Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BOISE CASCADE HOLDINGS, L.L.C. | a09-33100_18k.htm |
| EX-99.1 - EX-99.1 - BOISE CASCADE HOLDINGS, L.L.C. | a09-33100_1ex99d1.htm |
EXHIBIT 99.2
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
|
|
|
2009 |
||||||||||||||||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
||||
|
Building Materials Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Commodity Sales |
|
|
48.1% |
|
44.4% |
|
45.4% |
|
|
|
|
45.8% |
||||||||
|
EWP Sales |
|
|
9.8% |
|
10.4% |
|
11.9% |
|
|
|
|
10.8% |
||||||||
|
General Line Sales |
|
|
42.1% |
|
45.2% |
|
42.7% |
|
|
|
|
43.4% |
||||||||
|
Total Sales (000) |
|
|
$ |
335,022 |
|
|
$ |
433,662 |
|
|
$472,172 |
|
|
|
|
|
$ |
1,240,856 |
|
|
|
Depreciation & Amortization (000) |
|
|
$ |
1,933 |
|
|
$ |
1,913 |
|
|
$1,880 |
|
|
|
|
|
$ |
5,726 |
|
|
|
Capital Spending (000) 1 |
|
|
$ |
337 |
|
|
$ |
692 |
|
|
$1,768 |
|
|
|
|
|
$ |
2,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Wood Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
LVL Sales Volume (CCF) |
|
|
11,049 |
|
|
13,624 |
|
|
17,345 |
|
|
|
|
|
42,018 |
|
||||
|
I-joist Sales Volume (MELF) |
|
|
15,655 |
|
|
22,446 |
|
|
27,351 |
|
|
|
|
|
65,452 |
|
||||
|
Plywood Sales Volume (MSF 3/8”) |
|
|
271,036 |
|
|
265,723 |
|
|
294,127 |
|
|
|
|
|
830,886 |
|
||||
|
Segment Plywood Sales Volume (MSF 3/8”) |
|
|
246,292 |
|
|
245,754 |
|
|
260,632 |
|
|
|
|
|
752,678 |
|
||||
|
Veneer Sales Volume (MSF 3/8”) |
|
|
68,459 |
|
|
98,305 |
|
|
102,501 |
|
|
|
|
|
269,265 |
|
||||
|
Segment Veneer Net Sales Volume (MSF 3/8”) |
|
|
2,677 |
|
|
3,795 |
|
|
5,104 |
|
|
|
|
|
11,576 |
|
||||
|
Lumber Sales Volume (MBF) |
|
|
30,283 |
|
|
34,760 |
|
|
44,807 |
|
|
|
|
|
109,850 |
|
||||
|
Particleboard Sales Volume (MSF 3/4”) |
|
|
18,448 |
|
|
20,527 |
|
|
22,486 |
|
|
|
|
|
61,461 |
|
||||
|
LVL Mill Net Sales Price ($/CCF) |
|
|
$ |
1,524 |
|
|
$ |
1,530 |
|
|
$ |
1,508 |
|
|
|
|
|
$ |
1,520 |
|
|
I-joist Mill Net Sales Price ($/MELF) |
|
|
$ |
900 |
|
|
$ |
911 |
|
|
$ |
908 |
|
|
|
|
|
$ |
907 |
|
|
Plywood Net Sales Price ($/MSF 3/8”) |
|
|
$ |
214 |
|
|
$ |
220 |
|
|
$ |
239 |
|
|
|
|
|
$ |
225 |
|
|
Segment Plywood Net Sales Price ($/MSF 3/8”) |
|
|
$ |
200 |
|
|
$ |
210 |
|
|
$ |
226 |
|
|
|
|
|
$ |
212 |
|
|
Lumber Net Sales Price ($/MBF) |
|
|
$ |
304 |
|
|
$ |
317 |
|
|
$ |
374 |
|
|
|
|
|
$ |
337 |
|
|
Particleboard Mill Net Sales Price ($/MSF 3/4”) |
|
|
$ |
347 |
|
|
$ |
343 |
|
|
$ |
332 |
|
|
|
|
|
$ |
340 |
|
|
Depreciation & Amortization (000) |
|
|
$ |
9,072 |
|
|
$ |
9,421 |
|
|
$ |
7,635 |
|
|
|
|
|
$ |
26,128 |
|
|
Capital Spending (000) 2 |
|
|
$ |
3,880 |
|
|
$ |
3,176 |
|
|
$ |
3,073 |
|
|
|
|
|
$ |
10,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
EBITDA (000) 3, 4 |
|
|
$ |
(71,360 |
) |
|
$ |
26,784 |
|
|
$ |
41,108 |
|
|
|
|
|
$ |
(3,468 |
) |
|
Net Debt (000) 3 |
|
|
$ |
113,602 |
|
|
$ |
98,556 |
|
|
$ |
89,017 |
|
|
|
|
|
|
|
|
1 Capital spending presented for 2Q 09 and September 30, 2009 YTD does not include $0.9 million cash paid for a truss assembly operation and EWP sales office in Saco and Biddeford, Maine, respectively.
2 Capital spending presented for 2Q 09 and September 30, 2009 YTD does not include $3.7 million cash paid for a sawmill in Pilot Rock, Oregon.
3 Reconciliation of net income (loss) (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
4 EBITDA includes a $43.0 million charge which we recorded in “Impairment of investment in equity affiliate” in our Consolidated Statements of Loss for the three months ended March 31, 2009, and the nine months ended September 30, 2009. For more information related to the impairment charge, see the Notes to Unaudited Quarterly Consolidated Financial Statements in our Form 10-Q for the period ended September 30, 2009.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
|
|
|
|
2008 |
|
|||||||||||||||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|||||
|
Building Materials Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Commodity Sales |
|
|
44.5% |
|
44.8% |
|
47.1% |
|
49.0% |
|
46.2% |
||||||||||
|
EWP Sales |
|
|
12.0% |
|
12.0% |
|
12.2% |
|
11.3% |
|
11.9% |
||||||||||
|
General Line Sales |
|
|
43.5% |
|
43.2% |
|
40.7% |
|
39.7% |
|
41.9% |
||||||||||
|
Total Sales (000) |
|
|
$ |
503,884 |
|
|
$ |
609,978 |
|
|
$ |
584,094 |
|
|
$ |
411,472 |
|
|
$ |
2,109,428 |
|
|
Depreciation & Amortization (000) |
|
|
$ |
1,923 |
|
|
$ |
1,939 |
|
|
$ |
1,906 |
|
|
$ |
1,920 |
|
|
$ |
7,688 |
|
|
Capital Spending (000) |
|
|
$ |
1,078 |
|
|
$ |
859 |
|
|
$ |
909 |
|
|
$ |
2,273 |
|
|
$ |
5,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Wood Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
LVL Sales Volume (CCF) |
|
|
19,378 |
|
|
23,446 |
|
|
19,551 |
|
|
13,785 |
|
|
76,160 |
|
|||||
|
I-joist Sales Volume (MELF) |
|
|
29,236 |
|
|
38,056 |
|
|
31,011 |
|
|
18,606 |
|
|
116,909 |
|
|||||
|
Plywood Sales Volume (MSF 3/8”) |
|
|
356,987 |
|
|
373,023 |
|
|
356,666 |
|
|
316,783 |
|
|
1,403,459 |
|
|||||
|
Segment Plywood Sales Volume (MSF 3/8”) |
|
|
312,527 |
|
|
317,396 |
|
|
311,378 |
|
|
286,846 |
|
|
1,228,147 |
|
|||||
|
Veneer Sales Volume (MSF 3/8”) |
|
|
126,341 |
|
|
117,736 |
|
|
117,649 |
|
|
90,263 |
|
|
451,989 |
|
|||||
|
Segment Veneer Net Sales Volume (MSF 3/8”) |
|
|
1,574 |
|
|
2,170 |
|
|
5,109 |
|
|
5,731 |
|
|
14,584 |
|
|||||
|
Lumber Sales Volume (MBF) |
|
|
49,551 |
|
|
56,772 |
|
|
48,297 |
|
|
36,207 |
|
|
190,827 |
|
|||||
|
Particleboard Sales Volume (MSF 3/4”) |
|
|
26,530 |
|
|
27,717 |
|
|
29,179 |
|
|
20,938 |
|
|
104,364 |
|
|||||
|
LVL Mill Net Sales Price ($/CCF) |
|
|
$ |
1,619 |
|
|
$ |
1,597 |
|
|
$ |
1,569 |
|
|
$ |
1,471 |
|
|
$ |
1,573 |
|
|
I-joist Mill Net Sales Price ($/MELF) |
|
|
$ |
970 |
|
|
$ |
952 |
|
|
$ |
937 |
|
|
$ |
885 |
|
|
$ |
942 |
|
|
Plywood Net Sales Price ($/MSF 3/8”) |
|
|
$ |
255 |
|
|
$ |
272 |
|
|
$ |
272 |
|
|
$ |
239 |
|
|
$ |
260 |
|
|
Segment Plywood Net Sales Price ($/MSF 3/8”) |
|
|
$ |
242 |
|
|
$ |
259 |
|
|
$ |
261 |
|
|
$ |
228 |
|
|
$ |
248 |
|
|
Lumber Net Sales Price ($/MBF) |
|
|
$ |
387 |
|
|
$ |
369 |
|
|
$ |
368 |
|
|
$ |
347 |
|
|
$ |
369 |
|
|
Particleboard Mill Net Sales Price ($/MSF 3/4”) |
|
|
$ |
343 |
|
|
$ |
365 |
|
|
$ |
368 |
|
|
$ |
346 |
|
|
$ |
357 |
|
|
Depreciation & Amortization (000) |
|
|
$ |
7,534 |
|
|
$ |
6,662 |
|
|
$ |
6,757 |
|
|
$ |
6,780 |
|
|
$ |
27,733 |
|
|
Capital Spending (000) |
|
|
$ |
6,325 |
|
|
$ |
8,622 |
|
|
$ |
7,872 |
|
|
$ |
11,813 |
|
|
$ |
34,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
EBITDA (000) 1, 2, 3 |
|
|
$ |
5,816 |
|
|
$ |
(2,867 |
) |
|
$ |
(193,704 |
) |
|
$ |
(27,589 |
) |
|
$ |
(218,344 |
) |
|
Net Debt (000) 1 |
|
|
$ |
129,834 |
|
|
$ |
74,321 |
|
|
$ |
24,908 |
|
|
$ |
39,197 |
|
|
|
|
|
1 Reconciliation of net loss (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
2 Includes the results of the Paper and Packaging & Newsprint businesses for the period January 1, 2008 through February 21, 2008. These businesses were sold on February 22, 2008.
3 EBITDA includes a $208.1 million charge which we recorded in “Impairment of investment in equity affiliate” in our Consolidated Statements of Loss for the three months ended September 30, 2008 and for the year ended December 31, 2008. For more information related to the impairment charge, see the Notes to Consolidated Financial Statements in our 2008 Annual Report on Form 10-K.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
|
|
|
|
2007 |
|
|
|||||
|
|
Q1 |
Q2 |
Q3 |
Q4 |
YTD |
|||||
|
Building Materials Distribution |
|
|
|
|
|
|||||
|
Commodity Sales |
43.8% |
42.8% |
44.3% |
45.5% |
44.0% |
|||||
|
EWP Sales |
14.7% |
15.3% |
14.8% |
13.8% |
14.7% |
|||||
|
General Line Sales |
41.5% |
41.9% |
40.9% |
40.7% |
41.3% |
|||||
|
Total Sales (000) |
$ |
608,658 |
$ |
723,732 |
$ |
686,610 |
$ |
545,007 |
$ |
2,564,007 |
|
Depreciation & Amortization (000) |
$ |
1,876 |
$ |
1,860 |
$ |
1,825 |
$ |
1,812 |
$ |
7,373 |
|
Capital Spending (000) |
$ |
9,676 |
$ |
2,025 |
$ |
2,591 |
$ |
3,837 |
$ |
18,129 |
|
|
|
|
|
|
|
|||||
|
Wood Products |
|
|
|
|
|
|||||
|
LVL Sales Volume (CCF) |
27,341 |
32,130 |
27,778 |
19,195 |
106,444 |
|||||
|
I-joist Sales Volume (MELF) |
47,220 |
59,606 |
47,924 |
33,325 |
188,075 |
|||||
|
Plywood Sales Volume (MSF 3/8”) |
383,561 |
391,958 |
388,940 |
346,145 |
1,510,604 |
|||||
|
Segment Plywood Sales Volume (MSF 3/8”) |
309,765 |
299,871 |
305,729 |
307,468 |
1,222,833 |
|||||
|
Veneer Sales Volume (MSF 3/8”) |
176,958 |
193,045 |
183,785 |
161,019 |
714,807 |
|||||
|
Segment Veneer Net Sales Volume (MSF 3/8”) |
15,419 |
12,617 |
7,073 |
1,731 |
36,840 |
|||||
|
Lumber Sales Volume (MBF) |
56,282 |
62,756 |
59,652 |
52,475 |
231,165 |
|||||
|
Particleboard Sales Volume (MSF 3/4”) |
37,134 |
36,581 |
39,772 |
37,356 |
150,843 |
|||||
|
LVL Mill Net Sales Price ($/CCF) |
$ |
1,749 |
$ |
1,723 |
$ |
1,685 |
$ |
1,626 |
$ |
1,702 |
|
I-joist Mill Net Sales Price ($/MELF) |
$ |
1,044 |
$ |
1,035 |
$ |
1,020 |
$ |
993 |
$ |
1,026 |
|
Plywood Net Sales Price ($/MSF 3/8”) |
$ |
268 |
$ |
285 |
$ |
302 |
$ |
275 |
$ |
283 |
|
Segment Plywood Net Sales Price ($/MSF 3/8”) |
$ |
244 |
$ |
262 |
$ |
287 |
$ |
263 |
$ |
264 |
|
Lumber Net Sales Price ($/MBF) |
$ |
448 |
$ |
436 |
$ |
438 |
$ |
424 |
$ |
437 |
|
Particleboard Mill Net Sales Price ($/MSF 3/4”) |
$ |
321 |
$ |
334 |
$ |
304 |
$ |
311 |
$ |
317 |
|
Depreciation & Amortization (000) |
$ |
7,284 |
$ |
7,569 |
$ |
7,145 |
$ |
8,047 |
$ |
30,045 |
|
Capital Spending (000) |
$ |
3,118 |
$ |
3,972 |
$ |
6,385 |
$ |
9,983 |
$ |
23,458 |
|
|
|
|
|
|
|
|||||
|
Total Company |
|
|
|
|
|
|||||
|
EBITDA (000) 1, 2 |
$ |
73,862 |
$ |
91,385 |
$ |
106,576 |
$ |
76,757 |
$ |
348,580 |
|
Net Debt (000) 1 |
$ |
1,207,724 |
$ |
1,168,851 |
$ |
1,156,767 |
$ |
1,113,440 |
|
|
1 Reconciliation of net income (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
2 Includes the results of the Paper and Packaging & Newsprint businesses we sold on February 22, 2008.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
|
|
|
|
2006 |
|
|
|||||
|
|
Q1 |
Q2 |
Q3 |
Q4 |
YTD |
|||||
|
Building Materials Distribution |
|
|
|
|
|
|||||
|
Commodity Sales |
48.9% |
44.9% |
43.4% |
43.5% |
45.2% |
|||||
|
EWP Sales |
15.0% |
15.6% |
16.2% |
15.8% |
15.7% |
|||||
|
General Line Sales |
36.1% |
39.5% |
40.4% |
40.7% |
39.1% |
|||||
|
Total Sales (000) |
$ |
761,846 |
$ |
832,700 |
$ |
756,608 |
$ |
599,119 |
$ |
2,950,273 |
|
Depreciation & Amortization (000) |
$ |
2,348 |
$ |
2,404 |
$ |
2,366 |
$ |
2,113 |
$ |
9,231 |
|
Capital Spending (000) |
$ |
2,206 |
$ |
2,065 |
$ |
1,992 |
$ |
4,263 |
$ |
10,526 |
|
|
|
|
|
|
|
|||||
|
Wood Products |
|
|
|
|
|
|||||
|
LVL Sales Volume (CCF) |
35,429 |
31,588 |
31,847 |
21,688 |
120,552 |
|||||
|
I-joist Sales Volume (MELF) |
59,311 |
63,395 |
56,943 |
39,281 |
218,930 |
|||||
|
Plywood Sales Volume (MSF 3/8”) |
409,792 |
428,436 |
415,188 |
361,471 |
1,614,887 |
|||||
|
Segment Plywood Sales Volume (MSF 3/8”) |
314,821 |
332,275 |
316,433 |
304,102 |
1,267,631 |
|||||
|
Veneer Sales Volume (MSF 3/8”) |
181,792 |
193,276 |
178,063 |
180,997 |
734,128 |
|||||
|
Segment Veneer Net Sales Volume (MSF 3/8”) |
20,886 |
13,376 |
11,234 |
11,128 |
56,624 |
|||||
|
Lumber Sales Volume (MBF) 1 |
73,899 |
76,576 |
69,018 |
57,148 |
276,641 |
|||||
|
Particleboard Sales Volume (MSF 3/4”) |
37,526 |
43,557 |
44,864 |
31,502 |
157,449 |
|||||
|
LVL Mill Net Sales Price ($/CCF) |
$ |
1,902 |
$ |
1,916 |
$ |
1,860 |
$ |
1,834 |
$ |
1,896 |
|
I-joist Mill Net Sales Price ($/MELF) |
$ |
1,097 |
$ |
1,107 |
$ |
1,109 |
$ |
1,104 |
$ |
1,110 |
|
Plywood Net Sales Price ($/MSF 3/8”) |
$ |
301 |
$ |
288 |
$ |
277 |
$ |
254 |
$ |
281 |
|
Segment Plywood Net Sales Price ($/MSF 3/8”) |
$ |
278 |
$ |
264 |
$ |
248 |
$ |
232 |
$ |
256 |
|
Lumber Net Sales Price ($/MBF) |
$ |
509 |
$ |
498 |
$ |
462 |
$ |
440 |
$ |
478 |
|
Particleboard Mill Net Sales Price ($/MSF 3/4”) |
$ |
272 |
$ |
322 |
$ |
399 |
$ |
359 |
$ |
339 |
|
Depreciation & Amortization (000) |
$ |
6,317 |
$ |
6,670 |
$ |
7,065 |
$ |
7,571 |
$ |
27,623 |
|
Capital Spending (000) |
$ |
9,164 |
$ |
6,233 |
$ |
7,273 |
$ |
8,023 |
$ |
30,693 |
|
|
|
|
|
|
|
|||||
|
Total Company |
|
|
|
|
|
|||||
|
EBITDA (000) 2, 3 |
$ |
69,416 |
$ |
97,634 |
$ |
103,747 |
$ |
68,339 |
$ |
339,136 |
|
Net Debt (000) 2 |
$ |
1,319,854 |
$ |
1,265,081 |
$ |
1,199,024 |
$ |
1,171,931 |
|
|
1 Jackson lumber sales volume included.
2 Reconciliation of net income (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
3 Includes the results of the Paper and Packaging & Newsprint businesses we sold on February 22, 2008.
Appendix
Reconciliation of Non-GAAP Financial Measures
(000)
EBITDA represents income (loss) before interest (interest expense, interest income, and changes in fair value of interest rate swaps), income taxes, depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA for the three months ended March 31, 2009, June 30, 2009, and September 30, 2009, and for the nine months ended September 30, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
|
|
$ |
(88,181 |
) |
|
$ |
9,311 |
|
|
$ |
26,205 |
|
|
|
|
|
$ |
(52,665 |
) |
|
|
|
Interest expense |
|
|
5,616 |
|
|
6,135 |
|
|
5,389 |
|
|
|
|
|
17,140 |
|
|
|||||
|
Interest income |
|
|
(397 |
) |
|
(178 |
) |
|
(185 |
) |
|
|
|
|
(760 |
) |
|
|||||
|
Income tax provision |
|
|
483 |
|
|
68 |
|
|
72 |
|
|
|
|
|
623 |
|
|
|||||
|
Depreciation, amortization, and depletion |
|
|
11,119 |
|
|
11,448 |
|
|
9,627 |
|
|
|
|
|
32,194 |
|
|
|||||
|
EBITDA |
|
|
$ |
(71,360 |
) |
|
$ |
26,784 |
|
|
$ |
41,108 |
|
|
|
|
|
$ |
(3,468 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
The following table reconciles net loss to EBITDA for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008, and for the year ended December 31, 2008: |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net loss |
|
|
$ |
(24,438 |
) |
|
$ |
(15,396 |
) |
|
$ |
(207,640 |
) |
|
$ |
(40,504 |
) |
|
$ |
(287,978 |
) |
|
|
Change in the fair value of interest rate swaps |
|
|
6,284 |
|
|
- |
|
|
- |
|
|
- |
|
|
6,284 |
|
|
|||||
|
Interest expense |
|
|
15,381 |
|
|
6,427 |
|
|
6,263 |
|
|
6,242 |
|
|
34,313 |
|
|
|||||
|
Interest income |
|
|
(2,601 |
) |
|
(2,559 |
) |
|
(1,469 |
) |
|
(1,062 |
) |
|
(7,691 |
) |
|
|||||
|
Income tax provision (benefit) |
|
|
1,155 |
|
|
(23 |
) |
|
391 |
|
|
(1,053 |
) |
|
470 |
|
|
|||||
|
Depreciation, amortization, and depletion |
|
|
10,035 |
|
|
8,684 |
|
|
8,751 |
|
|
8,788 |
|
|
36,258 |
|
|
|||||
|
EBITDA |
|
|
$ |
5,816 |
|
|
$ |
(2,867 |
) |
|
$ |
(193,704 |
) |
|
$ |
(27,589 |
) |
|
$ |
(218,344 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
The following table reconciles net income to EBITDA for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, and December 31, 2007, and for the year ended December 31, 2007: |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income |
|
|
$ |
10,537 |
|
|
$ |
28,898 |
|
|
$ |
49,165 |
|
|
$ |
39,097 |
|
|
$ |
127,697 |
|
|
|
Change in the fair value of interest rate swaps |
|
|
- |
|
|
(5,395 |
) |
|
- |
|
|
1,662 |
|
|
(3,733 |
) |
|
|||||
|
Interest expense |
|
|
22,343 |
|
|
24,352 |
|
|
23,356 |
|
|
26,751 |
|
|
96,802 |
|
|
|||||
|
Interest income |
|
|
(601 |
) |
|
(642 |
) |
|
(1,274 |
) |
|
(1,566 |
) |
|
(4,083 |
) |
|
|||||
|
Income tax provision |
|
|
1,223 |
|
|
3,450 |
|
|
3,056 |
|
|
259 |
|
|
7,988 |
|
|
|||||
|
Depreciation, amortization, and depletion |
|
|
40,360 |
|
|
40,722 |
|
|
32,273 |
|
|
10,554 |
|
|
123,909 |
|
|
|||||
|
EBITDA |
|
|
$ |
73,862 |
|
|
$ |
91,385 |
|
|
$ |
106,576 |
|
|
$ |
76,757 |
|
|
$ |
348,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
The following table reconciles net income to EBITDA for the three months ended March 31, 2006, June 30, 2006, September 30, 2006, and December 31, 2006, and for the year ended December 31, 2006: |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income |
|
|
$ |
1,969 |
|
|
$ |
31,194 |
|
|
$ |
36,366 |
|
|
$ |
2,042 |
|
|
$ |
71,571 |
|
|
|
Interest expense |
|
|
30,176 |
|
|
28,610 |
|
|
28,400 |
|
|
25,218 |
|
|
112,404 |
|
|
|||||
|
Interest income |
|
|
(604 |
) |
|
(934 |
) |
|
(909 |
) |
|
(1,334 |
) |
|
(3,781 |
) |
|
|||||
|
Income tax provision |
|
|
1,218 |
|
|
305 |
|
|
616 |
|
|
1,492 |
|
|
3,631 |
|
|
|||||
|
Depreciation, amortization, and depletion |
|
|
36,657 |
|
|
38,459 |
|
|
39,274 |
|
|
40,921 |
|
|
155,311 |
|
|
|||||
|
EBITDA |
|
|
$ |
69,416 |
|
|
$ |
97,634 |
|
|
$ |
103,747 |
|
|
$ |
68,339 |
|
|
$ |
339,136 |
|
|
Appendix
Reconciliation of Non-GAAP Financial Measures
(000)
Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. It excludes restricted cash and a note payable to a related party. The following table reconciles total debt to net debt at March 31, 2009, June 30 2009, and September 30, 2009:
|
|
|
|
|
|
|
2009 |
|
|
|
||||||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Long-term debt |
|
|
$ |
303,146 |
|
|
$ |
303,146 |
|
|
$ |
303,146 |
|
|
|
|
|
|
Less cash and cash equivalents |
|
|
(189,544 |
) |
|
(204,590 |
) |
|
(214,129 |
) |
|
|
|
|
|||
|
Net debt |
|
|
$ |
113,602 |
|
|
$ |
98,556 |
|
|
$ |
89,017 |
|
|
|
|
|
The following table reconciles total debt to net debt at March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008:
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Current portion long-term debt |
|
|
$ |
160,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
Long-term debt, less current portion |
|
|
304,224 |
|
|
315,000 |
|
|
315,000 |
|
|
315,000 |
|
|
||||
|
Total debt |
|
|
464,224 |
|
|
315,000 |
|
|
315,000 |
|
|
315,000 |
|
|
||||
|
Less cash and cash equivalents |
|
|
(151,100 |
) |
|
(240,679 |
) |
|
(290,092 |
) |
|
(275,803 |
) |
|
||||
|
Less restricted cash |
|
|
(183,290 |
) |
|
- |
|
|
- |
|
|
- |
|
|
||||
|
Net debt |
|
|
$ |
129,834 |
|
|
$ |
74,321 |
|
|
$ |
24,908 |
|
|
$ |
39,197 |
|
|
The following table reconciles total debt to net debt at March 31, 2007, June 30, 2007, September 30, 2007, and December 31, 2007:
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Short-term borrowings |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
10,500 |
|
|
|
Current portion long-term debt |
|
|
- |
|
|
5,250 |
|
|
257,250 |
|
|
47,250 |
|
|
||||
|
Long-term debt, less current portion |
|
|
1,273,900 |
|
|
1,238,438 |
|
|
1,165,125 |
|
|
1,113,313 |
|
|
||||
|
Total debt |
|
|
1,273,900 |
|
|
1,243,688 |
|
|
1,422,375 |
|
|
1,171,063 |
|
|
||||
|
Less cash and cash equivalents |
|
|
(66,176 |
) |
|
(74,837 |
) |
|
(65,608 |
) |
|
(57,623 |
) |
|
||||
|
Less restricted cash |
|
|
- |
|
|
- |
|
|
(200,000 |
) |
|
- |
|
|
||||
|
Net debt |
|
|
$ |
1,207,724 |
|
|
$ |
1,168,851 |
|
|
$ |
1,156,767 |
|
|
$ |
1,113,440 |
|
|
The following table reconciles total debt to net debt at March 31, 2006, June 30, 2006, September 30, 2006, and December 31, 2006:
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
||||
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Short-term borrowings |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,200 |
|
|
|
Long-term debt |
|
|
1,458,200 |
|
|
1,345,000 |
|
|
1,258,900 |
|
|
1,213,900 |
|
|
||||
|
Note payable to related party, net |
|
|
276,134 |
|
|
278,637 |
|
|
279,916 |
|
|
- |
|
|
||||
|
Total debt |
|
|
1,734,334 |
|
|
1,623,637 |
|
|
1,538,816 |
|
|
1,217,100 |
|
|
||||
|
Less note payable to related party, net |
|
|
(276,134 |
) |
|
(278,637 |
) |
|
(279,916 |
) |
|
- |
|
|
||||
|
Less cash and cash equivalents |
|
|
(138,346 |
) |
|
(79,919 |
) |
|
(59,876 |
) |
|
(45,169 |
) |
|
||||
|
Net debt |
|
|
$ |
1,319,854 |
|
|
$ |
1,265,081 |
|
|
$ |
1,199,024 |
|
|
$ |
1,171,931 |
|
|