Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - BOISE INC. | bz093011form8-k.htm |
| EX-99.1 - THIRD QUARTER 2011 EARNINGS RELEASE - BOISE INC. | bz093011exhibit991.htm |
Exhibit 99.2
Boise Inc.
Quarterly Statistical Information
2011 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||
Paper | |||||||||||||
Sales Volume | |||||||||||||
Commodity UFS (short tons) | 197,237 | 195,663 | 193,562 | 586,462 | |||||||||
Premium and Specialty UFS (short tons) | 113,627 | 117,079 | 118,482 | 349,188 | |||||||||
Market Pulp (short tons) | 21,927 | 16,562 | 31,455 | 69,944 | |||||||||
Medium (short tons) | 32,773 | 34,060 | 34,568 | 101,401 | |||||||||
Net Sales Price (a) | |||||||||||||
Commodity UFS ($/short ton) | $ | 934 | $ | 910 | $ | 948 | $ | 930 | |||||
Premium and Specialty UFS ($/short ton) | $ | 1,085 | $ | 1,087 | $ | 1,093 | $ | 1,088 | |||||
Market Pulp ($/short ton) | $ | 603 | $ | 631 | $ | 574 | $ | 597 | |||||
Medium ($/short ton) | $ | 469 | $ | 487 | $ | 483 | $ | 480 | |||||
Depreciation & Amortization (000) | $ | 22,052 | $ | 22,363 | $ | 22,471 | $ | 66,886 | |||||
Capital Spending (000) | $ | 15,907 | $ | 18,574 | $ | 18,275 | $ | 52,756 | |||||
Packaging | |||||||||||||
Sales Volume | |||||||||||||
Linerboard (short tons) | 137,866 | 154,176 | 156,518 | 448,560 | |||||||||
Segment Linerboard (short tons) | 61,939 | 55,479 | 55,270 | 172,688 | |||||||||
Corrugated Containers and Sheets (mmsf) (b) | 1,912 | 2,228 | 2,284 | 6,423 | |||||||||
Newsprint (short tons) | 54,566 | 59,695 | 57,942 | 172,203 | |||||||||
Net Sales Price (a) | |||||||||||||
Linerboard Mill ($/short ton) | $ | 451 | $ | 462 | $ | 464 | $ | 460 | |||||
Segment Linerboard Mill ($/short ton) | $ | 424 | $ | 425 | $ | 427 | $ | 426 | |||||
Corrugated Containers and Sheets ($/msf) (b) | $ | 63 | $ | 69 | $ | 70 | $ | 67 | |||||
Newsprint Mill ($/short ton) | $ | 542 | $ | 540 | $ | 541 | $ | 541 | |||||
Depreciation & Amortization (000) | $ | 10,973 | $ | 12,849 | $ | 13,044 | $ | 36,866 | |||||
Capital Spending (000) | $ | 7,870 | $ | 9,756 | $ | 10,285 | $ | 27,911 | |||||
Total Company | |||||||||||||
EBITDA (000) (c) | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 251,276 | |||||
EBITDA Excluding Special Items (000) (c) | $ | 84,438 | $ | 70,514 | $ | 98,524 | $ | 253,476 | |||||
Net Income Per Share: Basic (d) | $ | 0.23 | $ | 0.11 | $ | 0.25 | $ | 0.58 | |||||
Net Income Per Share: Diluted (d) | $ | 0.21 | $ | 0.11 | $ | 0.24 | $ | 0.55 | |||||
Net Income excluding special items per diluted share (c) (d) | $ | 0.22 | $ | 0.11 | $ | 0.24 | $ | 0.56 | |||||
Net total debt (c) | $ | 770.4 | $ | 526.8 | $ | 581.0 | $ | 581.0 | |||||
(a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
(b) | Includes the corrugated container and sheet volumes and prices for Tharco since the acquisition on March 1, 2011. |
(c) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income to net income excluding special items, and total debt to net total debt are provided as an appendix. |
(d) | During second quarter 2011, Boise Inc. warrant holders exercised 40.3 million warrants, resulting in the issuance of 38.4 million additional common shares. During third quarter 2011, we repurchased 13.4 million of our common shares, resulting in a decrease to the number of weighted average shares included in the basic and diluted net income per share calculation. For more information, see the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in our September 30, 2011, Form 10-Q. |
1
Boise Inc.
Quarterly Statistical Information
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Paper | |||||||||||||||
Sales Volume | |||||||||||||||
Commodity UFS (short tons) | 203,003 | 196,570 | 203,563 | 180,892 | 784,028 | ||||||||||
Premium and Specialty UFS (short tons) | 108,815 | 115,316 | 114,776 | 110,021 | 448,928 | ||||||||||
Market Pulp (short tons) | 18,558 | 13,382 | 27,287 | 21,968 | 81,195 | ||||||||||
Medium (short tons) | 31,823 | 31,390 | 33,893 | 29,438 | 126,544 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Commodity UFS ($/short ton) | $ | 899 | $ | 934 | $ | 957 | $ | 954 | $ | 936 | |||||
Premium and Specialty UFS ($/short ton) | $ | 1,020 | $ | 1,030 | $ | 1,076 | $ | 1,068 | $ | 1,049 | |||||
Market Pulp ($/short ton) | $ | 496 | $ | 605 | $ | 563 | $ | 544 | $ | 549 | |||||
Medium ($/short ton) | $ | 408 | $ | 460 | $ | 502 | $ | 499 | $ | 467 | |||||
Depreciation & Amortization (000) | $ | 21,469 | $ | 21,698 | $ | 21,903 | $ | 22,289 | $ | 87,359 | |||||
Capital Spending (000) | $ | 9,917 | $ | 15,397 | $ | 17,981 | $ | 24,552 | $ | 67,847 | |||||
Packaging | |||||||||||||||
Sales Volume | |||||||||||||||
Linerboard (short tons) | 138,561 | 157,236 | 153,434 | 152,380 | 601,611 | ||||||||||
Segment Linerboard (short tons) | 61,878 | 53,950 | 48,254 | 61,129 | 225,211 | ||||||||||
Corrugated Containers and Sheets (mmsf) | 1,616 | 1,686 | 1,741 | 1,691 | 6,735 | ||||||||||
Newsprint (short tons) | 53,572 | 59,071 | 58,613 | 59,434 | 230,690 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Linerboard Mill ($/short ton) | $ | 364 | $ | 427 | $ | 468 | $ | 470 | $ | 434 | |||||
Segment Linerboard Mill ($/short ton) | $ | 296 | $ | 340 | $ | 398 | $ | 431 | $ | 365 | |||||
Corrugated Containers and Sheets ($/msf) | $ | 53 | $ | 56 | $ | 59 | $ | 59 | $ | 57 | |||||
Newsprint Mill ($/short ton) | $ | 442 | $ | 474 | $ | 511 | $ | 539 | $ | 493 | |||||
Depreciation & Amortization (000) | $ | 9,696 | $ | 9,579 | $ | 9,599 | $ | 9,682 | $ | 38,556 | |||||
Capital Spending (000) | $ | 3,372 | $ | 5,923 | $ | 10,566 | $ | 18,762 | $ | 38,623 | |||||
Total Company | |||||||||||||||
EBITDA (000) (b) | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 | |||||
EBITDA Excluding Special Items (000) (b) | $ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 92,750 | $ | 325,565 | |||||
Net Income (Loss) Per Share: Basic | $ | (0.16 | ) | $ | 0.17 | $ | 0.45 | $ | 0.32 | $ | 0.78 | ||||
Net Income (Loss) Per Share: Diluted | $ | (0.16 | ) | $ | 0.16 | $ | 0.43 | $ | 0.31 | $ | 0.75 | ||||
Net Income excluding special items per diluted share (b) | $ | 0.04 | $ | 0.14 | $ | 0.44 | $ | 0.31 | $ | 0.91 | |||||
Net total debt (b) | $ | 693.9 | $ | 657.1 | $ | 604.0 | $ | 604.4 | $ | 604.4 | |||||
(a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
(b) | Reconciliations of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income (loss) to net income excluding special items, and total debt to net total debt are provided as an appendix. |
Prior-year information is available on our website at www.BoiseInc.com.
2
Boise Inc.
Appendix
Other Financial Measures
(dollars and shares in thousands, except per-share data)
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA by quarter and year to date for 2011:
2011 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||
Net income | $ | 18,694 | $ | 11,897 | $ | 28,364 | $ | 58,955 | |||||
Interest expense | 16,367 | 16,072 | 15,725 | 48,164 | |||||||||
Interest income | (78 | ) | (74 | ) | (58 | ) | (210 | ) | |||||
Income tax provision | 13,281 | 6,529 | 18,119 | 37,929 | |||||||||
Depreciation, amortization, and depletion | 33,974 | 36,090 | 36,374 | 106,438 | |||||||||
EBITDA | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 251,276 | |||||
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2011:
2011 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||
EBITDA | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 251,276 | |||||
Inventory purchase accounting expense | 2,200 | — | — | 2,200 | |||||||||
EBITDA excluding special items | $ | 84,438 | $ | 70,514 | $ | 98,524 | $ | 253,476 | |||||
The following table reconciles net income to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ended December 31, 2011:
2011 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||
Net income | $ | 18,694 | $ | 11,897 | $ | 28,364 | $ | 58,955 | |||||
Inventory purchase accounting expense | 2,200 | — | — | 2,200 | |||||||||
Tax provision for special items (a) | (851 | ) | — | — | (851 | ) | |||||||
Net income excluding special items | $ | 20,043 | $ | 11,897 | $ | 28,364 | $ | 60,304 | |||||
Weighted average common shares outstanding: diluted (b) | 90,417 | 111,772 | 117,955 | 106,791 | |||||||||
Net income excluding special items per diluted common share (b) | $ | 0.22 | $ | 0.11 | $ | 0.24 | $ | 0.56 | |||||
(a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
(b) | During second quarter 2011, Boise Inc. warrant holders exercised 40.3 million warrants, resulting in the issuance of 38.4 million additional common shares. During third quarter 2011, we repurchased 13.4 million of our common shares, resulting in a decrease to the number of weighted average shares included in the basic and diluted net income per share calculation. For more information, see the Condensed Notes to Unaudited Quarterly Consolidated Financial Statements in our September 30, 2011, Form 10-Q. |
3
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
EBITDA represents income (loss) before interest (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 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (12,685 | ) | $ | 13,310 | $ | 35,923 | $ | 26,186 | $ | 62,734 | ||||
Interest expense | 16,474 | 16,178 | 16,100 | 16,073 | 64,825 | ||||||||||
Interest income | (37 | ) | (61 | ) | (105 | ) | (103 | ) | (306 | ) | |||||
Income tax provision (benefit) | (6,622 | ) | 8,376 | 25,454 | 18,164 | 45,372 | |||||||||
Depreciation, amortization, and depletion | 32,131 | 32,267 | 32,457 | 33,071 | 129,926 | ||||||||||
EBITDA | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 | |||||
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2010:
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
EBITDA | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 | |||||
St. Helens mill restructuring | 128 | (434 | ) | 234 | 252 | 180 | |||||||||
Change in fair value of energy hedges | 3,330 | (2,713 | ) | 885 | (893 | ) | 609 | ||||||||
Loss on extinguishment of debt | 22,197 | 28 | — | — | 22,225 | ||||||||||
EBITDA excluding special items | $ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 92,750 | $ | 325,565 | |||||
The following table reconciles net income (loss) to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ended December 31, 2010:
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (12,685 | ) | $ | 13,310 | $ | 35,923 | $ | 26,186 | $ | 62,734 | ||||
Change in fair value of energy hedges | 3,330 | (2,713 | ) | 885 | (892 | ) | 609 | ||||||||
St. Helens mill restructuring | 128 | (434 | ) | 234 | 252 | 180 | |||||||||
Loss on extinguishment of debt | 22,197 | 28 | — | — | 22,225 | ||||||||||
Tax (provision) benefit for special items (a) | (9,928 | ) | 1,207 | (433 | ) | 248 | (8,906 | ) | |||||||
Net income excluding special items | $ | 3,042 | $ | 11,398 | $ | 36,609 | $ | 25,794 | $ | 76,842 | |||||
Weighted average common shares outstanding: diluted | 84,195 | 84,093 | 84,082 | 84,157 | 84,131 | ||||||||||
Net income excluding special items per diluted common share | $ | 0.04 | $ | 0.14 | $ | 0.44 | $ | 0.31 | $ | 0.91 | |||||
(a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
4
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
The following tables reconcile total debt to net total debt by quarter for 2011 and 2010:
2011 | |||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||
Current portion of long-term debt | $ | 50,000 | $ | 76,563 | $ | 103,125 | |||||
Long-term debt, less current portion | 780,581 | 686,518 | 647,456 | ||||||||
Total debt | 830,581 | 763,081 | 750,581 | ||||||||
Less cash and cash equivalents | (60,136 | ) | (236,263 | ) | (169,628 | ) | |||||
Net total debt | $ | 770,445 | $ | 526,818 | $ | 580,953 | |||||
2010 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||
Short-term borrowings | — | $ | 3,536 | — | — | ||||||||
Current portion of long-term debt | 16,663 | 29,163 | 37,500 | 43,750 | |||||||||
Long-term debt, less current portion | 775,581 | 763,081 | 750,581 | 738,081 | |||||||||
Total debt | 792,244 | 795,780 | 788,081 | 781,831 | |||||||||
Less cash and cash equivalents and short-term investments | (98,300 | ) | (138,668 | ) | (184,063 | ) | (177,454 | ) | |||||
Net total debt | $ | 693,944 | $ | 657,112 | $ | 604,018 | $ | 604,377 | |||||
5