicated primarily on increases in housing starts in the country. And quite frankly, these last nine months have to be very strong for us to be able to accomplish that.

Brendan Lynch – Sidoti

Sure. And then just one more question, you've taken a number of initiatives to prepare for future lumber demand. We saw an increase in CapEx spending at the mills last year. I know you're seeking approval to expand capacity, and now received acquisition of additional timberland. Can you just discuss what else you may have planned for the next couple of quarters in terms of improving DEL's position even further to prepare for the increased lumber demand over the next couple of years?

Ray Dillon

Yes. Brendan, let me start and maybe Ken can add some color around the actual dollars, but primarily we're focused on each primary breakdown unit inside the mill, improving the efficiency and productivity, thereby creating additional green lumber, and then we're adding drying capacity at the mills through the form of direct kilns, and these projects are phased quite frankly over the next couple of years.

Ken Mann

Yes. As we've discussed with our capital program, when we say -- I say discussed in prior calls, we're doing capital programs to increase several items. One of it largely is our drying capability as Ray mentioned, the fact that as we increased productivity in each unit, it has an increase or need for somewhere down the line, if you will.

Our capital spending program last year, I think if I have not mistaken, it was approximately around $18 million in our manufacturing operations, and we'd envision that level again for 2014, given, 1), the fact that we've got some major projects that we are -- significant projects that we are planning on doing this year. Obviously, we're focused on trying to pay for those projects with cash flow from our operations, so there is some timing and discretion in those as far as when we begin those, but we are planning on spinning approximately that level of capital for this year to put those improvements in place.

Brendan Lynch – Sidoti

Great. Thank you very much for the color. That's very helpful.

Ken Mann

Thank you for your questions, Brendan.

Operator

Great. Our next question comes from Albert Sebastian, Prospect Advisors. Please proceed.

Ken Mann

Good morning, Al.

Albert Sebastian - Prospect Advisors

Hi, good morning, gentlemen. Just a couple of questions; first, you just talked about your increase in working capital, why we saw that and what's the direction of working capital for the remainder of the year?

Ken Mann

I'm Ken. I just want to make sure I answer the question correct. Are you saying increase in working capital, are you taking about from year end 2013?

Albert Sebastian - Prospect Advisors

Yes, correct.

Ken Mann

Okay. As far as that, I mean it's going to be a couple of things in deriving that. Part of it is the nature of our industry, if you will. The fact that the primary driver of the increase in working capital was a couple of things -- or three things exactly; one was an increase in our trade accounts receivable. That’s due to one; the consolidation and incorporation of Del-Tin Fiber as well as Deltic's, so have both receivables of both -- all of our manufacturing operations. That combined with the seasonality of our business where at year end, we typically have buyers not wanting to buy right at year end and over the Christmas holidays, and so receivables for us will tend to fall at the end of the year, and they build up over the course of the year to what I call a normal level.

The second item that increased was inventories as we -- Ray mentioned, we were running our plants to the level of our desired inventory levels. And he also mentioned some slight cost increases over the combination of, 1) our volume of inventory, and 2) our average in that volume. We carry on the book that cost would be the second component.

Now, there is nothing from a receivable standpoint. We have no problem whatsoever with collectability. Our share, you'll bet. We have a very small allowed for doubtful accounts, very small for our business lines. We have excellent customer base and a good history of collections.

Inventories are based on just our operations and our warehouse capabilities. And lastly, with just the timing of cash payments as we did some projects over the course of the last month of the year, if you recall, last quarter we had done a maintenance project in Del-Tin Fiber over the end of the year. We would have had some accrued liabilities on our balance sheet at 12/31 that we paid off in the first quarter. So that reduction of liability with effect was an increase in working capital.

Our working capital for March 31st was probably a little higher than what we would normally have, and I would tell you that our normal working capital level is going to be somewhere over the last several quarters between $8 million and $11 million. I think in '14, we're just a little bit high. We have a little bit of more cash on the balance sheet at March 31st than we typically carry. It's just a component of timing more than anything deliberate.

Albert Sebastian - Prospect Advisors

Let me just ask my second question, which is I guess the implied per acre acquisition costs, the timberlands is a little over $1600, is that correct?

Ken Mann

That's correct.

Albert Sebastian - Prospect Advisors

Now, I guess we've had discussions, you feel it probably the cheapest timberlands your own in terms of when you look at evaluation of the stock of vis-à-vis the timberlands. So I'm trying to understand why you would pay over $1600 an acre when it seems it's still the implied value per acre given your share price is substantially lower than that?

Ray Dillon

Al, you're exactly right. And the answer is we want to do both, but the difference here is that this was the largest contiguous track of land offered for sale in our operating area, quite frankly in probably the last ten years. Also, it's 35 miles from the Ola mill. So, there is a strategic component there. And quite frankly, it's an opportunity to grow the asset base, but we agree with you fully, there are opportunities to buy our own timberland in the form of our stock, and we're committed to that.

Albert Sebastian - Prospect Advisors

Did you have any -- what type of competition did you see with regards to the purchase? Were there others involved, for example, Timber REITs or (indiscernible) that were bidding on as well?

Ray Dillon

None of that was disclosed, Al. Certainly we feel like there were others interested in it, but we don't know how many or whom.

Albert Sebastian - Prospect Advisors

Okay, thank you.

Ray Dillon

Thank you, and Al, good to talk with you.

Operator

All right, great. Our next question comes from Robert Howard from Prospector Partners. Please proceed.

Ray Dillon

Good morning, Robert.

Robert Howard - Prospector Partners

Good morning. I just wanted to ask just kind of on the local wood market, are you seeing more, I guess competitor mills open as well; it seems like when I last talked to you, you were saying that was happening somewhere, is that kind of been continuing?

Ray Dillon

The way I would characterize as far as idle mills that are starting up not quite, not as many. In our operating area, we would say operating mills are operating more hours. Compared to the recession, I assume are the periods you're talking from a comparative standpoint.

Robert Howard - Prospector Partners

Yes. So, I guess you're saying though that with your mills you're actually carrying back the hours, is that right?

Ray Dillon

Well, we're managing ours in the form of output to match what the market can absorb, because of our increases in both productivity and yield efficiencies. We can make more lumber in a shorter period of time now. So therefore, with market conditions as they are, yes, we're not running as many hours as we have in the past, but it's due to good things, quite frankly, efficiencies and improvement in log yield.

Robert Howard - Prospector Partners

Okay, okay. Yeah, I was just trying to get a balance of -- on the one hand, you're saying you are kind of putting back hours, so it sounds like there is more efficiency. And then on the other hand it sounds like there is more competitors may be entering the market, and just sort of the force that are working on that.

Ray Dillon

And just to clarify, yes, there is more mills running today than it were two years ago, but these market forces impact all of us. So, our suspicion is we would all like to run more.

Robert Howard - Prospector Partners

Sure, sure. In terms of the source wood for your mills, are you -- have you been in that 50/50 level terms of your own versus purchasing or how is that mix right now?

Ray Dillon

It's in that neighborhood. I don't have the exact percentage, Robert, but the way the procurement function is designed, both mills quite frankly for us supply half of it and purchase half of it, but in any given quarter that can swing 10% to 20% just based on tracks that are being harvested and quite frankly third-party timber that had bee bought and we're running out of time to cut it. So it can swing in any given quarter, but over an annual period of time, it works out about half-and-half.

Robert Howard - Prospector Partners

Okay. And then the CapEx that you're working on or adding to the new mills or the existing mills, I guess you mentioned drying capacity and such. I mean, is that -- you see I guess a continuing need, I think you are saying that gets you into a bottleneck, but there is just going to be another bottleneck, moving to the next bottleneck next year in that level, but you have got right now the CapEx levels sort of -- you see that sort of as the long run type of thing or is it we have got couple of years of this and it's going to be maybe drop back on after you get rid of a series of different bottlenecks?

Ray Dillon

Well, manufacturer of new equipments like golf club Mirimichi, they always got a new golf club and it produces more and it hits things further. So, technology will continue to improve. So, yes, we will be looking at those opportunities, but as far as where we sit today, we got a plan capital program aimed at bringing each machine center to match the mill's capacity. We are in the process of permitting the mills environmentally for that increased output. And as far as -- we would expect to see this capital run for maybe the next year or so is what we see today, but as far as there being a large, I will call it project (indiscernible) this is nothing large. At both mills they are very manageable and quite frankly of a size that we can manage most of the time within our cash generated.

Robert Howard - Prospector Partners

Okay, great. That's it from me. Thank you.

Ray Dillon

Thank you, Robert. Good to talk to you.

Operator

All right, great. Now, if there are no further questions, I'd like to turn it back over to Mr. Dillon for closing remarks.

Ray Dillon

Thank you again for your interest in Deltic, and I hope you will join us again next quarter. Thank you.

Operator

Thank you very much. This concludes today's conference. Thank you for your participation. You may now disconnect, and have a great day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Deltic Timber's CEO Discusses Q1 2014 Results - Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts