07/31/2020 | Press release | Distributed by Public on 07/31/2020 15:43
Boise Cascade Company
1111 West Jefferson Street Ste 300
PO Box 50 Boise, ID 83728
T 208-384-6161 F 208-331-5757
Investor Relations Contact
Today, we reported net income of $33.6 million, or $0.85 per share, on sales of $1.2 billion for the second quarter ended June 30, 2020.
'As we navigate this pandemic, the performance of our 5,700+ associates has been nothing short of outstanding. I am humbled by how our people have led with our shared values in response to the daily challenges in front of us, while continuing to support our customers' needs,' commented Nate Jorgensen, CEO. 'Both of our businesses delivered strong financial results in the face of this unprecedented environment. Wood Products' continued focus on manufacturing cost improvements was especially notable given production curtailments and modifications. BMD's sales and income were robust, and our long-term strategy and commitment to consistently carry a broad base of in-stock products, supported by high service levels and a solid financial position, continues to deliver value to our vendor and customer partners in the supply chain, as well as our shareholders.'
For discussion of the impacts and our continued response to COVID-19, see 'Balance Sheet and Liquidity' and 'Outlook' in the full press release.
About Boise Cascade
Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products.
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss second quarter earnings and our continued response to the COVID-19 situation on Monday, August 3, 2020, at 11 a.m. Eastern.
To participate in the conference call, dial 844-795-4410 and use participant passcode 3079863 (international callers should dial 661-378-9637). To join the webcast, go to the Investor Relations section and select the Event Calendar link.
A replay of the conference call will be available from Monday, August 3, 2020, at 2 p.m. Eastern through Monday, August 10, 2020, at 2 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers with a passcode of 3079863. The archived webcast will be available in the Investor Relations section.
This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements preceded or followed by, or that otherwise include, the words 'believes,' 'expects,' 'anticipates,' 'intends,' 'project,' 'estimates,' 'plans,' 'forecast,' 'is likely to,' and similar expressions or future or conditional verbs such as 'will,' 'may,' 'would,' 'should,' and 'could' are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, the effect of COVID-19, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission including the risk of impairment of long-lived assets and goodwill due to the severity of the COVID-19 impact on the economy should it continue unabated. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.