Real wood Products

BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Firm ("Boise Cascade, " the following "Company, " "we, " as well as "our") (NYSE: BCC) at the moment reported net income regarding $12. 2 million, in addition to $0. 31 per explore, on sales of $1. 2 billion for that first quarter ended 03 31, 2020. First 1 / FIVE 2020 results include $15. 0 mil and also $1. 7 million, respectively, of pre-tax accelerated depreciation and also other curtailment related costs, and also $0. 32 per uncover after-tax, due to the specific previously announced permanent curtailment concerning I-joist production at our Roxboro, North Carolina, facility.
“As we respond for the impacts and uncertainties together with COVID-19, our focus remains for the protection of our associates, and business continuity. Simultaneously, we are fortunate to own entered 2020 in a new sound budget, ” left a comment Nate Jorgensen, BOSS. “Our first quarter monetary results were strong in both businesses, demonstrating the toughness of our integrated characteristic. We will continue to adopt the necessary steps to preserve our budget and effectively support the actual customers, and ultimately will try to balance the priorities on the various stakeholders that might be based upon us. "

For discussion on the impacts and our continuous response to COVID-19, notice 'Balance Sheet and Liquidity' along with 'Outlook' below.
n the most effective quarter 2020, total OUGHOUT. S. housing starts increased 22% when compared to same period last year. Single-family housing starts, the primary driver of our sales volumes, also increased 12%.

Real wood Products

Wood Goods revenue, including sales that will Constructing Materials Distribution (BMD), amplified $0. 5 million as a way to $320. 1 million to the three months ended Next month 31, 2020, from $319. 5 million with the three months ended Strut THIRTY-ONE, 2019. The modest increase all-around sales was driven mainly by higher sales sums for I-joists and LVL (I-joists and LVL are collectively classified as EWP). These increases finished up offset partially by reduces in sales prices coupled with sales volumes for plywood. At the same time, LVL net sales costs decreased and I-joists net sales prices were reasonably flat offer the prior year ONE FOURTH.

Wood Products segment salary decreased $7. 9 trillion to $3. 8 million to the three months ended Strut THIRTY-ONE, 2020, from $11. 6 million with all the three months ended 03 THIRTY-ONE, 2019. The loss of segment income was due mostly to accelerated depreciation of $15. 0 million as well as various closure-related costs connected with $1. 6 million in our Roxboro, North Carolina surgery center, as well while decrease plywood prices. These decreases were offset partially by lower manufacturing charges plus higher EWP volumes.
About February 20, 2020, most of us thought to permanently curtail I-joist manufacturing at our Roxboro, North Carolina facility by March 31, 2020. Through the curtailment, we noted $15. 0 trillion of accelerated depreciation in the course of initial quarter 2020 that will thoroughly depreciate the curtailed I-joist belongings. In addition, we noted down $1. 7 million with various closure-related prices.

Making Materials Distribution

BMD's revenue increased $142. 3 multitude of, or 16%, to $1, 050. 0 million while using three months ended March 31, 2020, from $907. 7 million for almost any three months ended Strut 31, 2019. Compared with all the same quarter in the following prior year, the overall increase by using sales was driven by a sales volume increase connected with 17% offset partially which includes a sales price decrease of 1%. By product group, commodity sales increased 11%, general line purchases increased 23%, and sales of EWP (substantially all of which is sourced through each of our Wood Products segment) increased 14%.

BMD segment revenue increased $11. 8 1000 to $29. 3 million in your three months ended Next month 31, 2020, from $17. 5 million within the comparative prior year ONE FOURTH. The increase in percentage income was driven primarily which has a gross margin increase having $24. 6 million, producing from improved gross margins at commodity merchandise and increased sales of general range products and EWP give first quarter 2019. In which improvement was offset partially by increased selling plus distribution expenses of $12. A COUPLE OF million.
Balance Sheet as well as Liquidity

Boise Cascade came to the conclusion first quarter 2020 applying $215. 0 million connected with cash and cash equivalents as well as $345. 4 million using undrawn committed bank group availability, for total obtainable liquidity of $560. SOME million. The Company suffered $439. 9 million of outstanding debt at Strut 31, 2020, with no maturities before 2024.

On March THIRTEEN, 2020, we entered into the sixth amendment to that Amended and Restated Consumer credit Agreement (the Amendment) from the Company's senior anchored asset-based turning credit capability and expression loan. The Amendment extends the maturity date from agreement from May JUST ONE, 2022, to the prior of (i) March TOUGH LUCK, 2025 and (ii) 90 days ahead of the maturity of our $350 trillion regarding 5. 625% older person notes due September TRUE, 2024 (or the growth date of any permitted refinancing indebtedness in respect thereof). In addition, the Amendment reduces the absolute most available for revolving borrowing products under the agreement by $370. 0 million so that you can $350. 0 million. The concept loan within the Credit scores Agreement remains at $50. 0 trillion.

Reacting to the actual impacts of COVID-19, we've found reduced your planned cash spending pertaining to 2020 via our previously expected number of $85-to-$95 million so that they can $50-to-$70 million. Included in the 2020 capital spending is often a completion of the firewood utilization center improvement venture at our plywood in combination with veneer facility in Florien, Louisiana, with BMD's door shop development in Dallas, Texas. We've got reduced discretionary spending in reply towards COVID-19 impact. In accessory, we have identified different cash saving measures which is often implemented in the near to term, the timing and extent that will depend upon the depth and duration connected with COVID-19 and its relation to our operating results.

Although significant uncertainty remains in regards to the impact of COVID-19 from our 2020 operating result and cash flows, we believe our cash flows coming from operations, combined with the actual cash levels along using available borrowing capacity, will probably be adequate to fund personal debt service requirements and deliver cash, as required, balance our ongoing operations, spending plan expenditures, funding of purchases, lease obligations, working funds, pension contributions, and for cash dividends to members of our common stock on the next 12 months. Most of us expect to fill some of our seasonal and intra-month functioning capital requirements in 2020 coming from cash accessible and, just to make sure, borrowings underneath our turning credit ability.
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