Boise (BZ) Reports Q1 Loss of $0.01 On 15% Drop In Sales; Filed For $37M In Tax Credits
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Boise, Inc. (NYSE: BZ) reports a Q1 loss of $0.01, versus the analyst estimate of a $0.04 profit. Revenue for the quarter fell 15% $500.3 million, versus the consensus of $549.7 million.
During the first quarter, Boise filed to be registered as an alternative fuel mixer and, in late April, received notification from the Internal Revenue Service that the registration was approved. The company became eligible to receive the tax credit at four pulp and paper mills beginning at various dates from late January to late March 2009. Through April 30, 2009, the company had filed for approximately $37 million in tax credits, before the effect of income taxes. To date, they have received $3.9 million of cash related to these credits. First quarter results do not include any effects of the alternative fuel credits.
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