Boise announces 2006 financial results
BOISE, Idaho – Boise Cascade Holdings, LLC today reported net income of $71.6 million (including $3.7 million of income for special items) for 2006, compared with net income of $121.4 million (including $22.0 million of expense for special items) for 2005. Income from operations for 2006 was $183.4 million, compared to $272.7 million in 2005. Boise also reported net income for the fourth quarter 2006 of $3.1 million, compared to $42.6 million for the same period in 2005. Income from operations for the fourth quarter 2006 was $29.8 million, compared with $34.2 million for the same period in 2005.
“In 2006, we had a cyclical shift in our markets with improved paper markets but an unprecedented contraction in building materials,” said Tom Stephens, chairman and chief executive officer. “We did continue to reinvest to grow the value of our company through several projects. We launched a project to give the number three paper machine at our mill in Wallula, Washington, the capability to produce label and release grades; we broke ground for a new Building Materials Distribution center in Milton, Florida; and we increased our containerboard integration by purchasing converting capacity. Our Building Materials Distribution and Wood Products businesses weathered the sharp downturn in the housing market during the second half of the year relatively well, due to our product mix and the right reaction to a falling market by the organization operating those businesses. At the same time, we continued our fundamental strategy of optimizing cash flow and paying down debt.”
Boise manufactures engineered wood products, plywood, lumber, and particleboard and distributes a broad line of building materials. The company also manufactures specialty and premium paper products, printing and converting papers, containerboard and corrugated boxes, newsprint, and market pulp.
Boise’s 10,000 employees are committed to making quality products and delivering excellent value to our customers, while operating in a manner that maintains the integrity of the environment .
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