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Niwot, CO 80503, USA
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The company's wholly owned operating subsidiary, Boise Cascade, LLC, reported a negative first quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of $5.6 million, including $2.6 million of charges related to the curtailment of a production facility and noncash asset write-downs. Boise Cascade reported an EBITDA loss of $1.8 million in the first quarter of 2010.
"New residential construction activity was abysmal in the first few months of 2011, as a number of major market areas in the U.S. contended with the ongoing overhang of distressed housing inventory, exceptionally harsh winter weather, or both," CEO Tom Carlile said. "March sales improved in a number of our key markets, but we remain concerned about the overall new residential construction environment and the prospects for a meaningful recovery in housing starts this year."
Building Materials Distribution segment sales were $377.8 million in the first quarter, down 3 percent from the same quarter a year ago. Prices for the segment were up 3 percent, with volumes down about 6 percent. BMD reported negative $2.5 million of EBITDA in first quarter.
Wood Products segment sales in the first quarter were $154.9 million, up 5 percent from the same quarter a year ago. The increase in sales was due primarily to increased plywood prices and volumes, higher lumber volumes, and higher by-product chip sales. In addition, engineered wood products prices were up about 8 percent, but lower sales volumes mostly offset that increase. The segment reported negative $0.5 million of EBITDA in first quarter.