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The world is unanimous about the first half of calendar 2020 being extremely challenging to navigate, especially with regard to the pandemic and its effect on our communities.
These unique circumstances have required our team members to adapt how they work regarding how we serve our customers, how we operate efficiently and simply how we take care of each other.
The focus and successful implementation of these items are certainly reflected in our first fiscal quarter results, results which represent an all-time quarterly high watermark for the company.
Our results this quarter reflect success in both our growth strategy and in our operational execution.
The integration of Kosmos Cement acquisition proceeded on schedule.
I'm proud to say that for the first time in Eagle's history, we sold over 2 million tons of cement during the quarter.
Our cement operations performed well.
Recent strategic investments to extend our capabilities to satisfy customer requirements are paying off.
A good example of this is our expansion of grinding capacity at our Sugar Creek plant.
Cement demand has remained strong across all of our markets.
We are fortunate to operate in states where construction has largely been uninterrupted by COVID.
We're focused on economically resilient and less cyclical U.S. Heartland geographies.
We continue to shape our heavy side portfolio with both strategic sales and acquisitions.
Our sale of Western Aggregates and Mathews Ready Mix northern California reflected in this quarter's results was a strategic decision to divest in an asset outside our network.
This asset was previously replaced through an acquisition in northern Nevada aggregates and ready mix asset located in better proximity to our Nevada Cement operations.
The northern Nevada asset is fully integrated into our system now and is operating very well.
This quarter, our Wallboard business showed that geography matters.
Our Wallboard shipments were up 7% over the same quarter a year ago.
This is in an environment where national shipments were down about 5%.
I want to emphasize this is primarily a reflection of our strategic geographic positioning and long-term attractive markets and our strong operational execution.
Regarding our previously announced Republic Paperboard facility expansion project, the first step of equipment installation and integration is now complete and is giving us increased supply to meet our customer demand.
The major cash investment is now behind us for this project.
As for fac sand, we have fully idled the facilities to minimize the cost impact and preserve value for future use.
As previously announced, we continue to explore alternatives for this business.
In the current market conditions, we recognized there are significant uncertainties about the sustainable level of demand.
COVID is uncertain and public policy is uncertain.
Second wave risks are real, cautioned and certainly warranted.
At Eagle, we keep our eyes on the Verizon as well on the road in front of us and there is every reason to believe this period of uncertainty will pass and give way to a healthy runway for our construction materials business.
I am encouraged that policymakers have reacted aggressively with unprecedented monetary and fiscal measures.
U.S. house prices are increasing, mortgage rates are low, credit spreads are narrowing, commodity prices are advancing, every week there is a chance of more scientific breakthroughs in both therapeutics and vaccines.
When the economic reopening is completed, economic activity could have another bounce, particularly with the lagging response of U.S. monetary stimulus at work.
The bottom line is, I do not know when this period of uncertainty will pass, but I'm confident that it will.
Eagle is prepared to navigate this period of uncertainty regardless of the duration, just as the company did when it profitably navigated through the longest construction recession in U.S. history.
We will continue to be cautiously optimistic, but internally, we will continue to confine capital spending until a clearer picture emerges.
Our resilience as a company is certainly greatly enabled by the strong cash flow characteristics of our businesses.
In this regard, it's worth noting that this quarter, our net leverage declined by $150 million for March 31st and total liquidity improved to over $450 million at June 30th.
Now, let me turn to the topic of our planned separation of the two businesses.
We still have more to executing the separation, which at this moment has been delayed by COVID uncertainties.
I do not have an update today on timing and won't until there is some increased visibility that we are pass the potentially more disruptive effects of this pandemic.
I can say that our conviction about the separation remains intact and we have every intention of completing the separation.
That's all for me as far as introductory remarks.
First quarter revenue was a record $428 million, an increase of 15% from the prior year.
This increase reflects contribution from the Kosmos Cement Business we acquired in March and improved cement and wallboard sales volume.
Excluding the recently acquired businesses and the effects of the business we sold in northern California, revenue improved 2% from the prior year.
First quarter diluted earnings per share were $2.31, an improvement of 146%.
Most notably, this year's first quarter results benefited from a sizable gain on the sale of our northern California businesses.
Both quarters also includes the impact of business development expenses.
Excluding these and other non-routine items, first quarter adjusted earnings per share improved 39%.
Turning now to segment performance.
This next slide highlights the results of our Heavy Materials sector, which includes our Cement, Concrete and Aggregates segments.
Revenue in the sector increased 30%, driven primarily by the contribution from the recently acquired Kosmos Cement Business and a 7% increase in like-for-like cement sales volume.
Operating earnings improved 62%, again reflecting a contribution for Kosmos and improved sales volume as well as lower diesel prices in our concrete operations.
In addition, given the concerns around having contractors onsite during the COVID-19 pandemic, we adjusted the timing extents of our cement maintenance outages and delayed approximately $6 million of maintenance costs from the first quarter into the second and third.
Moving to the Light Materials sector on the next slide.
First quarter revenue in our Wallboard and Paperboard business was up slightly, as improved Wallboard sales volume was partially offset by lower Wallboard prices and lower Paperboard sales volume.
Quarterly operating earnings in this sector declined 8% to $44 million, as improved Wallboard earnings were offset by higher recycled fiber costs and the inefficiencies of starting up the paper mill after the expansion project in March.
The earnings impact from start-up was approximately $2 million and by the end of the quarter, our operating efficiencies at the mill were much improved.
Here in July, the mills has been setting production speed records.
In the Oil and Gas Proppants sector, revenue was down 93% and we had an operating loss of $1 million.
The business came under increasing pressure in this spring and early summer as lower oil prices further reduced drilling and hydraulic fracturing activity.
During the quarter, we significantly curtailed our operations to minimize operating costs and preserve the value of the assets.
This next slide provides summary of cash flow information.
During the first quarter, operating cash flow improved 88% to $95.3 million, reflecting strong earnings and disciplined working capital management.
Total capital spending improved or increased to $26 million, as we completed several projects initiated last year and purchased land in Oklahoma, which will provide our two Wallboard plants with over 20 million tons of additional shifts and reserves.
We continue to expect total capital spending in a range of $60 million to $70 million for fiscal 2021.
Also during the quarter, we received the proceeds from the sale of our northern California businesses on April 17th.
Finally, I'll look at our capital structure.
Given the ongoing pandemic-related uncertainty, we are continuing to fortify our balance sheet and liquidity.
At June 30th, our net debt to cap ratio was 55% and we had a $199 million of the cash on hand.
Our net debt to EBITDA leverage ratio was 2.5 times and total liquidity at the end of the quarter was $459 million and we have no near-term debt maturities.
We received our IRS refund in early July, which has further improved our balance sheet and liquidity post quarter.
We will now move to the question-and-answer session.

user
q1 earnings per share $2.31.
q1 revenue $428 million versus refinitiv ibes estimate of $383.4 million.
remain committed to separation, although timing is uncertain.

assistant