Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BOISE INC. | d8k.htm |
| EX-99.1 - BOISE INC. EARNINGS RELEASE - BOISE INC. | dex991.htm |
Exhibit 99.2
Boise Inc.
Quarterly Statistical Information
| 2010 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Paper |
||||||||||||||||||||
| Commodity UFS Volume (short tons) |
203,003 | 196,570 | 203,563 | 603,136 | ||||||||||||||||
| Premium and Specialty UFS Volume (short tons) |
108,815 | 115,316 | 114,776 | 338,907 | ||||||||||||||||
| Market Pulp Volume (short tons) |
18,558 | 13,382 | 27,287 | 59,227 | ||||||||||||||||
| Medium Volume (short tons) |
31,823 | 31,390 | 33,893 | 97,106 | ||||||||||||||||
| Commodity UFS Mill Net Sales Price ($/short ton) |
$ | 899 | $ | 934 | $ | 957 | $ | 930 | ||||||||||||
| Premium and Specialty UFS Mill Net Sales Price ($/short ton) |
$ | 1,020 | $ | 1,030 | $ | 1,076 | $ | 1,042 | ||||||||||||
| Market Pulp Mill Net Sales Price ($/short ton) |
$ | 496 | $ | 605 | $ | 563 | $ | 552 | ||||||||||||
| Medium Mill Net Sales Price ($/short ton) |
$ | 408 | $ | 460 | $ | 502 | $ | 458 | ||||||||||||
| Depreciation & Amortization (000) |
$ | 21,469 | $ | 21,698 | $ | 21,903 | $ | 65,070 | ||||||||||||
| Capital Spending (000) |
$ | 9,917 | $ | 15,397 | $ | 17,981 | $ | 43,295 | ||||||||||||
| Packaging |
||||||||||||||||||||
| Linerboard Sales Volume (short tons) |
138,561 | 157,236 | 153,434 | 449,231 | ||||||||||||||||
| Segment Linerboard Sales Volume (short tons) |
61,878 | 53,950 | 48,254 | 164,082 | ||||||||||||||||
| Corrugated Containers and Sheets Sales Volume (mmsf) |
1,616 | 1,686 | 1,741 | 5,044 | ||||||||||||||||
| Newsprint Sales Volume (short tons) |
53,572 | 59,071 | 58,613 | 171,256 | ||||||||||||||||
| Linerboard Mill Net Sales Price ($/short ton) |
$ | 364 | $ | 427 | $ | 468 | $ | 421 | ||||||||||||
| Segment Linerboard Mill Net Sales Price ($/short ton) |
$ | 296 | $ | 340 | $ | 398 | $ | 341 | ||||||||||||
| Corrugated Containers and Sheets Net Sales Price ($/msf) |
$ | 53 | $ | 56 | $ | 59 | $ | 56 | ||||||||||||
| Newsprint Mill Net Sales Price ($/short ton) |
$ | 442 | $ | 474 | $ | 511 | $ | 477 | ||||||||||||
| Depreciation & Amortization (000) |
$ | 9,696 | $ | 9,579 | $ | 9,599 | $ | 28,874 | ||||||||||||
| Capital Spending (000) |
$ | 3,372 | $ | 5,923 | $ | 10,566 | $ | 19,861 | ||||||||||||
| Total Company |
||||||||||||||||||||
| EBITDA (000) (a) |
$ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 209,160 | ||||||||||||
| EBITDA Excluding Special Items (000) (a) |
$ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 232,815 | ||||||||||||
| Net Income (Loss) Per Share: Basic |
$ | (0.16 | ) | $ | 0.17 | $ | 0.45 | $ | 0.45 | |||||||||||
| Net Income (Loss) Per Share: Diluted |
$ | (0.16 | ) | $ | 0.16 | $ | 0.43 | $ | 0.43 | |||||||||||
| (a) | Reconciliation of net income (loss) (a GAAP measure) to EBITDA and EBITDA to EBITDA excluding special items are provided as an appendix. |
Boise Inc.
Quarterly Statistical Information
| 2009 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Paper |
||||||||||||||||||||
| Commodity UFS Volume (short tons) |
205,770 | 209,022 | 220,115 | 208,713 | 843,620 | |||||||||||||||
| Premium and Specialty UFS Volume (short tons) |
97,399 | 105,570 | 104,761 | 99,866 | 407,596 | |||||||||||||||
| Market Pulp Volume (short tons) |
6,386 | 11,461 | 18,851 | 21,513 | 58,211 | |||||||||||||||
| Medium Volume (short tons) |
30,120 | 30,440 | 34,558 | 31,382 | 126,500 | |||||||||||||||
| Commodity UFS Mill Net Sales Price ($/short ton) |
$ | 949 | $ | 924 | $ | 908 | $ | 904 | $ | 921 | ||||||||||
| Premium and Specialty UFS Mill Net Sales Price ($/short ton) |
$ | 1,050 | $ | 1,026 | $ | 1,010 | $ | 1,000 | $ | 1,021 | ||||||||||
| Market Pulp Mill Net Sales Price ($/short ton) |
$ | 383 | $ | 357 | $ | 412 | $ | 495 | $ | 429 | ||||||||||
| Medium Mill Net Sales Price ($/short ton) |
$ | 469 | $ | 429 | $ | 403 | $ | 376 | $ | 418 | ||||||||||
| Depreciation & Amortization (000) |
$ | 21,346 | $ | 21,099 | $ | 21,171 | $ | 21,524 | $ | 85,140 | ||||||||||
| Capital Spending (000) |
$ | 9,091 | $ | 11,259 | $ | 14,557 | $ | 16,143 | $ | 51,050 | ||||||||||
| Packaging |
||||||||||||||||||||
| Linerboard Sales Volume (short tons) |
109,701 | 134,037 | 148,727 | 149,658 | 542,123 | |||||||||||||||
| Segment Linerboard Sales Volume (short tons) |
38,202 | 54,212 | 76,511 | 83,756 | 252,681 | |||||||||||||||
| Corrugated Containers and Sheets Sales Volume (mmsf) |
1,418 | 1,444 | 1,553 | 1,548 | 5,963 | |||||||||||||||
| Newsprint Sales Volume (short tons) |
60,120 | 28,190 | 52,463 | 58,085 | 198,858 | |||||||||||||||
| Linerboard Mill Net Sales Price ($/short ton) |
$ | 427 | $ | 383 | $ | 340 | $ | 333 | $ | 366 | ||||||||||
| Segment Linerboard Mill Net Sales Price |
$ | 352 | $ | 302 | $ | 284 | $ | 293 | $ | 301 | ||||||||||
| Corrugated Containers and Sheets Net Sales Price ($/msf) |
$ | 60 | $ | 59 | $ | 58 | $ | 54 | $ | 58 | ||||||||||
| Newsprint Mill Net Sales Price ($/short ton) |
$ | 588 | $ | 434 | $ | 378 | $ | 411 | $ | 459 | ||||||||||
| Depreciation & Amortization (000) |
$ | 9,656 | $ | 10,778 | $ | 10,676 | $ | 11,122 | $ | 42,232 | ||||||||||
| Capital Spending (000) |
$ | 7,403 | $ | 6,465 | $ | 2,597 | $ | 6,622 | $ | 23,087 | ||||||||||
| Total Company |
||||||||||||||||||||
| EBITDA (000) (a) |
$ | 52,723 | $ | 130,633 | $ | 127,989 | $ | 84,335 | $ | 395,680 | ||||||||||
| EBITDA Excluding Special Items (000) (a) |
$ | 58,562 | $ | 52,961 | $ | 66,195 | $ | 54,385 | $ | 232,103 | ||||||||||
| Net Income (Loss) Per Share: Basic |
$ | (0.01 | ) | $ | 0.65 | $ | 0.61 | $ | 0.70 | $ | 1.96 | |||||||||
| Net Income (Loss) Per Share: Diluted |
$ | (0.01 | ) | $ | 0.60 | $ | 0.57 | $ | 0.66 | $ | 1.85 | |||||||||
| (a) | Reconciliation of net income (loss) (a GAAP measure) to EBITDA and EBITDA to EBITDA excluding special items are provided as an appendix. |
Prior years’ information is available on our website at www.BoiseInc.com
Appendix
Other Financial Measures
(dollars in thousands)
EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA by quarter and year to date for 2010:
| 2010 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Net income (loss) |
$ | (12,685) | $ | 13,310 | $ | 35,923 | $ | 36,548 | ||||||||||||
| Change in fair value of interest rate derivatives |
29 | 13 | 1 | 43 | ||||||||||||||||
| Interest expense |
16,445 | 16,165 | 16,099 | 48,709 | ||||||||||||||||
| Interest income |
(37 | ) | (61 | ) | (105 | ) | (203 | ) | ||||||||||||
| Income tax provision (benefit) |
(6,622 | ) | 8,376 | 25,454 | 27,208 | |||||||||||||||
| Depreciation, amortization, and depletion |
32,131 | 32,267 | 32,457 | 96,855 | ||||||||||||||||
| EBITDA |
$ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 209,160 | ||||||||||||
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2010:
| 2010 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| EBITDA |
$ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 209,160 | ||||||||||||
| St. Helens mill restructuring |
128 | (434 | ) | 234 | (72 | ) | ||||||||||||||
| Change in fair value of energy hedges |
3,330 | (2,713 | ) | 885 | 1,502 | |||||||||||||||
| Loss on extinguishment of debt |
22,197 | 28 | — | 22,225 | ||||||||||||||||
| EBITDA excluding special items |
$ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 232,815 | ||||||||||||
EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense and interest income), income taxes, depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA by quarter and for the year ended December 31, 2009:
| 2009 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Net income (loss) |
$ | (916 | ) | $ | 50,883 | $ | 48,155 | $ | 55,720 | $ | 153,842 | |||||||||
| Change in fair value of interest rate derivatives |
132 | (627 | ) | (125 | ) | 52 | (568 | ) | ||||||||||||
| Interest expense |
22,154 | 21,389 | 21,436 | 18,284 | 83,263 | |||||||||||||||
| Interest income |
(54 | ) | (91 | ) | (130 | ) | (92 | ) | (367 | ) | ||||||||||
| Income tax provision (benefit) |
(565 | ) | 26,187 | 25,737 | (23,349 | ) | 28,010 | |||||||||||||
| Depreciation, amortization, and depletion |
31,972 | 32,892 | 32,916 | 33,720 | 131,500 | |||||||||||||||
| EBITDA |
$ | 52,723 | $ | 130,633 | $ | 127,989 | $ | 84,335 | $ | 395,680 | ||||||||||
The following table reconciles EBITDA to EBITDA excluding special items by quarter and for the year ended December 31, 2009:
| 2009 | ||||||||||||||||||||
| Boise Inc. | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| EBITDA |
$ | 52,723 | $ | 130,633 | $ | 127,989 | $ | 84,335 | $ | 395,680 | ||||||||||
| St. Helens mill restructuring |
3,648 | 1,133 | 1,402 | (378 | ) | 5,805 | ||||||||||||||
| Change in fair value of energy hedges |
2,191 | (3,468 | ) | (3,624 | ) | (976 | ) | (5,877 | ) | |||||||||||
| Alternative fuel mixture credits |
— | (75,337 | ) | (59,572 | ) | (72,698 | ) | (207,607 | ) | |||||||||||
| Loss on extinguishment of debt |
— | — | — | 44,102 | 44,102 | |||||||||||||||
| EBITDA excluding special items |
$ | 58,562 | $ | 52,961 | $ | 66,195 | $ | 54,385 | $ | 232,103 | ||||||||||
The following tables reconcile total debt to net total debt by quarter for 2010 and 2009:
| 2010 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | |||||||||||||
| Short-term borrowings |
$ | — | $ | 3,536 | $ | — | ||||||||||
| Current portion of long-term debt |
16,663 | 29,163 | 37,500 | |||||||||||||
| Long-term debt, less current portion |
775,581 | 763,081 | 750,581 | |||||||||||||
| Total debt |
792,244 | 795,780 | 788,081 | |||||||||||||
| Less cash and cash equivalents and short-term investments |
(98,300 | ) | (138,668 | ) | (184,063 | ) | ||||||||||
| Net total debt |
$ | 693,944 | $ | 657,112 | $ | 604,018 | ||||||||||
| 2009 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | |||||||||||||
| Current portion of long-term debt |
$ | 7,479 | $ | 14,890 | $ | 22,235 | $ | 30,711 | ||||||||
| Long-term debt, less current portion |
967,340 | 939,929 | 932,517 | 785,216 | ||||||||||||
| Notes payable |
69,229 | 71,955 | 74,788 | — | ||||||||||||
| Total debt |
1,044,048 | 1,026,774 | 1,029,540 | 815,927 | ||||||||||||
| Less cash and cash equivalents and short-term investments |
(27,510 | ) | (125,108 | ) | (247,614 | ) | (79,416 | ) | ||||||||
| Net total debt |
$ | 1,016,538 | $ | 901,666 | $ | 781,926 | $ | 736,511 | ||||||||