<PAGE>

================================================================================

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q

(Mark One)
     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2002

                                       OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                         Commission file number 1-12147

                            DELTIC TIMBER CORPORATION
             (Exact name of registrant as specified in its charter)

            Delaware                                    71-0795870
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation or organization)

210 East Elm Street, P. O. Box 7200, El Dorado, Arkansas         71731-7200
        (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (870) 881-9400

Securities registered pursuant to Section 12(b) of the Act:

          Title of each class          Name of each exchange on which registered


Common Stock, $.01 Par Value           New York Stock Exchange, Inc.

Series A Participating Cumulative      New York Stock Exchange, Inc.
Preferred Stock Purchase Rights


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes  X   No    .
                          ---     ---

Number of shares of Common Stock, $.01 Par Value, outstanding at April 30, 2002,
was 11,915,204.

================================================================================

<PAGE>

             TABLE OF CONTENTS - FIRST QUARTER 2002 FORM 10-Q REPORT

<TABLE>
<CAPTION>

                                                                                    Page
                                                                                   Number
                                                                                   ------
<S>           <C>                                                                 <C>
                         PART I - Financial Information

Item   1.     Financial Statements                                                      3

Item   2.     Management's Discussion and Analysis of Financial Condition
              and Results of Operations                                                13

Item   3.     Quantitative and Qualitative Disclosures About Market Risk               16


                           PART II - Other Information

Item   1.     Legal Proceedings                                                        17

Item   2.     Changes in Securities and Use of Proceeds                                17

Item   3.     Defaults Upon Senior Securities                                          17

Item   4.     Submission of Matters to a Vote of Security Holders                      17

Item   5.     Other Information                                                        17

Item   6.     Exhibits and Reports on Form 8-K                                         17

Signatures                                                                             18
</TABLE>

                                       2


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                     -------------------------------------
                             (Thousands of dollars)
<TABLE>
<CAPTION>

                                                                                            March 31,             Dec. 31,
                                                                                              2002                  2001
                                                                                          ------------           ----------
                                                                                           (unaudited)
<S>                                                                                  <C>                      <C>
Assets
    Current assets
      Cash and cash equivalents                                                        $       2,465                  6,122
      Trade accounts receivable - net                                                          5,253                  4,319
      Other receivables                                                                        2,937                  2,938
      Inventories                                                                              4,180                  5,565
      Prepaid expenses and other current assets                                                1,542                  1,428
                                                                                          ----------             ----------
          Total current assets                                                                16,377                 20,372

    Investment in real estate held for development and sale                                   37,840                 36,698
    Investment in Del-Tin Fiber                                                               11,999                 11,600
    Other investments and noncurrent receivables                                               3,008                  2,907
    Timber and timberlands - net                                                             209,842                211,754
    Property, plant, and equipment - net                                                      40,731                 41,774
    Deferred charges and other assets                                                          2,624                  3,275
                                                                                          ----------             ----------
          Total assets                                                                 $     322,421                328,380
                                                                                          ==========             ==========

Liabilities and Stockholders' Equity
    Current liabilities

       Current maturities of long-term debt                                            $          64                     74
       Trade accounts payable                                                                  2,521                  3,524
       Accrued taxes other than income taxes                                                   1,530                  1,190
       Deferred revenues and other accrued liabilities                                         3,030                  2,569
                                                                                          ----------             ----------
          Total current liabilities                                                            7,145                  7,357

    Long-term debt                                                                            78,174                 84,190
    Deferred tax liabilities - net                                                            19,961                 19,669
    Other noncurrent liabilities                                                               6,217                  6,365
    Redeemable preferred stock                                                                30,000                 30,000
    Stockholders' equity
       Preferred stock                                                                             -                      -
       Common stock                                                                              128                    128
       Capital in excess of par value                                                         68,858                 68,766
       Retained earnings                                                                     132,545                133,034
       Unamortized restricted stock awards                                                      (219)                  (264)
       Treasury stock                                                                        (20,388)               (20,865)
                                                                                          ----------             ----------
          Total stockholders' equity                                                         180,924                180,799
                                                                                          ----------             ----------

          Total liabilities and stockholders' equity                                   $     322,421                328,380
                                                                                          ==========             ==========

</TABLE>

See accompanying notes to consolidated financial statements.

                                       3

<PAGE>


                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                  Consolidated Statements of Income (Unaudited)
                          Three Months Ended March 31,
                ------------------------------------------------
                (Thousands of dollars, except per share amounts)
<TABLE>
<CAPTION>


                                                                                 2002                2001
                                                                             ----------          ----------
<S>                                                                       <C>                 <C>
Net sales                                                                 $      27,095              22,494
                                                                             ----------          ----------
Costs and expenses

    Cost of sales                                                                15,047              11,775
    Depreciation, amortization, and cost of fee timber harvested                  5,264               4,465
    General and administrative expenses                                           2,047               1,648
                                                                             ----------          ----------

       Total costs and expenses                                                  22,358              17,888
                                                                             ----------          ----------

       Operating income                                                           4,737               4,606

Equity in loss of Del-Tin Fiber                                                  (2,393)             (2,489)
Interest income                                                                      36                 618
Interest and other debt expense                                                  (1,148)             (1,595)
Other income/(expense)                                                              144                  73
                                                                             ----------          ----------

Income from continuing operations before income taxes                             1,376               1,213

Income taxes                                                                       (555)               (238)
                                                                             ----------          ----------

Income from continuing operations                                                   821                 975

Discontinued operations, net                                                          -               8,212
                                                                             ----------          ----------

       Net income                                                         $         821               9,187
                                                                             ==========          ==========

Earnings per common share
    Basic

       Continuing operations                                              $          02                  03
       Discontinued operations                                                        -                  69
                                                                             ----------          ----------
       Net income                                                         $          02                  72
                                                                             ==========          ==========

    Assuming dilution

       Continuing operations                                              $          02                  03
       Discontinued operations                                                        -                  69
                                                                             ----------          ----------
       Net income                                                         $          02                  72
                                                                             ==========          ==========


Dividends declared per common share                                       $        0625                0625
                                                                             ==========          ==========

Average common shares outstanding (thousands)                                    11,897              11,922
                                                                             ==========          ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4

<PAGE>


                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                Consolidated Statements of Cash Flows (Unaudited)
                          Three Months Ended March 31,
                -------------------------------------------------
                             (Thousands of dollars)

<TABLE>
<CAPTION>
                                                                              2002                   2001
                                                                           ----------             ----------
<S>                                                                     <C>                      <C>
Operating activities

    Net income                                                          $         821                  9,187
    Adjustments to reconcile net income to
      net cash provided/(required) by operating activities
       Depreciation, amortization, and cost of fee timber harvested             5,264                  4,465
       Deferred income taxes                                                      292                  7,075
       Gain from disposal of agriculture segment assets                             -                (13,364)
       Real estate costs recovered upon sale                                      870                    998
       Timberland costs recovered upon sale                                       104                    448
       Equity in loss of Del-Tin Fiber                                          2,393                  2,489
       Net increase/(decrease) in provisions for pension and
         other postretirement benefits                                            304                    228
       (Increase)/decrease in operating working capital
         other than cash and cash equivalents                                     253                 (1,911)
       Other - net                                                                339                   (500)
                                                                           ----------             ----------
          Net cash provided/(required) by operating activities,
            including discontinued operations                                  10,640                  9,115
                                                                           ----------             ----------

Investing activities

    Capital expenditures requiring cash                                        (4,071)               (32,699)
    Net change in purchased stumpage inventory                                   (611)                (2,058)
    Advances to Del-Tin Fiber                                                  (2,749)                (3,953)
    Proceeds from disposal of agriculture segment assets                            -                 17,831
    Increase/(decrease) in farmland sale contract deposits                          -                 (1,455)
    (Increase)/decrease in funds held by trustee                                 (107)                 7,713
    Receipts of/(additions to) noncurrent receivables                               -                  8,046
    Other - net                                                                   246                    174
                                                                           ----------             ----------
          Net cash provided/(required) by investing activities,
            including discontinued operations                                  (7,292)                (6,401)
                                                                           ----------             ----------

Financing activities

    Proceeds from borrowings                                                        -                 10,533
    Repayments of notes payable and long-term debt                             (6,026)                (6,783)
    Treasury stock purchases                                                        -                 (1,026)
    Increase/(decrease) in bank overdraft                                           -                 (1,384)
    Preferred stock dividends paid                                               (566)                  (566)
    Common stock dividends paid                                                  (744)                  (746)
    Other - net                                                                   331                      -
                                                                           ----------             ----------
          Net cash provided/(required) by financing activities,
            including discontinued operations                                  (7,005)                    28
                                                                           ----------             ----------

Net increase/(decrease) in cash and cash equivalents                           (3,657)                 2,742
Cash and cash equivalents at January 1                                          6,122                  2,712
                                                                           ----------             ----------

Cash and cash equivalents at March 31                                   $       2,465                  5,454
                                                                           ==========             ==========

</TABLE>

See accompanying notes to consolidated financial statements.

                                       5

<PAGE>


                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
           Consolidated Statements of Stockholders' Equity (Unaudited)
                          Three Months Ended March 31,
           -----------------------------------------------------------
                             (Thousands of dollars)

<TABLE>
<CAPTION>

                                                                                              2002                   2001
                                                                                          ----------             ----------
<S>                                                                                     <C>                    <C>
Cumulative preferred stock - $.01 par, authorized 20,000,000 shares, 600,000
  shares issued as redeemable preferred stock                                          $           -                      -
                                                                                          ----------             ----------

Common stock - $.01 par, authorized 50,000,000 shares,
  12,813,879 shares issued in 2002 and 2001                                                      128                    128
                                                                                          ----------             ----------

Capital in excess of par value
    Balance at beginning of year                                                              68,766                 68,757
    Exercise of stock options                                                                     58                      -
    Tax benefits on stock options                                                                 34                      -
                                                                                          ----------             ----------
    Balance at end of period                                                                  68,858                 68,757
                                                                                          ----------             ----------

Retained earnings
    Balance at beginning of year                                                             133,034                128,290
    Net income                                                                                   821                  9,187
    Preferred stock dividends accrued                                                           (566)                  (566)
    Common stock dividends declared                                                             (744)                  (746)
                                                                                          ----------             ----------
    Balance at end of period                                                                 132,545                136,165
                                                                                          ----------             ----------

Unamortized restricted stock awards
    Balance at beginning of year                                                                (264)                  (472)
    Stock awards                                                                                   -                      -
    Amortization to expense                                                                       45                     53
                                                                                          ----------             ----------
    Balance at end of period                                                                    (219)                  (419)
                                                                                          ----------             ----------

Treasury stock
    Balance at beginning of year - 925,725 and 878,556 shares,
      respectively                                                                           (20,865)               (19,869)
    Shares purchased - 48,500 shares in 2001                                                       -                 (1,026)
    Shares issued for incentive plans - 21,175 shares in 2002                                    477                      -
                                                                                          ----------             ----------
    Balance at end of period - 904,550 and 927,056 shares,
      respectively                                                                           (20,388)               (20,895)
                                                                                          ----------             ----------

Total stockholders' equity                                                             $     180,924                183,736
                                                                                          ==========             ==========

</TABLE>

See accompanying notes to consolidated financial statements.

                                       6

<PAGE>

                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                   ------------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 1 - Interim Financial Statements

    The interim financial information included herein is unaudited; however,
    such information reflects all adjustments which are, in the opinion of
    management, necessary for a fair presentation of the Company's financial
    position, results of operations, and cash flows for the interim periods. All
    such adjustments are of a normal, recurring nature. The financial statements
    in Deltic's 2001 annual report on Form 10-K include a summary of significant
    accounting policies of the Company and should be read in conjunction with
    this Form 10-Q. Certain prior period amounts have been reclassified to
    conform with 2002 presentation format.

Note 2 - Discontinued Agriculture Segment

    During the first quarter of 2001, the remaining 18,400 net acres of farmland
    and the agriculture operational assets, previously reported in Property,
    Plant, and Equipment in the Consolidated Balance Sheet, were sold and
    closed, resulting in a pretax gain on the disposal of the former agriculture
    segment of $13,522,000 (net of related costs). Income tax expense for
    discontinued operations totaled $5,310,000. Since the Company disposed of
    the agriculture segment in a tax-deferred exchange, the sales proceeds were
    deposited with a qualified intermediary and used the acquire replacement
    property. During the first quarter of 2001, the Company acquired, utilizing
    these funds, approximately 22,800 acres of pine timberland, designated as
    replacement properties, with capital expenditures of $28,348,000, which
    completed the tax-deferred land exchanges for Ashly Plantation, an undivided
    interest operation of which Deltic previously owned a majority interest. As
    part of the transaction, an advance in the form of an interest-bearing note
    from the intermediate accommodating title holders and a note from the
    minority owners of Ashly Plantation were repaid to the Company, amounting to
    $6,574,000.

                                       7

<PAGE>
                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                   ------------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 3 - Earnings per Common Share

    The amounts used in computing earnings per share consisted of the following:
<TABLE>
<CAPTION>
                                                                         Three Months Ended
                                                                              March 31,
                                                                   --------------------------------
       (Thousands, except per share amounts)                          2002                   2001
                                                                   ---------              ---------
<S>                                                             <C>                       <C>
       Income from continuing operations                        $        821                    975
       Discontinued operations, net                                        -                  8,212
       Less preferred dividends                                         (566)                  (566)
                                                                   ---------              ---------
          Income available to common shareholders               $        255                  8,621
                                                                   =========              =========

       Weighted average number of common shares
         used in basic EPS                                            11,897                 11,922
       Effect of dilutive stock options                                   46                     12
                                                                   ---------              ---------
          Weighted average number of common shares
            and dilutive potential common stock used
            in EPS assuming dilution                                  11,943                 11,934
                                                                   =========              =========

       Earnings per common share
          Basic

             Continuing operations                              $        .02                    .03
             Discontinued operations                                       -                    .69
                                                                   ---------              ---------
             Net income                                         $        .02                    .72
                                                                   =========              =========

          Assuming dilution

             Continuing operations                              $        .02                    .03
             Discontinued operations                                       -                    .69
                                                                   ---------              ---------
             Net income                                         $        .02                    .72
                                                                   =========              =========
</TABLE>

Note 4 - Inventories

    Inventories at the balance sheet dates consisted
    of the following:
<TABLE>
<CAPTION>
                                                                   Mar. 31,               Dec. 31,
       (Thousands of dollars)                                        2002                   2001
                                                                  ----------             ----------
<S>                                                            <C>                       <C>
       Logs                                                    $         785                  1,246
       Lumber                                                          3,090                  3,859
       Materials and supplies                                            305                    460
                                                                  ----------             ----------
                                                               $       4,180                  5,565
                                                                  ==========             ==========
</TABLE>

                                       8

<PAGE>
                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                   ------------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 5 - Investment in Del-Tin Fiber

    The Company owns 50 percent of the membership interest of Del-Tin Fiber. The
    Company's investment in Del-Tin Fiber is carried at cost, adjusted for the
    Company's proportionate share of undistributed earnings or losses.

    The financial position for Del-Tin Fiber as of the balance sheet dates and
    results of operations for the three months ended March 31 consisted of the
    following:
<TABLE>
<CAPTION>

                                                                       Mar. 31,               Dec. 31,
       (Thousands of dollars)                                            2002                   2001
                                                                      ----------             ----------
<S>                                                                <C>                       <C>
       Condensed Balance Sheet Information

       Current assets                                              $       4,710                  5,218
       Debt service reserve funds                                          3,558                  3,543
       Bond sinking funds                                                  7,924                  6,072
       Property, plant, and equipment - net                              100,304                100,907
       Other noncurrent assets                                               920                    982
                                                                      ----------             ----------
          Total assets                                             $     117,416                116,722
                                                                      ==========             ==========

       Current liabilities                                         $       4,043                  4,419
       Long-term debt                                                     89,000                 89,000
       Other noncurrent liabilities                                            5                      6
       Members' capital/(deficit)                                         24,368                 23,657
       Accumulated other comprehensive income                                  -                   (360)
                                                                      ----------             ----------
          Total liabilities and members' capital/(deficit)         $     117,416                116,722
                                                                      ==========             ==========

       Condensed Income Statement Information
       Net sales                                                   $       7,825                  2,014
                                                                      ----------             ----------
       Costs and expenses
          Cost of sales                                                    9,969                  4,849
          Depreciation                                                       975                    520
          General and administrative expenses                                436                    217
                                                                      ----------             ----------
             Total costs and expenses                                     11,380                  5,586
                                                                      ----------             ----------

             Operating income/(loss)                                      (3,555)                (3,572)
       Interest income                                                        30                     44
       Interest and other debt expense                                    (1,260)                (1,449)
                                                                      ----------             ----------

             Net income/(loss)                                            (4,785)                (4,977)
       Other comprehensive income                                            360                      -
                                                                      ----------             ----------

             Comprehensive income/(loss)                           $      (4,425)                (4,977)
                                                                      ==========             ==========
</TABLE>
*    The Del-Tin facility was shut down from late January to early June 2001 to
     modify its heat energy system. Direct operating costs during the shutdown
     period were expensed as incurred and are included in Cost of Sales. Deltic
     Timber Corporation has retained a financial advisor to assist in the
     evaluation of strategic alternatives for the Company's investment in
     Del-Tin Fiber with all options being considered.

                                       9

<PAGE>


                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                    -----------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 6 - Timber and Timberlands

    Timber and timberlands at the balance sheet dates consisted of the
following:

<TABLE>
<CAPTION>
                                                                                           Mar. 31,               Dec. 31,
      (Thousands of dollars)                                                                 2002                   2001
                                                                                          ----------             ----------
<S>                                                                                   <C>                      <C>
       Purchased stumpage inventory                                                    $       6,277                  5,665
       Timberlands                                                                            76,475                 76,468
       Fee timber                                                                            180,507                179,424
       Logging facilities                                                                      1,692                  1,692
                                                                                          ----------             ----------
                                                                                             264,951                263,249
       Less accumulated costs of fee timber harvested
         and facilities depreciation                                                         (55,109)               (51,495)
                                                                                          ----------             ----------
                                                                                       $     209,842                211,754
                                                                                          ==========             ==========
</TABLE>

Note 7 - Property, Plant, and Equipment

    Property, plant, and equipment at the balance sheet dates consisted of the
following:

<TABLE>
<CAPTION>
                                                                                           Mar. 31,               Dec. 31,
      (Thousands of dollars)                                                                 2002                   2001
                                                                                          ----------             ----------
<S>                                                                                   <C>                      <C>

       Land                                                                            $         125                    125
       Land improvements                                                                       3,822                  3,265
       Buildings and structures                                                                4,468                  4,469
       Machinery and equipment                                                                73,648                 74,168
                                                                                          ----------             ----------
                                                                                              82,063                 82,027
       Less accumulated depreciation                                                         (41,332)               (40,253)
                                                                                          ----------             ----------
                                                                                       $      40,731                 41,774
                                                                                          ==========             ==========
</TABLE>

                                       10

<PAGE>

                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                    -----------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 8 - Supplemental Cash Flow Disclosures

    Income taxes paid, net of refunds, were $251,000 in the 2002 period, while a
    net income tax refund of $2,082,000 was received in the first quarter of
    2001. Interest paid, net of amounts capitalized, was $449,000 and $451,000
    in the first three months of 2002 and 2001, respectively.

    (Increases)/decreases in operating working capital, other than cash and cash
    equivalents, for the three months ended March 31 consisted of the following:

<TABLE>
<CAPTION>
       (Thousands of dollars)                                    2002                   2001
                                                             ----------             ----------
<S>                                                          <C>    <C>
       Trade accounts receivable                             $    (933)                 (1,268)
       Other receivables                                            37                  (1,446)
       Inventories                                               1,385                     958
       Prepaid expenses and other current assets                  (114)                   (409)
       Trade accounts payable                                   (1,002)                 (1,194)
       Deferred revenues and other accrued liabilities             880                   1,448
                                                             ---------              ----------

                                                             $     253                  (1,911)
                                                             =========                  ======
</TABLE>

                                       11

<PAGE>


                            DELTIC TIMBER CORPORATION
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2002
                    -----------------------------------------
                    (Unaudited, except for December 31, 2001)

Note 9 - Business Segments

    Information about the Company's business segments consisted of the
following:
<TABLE>
<CAPTION>

                                                                         Three Months Ended
                                                                              March 31,
                                                                  ---------------------------------
    (Thousands of dollars)                                            2002                   2001
                                                                  ----------             ----------
<S>                                                            <C>                      <C>
    Net sales
       Woodlands                                               $      12,133                 12,809
       Mills                                                          17,874                 10,550
       Real Estate                                                     2,567                  3,143
       Eliminations*                                                  (5,479)                (4,008)
                                                                  ----------             ----------
                                                               $      27,095                 22,494
                                                                  ==========             ==========

    Income/(loss) from continuing operations
      before income taxes
       Operating income
          Woodlands                                            $       7,252                  7,900
          Mills                                                       (1,204)                (2,376)
          Real Estate                                                    203                    591
          Corporate                                                   (1,829)                (1,487)
          Eliminations                                                   315                    (22)
                                                                  ----------             ----------
             Operating income                                          4,737                  4,606
       Equity in loss of Del-Tin Fiber                                (2,393)                (2,489)
       Interest income                                                    36                    618
       Interest and other debt expense                                (1,148)                (1,595)
       Other income/(expense)                                            144                     73
                                                                  ----------             ----------
                                                               $       1,376                  1,213
                                                                  ==========             ==========

    Depreciation, amortization, and
      cost of fee timber harvested
       Woodlands                                               $       3,722                  3,016
       Mills                                                           1,401                  1,333
       Real Estate                                                        99                     80
       Corporate                                                          42                     36
                                                                  ----------             ----------
                                                               $       5,264                  4,465
                                                                  ==========             ==========

    Capital expenditures
       Woodlands                                               $         931                 29,663
       Mills                                                             741                  1,273
       Real Estate                                                     2,383                  1,754
       Corporate                                                          16                      9
                                                                  ----------             ----------
                                                               $       4,071                 32,699
                                                                  ==========             ==========

    *Intersegment sales of timber from Woodlands to Mills.

</TABLE>

                                       12

<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations


Results of Operations

     Net income for the first quarter of 2002 was $.8 million, $.02 a share,
compared to first quarter 2001 earnings of $9.2 million, $.72 a share. Income
from discontinued agriculture operations, net of income taxes, was $8.2 million,
$.69 a share, for 2001's first quarter. For the first three months of 2002,
income from continuing operations was $.8 million, $.02 a share, which compares
to $1 million, $.03 a share, a year ago. Net sales for the current quarter
totaled $27.1 million, an increase of $4.6 million when compared to the
prior-year quarter. Operating income for the first quarter of 2002 was $4.7
million compared to $4.6 million for the corresponding quarter of 2001. Net cash
provided by operating activities increased $1.5 million, from $9.1 million in
2001 to $10.6 million for the 2002 period.

     Operating income for the first quarter of 2002 increased $.1 million when
compared to the first quarter of 2001. The Woodlands segment decreased $.7
million due primarily to reduced sales of non-strategic and higher and better
use timberland, partially offset by an increase in pine sawtimber sales which
resulted from a 43 percent increase in harvest levels. Mills segment operating
results improved $1.2 million from the same period of 2001 as lumber sales price
increased eight percent and the Company lowered its lumber production cost per
thousand board feet ("MBF") by eight percent. Operating income for Real Estate
segment operations decreased $.4 million from a year ago because the average
sales price of residential lots decreased $18,300 per lot due to sales mix.

     The Woodlands segment reported net sales of $12.1 million for the current
quarter compared to $12.8 million a year ago. Sales of 328 acres of timberland
produced revenues of $.5 million in the current period, while sales of 1,478
acres generated $4.6 million in the prior-year period. Sales of pine sawtimber
increased $3.3 million as a result of a 77,529 ton increase in harvest levels to
256,173 tons and an increase in the sales price from $41 per ton to $42.
Operating income was $7.2 million in the first quarter of 2002, a decrease of
$.7 million when compared to first quarter 2001 operating income of $7.9
million, resulting primarily from the decrease in net sales. The cost of fee
timber harvested increased $.7 million as a result of higher harvest levels, but
was more than offset by a reduction in other operating expenses.

     Mills operations' net sales for the first quarter of 2002 were $17.9
million compared to $10.6 million for 2001's first quarter. Finished lumber
sales increased $6.5 million due to a 63 percent increase in sales volume to
49.2 million board feet ("MMBF"), as market conditions improved relative to a
year ago. Average lumber sales price for the current quarter was $309 per MBF,
eight percent higher than a year ago. An operating loss of $1.2 million was
reported for the first quarter of 2002, which compares to a loss of $2.4 million
for the 2001 period. The improvement of $1.2 million was due primarily to the
increase in net sales combined with a $28 per MBF reduction in the manufacturing
cost per MBF sold, including a $15 per MBF decrease in the cost of logs used in
the Company's sawmills.

     The Real Estate segment recorded net sales of $2.6 million in 2002 compared
to $3.1 million in 2001. Residential lot sales increased by two lots to 26 in
the current quarter; however, the average sales price per lot decreased $18,300
to $60,000 due to the sales mix. Operating income decreased $.4 million, to $.2
million, due primarily to the change in sales mix.

     Corporate operating expense was $1.8 million in the first quarter of 2002,
which compares to $1.5 million for the same quarter of 2001. The increase was
primarily the result of higher general and administrative expenses. Equity in
the loss of Del-Tin Fiber recorded by the Company was $2.4 million in 2002
compared to $2.5 million a year ago. (For additional information about Del-Tin
Fiber's operations, refer to Note 5 to the consolidated financial statements.)
Interest income, earned primarily from agricultural asset and timberland sales
proceeds deposited with trustees, decreased $.6 million. Interest expense was
$.5 million lower than 2001's first quarter due mainly to a $6 million reduction
in long-term

                                       13

<PAGE>


debt during the first three months of 2002. Income tax expense related to
continuing operations for the current quarter was $.6 million, which compares to
$.2 million for 2001's first quarter. The 2001 period benefited from recording
deferred tax assets arising from state tax loss carryforwards.

     Included in the first quarter of 2001 was income from discontinued
agriculture operations, net of income taxes, which totaled $8.2 million. The
sale of approximately 18,400 acres of farmland was recorded at a pretax gain of
$13.4 million. Income tax expense for discontinued operations was $5.3 million
for the period.

Financial Condition

     Net cash provided by operating activities totaled $10.6 million during the
first quarter of 2002 compared to $9.1 million a year ago. Changes in operating
working capital, other than cash and cash equivalents, provided cash of $.3
million for the first three months of 2002 but required cash of $1.9 million for
the corresponding period of 2001.

     Capital expenditures required cash of $4.1 million in the current quarter
and $32.7 million in the prior year, of which $28.3 million was for the purchase
of replacement timberland properties. Capital expenditures by segment consisted
of the following.

                                                         Three Months
                                                         Ended March 31,
                                                   ---------------------------
  (Thousands of dollars)                             2002               2001
                                                   --------           --------
  Woodlands                                     $       931             29,663
  Mills                                                 741              1,273
  Real Estate                                         2,383              1,754
  Corporate                                              16                  9
                                                   --------           --------
      Capital expenditures requiring cash       $     4,071             32,699
                                                   ========           ========

     The net change in purchased stumpage inventory to be utilized in the
Company's sawmill operations required cash of $.6 million in 2002 and $2.1
million in 2001. The Company advanced Del-Tin Fiber $2.7 million during the
current quarter and $4 million during the corresponding quarter of 2001.

     During 2001, disposal of agricultural segment assets generated proceeds of
$17.8 million, $1.5 million of which had previously been received as farmland
sale contract deposits, that were deposited with a trustee as required for a
tax-deferred exchange. These proceeds, combined with $7.7 million already held
by a trustee from similar transactions recorded in prior periods were utilized
to purchase designated replacement timberland properties and are included in
capital expenditures of the Woodlands segment. Upon completion of one of the two
reverse land exchanges in which Deltic was involved, $8 million previously
advanced to the accommodating title holder required in such reverse exchanges
was repaid to the Company.

     The Company borrowed $10.5 million and made repayments of debt of $6.8
million during the first quarter of 2001 compared to debt repayments of $6
million during the first quarter of the current year. During the prior year,
purchases of treasury stock utilized $1 million and the decrease in bank
overdraft was $1.4 million. Deltic paid dividends totaling $1.3 million in both
2002 and 2001, consisting of $.7 million for common stock and $.6 million for
redeemable preferred stock. These net uses of funds during the first quarter of
2002 resulted in a $3.7 million decrease in the Company's cash and cash
equivalents since December 31, 2001.

                                       14

<PAGE>

     During December 2000, the Company's Board of Directors authorized a stock
repurchase program of up to $10 million of its common stock. Under this program,
the Company can purchase shares through the open market and privately negotiated
transactions at prices deemed appropriate by Deltic's management. As of March
31, 2002, the Company had expended $1 million under this program, with the
purchase of 48,500 shares at an average cost of $21.15 per share during the
first quarter of 2001.

     The Company has agreed to a contingent equity contribution agreement with
Del-Tin Fiber and the group of banks from whom Del-Tin Fiber has obtained its
$89 million credit facility. Under this agreement, Deltic and the other 50
percent owner of the joint venture have agreed to fund any deficiency in
contributions to either Del-Tin Fiber's required sinking fund or debt service
reserve, up to a cumulative total of $17.5 million for each owner. In addition,
each owner has committed to a production support agreement, under which each
owner has agreed to make support obligation payments to Del-Tin Fiber to
provide, on the occurrence of certain events, additional funds for payment of
debt service until the plant is able to successfully complete a minimum
production test. In addition, both owners have agreed to fund any operating
working capital needs until the facility is able to consistently generate
sufficient funds to meet its cash requirements.

     On April 25, 2002, Deltic announced that Banc One Capital Markets, Inc. had
been retained as financial advisor to assist in the evaluation of strategic
alternatives for the Company's investment in Del-Tin Fiber.

     Redemption of the Company's currently outstanding redeemable preferred
stock is mandatory on December 31, 2002, at a price of $30 million. Deltic's
management currently anticipates utilizing amounts available under its revolving
credit facility to fulfill this obligation.

     Deltic's management believes that cash provided from its operations and the
remaining amount available under its credit facility will be sufficient to meet
its expected cash needs and planned expenditures, including those of the
Company's continued timberland acquisition and stock repurchase programs,
additional advances to Del-Tin Fiber, preferred stock redemption, and capital
expenditures, for the foreseeable future.

     Statements included herein that are not historical in nature are intended
to be, and are hereby identified as, "forward-looking statements" within the
meaning of the federal securities laws. Such statements reflect the Company's
current expectations and involve risks and uncertainties. Actual results could
differ materially from those included in such forward-looking statements.
Factors that could cause such differences include, but are not limited to, the
cyclical nature of the industry, changes in interest rates and general economic
conditions, adverse weather, cost and availability of materials used to
manufacture the Company's products, and the risk factors described from time to
time in the reports and disclosure documents filed by the Company with the
Securities and Exchange Commission.

                                       15

<PAGE>

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

     The Company's market risk has not changed significantly from that set forth
under the caption "Quantitative and Qualitative Disclosures About Market Risk",
in Item 7A of Part II of its 2001 annual report on Form 10-K. Those disclosures
should be read in conjunction with this Form 10-Q.

                                       16

<PAGE>

                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings

     From time to time, the Company is involved in litigation incidental to its
business. Currently, there are no material legal proceedings.


Item 2.    Changes in Securities and Use of Proceeds

           None.


Item 3.    Defaults Upon Senior Securities

           None.


Item 4.    Submission of Matters to a Vote of Security Holders

           None.


Item 5.    Other Information

           None.


Item 6.    Exhibits and Reports on Form 8-K

           (a)   Exhibits

                 None.

           (b)   Reports on Form 8-K

                 None.


                                       17




<PAGE>

                                   SIGNATURES

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, thereunto duly authorized.

DELTIC TIMBER CORPORATION



By:        /s/Ron L. Pearce                      Date:       May 10, 2002
   -----------------------------------------          -------------------------
            Ron L. Pearce, President
        (Principal Executive Officer)



            /s/Clefton D. Vaughan                Date:       May 10, 2002
--------------------------------------------          -------------------------
   Clefton D. Vaughan, Vice President,
           Finance and Administration
           (Principal Financial Officer)



            /s/Emily R. Evers                    Date:       May 10, 2002
--------------------------------------------          -------------------------
        Emily R. Evers, Controller
     (Principal Accounting Officer)

                                       18