Q1 is good to Deltic Timber’s top (but not bottom) line
Deltic Timber Corporation managed to generate more positive sales flow to its coffers in the first quarter of 2014, though its net income was not as impressive as last year’s.
Net sales for the three months ended March 31 were $55.4 million, up 33.2% year-over-year.
Net income for the quarter was $4.9 million, down from 2013’s $6.8 million. President and CEO Ray Dillon attributed the decrease to lower operating income for the company’s Manufacturing segment; harsh winter weather conditions slowed construction activity through much of the country.
“Harsh winter weather conditions existed for much of the United States during the first quarter," said Dillon. "Despite the negative impact this had on the consumption of softwood lumber for construction, Deltic’s operations again generated solid financial results. While the volume of lumber sold and the average sales price received for it were both down from a year ago, the company harvested its planned volume for pine sawtimber and pine pulpwood for the quarter, benefitted from improved natural gas prices, and sold almost twice as many residential real estate lots than it did in the first quarter of last year."
Dillon added that Deltic Timber also successfully acquired timberlands in the Ola Region during the quarter, which bodes well for its future earnings.
Bill Adams nabs 2014 Inventor of the Year Award
Bill Adams, founder and chairman of Adams Manufacturing, has been honored with the 2014 Inventor of the Year Award from the Pittsburgh Intellectual Property Law Association (PIPLA).
Adams took home the top honor this year due to his innovations in the design of suction cups, outdoor resin furniture, holiday accessories and other consumer products. It’s also a nod to the significant economic impact he has made on the western Pennsylvania region and American manufacturing as a whole.
Exemplifying these traits is the RealComfort Adirondack chair — which features advanced ergonomic lumbar support — and suction cups with diffusion ring technology, which avoids the magnifying-glass effect of standard suction cups by using high-clarity materials that can’t focus light.
After returning from Vietnam and leaving his next job as an elementary school librarian, Bill Adams began his initial journey with the development of "window blankets," which helped trap heat by attaching bubble wrap to windows using suction cups. He moved on to marketing suction cups to retailers, who could use them to hang sings in their windows. Eventually, he had secured contracts with every hardware store in the Pittsburgh region.
Adams Manufacturing has issued 208 design or utility patents since its founding in 1976. It employs approximately 300 people in its Portersville, Pa. location and is looking to expand even further.
Lumber Liquidators holds 11th annual April Sale
Lumber Liquidators is getting ready to launch its 11th annual April Sale, which began as a "Black Friday" tradition associated with tax season.
"It’s not by chance that our big sale is in April," said founder and chairman Tom Sullivan. "In 2004, my accountant came to me and warned that we needed to pay taxes by April 15th and that we were not going to have enough funds, so we quickly put together a huge sale to offer our overstock hardwood flooring at incredible prices. People loved the deals and we paid our taxes just in time!"
According to the company, the April Sale is the stuff of legend within Lumber Liquidators, with lines that wrap around its stores.
"Our April Sale is an example of why Lumber Liquidators has grown for 20 years," added Sullivan. "People want great deals, not gimmicks. It’s not about big fancy buildings in high-rent areas. It’s about quality, price and knowledgeable people."
Between April 24 and 28, customers will have a chance to snag discounts on all 340 flooring varieties at more than 330 locations.
In addition this year, Lumber Liquidators is offering 20-month financing on all flooring and is holding a "Share the Sale" sweepstakes for $2,000 worth of flooring going to one lucky winner (and his or her friend).