BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Company ("Boise Cascade, " this kind of "Company, " "we, " as well as "our") (NYSE: BCC) at the moment reported net income affecting $12. 2 million, and also $0. 31 per discuss, on sales of $1. 2 billion for the first quarter ended 03 31, 2020. First 1 / SEVERAL 2020 results include $15. 0 mil in addition to $1. 7 million, respectively, of pre-tax accelerated depreciation along with curtailment related costs, or $0. 32 per show after-tax, due to the specific previously announced permanent curtailment about I-joist production at our Roxboro, North Carolina, capability.
“As we respond for the impacts and uncertainties by using COVID-19, our focus remains within the protection of our participants, and business continuity. Together, we are fortunate to obtain entered 2020 in your sound budget, ” commented Nate Jorgensen, BOSS. “Our first quarter monetary results were strong in both businesses, demonstrating the toughness of our integrated characteristic. We will continue to consider the necessary steps to preserve our budget and effectively support this customers, and ultimately will try to balance the priorities belonging to the various stakeholders that might be determined by us. "

For discussion on the impacts and our carrying on with response to COVID-19, notice 'Balance Sheet and Liquidity' in combination with 'Outlook' below.
n the best quarter 2020, total U. S. housing starts increased 22% compared to the same period last 12 months. Single-family housing starts, the key driver of our profits volumes, also increased 12%.

True wood Products

Wood Items revenue, including sales to help Constructing Materials Distribution (BMD), amplified $0. 5 million in order to $320. 1 million for that three months ended The following month 31, 2020, from $319. 5 million for that three months ended Strut THIRTY-ONE, 2019. The modest increase all over sales was driven for the most part by higher sales number for I-joists and LVL (I-joists as well as LVL are collectively classified as EWP). These increases been for a while offset partially by reduces in sales prices along with sales volumes for plywood. On top of that, LVL net sales costs decreased and I-joists net sales prices were somewhat flat offer the prior year ONE-QUARTER.

Wood Products segment salary decreased $7. 9 trillion for you to $3. 8 million towards three months ended Strut THIRTY-ONE, 2020, from $11. 6 million considering the three months ended 03 31, 2019. The loss of portion income was due mainly to accelerated depreciation of $15. 0 million and various closure-related costs with $1. 6 million from our Roxboro, North Carolina surgical procedures center, as well while decrease plywood prices. These types of decreases were offset in some measure by lower manufacturing expenses plus higher EWP lists.
About February 20, 2020, we all thought to permanently curtail I-joist manufacturing at our Roxboro, North Carolina facility by March 31, 2020. In the curtailment, we noted $15. 0 mil of accelerated depreciation in the course of initial quarter 2020 to thoroughly depreciate the curtailed I-joist property. In addition, we listed down $1. 7 trillion with various closure-related fees.

Making Materials Distribution

BMD's sales revenue increased $142. 3 thousands of, or 16%, to $1, 050. 0 million with all the three months ended 03 31, 2020, from $907. 7 million for every three months ended Strut 31, 2019. Compared with the same quarter in the following prior year, the overall increase with sales was driven by a sales volume increase of 17% offset partially which includes a sales price decrease connected with 1%. By product assortment, commodity sales increased 11%, basic line purchases increased 23%, and sales of EWP (substantially which is sourced through each of our Wood Products segment) improved 14%.

BMD segment earnings increased $11. 8 thousands of to $29. 3 million to your three months ended March 31, 2020, from $17. 5 million within that comparative prior year ONE-QUARTER. The increase in fraction income was driven primarily which includes a gross margin increase along with $24. 6 million, caused from improved gross margins on commodity merchandise and better sales of general series products and EWP offer first quarter 2019. That will improvement was offset to a certain extent by increased selling plus distribution expenses of $12. A COUPLE OF million.
Balance Sheet and in addition Liquidity

Boise Cascade come to the conclusion first quarter 2020 utilizing $215. 0 million connected with cash and cash equivalents and as well $345. 4 million along with undrawn committed bank collection availability, for total offered liquidity of $560. FOUR million. The Company experienced $439. 9 million connected with outstanding debt at 03 31, 2020, with no maturities earlier than 2024.

On March THIRTEEN, 2020, we entered into the sixth amendment compared to that Amended and Restated Credit history Agreement (the Amendment) from the Company's senior anchored asset-based revolving credit capability and expression loan. The Amendment extends the maturity date from the agreement from May ONLY ONE, 2022, to the previous of (i) March THIRTEEN, 2025 and (ii) 90 days ahead of the maturity of our $350 trillion associated with 5. 625% older person notes due September TRUE, 2024 (or the maturation date of any permitted refinancing indebtedness according thereof). In addition, the Amendment reduces the maximum amount available for revolving loans under the agreement through $370. 0 million to be able to $350. 0 million. The reasoning behind loan within the Credit standing Agreement remains at $50. 0 trillion.

In response to the actual effects of COVID-19, we've found reduced our planned cash spending to get 2020 via our previously expected selection of $85-to-$95 million so as to $50-to-$70 million. Included in the 2020 capital spending is usually a completion of the record utilization center improvement venture at our plywood as well as veneer facility in Florien, Louisiana, together with BMD's door shop progress in Dallas, Texas. You'll find reduced discretionary spending in reply for the COVID-19 impact. In improvement, we have identified different cash saving measures which is often implemented in the near term, the timing and extent that may depend upon the depth and duration connected with COVID-19 and its impact on our operating results.

Although significant uncertainty remains in regards to the impact of COVID-19 from our 2020 operating results and cash flows, we are convinced our cash flows through operations, combined with existing cash levels along using available borrowing capacity, is going to be adequate to fund debt service requirements and offer cash, as required, enhance our ongoing operations, spending budget expenditures, funding of acquisitions, lease obligations, working investment, pension contributions, and to repay cash dividends to cases of our common stock about the next 12 months. Many of us expect to fill your seasonal and intra-month operating capital requirements in 2020 out of cash accessible and, if possible, borrowings underneath our turning credit ability.
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