Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BOISE CASCADE Co | bcc8-k12312012.htm |
| EX-99.1 - EARNINGS RELEASE - BOISE CASCADE Co | bccexhibit99112312012.htm |
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Building Materials Distribution | |||||||||||||||
Commodity Sales | 50.2 | % | 48.0 | % | 49.4 | % | 52.3 | % | 49.9 | % | |||||
General Line Sales | 36.5 | % | 38.6 | % | 36.2 | % | 33.8 | % | 36.3 | % | |||||
EWP Sales | 13.3 | % | 13.4 | % | 14.4 | % | 13.9 | % | 13.8 | % | |||||
Total Sales (000) | $ | 451,416 | $ | 580,545 | $ | 605,206 | $ | 553,068 | $ | 2,190,235 | |||||
Gross margin1 | 11.5 | % | 11.8 | % | 12.0 | % | 11.5 | % | 11.7 | % | |||||
Segment income (loss) (000) | $ | (819 | ) | $ | 8,699 | $ | 10,300 | $ | 5,852 | $ | 24,032 | ||||
Segment depreciation and amortization (000) | $ | 2,182 | $ | 2,194 | $ | 2,263 | $ | 2,203 | $ | 8,842 | |||||
Segment EBITDA (000)2 | $ | 1,363 | $ | 10,893 | $ | 12,563 | $ | 8,055 | $ | 32,874 | |||||
EBITDA as a percentage of sales | 0.3 | % | 1.9 | % | 2.1 | % | 1.5 | % | 1.5 | % | |||||
Capital Spending (000) | $ | 1,960 | $ | 2,241 | $ | 1,405 | $ | 1,451 | $ | 7,057 | |||||
Wood Products | |||||||||||||||
LVL Sales Volume (MCF) | 2,116 | 2,271 | 2,586 | 2,107 | 9,080 | ||||||||||
I-joist Sales Volume (MELF) | 29,974 | 38,640 | 41,826 | 34,541 | 144,981 | ||||||||||
Plywood Sales Volume (MSF 3/8") | 327,867 | 346,360 | 343,350 | 338,702 | 1,356,279 | ||||||||||
Lumber Sales Volume (MBF) | 40,734 | 48,925 | 50,274 | 48,146 | 188,079 | ||||||||||
LVL Mill Net Sales Price ($/CF) | $ | 15.05 | $ | 14.94 | $ | 14.75 | $ | 14.45 | $ | 14.80 | |||||
I-joist Mill Net Sales Price ($/MELF) | $ | 935 | $ | 928 | $ | 915 | $ | 909 | $ | 921 | |||||
Plywood Net Sales Price ($/MSF 3/8") | $ | 267 | $ | 290 | $ | 318 | $ | 304 | $ | 295 | |||||
Lumber Net Sales Price ($/MBF) | $ | 414 | $ | 448 | $ | 430 | $ | 426 | $ | 430 | |||||
Segment sales | $ | 211,143 | $ | 241,842 | $ | 259,759 | $ | 230,508 | $ | 943,252 | |||||
Segment income (000) | $ | 10,811 | $ | 15,548 | $ | 22,464 | $ | 6,971 | $ | 55,794 | |||||
Segment depreciation and amortization (000) | $ | 5,905 | $ | 6,113 | $ | 6,164 | $ | 6,262 | $ | 24,444 | |||||
Segment EBITDA (000)2 | $ | 16,716 | $ | 21,661 | $ | 28,628 | $ | 13,233 | $ | 80,238 | |||||
EBITDA as a percentage of sales | 7.9 | % | 9.0 | % | 11.0 | % | 5.7 | % | 8.5 | % | |||||
Capital Spending (000)3 | $ | 2,762 | $ | 3,962 | $ | 5,324 | $ | 8,253 | $ | 20,301 | |||||
Total Company | |||||||||||||||
Net income (000) | $ | 1,668 | $ | 15,047 | $ | 23,503 | $ | 1,278 | $ | 41,496 | |||||
EBITDA (000)4 | $ | 14,554 | $ | 28,194 | $ | 36,821 | $ | 17,006 | $ | 96,575 | |||||
Total debt (000) | $ | 219,560 | $ | 219,560 | $ | 219,560 | $ | 275,000 | |||||||
Net debt (cash) (000)4 | $ | 55,119 | $ | 45,485 | $ | (4,858 | ) | $ | 220,493 | ||||||
1We define gross margin as "Sales" less "Materials, labor, and other operating expenses, including from related parties (excluding depreciation)." Materials, labor, and other operating expenses for our Building Materials Distribution segment primarily includes costs of inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||
2Segment EBITDA is calculated as segment income (loss) before depreciation and amortization, excluding Corporate and Other segment expenses. | |||||||||||||||
3 Capital spending in first quarter 2012 does not include $2.4 million of cash paid for the acquisitions of businesses and facilities. | |||||||||||||||
4 Reconciliations of net income (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt (cash) are provided as an appendix. | |||||||||||||||
Boise Cascade Company
Quarterly Statistical Information (continued)
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Building Materials Distribution | |||||||||||||||
Commodity Sales | 50.8 | % | 45.6 | % | 45.6 | % | 46.7 | % | 47.0 | % | |||||
General Line Sales | 38.4 | % | 42.3 | % | 41.5 | % | 39.6 | % | 40.6 | % | |||||
EWP Sales | 10.8 | % | 12.1 | % | 12.9 | % | 13.7 | % | 12.4 | % | |||||
Total Sales (000) | $ | 377,796 | $ | 470,691 | $ | 501,458 | $ | 429,424 | $ | 1,779,369 | |||||
Gross margin1 | 11.5 | % | 11.2 | % | 12.2 | % | 11.9 | % | 11.7 | % | |||||
Segment income (loss) (000) | $ | (4,559 | ) | $ | 1,337 | $ | 6,040 | $ | (830 | ) | $ | 1,988 | |||
Segment depreciation and amortization (000) | $ | 2,048 | $ | 2,050 | $ | 2,124 | $ | 2,174 | $ | 8,396 | |||||
Segment EBITDA (000)2 | $ | (2,511 | ) | $ | 3,387 | $ | 8,164 | $ | 1,344 | $ | 10,384 | ||||
EBITDA as a percentage of sales | (0.7 | )% | 0.7 | % | 1.6 | % | 0.3 | % | 0.6 | % | |||||
Capital Spending (000) | $ | 1,119 | $ | 1,277 | $ | 4,269 | $ | 3,352 | $ | 10,017 | |||||
Wood Products | |||||||||||||||
LVL Sales Volume (MCF) | 1,599 | 1,780 | 1,929 | 1,784 | 7,092 | ||||||||||
I-joist Sales Volume (MELF) | 22,063 | 31,525 | 30,521 | 26,349 | 110,458 | ||||||||||
Plywood Sales Volume (MSF 3/8") | 240,194 | 285,764 | 296,040 | 284,461 | 1,106,459 | ||||||||||
Lumber Sales Volume (MBF) | 38,099 | 38,331 | 39,230 | 37,656 | 153,316 | ||||||||||
LVL Mill Net Sales Price ($/CF) | $ | 16.14 | $ | 15.93 | $ | 15.53 | $ | 14.50 | $ | 15.51 | |||||
I-joist Mill Net Sales Price ($/MELF) | $ | 974 | $ | 976 | $ | 958 | $ | 919 | $ | 957 | |||||
Plywood Net Sales Price ($/MSF 3/8") | $ | 232 | $ | 230 | $ | 229 | $ | 238 | $ | 232 | |||||
Lumber Net Sales Price ($/MBF) | $ | 410 | $ | 419 | $ | 437 | $ | 416 | $ | 421 | |||||
Segment sales | $ | 154,941 | $ | 182,427 | $ | 194,843 | $ | 180,250 | $ | 712,461 | |||||
Segment income (loss) | $ | (7,265 | ) | $ | (2,662 | ) | $ | (71 | ) | $ | (5,073 | ) | $ | (15,071 | ) |
Segment depreciation and amortization (000) | $ | 6,797 | $ | 7,129 | $ | 7,172 | $ | 7,289 | $ | 28,387 | |||||
Segment EBITDA (000)2 | $ | (468 | ) | $ | 4,467 | $ | 7,101 | $ | 2,216 | $ | 13,316 | ||||
EBITDA as a percentage of sales | (0.3 | )% | 2.4 | % | 3.6 | % | 1.2 | % | 1.9 | % | |||||
Capital Spending (000)3 | $ | 8,478 | $ | 5,700 | $ | 4,444 | $ | 4,877 | $ | 23,499 | |||||
Total Company | |||||||||||||||
Net loss (000)5 | $ | (19,001 | ) | $ | (9,860 | ) | $ | (3,711 | ) | $ | (13,791 | ) | $ | (46,363 | ) |
EBITDA (000)4, 5 | $ | (5,555 | ) | $ | 3,926 | $ | 10,563 | $ | 545 | $ | 9,479 | ||||
Total debt (000) | $ | 219,560 | $ | 219,560 | $ | 219,560 | $ | 219,560 | |||||||
Net debt (000)4 | $ | 36,809 | $ | 16,736 | $ | 16,439 | $ | 37,105 | |||||||
1We define gross margin as "Sales" less "Materials, labor, and other operating expenses, including from related parties (excluding depreciation)." Materials, labor, and other operating expenses for our Building Materials Distribution segment primarily includes costs of inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||
2Segment EBITDA is calculated as segment income (loss) before depreciation and amortization, excluding Corporate and Other segment expenses. | |||||||||||||||
3 Capital spending in second quarter 2011 does not include $5.8 million of cash paid for the acquisitions of businesses and facilities. | |||||||||||||||
4 Reconciliations of net loss (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix. | |||||||||||||||
5 Net loss and EBITDA include expense of $2.6 million and $0.9 million for the three months ended March 31, 2011 and December 31, 2011, respectively, and $3.3 million of expense for the year ended December 31, 2011, related to costs for the closure of a laminated beam plant and noncash asset write-downs. | |||||||||||||||
Boise Cascade Company
Quarterly Statistical Information (continued)
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Building Materials Distribution | |||||||||||||||
Commodity Sales | 50.9 | % | 49.7 | % | 48.5 | % | 49.0 | % | 49.5 | % | |||||
General Line Sales | 38.1 | % | 39.6 | % | 39.8 | % | 39.1 | % | 39.2 | % | |||||
EWP Sales | 11.0 | % | 10.7 | % | 11.7 | % | 11.9 | % | 11.3 | % | |||||
Segment Sales (000) | $ | 389,118 | $ | 515,434 | $ | 470,725 | $ | 402,692 | $ | 1,777,969 | |||||
Gross margin1 | 12.3 | % | 11.6 | % | 11.7 | % | 12.0 | % | 11.9 | % | |||||
Segment income (loss) (000) | $ | (733 | ) | $ | 7,265 | $ | 4,645 | $ | 455 | $ | 11,632 | ||||
Segment depreciation and amortization (000) | $ | 1,829 | $ | 1,802 | $ | 1,860 | $ | 1,966 | $ | 7,457 | |||||
Segment EBITDA (000)2 | $ | 1,096 | $ | 9,067 | $ | 6,505 | $ | 2,421 | $ | 19,089 | |||||
EBITDA as a percentage of sales | 0.3 | % | 1.8 | % | 1.4 | % | 0.6 | % | 1.1 | % | |||||
Capital Spending (000) | $ | 1,054 | $ | 905 | $ | 6,106 | $ | 4,817 | $ | 12,882 | |||||
Wood Products | |||||||||||||||
LVL Sales Volume (MCF) | 1,672 | 1,902 | 1,570 | 1,428 | 6,572 | ||||||||||
I-joist Sales Volume (MELF) | 23,856 | 31,711 | 26,980 | 23,013 | 105,560 | ||||||||||
Plywood Sales Volume (MSF 3/8") | 233,558 | 279,058 | 307,620 | 267,658 | 1,087,894 | ||||||||||
Lumber Sales Volume (MBF) | 35,904 | 38,696 | 36,813 | 37,425 | 148,838 | ||||||||||
LVL Mill Net Sales Price ($/CF) | $ | 14.86 | $ | 15.37 | $ | 16.01 | $ | 15.98 | $ | 15.53 | |||||
I-joist Mill Net Sales Price ($/MELF) | $ | 902 | $ | 938 | $ | 949 | $ | 956 | $ | 937 | |||||
Plywood Net Sales Price ($/MSF 3/8") | $ | 230 | $ | 290 | $ | 247 | $ | 219 | $ | 248 | |||||
Lumber Net Sales Price ($/MBF) | $ | 415 | $ | 471 | $ | 420 | $ | 387 | $ | 424 | |||||
Segment Sales (000) | $ | 148,000 | $ | 199,446 | $ | 183,424 | $ | 156,569 | $ | 687,439 | |||||
Segment income (loss) (000) | $ | (6,599 | ) | $ | 8,238 | $ | (972 | ) | $ | (8,766 | ) | $ | (8,099 | ) | |
Segment depreciation and amortization (000) | $ | 6,664 | $ | 6,701 | $ | 6,810 | $ | 6,921 | $ | 27,096 | |||||
Segment EBITDA (000)2 | $ | 65 | $ | 14,939 | $ | 5,838 | $ | (1,845 | ) | $ | 18,997 | ||||
EBITDA as a percentage of sales | — | % | 7.5 | % | 3.2 | % | (1.2 | )% | 2.8 | % | |||||
Capital Spending (000) | $ | 2,191 | $ | 5,847 | $ | 6,259 | $ | 8,562 | $ | 22,859 | |||||
Total Company | |||||||||||||||
Net income (loss) (000)4 | $ | (15,803 | ) | $ | 4,332 | $ | (5,614 | ) | $ | (16,212 | ) | $ | (33,297 | ) | |
EBITDA (000)3, 4 | $ | (1,842 | ) | $ | 18,839 | $ | 7,712 | $ | (2,592 | ) | $ | 22,117 | |||
Total debt (000) | $ | 303,146 | $ | 228,146 | $ | 228,146 | $ | 219,560 | |||||||
Net debt (cash) (000)3 | $ | (32,933 | ) | $ | (36,397 | ) | $ | (57,405 | ) | $ | (45,041 | ) | |||
1We define gross margin as "Sales" less "Materials, labor, and other operating expenses, including from related parties (excluding depreciation)." Materials, labor, and other operating expenses for our Building Materials Distribution segment primarily includes costs of inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||
2Segment EBITDA is calculated as segment income (loss) before depreciation and amortization, excluding Corporate and Other segment expenses. | |||||||||||||||
3 Reconciliations of net income (loss) (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt (cash) are provided as an appendix. | |||||||||||||||
4Net loss and EBITDA include $4.6 million of income for cash received from a litigation settlement related to vendor product pricing for the three months ended September 30, 2010, and for the year ended December 31, 2010. | |||||||||||||||
Appendix | |||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
(000) | |||||||||||||||
EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended March 31, 2012, June 30, 2012, September 30, 2012, and December 31, 2012, and for the year ended December 31, 2012: | |||||||||||||||
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 1,668 | $ | 15,047 | $ | 23,503 | $ | 1,278 | $ | 41,496 | |||||
Interest expense | 4,813 | 4,818 | 4,840 | 7,286 | 21,757 | ||||||||||
Interest income | (107 | ) | (87 | ) | (87 | ) | (111 | ) | (392 | ) | |||||
Income tax provision | 61 | 78 | 104 | 64 | 307 | ||||||||||
Depreciation and amortization | 8,119 | 8,338 | 8,461 | 8,489 | 33,407 | ||||||||||
EBITDA | $ | 14,554 | $ | 28,194 | $ | 36,821 | $ | 17,006 | $ | 96,575 | |||||
The following table reconciles net loss to EBITDA for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011, and for the year ended December 31, 2011: | |||||||||||||||
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net loss | $ | (19,001 | ) | $ | (9,860 | ) | $ | (3,711 | ) | $ | (13,791 | ) | $ | (46,363 | ) |
Interest expense | 4,589 | 4,584 | 5,001 | 4,813 | 18,987 | ||||||||||
Interest income | (146 | ) | (77 | ) | (91 | ) | (93 | ) | (407 | ) | |||||
Income tax provision | 96 | 38 | 12 | 94 | 240 | ||||||||||
Depreciation and amortization | 8,907 | 9,241 | 9,352 | 9,522 | 37,022 | ||||||||||
EBITDA | $ | (5,555 | ) | $ | 3,926 | $ | 10,563 | $ | 545 | $ | 9,479 | ||||
The following table reconciles net income (loss) to EBITDA for the three months ended March 31, 2010, June 30, 2010, September 30, 2010, and December 31, 2010, and for the year ended December 31, 2010: | |||||||||||||||
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (15,803 | ) | $ | 4,332 | $ | (5,614 | ) | $ | (16,212 | ) | $ | (33,297 | ) | |
Interest expense | 5,520 | 6,021 | 4,721 | 4,743 | 21,005 | ||||||||||
Interest income | (194 | ) | (199 | ) | (249 | ) | (148 | ) | (790 | ) | |||||
Income tax provision | 45 | 90 | 95 | 70 | 300 | ||||||||||
Depreciation and amortization | 8,590 | 8,595 | 8,759 | 8,955 | 34,899 | ||||||||||
EBITDA | $ | (1,842 | ) | $ | 18,839 | $ | 7,712 | $ | (2,592 | ) | $ | 22,117 | |||
Appendix | |||||
Reconciliation of Non-GAAP Financial Measures | |||||
(000) | |||||
Net debt (cash) includes long-and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt (cash) at March 31, 2012, June 30, 2012, September 30, 2012, and December 31, 2012: | ||||||||||||
2012 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||
Current portion of long-term debt | $ | — | $ | — | $ | 25,000 | $ | — | ||||
Long-term debt | 219,560 | 219,560 | 194,560 | 275,000 | ||||||||
Total debt | 219,560 | 219,560 | 219,560 | 275,000 | ||||||||
Less cash and cash equivalents | (164,441 | ) | (174,075 | ) | (224,418 | ) | (54,507 | ) | ||||
Net debt (cash) | $ | 55,119 | $ | 45,485 | $ | (4,858 | ) | $ | 220,493 | |||
The following table reconciles total debt to net debt at March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011: | ||||||||||||
2011 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||
Long-term debt | $ | 219,560 | $ | 219,560 | $ | 219,560 | $ | 219,560 | ||||
Less cash and cash equivalents | (182,751 | ) | (202,824 | ) | (203,121 | ) | (182,455 | ) | ||||
Net debt | $ | 36,809 | $ | 16,736 | $ | 16,439 | $ | 37,105 | ||||
The following table reconciles total debt to net debt (cash) at March 31, 2010, June 30, 2010, September 30, 2010, and December 31, 2010: | ||||||||||||
2010 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||
Long-term debt | $ | 303,146 | $ | 228,146 | $ | 228,146 | $ | 219,560 | ||||
Less cash and cash equivalents | (336,079 | ) | (264,543 | ) | (285,551 | ) | (264,601 | ) | ||||
Net debt (cash) | $ | (32,933 | ) | $ | (36,397 | ) | $ | (57,405 | ) | $ | (45,041 | ) |