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BOISE, Idaho

BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Company ("Boise Cascade, " that "Company, " "we, " or even "our") (NYSE: BCC) these days reported net income involving $12. 2 million, or $0. 31 per reveal, on sales of $1. 2 billion to the first quarter ended March 31, 2020. First 1 / 4 2020 results include $15. 0 trillion and $1. 7 trillion, respectively, of pre-tax accelerated depreciation along with curtailment related costs, and also $0. 32 per share after-tax, due to the particular previously announced permanent curtailment of I-joist production at the Roxboro, North Carolina, factory.
“As we respond into the impacts and uncertainties with COVID-19, our focus remains on the safety and health of our associates, with business continuity. At one time, we are fortunate to acquire entered 2020 in a sound financial position, ” commented Nate Jorgensen, TOP DOG. “Our first quarter financial results were strong both in businesses, demonstrating the strength of our integrated enterprize model. We will continue to adopt the necessary steps to preserve our financial position and effectively support some of our customers, and ultimately will strive to balance the priorities belonging to the various stakeholders that rely on us. "

For discussion in the impacts and our ongoing response to COVID-19, notice 'Balance Sheet and Liquidity' as well as 'Outlook' below.
n the 1st quarter 2020, total OUGH. S. housing starts increased 22% when compared to same period last season. Single-family housing starts, the primary driver of our revenue volumes, also increased 12%.

Wooden Products

Wood Products product sales, including sales to Building Materials Distribution (BMD), greater $0. 5 million that will $320. 1 million for that three months ended Next month 31, 2020, from $319. 5 million for any three months ended 03 31, 2019. The modest increase around sales was driven chiefly by higher sales quantities for I-joists and LVL (I-joists as well as LVL are collectively labelled as EWP). These increases ended up offset partially by lessens in sales prices as well as sales volumes for plywood. Additionally, LVL net sales costs decreased and I-joists internet sales prices were relatively flat weighed against the prior year 1 / 4.

Wood Products segment earnings decreased $7. 9 trillion to $3. 8 million for the three months ended March 31, 2020, from $11. 6 million for any three months ended Strut 31, 2019. The loss of segment income was credited primarily to accelerated depreciation regarding $15. 0 million and other closure-related costs of $1. 8 million at our Roxboro, North Carolina capability, as well as cheaper plywood prices. These diminishes were offset partially by way of lower manufacturing costs as well as higher EWP volumes.
At February 20, 2020, we thought to permanently curtail I-joist manufacturing at our Roxboro, North Carolina capability by March 31, 2020. As a result of the curtailment, we noted $15. 0 million of accelerated depreciation during primary quarter 2020 to fully depreciate the curtailed I-joist features. In addition, we recorded $1. 7 million with various closure-related costs.

Constructing Materials Distribution

BMD's gross sales increased $142. 3 mil, or 16%, to $1, 050. 0 million for any three months ended Strut 31, 2020, from $907. 7 million for that three months ended March 31, 2019. Compared considering the same quarter in the particular prior year, the overall increase within sales was driven by a sales volume increase involving 17% offset partially with a sales price decrease associated with 1%. By product series, commodity sales increased 11%, general line product sales increased 23%, and sales of EWP (substantially which is sourced through some of our Wood Products segment) improved 14%.

BMD segment salary increased $11. 8 million to $29. 3 million for any three months ended 03 31, 2020, from $17. 5 million inside comparative prior year fraction. The increase in section income was driven primarily by just a gross margin increase connected with $24. 6 million, resulting from improved gross margins on commodity goods and higher sales with general line products and EWP weighed against first quarter 2019. This kind of improvement was offset partly by increased selling as well as distribution expenses of $12. COUPLE OF million.
Balance Sheet in addition to Liquidity

Boise Cascade concluded first quarter 2020 having $215. 0 million of cash and cash equivalents and $345. 4 million connected with undrawn committed bank collection availability, for total offered liquidity of $560. FOUR million. The Company got $439. 9 million of outstanding debt at Next month 31, 2020, with no maturities before 2024.

On March TOUGH LUCK, 2020, we entered into your sixth amendment to that Amended and Restated Credit ratings Agreement (the Amendment) based on the Company's senior secured asset-based revolving credit ability and term loan. The Amendment extends the maturity date belonging to the agreement from May 1, 2022, to the sooner of (i) March THIRTEEN, 2025 and (ii) 90 days prior to the maturity of our $350 thousand of 5. 625% older notes due September JUST ONE, 2024 (or the readiness date of any permitted refinancing indebtedness in respect thereof). In addition, the Amendment reduces exactly what available for revolving lending products under the agreement by $370. 0 million to help $350. 0 million. The concept of a loan within the Credit ratings Agreement remains at $50. 0 zillion.

In response to the impacts of COVID-19, we now have reduced our planned money spending for 2020 coming from our previously expected assortment of $85-to-$95 million to help $50-to-$70 million. Included inside our 2020 capital spending is a completion of the firewood utilization center improvement project at our plywood along with veneer facility in Florien, Louisiana, along with BMD's door shop extension in Dallas, Texas. You'll find reduced discretionary spending in reply to the COVID-19 effects. In addition, we have identified a number of other cash saving measures which may be implemented in the in close proximity to term, the timing and extent which will depend upon the depth and duration associated with COVID-19 and its impact on our operating results.

Although significant uncertainty remains about the impact of COVID-19 on our 2020 operating benefits and cash flows, we assume our cash flows from operations, combined with your current cash levels plus available borrowing capacity, is going to be adequate to fund debt service requirements and offer cash, as required, to guide our ongoing operations, money expenditures, funding of acquisitions, lease obligations, working money, pension contributions, and paying cash dividends to slots of our common stock within the next 12 months. We expect to create funding for our seasonal and intra-month being employed capital requirements in 2020 from cash accessible and, if necessary, borrowings underneath our revolving credit facility. Plywood Veneer Production Line 201911ld

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