Without the $69.8 million one-time charge, the forest products company is reporting a first quarter net income of $7.1 million, or 7 cents a diluted share, an 80% slump compared with $39.6 million, or 60 cents a diluted share, in the first quarter of last year. Including the one-time charge, however, the company actually lost $35.5 million, or 68 cents a diluted share.

Boise Cascade makes and distributes office products and building materials, paper and wood products. Wall Street analysts had lowered the earnings estimates for many wood and paper companies recently as a result of the slowing U.S. economy and lower demand and prices.

Unlike other industry leaders, however, Boise Cascade did not warn of a first-quarter earnings shortfall, though it had said it would close an Idaho power plant and sawmill, which resulted in the loss of 375 jobs.