BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Organization ("Boise Cascade, " this particular "Company, " "we, " and also "our") (NYSE: BCC) presently reported net income including $12. 2 million, in addition to $0. 31 per focus on, on sales of $1. 2 billion to the first quarter ended 03 THIRTY-ONE, 2020. First 1 / FOUR 2020 results include $15. 0 mil and $1. 7 million, respectively, of pre-tax accelerated depreciation along with curtailment related costs, or even $0. 32 per show after-tax, due to the exact previously announced permanent curtailment relating to I-joist production at our Roxboro, North Carolina, capability.
“As we respond on the impacts and uncertainties by using COVID-19, our focus remains on the protection of our affiliates, and business continuity. Concurrently, we are fortunate to own entered 2020 in any sound budget, ” left a comment Nate Jorgensen, BOSS. “Our first quarter economic results were strong in both businesses, demonstrating the muscle of our integrated function. We will continue to take the necessary steps to preserve our budget and effectively support this customers, and ultimately will make an effort to balance the priorities from the various stakeholders that might depend on us. "

For discussion on the impacts and our carrying on response to COVID-19, notice 'Balance Sheet and Liquidity' as well as 'Outlook' below.
n the most beneficial quarter 2020, total OUGHOUT. S. housing starts increased 22% when compared to same period last season. Single-family housing starts, the key driver of our revenue volumes, also increased 12%.

Authentic wood Products

Wood Goods revenue, including sales to Constructing Materials Distribution (BMD), amplified $0. 5 million in order to $320. 1 million for any three months ended The following month 31, 2020, from $319. 5 million for this three months ended Strut 31, 2019. The modest increase all-around sales was driven mostly by higher sales numbers for I-joists and LVL (I-joists and LVL are collectively categorised as EWP). These increases been for a while offset partially by brings down in sales prices along with sales volumes for plywood. On top of that, LVL net sales charges decreased and I-joists net sales prices were reasonably flat offer the prior year 1 / 4.

Wood Products segment salary decreased $7. 9 trillion for you to $3. 8 million into the three months ended Strut 31, 2020, from $11. 6 million while using three months ended 03 31, 2019. The loss of segment income was due mainly to accelerated depreciation of $15. 0 million and various closure-related costs of $1. 6 million in our Roxboro, North Carolina medical procedures center, as well seeing that decrease plywood prices. All these decreases were offset partially by lower manufacturing charges plus higher EWP amounts.
About February 20, 2020, we thought to permanently curtail I-joist manufacturing at our Roxboro, North Carolina surgery center by March 31, 2020. On the curtailment, we noted $15. 0 million of accelerated depreciation for the duration of initial quarter 2020 to thoroughly depreciate the curtailed I-joist items. In addition, we noted down $1. 7 mil with various closure-related fees.

Making Materials Distribution

BMD's income increased $142. 3 thousand, or 16%, to $1, 050. 0 million while using three months ended Next month 31, 2020, from $907. 7 million for every three months ended Next month 31, 2019. Compared while using same quarter in this particular prior year, the overall increase using sales was driven by just a sales volume increase connected with 17% offset partially that has a sales price decrease of 1%. By product series, commodity sales increased 11%, standard line purchases increased 23%, and sales of EWP (substantially which is sourced through each of our Wood Products segment) elevated 14%.

BMD segment revenue increased $11. 8 thousands of to $29. 3 million for the three months ended 03 31, 2020, from $17. 5 million within the particular comparative prior year ONE FOURTH. The increase in percentage income was driven primarily having a gross margin increase with $24. 6 million, ensuing from improved gross margins in commodity merchandise and bigger sales of general tier products and EWP provide first quarter 2019. That improvement was offset to a certain extent by increased selling as well as distribution expenses of $12. A COUPLE OF million.
Balance Sheet and even Liquidity

Boise Cascade concluded first quarter 2020 using $215. 0 million connected with cash and cash equivalents and also $345. 4 million along with undrawn committed bank assortment availability, for total attainable liquidity of $560. SEVERAL million. The Company suffered $439. 9 million of outstanding debt at March 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) associated with the Company's senior anchored asset-based revolving credit capability and period loan. The Amendment extends the maturity date belonging to the agreement from May JUST ONE, 2022, to the preceding of (i) March 13, 2025 and (ii) 90 days prior to the maturity of our $350 trillion with 5. 625% older person notes due September ONE PARTICULAR, 2024 (or the maturation date of any permitted refinancing indebtedness in respect thereof). In addition, the Amendment reduces the most available for revolving loans under the agreement by $370. 0 million so that you can $350. 0 million. The concept loan within the Credit rating Agreement remains at $50. 0 trillion.

In reply to the actual influences of COVID-19, we've found reduced your planned cash spending with regard to 2020 via our previously expected selection of $85-to-$95 million so that you can $50-to-$70 million. Included in the 2020 capital spending is often a completion of the wood utilization center improvement undertaking at our plywood in combination with veneer facility in Florien, Louisiana, as well as BMD's door shop progress in Dallas, Texas. We certainly have reduced discretionary spending in reply on the COVID-19 impact. In inclusion, we have identified alternative cash saving measures which are often implemented in the close to term, the timing and extent which could depend upon the depth and duration of 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 end result and cash flows, we think that our cash flows by operations, combined with existing cash levels along together with available borrowing capacity, might be adequate to fund unsecured debt service requirements and give cash, as required, compliment our ongoing operations, finances expenditures, funding of acquisitions, lease obligations, working cash, pension contributions, and to hide cash dividends to holders of our common stock about the next 12 months. All of us expect to fill each of our seasonal and intra-month doing the job capital requirements in 2020 from cash accessible and, if possible, borrowings underneath our revolving credit ability.
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