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Wiki	Wiki Summary
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Forest product	A forest product is any material derived from forestry for direct consumption or commercial use, such as lumber, paper, or fodder for livestock. Wood, by far the dominant product of forests, is used for many purposes, such as wood fuel (e.g.
Wood industry	The wood industry or lumber industry is the industry concerned with forestry, logging, timber trade, and the production of primary forest products and wood products (e.g. furniture) and secondary products like wood pulp for the pulp and paper industry.
Non-timber forest product	Non-timber forest products (NTFPs) are useful foods, substances, materials and/or commodities obtained from forests other than timber. Harvest ranges from wild collection to farming.
Pulp and paper industry	The pulp and paper industry comprises companies that use wood as raw material and produce pulp, paper, paperboard and other cellulose-based products.\n\n\n== Manufacturing process ==\nThe pulp is fed to a paper machine where it is formed as a paper web and the water is removed from it by pressing and drying.
Forest Products Association of Canada	The Forest Products Association of Canada (FPAC) is a trade association which represents Canada's wood, pulp and paper producers both nationally and internationally in government, trade, and environmental affairs. Canada's forest products industry is an $80 billion a year industry that represents 2% of Canada's GDP.\n\n\n== History ==\nFounded in 1913, the Canadian Pulp and Paper Association changed its name to the Forest Products Association of Canada in February 2001.In May 2010, under the leadership of then President Avrim Lazar, FPAC successfully helped to negotiate The Canadian Boreal Forest Agreement, with several large ENGOs.
Forest in Turkey	Forest now covers just over a quarter of Turkey, but 4000 years ago most of the country was forested. The country is reforesting, which is important for the wildlife of Turkey.
Lluís Companys	Lluís Companys i Jover (Catalan pronunciation: [ʎuˈis kumˈpaɲs]; 21 June 1882 – 15 October 1940) was a Spanish politician from Catalonia who served as president of Catalonia from 1934 and during the Spanish Civil War.\nCompanys was a lawyer close to labour movement and one of the most prominent leaders of the Republican Left of Catalonia (ERC) political party, founded in 1931.
Estadi Olímpic Lluís Companys	Estadi Olímpic Lluís Companys (Catalan pronunciation: [əsˈtaði uˈlimpiɡ ʎuˈis kumˈpaɲs], formerly known as the Estadi Olímpic de Montjuïc and Estadio de Montjuic) is a stadium in Barcelona, Catalonia, Spain. Originally built in 1927 for the 1929 International Exposition in the city (and Barcelona's bid for the 1936 Summer Olympics, which were awarded to Berlin), it was renovated in 1989 to be the main stadium for the 1992 Summer Olympics and 1992 Summer Paralympics.
Company	A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Holding company	A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself.
Conxita Julià	Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
List of largest companies in the United States by revenue	This list comprises the largest companies in the United States by revenue as of 2022, according to the Fortune 500 tally of companies. Retail corporation Walmart has been the largest company in the US by revenue since 2014.
Víctor Gay Zaragoza	Víctor Gay Zaragoza (born 19 June 1982 in Barcelona, Spain) is a writer, storyteller, trainer and consultant on storytelling. He is author of the essays "Filosofía Rebelde" (Rebel Philosophy), "50 libros que cambiarán tu vida" (50 books that will change your life) and the historical novel "El defensor" (The defender).
Discounted cash flow	In finance, discounted cash flow (DCF) analysis is a method of valuing a security, project, company, or asset using the concepts of the time value of money. \nDiscounted cash flow analysis is widely used in investment finance, real estate development, corporate financial management and patent valuation.
Operating cash flow	In financial accounting, operating cash flow (OCF), cash flow provided by operations, cash flow from operating activities (CFO) or free cash flow from operations (FCFO), refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securities. Operating activities include any spending or sources of cash that’s involved in a company’s day-to-day business activities.
Net present value	The net present value (NPV) or net present worth (NPW) applies to a series of cash flows occurring at different times. The present value of a cash flow depends on the interval of time between now and the cash flow.
DeLorean Motor Company	The DeLorean Motor Company (DMC) was an American automobile manufacturer formed by automobile industry executive John DeLorean in 1975. It is remembered for the one model it produced—the stainless steel DeLorean sports car featuring gull-wing doors—and for its brief and turbulent history, ending in receivership and bankruptcy in 1982.
Zork	York is a cathedral city with Roman origins at the confluence of the rivers Ouse and Foss in North Yorkshire, England. It is the historic county town of Yorkshire.
Good Smile Company	Good Smile Company, Inc. (株式会社グッドスマイルカンパニー, Kabushiki-gaisha Guddo-sumairu-kanpanī, also known as GSC or Good Smile) is a Japanese manufacturer of hobby products such as the Nendoroid and figma product lines, as well as scale figures.
Sopwith Aviation Company	The Sopwith Aviation Company was a British aircraft company that designed and manufactured aeroplanes mainly for the British Royal Naval Air Service, the Royal Flying Corps and later the Royal Air Force during the First World War, most famously the Sopwith Camel. Sopwith aircraft were also used in varying numbers by the French, Belgian and American air services during the war.
East India Company	The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia.
The Pokémon Company	The Pokémon Company (株式会社ポケモン, Kabushiki gaisha Pokémon) is a Japanese company responsible for brand management, production, publishing, marketing and licensing of the Pokémon franchise, which consists of video game software, a trading card game, anime television series, films, manga, home entertainment products, merchandise, and other ventures. It was established through a joint investment by the three businesses holding the copyright of Pokémon: Nintendo, Game Freak, and Creatures.
The Weather Company	The Weather Company is a weather forecasting and information technology company that owns and operates weather.com and Weather Underground. The Weather Company has been a subsidiary of the Watson & Cloud Platform business unit of IBM since 2016.
The Honest Company	The Honest Company, Inc. is an American consumer goods company, founded by actress Jessica Alba.
El Tarròs	El Tarròs (Spanish: Tarrós) is a small village in Tornabous municipality, in the province of Lleida, in Catalonia, Spain. In 2008 it had 100 inhabitants.
Timberland (company)	Timberland LLC is an American manufacturer and retailer of outdoor footwear, owned by VF Corporation. The company also sells apparel and accessories including watches, eyewear, and leather goods.
Justin Timberlake	Justin Randall Timberlake (born January 31, 1981) is an American singer, songwriter, record producer, and actor. He is one of the world's best-selling music artists, with sales of over 88 million records.
Weyerhaeuser	Weyerhaeuser Company () is an American timberland company which owns nearly 12,400,000 acres (19,400 sq mi; 50,000 km2) of timberlands in the U.S., and manages an additional 14,000,000 acres (22,000 sq mi; 57,000 km2) of timberlands under long-term licenses in Canada. The company also manufactures wood products.
Timberland, Wisconsin	Timberland is an unincorporated community located in the town of Roosevelt, Burnett County, Wisconsin, United States.
Klaus Teuber	Klaus Teuber (born June 25, 1952) is a German former dental technician and designer of board games. He is best known for designing the strategy board game Catan.
Battle of the Timberlands	The Battle of the Timberlands is an annual football game between the Southern Arkansas University Muleriders and the University of Arkansas–Monticello Boll Weevils. The game became known as the "Battle of the Timberlands" in 2012 when a traveling trophy for the contest was created (both schools are located in southern Arkansas, which has a large forest products industry).
Public company	A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company).
Preferred stock	Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation.

Risk Factors
DELTIC TIMBER CORP Item 1A Risk Factors Cyclicality of Forest Products Industry The Company’s results of operations are, and will continue to be, affected by the cyclical nature of the forest products industry
Prices and demand for logs and manufactured wood products have been, and in the future can be expected to be, subject to cyclical fluctuations
The demand for logs and lumber is primarily affected by the level of new residential construction activity, which activity is subject to fluctuations due to changes in economic conditions, mortgage interest rates, population growth, weather conditions and other factors
Decreases in the level of residential construction activity will be reflected in reduced demand for logs and lumber resulting in lower prices for the Company’s products and lower revenues, profits, and cash flows
In addition to housing starts, demand for wood products is also significantly affected by repair and remodeling activities and industrial uses, demand for which has historically been less cyclical
Furthermore, changes in industry supply of timber have an effect on prices
Although the Company believes that sales of timber by United States government agencies will remain at relatively low levels for the foreseeable future, any reversal of policy that substantially increased such sales could significantly reduce prices for logs and lumber, which could have a material adverse effect on the Company
Furthermore, increased imports from Canada and other foreign countries could reduce the prices the Company receives for its products
Decline in Availability of Federal Timber Various factors, including environmental and endangered species concerns, have limited, and will likely continue to limit, the amount of timber offered for sale by certain United States government agencies, which historically have been major suppliers of timber to the United States forest products industry
The Company acquires a portion of its timber supply for its Ola, Arkansas sawmill (the “Ola Mill”) from federal sources (the Ouachita and Ozark National Forests)
Any future decline in the availability of timber from federally owned lands will require that the Company, in order to supply the Ola Mill, rely more heavily on harvests from the Company’s timberlands (including harvests from timberlands acquired in the future to the extent that suitable opportunities arise) and on the acquisition of timber from other sources, such as private timber owners
The Company’s Waldo, Arkansas sawmill does not currently process any timber acquired from federal sources
Limitations on the Company’s Ability to Harvest Timber Revenues from the Company’s future operations will depend to a significant extent on its ability to harvest timber pursuant to its harvest plans from its 437cmam700 acres of timberlands (the “Timberlands”)
Harvesting of the Timberlands may be affected by various natural factors, including damage by fire, insect infestation, disease, prolonged drought, severe weather conditions including ice storms and other causes
The effects of such natural disasters may be particularly damaging to young timber
To the extent possible, the Company implements measures to limit the risk of damage from such natural causes
The Company is a participant with state agencies and other timberland owners in cooperative fire fighting and fire surveillance programs
In addition, the Timberlands’ extensive system of access roads and the physical separation of various tracts provide some protection against fire damage
Nonetheless, one or more major fires on the Timberlands could adversely affect Deltic’s operating results
In addition, the Timberlands may also be affected by insect infestation, particularly by the southern pine beetle, and disease
Additionally, the Timberlands may be affected by severe weather conditions, especially ice storms, tornados, and heavy winds
Although damage from such natural causes usually is localized and affects only a limited percentage of the timber, there can be no assurance that any damage affecting the Timberlands will, in fact, be so limited
As is typical in the forest products industry, the Company does not maintain insurance coverage with respect to damage to the Timberlands
The Company does, however, maintain insurance for loss of logs due to fire and other occurrences following their receipt at the Company’s sawmills
15 ______________________________________________________________________ [37]Table of Contents Operation of Sawmills The Company’s sawmills are located at Ola in central Arkansas and Waldo in southern Arkansas
The operations of the sawmills are dependent on various factors and there can be no assurance that the Company will be able to continue such operations at current levels of production or that suspension of such operations may not be required in the future
The Company obtains logs for its sawmills from the Timberlands, other private sources, and federal lands
As discussed above, prices for logs are cyclical and affected primarily by demand for lumber and other products produced from logs
Another such factor is the ability of the Company to find an outlet for the large volume of residual wood products that result from the milling process
The Company currently markets such products to third parties for the production of paper and other uses
The Company sells a significant portion of its residual wood chips to Del-Tin Fiber LLC (“Del-Tin”), a joint venture medium density fiberboard plant near El Dorado, Arkansas, in which the Company owns a 50-percent interest
In addition, the continued operation of the sawmills is subject generally to the risk of business interruption in the event of a fire or other natural disaster, regulatory actions, or other causes
The Company mitigates this risk through the procurement of casualty and business interruption insurance
Del-Tin Fiber Deltic owns 50 percent of the membership interest of Del-Tin Fiber, a joint venture to manufacture and market MDF The Del-Tin Fiber plant is located near El Dorado, Arkansas
Construction of the plant was completed, and initial production began, in 1998
From the time production began at Del-Tin Fiber until the fourth quarter of 2003, both operating and financial performance were below the expectations established at the time that the decision to construct the plant was made
Contributions to Del-Tin Fiber by the Company through the third quarter of 2003 amounted to dlra60dtta7 million
The operating and financial performance of the joint venture improved significantly in 2004 and 2005 when compared to prior years
These advances were the result of price improvements in the MDF market and the Company’s utilization of its management resources to work with Del-Tin’s management and the joint-venture partner to improve operating performance at the plant
As a result, the impact of Del-Tin Fiber on the Company’s results of operations and cash flows was significantly reduced during the years of 2004 and 2005
Although the Company remains focused on the efficient operations of the facility, changes in MDF prices or disruptions in manufacturing operations at the plant could impact the Company’s results of operations and cash flows in future periods, as well as Deltic’s ability to exit the MDF business if desired in the future
Competition The forest products industry is highly competitive in terms of price and quality
Many of the Company’s competitors are fully integrated companies with substantially greater financial and operating resources than the Company
The products of the Company are subject to increasing competition from a variety of non-wood and engineered wood products
In addition, the Company is subject to a potential increase in competition from lumber products and logs imported from foreign sources
Any significant increase in competitive pressures from substitute products or other domestic or foreign suppliers could have a material adverse effect on the Company
Federal and State Environmental Regulations The Company is subject to extensive and changing federal, state, and local environmental laws and regulations relating to the protection of human health and the environment, the provisions and enforcement of which are expected to become more stringent in the future
The Company has made and will continue to make non-material expenditures to comply with such provisions
Based on currently available information, including the fact that the Company is not presently aware of any facts that indicate that the Company will be required to incur any material costs relating to environmental matters, the Company believes that environmental regulation will not materially adversely effect the Company, but there can be no assurances that environmental regulation will not have a material adverse effect on the financial condition, results of operations, or liquidity of the Company in the future
16 ______________________________________________________________________ [38]Table of Contents Geographic Concentration of Real Estate Development The Company’s real estate development projects are located in central Arkansas, specifically in, and west of, Little Rock, Arkansas, and in Hot Springs, Arkansas
Accordingly, the Company’s real estate operations are particularly vulnerable to any economic downturns or other adverse events that may occur in this region and to competition from nearby residential housing developments
The Company’s results of operations may be affected by the cyclicality of the homebuilding and real estate industries generally
Factors include changes in general and local economic conditions, such as employment levels, consumer confidence and income, housing demand, availability of financing and interest rates, and changes in government regulation regarding the environment, zoning, real estate taxes, and other local government fees
Reliance on Key Personnel The Company believes that its continued success will depend in large part on its ability to attract and retain highly skilled and qualified personnel
The Company offers management incentives in a manner that is directly linked to the Company’s performance, which the Company believes will facilitate the attraction, retention, and motivation of highly skilled and qualified personnel
In this regard, the Company has taken steps to retain its key personnel, including the provision of competitive employee benefit programs
Although the Company will seek to employ qualified individuals in the event that officers or other key employees of the Company cease to be associated with the Company, there can be no assurance that such individuals could be engaged by the Company
Dividend Policy The Company currently intends to pay modest quarterly cash dividends
However, the Company anticipates that future earnings will for the most part be used to support operations and finance growth of the business
The payment of any dividends will be at the discretion of the Company’s Board of Directors (the “Company Board”)
The declaration of dividends and the amount thereof will depend on a number of factors, including the Company’s financial condition, capital requirements, funds from operations, future business prospects, and such other factors as the Company Board may deem relevant, and no assurance can be given as to the timing or amount of any dividend payments
Anti-Takeover Effects of Certain Statutory, Charter, Bylaw and Contractual Provisions Several provisions of the Company’s Certificate of Incorporation and Bylaws and of the Delaware General Corporation Law could discourage potential acquisition proposals and could deter or delay unsolicited changes in control of the Company, including provisions creating a classified Board of Directors, limiting the stockholders’ powers to remove directors, and prohibiting the taking of action by written consent in lieu of a stockholders’ meeting
The preferred stock purchase rights attached to the Company’s common stock could have similar anti-takeover effects
In addition, the Company’s Board has the authority, without further action by the stockholders, to fix the rights and preferences of and to issue preferred stock
The issuance of preferred stock could adversely affect the voting power of the owners of Company’s common stock, including the loss of voting control to others
Transactions subject to these restrictions will include, among other things, the liquidation of the Company, the merger, consolidation or other combination or affiliation of the Company with another company, discontinuance of or material change in the conduct of a material portion of its businesses independently and with its own employees, redemption or other reacquisition of Company’s common stock, and the sale, distribution, or other disposition of assets of the Company out of the ordinary course of business
These provisions and others that could be adopted in the future could discourage unsolicited acquisition proposals or delay or prevent changes in control or management of the Company, including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices
In addition, these provisions could limit the ability of stockholders to approve transactions that they may deem to be in their best interests