Boise 2Q 2006 net income surged to $33.4 million
Aug 03, 2006. Second quarter 2006 net income was $33.4 million, compared with $0.1 million in the first quarter of 2006.
Aug 03, 2006. /Lesprom Network/. Boise Cascade Holdings, L.L.C., reported second quarter 2006 income from operations of $60.1 million, compared with $30.5 million for the first quarter of 2006. In second quarter 2005, Boise reported income from operations of $77.4 million.
Second quarter 2006 net income was $33.4 million, compared with $0.1 million in the first quarter of 2006, which included $2.1 million of income for special items. This compares with a net loss of $14.5 million for the same period a year ago, which included $51.9 million of loss for special items.
Second quarter 2006 sales were slightly up to $1.6 billion compared to $1.5 billion in first quarter of 2006 and second quarter of 2005.
"We continue to track well with our plans," said Tom Stephens, chairman and chief executive officer. "Our paper business continues to make progress in growing sales of higher value specialty and premium papers while taking advantage of strengthening commodity markets through our relationship with OfficeMax. Our packaging and newsprint business is well positioned to take advantage of the strengthening packaging markets, and our recent acquisition of Central Texas Corrugated (CTC) is adding very significant results. While housing markets are softening, our building materials distribution business continued to grow and is improving their product mix. While our wood products business experienced lower commodity prices, the conversion of more of our veneer into engineered wood has mitigated the impact of commodity price declines."
Boise, headquartered in Boise, Idaho, manufactures engineered wood products, plywood, lumber, and particleboard and distributes a broad line of building materials, including wood products manufactured by the company. Boise also manufactures a wide range of specialty and premium papers, including imaging papers for the office and home and papers for pressure sensitive applications, as well as printing and converting papers, containerboard and corrugated boxes, newsprint, and market pulp.