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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
November 16, 1999
Date of Report (date of earliest event reported)
Deltic Timber Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12147 71-0795870
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
210 East Elm Street, El Dorado, Arkansas 71730
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (870) 881-9400
(Not Applicable)
(Former name or former address, if changed since last report)
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Item 1. Not Applicable
Item 2. Not Applicable
Item 3. Not Applicable
Item 4. Not Applicable
Item. 5. On November 16, 1999, Deltic Timber Corporation ("Deltic") announced
that it intends to pursue the exchange of its agricultural land (which consists
of approximately 37,000 acres in East Carroll, Madison, Richland and West
Carroll parishes of northeastern Louisiana) into southern pine timberland on a
tax efficient basis. Deltic has engaged Capital Agricultural Services, Inc.
("CAPS") to act as advisors in the process, which is anticipated to require
several months. The engagement with CAPS does not include Deltic's approximate
6,150 acres of prime hardwood bottomland located among the farms, for which
various options remain under review.
See the attached press release dated November 16, 1999 included as a
part of this report as Exhibit No. 99.1.
Item 6. Not Applicable
Item 7. Not Applicable
Item 8. Not Applicable
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Deltic Timber Corporation
By: /s/ W. Bayless Rowe
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Date: November 18, 1999 W. Bayless Rowe, Secretary
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EXHIBIT NO. 99.1
FOR RELEASE;
November 16, 1999
3:30 (CST)
EL DORADO, AR. Deltic Timber Corporation (DEL-NYSE) announced today that
it intends to pursue the exchange of its agricultural land into southern pine
timberland on a tax efficient basis. The Company has engaged Capital
Agricultural Property Services, Inc. ("CAPS") to act as advisors in the process,
which is anticipated to require several months. Ron L. Pearce, Deltic's
President and Chief Executive Officer, stated, "CAPS is one of the premier
agricultural land consulting and brokerage firms in the United States and we
believe that their expertise, especially in the mid-South region, will be of
great benefit in evaluating the over 48,000 acres of farmland (Deltic net,
36,969 acres) located in East Carroll, Madison, Richland and West Carroll
parishes of northeast Louisiana. Not included in the engagement with CAPS are
the over 8,000 acres (Deltic net, 6,155 acres) of prime bottomland hardwood
timber located among the farms, for which various options remain under review."
Robert C. Nolan, Chairman of the Board, stated, "We are proud of our farming
operation and cognizant of its contribution toward Deltic's success. However,
Deltic's Board has determined that conversion of these assets, in a tax
efficient manner, into southern pine timberland would represent a great
opportunity to advance our stated strategy of growing the Company's core forest
products business."
