LITTLE ROCK — Profit up $3.1 million
for Deltic in quarter
Deltic Timber’s profits were nearly $3.1 million higher in the third quarter of 2010 than in the corresponding period a year ago, the company announced Wednesday, mainly because of the sale of a 19-acre commercial real estate parcel in Chenal Valley.
The property, at the intersection of Chenal Parkway and Rahling Road, will be part of a medical center currently under development.
The El Dorado-based company had net income of about $3.3 million, or 26 cents a share, compared with $203,000, or 2 cents a share, in the third quarter of 2009.
Net sales were $37.05 million, up nearly 28 percent from about $29 million in the year-ago period.
The company’s woodlands segment earned $5 million in the third quarter, a $400,000 increase from the third quarter of 2009. The mill segment reported an operating loss of $300,000, compared with operating income of $100,000 in the 2009 quarter.
Glaxo settlement has
$690,000 for state
Arkansas, the U.S. government and other states have reached an agreement in principle with GlaxoSmithKline to settle allegations that the drugmaker “introduced adulterated” pharmaceuticals into interstate commerce.
Arkansas would receive more than $690,000 from a total of $600 million in civil damages and penalties, according to a release from Dustin Mc-Daniel, the Arkansas attorney general.
The settlement was sparked by a lawsuit by a former employee of the company’s Puerto Rico subsidiary alleging the firm knowingly made and sold four drugs that violated standards of the U.S. Food and Drug Administration. The drugs are Paxil CR, Avandamet, Kytril and Bactroban.
The subsidiary also would pay criminal fines and forfeiture of $150 million, the release said.
Arkansas Index falls as 14 stocks decline
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 1.99 to 186.48 Wednesday.
“U.S. stocks sold off for the most part on Wednesday despite a rise in new-home sales from September and a positive durable-goods report, as questions surfaced about the proposed size of the Federal Reserve’s plan to buy back Treasury bonds,” said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock. “The Arkansas Index moved lower as three stocks advanced and 14 declined.” The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 27 on 10/28/2010