Boise Cascade Holdings, LLC, Boise, ID, reported 2009 sales of $1.97 billion, down 34% from the prior year. The wholesale distributor of building products and producers of engineered wood products and plywood recorded a full year loss of $19.1 million, compared to a loss of $288 million a year ago.
For the fourth quarter, sales were $459.6 million, a decrease of 11% from fourth quarter 2008. Profit was $33.6 million, compared to a year ago loss of $40.5 million.
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New residential construction remained weak in the fourth quarter, with housing starts down 16% from the same quarter of 2008, substantially reducing demand for the products Boise Cascade distributes and manufactures. The 0.55 million U.S. housing start level experienced in 2009 was only 36% of the annual average level experienced over the prior 50-year period and was 39% below the second worst year on record, which occurred in 2008.
Building Materials Distribution segment sales were $368.9 million in the fourth quarter, down 10% from the same quarter a year ago. EBITDA was $1.0 million, a $3.9 million increase from the same quarter in 2008 despite the decline in housing starts and 5% lower product prices.
Wood Products segment sales in the fourth quarter were $136.8 million, down 12% from the same quarter a year ago. Segment EBITDA was negative $9.4 million in the fourth quarter of this year, an improvement from the negative $24.7 million reported in fourth quarter 2008.
