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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
January 14, 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 January 14, 1999, Deltic Timber Corporation announced its Board of
Directors has authorized the repurchase, initially, of up to $10,000,000 of its
Common Stock. The repurchases may be effected from time to time in the open
market or in private transactions, subject to market conditions and on such
terms as management deems appropriate. Management anticipates that certain of
the purchased shares will be reissued in connection with exercises of stock
options.
See the attached press release dated January 14, 1999 included as a
part of this report as Exhibit No. 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
Date: January 19, 1999 ------------------------------
W. Bayless Rowe, Secretary
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EXHIBIT NO. 1
FOR RELEASE
January 14, 1999
3:30 p.m. (CST)
Deltic Timber Corporation (NYSE-DEL) announced today that its Board of Directors
has authorized the repurchase, initially, of up to $10,000,000 of its common
stock. The repurchases may be effected from time to time in the open market or
in private transactions, subject to market conditions and on such terms as
management deems appropriate. Management anticipates that certain of the
purchased shares will be reissued in connection with exercises of stock options.
Mr. Ron L. Pearce, President and Chief Executive Officer, said "Our potential
investment in Deltic's common stock, which we consider to be in the best
interest of our long-term investors, reflects our confidence in the Company's
future and our commitment to enhancing shareholder value. The purchases will be
financed from available cash flow and existing debt facilities."
"We are convinced that the current price of Deltic's common stock does not
reflect the true value of our Company, both currently and after consideration of
its long-term prospects," commented Mr. Robert C. Nolan, Chairman. "The
repurchase of shares is an attractive investment opportunity and will not
inhibit our strategic objectives to continue to grow the business," he added.
Statements made in this press release which look forward in time involve risk
and uncertainties and are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual results of the stock
repurchase program may differ significantly and materially from management's
expectations. For example, Deltic may not repurchase any shares or may not
repurchase the entire amount it expects to acquire, due to a number of factors,
including the prices at which such shares may be acquired and the possibility
that other opportunities may arise which represent more attractive vehicles to
enhance shareholder value.
