Deltic Timber appoints new directors
Announcing the decision at its Annual Meeting of Stockholders, Deltic Timber Corporation has elected The Reverend Doctor Christoph Keller, III, David Lemmon and R. Madison Murphy to its board as class III directors.
Additionally, the baord re-elected Deltic’s incumbent executive officers to their respective current positions.
Deltic’s stockholders also approved the appointment of KPMG, LLC as the company’s indepependent auditors for 2014.
Keller, Lemmon and Murphy will each serve three-year terms on the company’s board.
Huttig sales rise in poor weather
Huttig Building Products posted solid growth in the first quarter of 2014, with sales increasing nearly 9% over the same period last year. However, the company’s net loss widened.
Net sales for the three months ended March 31 were $135.3 million, compared to $124.5 million in 2013.
The net income came in as a loss of $4.0 million, down from a loss of $2.0 million in last year’s first quarter.
"Despite a challenging business environment as a result of the unusually poor weather in the first quarter, our financial results from continuing operations continued to improve as we executed on our strategy of delivering profitable sales growth for our shareholders," said Jon Vrabely, Huttig’s president and CEO. "We have been, and will continue to reinvest in our business to take advantage of market opportunities and further strengthen our financial performance."
Huttig also noted a $3.1 million charge for environmental liabilities related to a formerly owned property in Montana, which was reflected in discontinued operations.
Sales up 3% for Boise Cascade in Q1
Boise Cascade Company enjoyed a boost of 3% to its sales in the first quarter, but took a hit in terms of net income.
The company’s bottom line was $5.57 million in the three-month period ended March 31 — down from $80.8 million in the same period last year. The company attributed last year’s high income to a $68.7 million income tax benefit associated with recording net deferred tax assets after Boise Cascade converted from a limited liability corporation to a corporation.
Net sales were $767.2 million for the quarter, up from $744.9 million in the first quarter of 2013. Wood Products led the momentum with a sales gain of 9%; the Building Materials Distribution unit posted a gain of 1%.
"The first quarter presented unusually severe weather conditions in many parts of the country which reduced the demand for building materials, negatively impacted our operating costs, and, at times, disrupted rail and truck shipments to our customers," said CEO Tom Carlile. "Lower commodity wood products prices, particularly structural panels, also made the year-over-year quarterly sales and earnings comparisons challenging. However, our sales activity is picking up as we move into the second quarter and we still believe the housing recovery will continue to progress in 2014."