Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BOISE CASCADE HOLDINGS, L.L.C. | bch8-k6302011.htm |
| EX-99.1 - EARNINGS RELEASE - BOISE CASCADE HOLDINGS, L.L.C. | bchexhibit9916302011.htm |
Exhibit 99.2
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
2011 | |||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||
Building Materials Distribution | |||||||||||
Commodity Sales | 50.8 | % | 45.6 | % | 47.9 | % | |||||
EWP Sales | 10.8 | % | 12.1 | % | 11.5 | % | |||||
General Line Sales | 38.4 | % | 42.3 | % | 40.6 | % | |||||
Total Sales (000) | $ | 377,796 | $ | 470,691 | $ | 848,487 | |||||
Depreciation & Amortization (000) | $ | 2,048 | $ | 2,050 | $ | 4,098 | |||||
Capital Spending (000) | $ | 1,119 | $ | 1,277 | $ | 2,396 | |||||
Wood Products | |||||||||||
LVL Sales Volume (MCF) | 1,599 | 1,780 | 3,379 | ||||||||
I-joist Sales Volume (MELF) | 22,063 | 31,525 | 53,588 | ||||||||
Plywood Sales Volume (MSF 3/8") | 240,194 | 285,764 | 525,958 | ||||||||
Lumber Sales Volume (MBF) | 38,099 | 38,331 | 76,430 | ||||||||
Particleboard Sales Volume (MSF 3/4") | 18,320 | 19,170 | 37,490 | ||||||||
LVL Mill Net Sales Price ($/CF) | $ | 16.14 | $ | 15.93 | $ | 16.03 | |||||
I-joist Mill Net Sales Price ($/MELF) | $ | 974 | $ | 976 | $ | 975 | |||||
Plywood Net Sales Price ($/MSF 3/8") | $ | 232 | $ | 230 | $ | 231 | |||||
Lumber Net Sales Price ($/MBF) | $ | 410 | $ | 419 | $ | 415 | |||||
Particleboard Mill Net Sales Price ($/MSF 3/4") | $ | 315 | $ | 322 | $ | 319 | |||||
Depreciation & Amortization (000) | $ | 6,797 | $ | 7,129 | $ | 13,926 | |||||
Capital Spending (000)1 | $ | 8,478 | $ | 5,700 | $ | 14,178 | |||||
Total Company | |||||||||||
EBITDA (000)2 | $ | (5,555 | ) | $ | 3,925 | $ | (1,630 | ) | |||
Net Debt (000) 2 | $ | 36,805 | $ | 16,732 | |||||||
1 Capital spending presented for the three and six months ended June 30, 2011, does not include $5.8 million of cash paid for the acquisitions of businesses and facilities. | |||||||||||
2 Reconciliations of net loss (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix. | |||||||||||
Boise Cascade Holdings, L.L.C.
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 | % | |||||
EWP Sales | 11.0 | % | 10.7 | % | 11.7 | % | 11.9 | % | 11.3 | % | |||||
General Line Sales | 38.1 | % | 39.6 | % | 39.8 | % | 39.1 | % | 39.2 | % | |||||
Total Sales (000) | $ | 389,118 | $ | 515,434 | $ | 470,725 | $ | 402,692 | $ | 1,777,969 | |||||
Depreciation & Amortization (000) | $ | 1,829 | $ | 1,802 | $ | 1,860 | $ | 1,966 | $ | 7,457 | |||||
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 | ||||||||||
Particleboard Sales Volume (MSF 3/4") | 20,181 | 20,079 | 20,830 | 20,751 | 81,841 | ||||||||||
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 | |||||
Particleboard Mill Net Sales Price ($/MSF 3/4") | $ | 305 | $ | 320 | $ | 306 | $ | 301 | $ | 308 | |||||
Depreciation & Amortization (000) | $ | 6,664 | $ | 6,701 | $ | 6,810 | $ | 6,921 | $ | 27,096 | |||||
Capital Spending (000) | $ | 2,191 | $ | 5,847 | $ | 6,259 | $ | 8,562 | $ | 22,859 | |||||
Total Company | |||||||||||||||
EBITDA (000) 1, 2 | $ | 25,355 | $ | 18,839 | $ | 7,711 | $ | (2,592 | ) | $ | 49,313 | ||||
Net Debt (Cash) (000) 1 | $ | (32,938 | ) | $ | (36,402 | ) | $ | (57,410 | ) | $ | (45,046 | ) | |||
1 Reconciliations of net income (loss) (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net cash are provided as an appendix. | |||||||||||||||
2 EBITDA includes $27.2 million of income, net, related to our investment in Boise Inc. for the three months ended March 31, 2010, and for the year ended December 31, 2010. In first quarter 2010, we sold all of our remaining investment in Boise Inc. For more information related to our investment in Boise Inc., see the Notes to Consolidated Financial Statements in our 2010 Form 10-K. EBITDA also includes $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. | |||||||||||||||
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information (continued)
2009 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Building Materials Distribution | |||||||||||||||
Commodity Sales | 48.1 | % | 44.4 | % | 45.4 | % | 47.9 | % | 46.3 | % | |||||
EWP Sales | 9.8 | % | 10.4 | % | 11.9 | % | 12.0 | % | 11.0 | % | |||||
General Line Sales | 42.1 | % | 45.2 | % | 42.7 | % | 40.1 | % | 42.7 | % | |||||
Total Sales (000) | $ | 335,022 | $ | 433,662 | $ | 472,172 | $ | 368,911 | $ | 1,609,767 | |||||
Depreciation & Amortization (000) | $ | 1,933 | $ | 1,913 | $ | 1,880 | $ | 1,835 | $ | 7,561 | |||||
Capital Spending (000) 1 | $ | 337 | $ | 692 | $ | 1,768 | $ | 1,704 | $ | 4,501 | |||||
Wood Products | |||||||||||||||
LVL Sales Volume (MCF) | 1,105 | 1,362 | 1,734 | 1,444 | 5,645 | ||||||||||
I-joist Sales Volume (MELF) | 15,655 | 22,446 | 27,351 | 21,518 | 86,970 | ||||||||||
Plywood Sales Volume (MSF 3/8") | 246,292 | 245,754 | 260,632 | 239,517 | 992,195 | ||||||||||
Lumber Sales Volume (MBF) | 30,283 | 34,760 | 44,807 | 36,623 | 146,473 | ||||||||||
Particleboard Sales Volume (MSF 3/4") | 18,448 | 20,527 | 22,486 | 18,612 | 80,073 | ||||||||||
LVL Mill Net Sales Price ($/CF) | $ | 15.24 | $ | 15.30 | $ | 15.08 | $ | 14.11 | $ | 14.92 | |||||
I-joist Mill Net Sales Price ($/MELF) | $ | 900 | $ | 911 | $ | 908 | $ | 857 | $ | 895 | |||||
Plywood Net Sales Price ($/MSF 3/8") | $ | 200 | $ | 210 | $ | 226 | $ | 217 | $ | 213 | |||||
Lumber Net Sales Price ($/MBF) | $ | 304 | $ | 317 | $ | 374 | $ | 385 | $ | 349 | |||||
Particleboard Mill Net Sales Price ($/MSF 3/4") | $ | 347 | $ | 343 | $ | 332 | $ | 312 | $ | 333 | |||||
Depreciation & Amortization (000) | $ | 9,072 | $ | 9,421 | $ | 7,635 | $ | 6,868 | $ | 32,996 | |||||
Capital Spending (000) 2 | $ | 3,880 | $ | 3,176 | $ | 3,073 | $ | 2,170 | $ | 12,299 | |||||
Total Company | |||||||||||||||
EBITDA (000) 3, 4 | $ | (71,360 | ) | $ | 26,784 | $ | 41,108 | $ | 47,579 | $ | 44,111 | ||||
Net Debt (000) 3 | $ | 113,602 | $ | 98,556 | $ | 89,017 | $ | 16,045 | |||||||
1 Capital spending presented for the three months ended June 30, 2009, and for the year ended December 31, 2009, does not include $0.9 million of cash paid for a truss assembly operation and EWP sales office in Saco and Biddeford, Maine, respectively. | |||||||||||||||
2 Capital spending presented for the three months ended June 30, 2009, and for the year ended December 31, 2009, does not include $3.7 million cash paid for a sawmill in Pilot Rock, Oregon. | |||||||||||||||
3 Reconciliations 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 income (expense), net, of $(40.0) million, $30.3 million, $29.2 million, and $59.9 million for the three months ended March 31, June 30, September 30, and December 31, 2009, and $79.4 million of income for the year ended December 31, 2009, related to our investment in Boise Inc. For more information related to our investment in Boise Inc., see the Notes to Consolidated Financial Statements in our 2010 Form 10-K. | |||||||||||||||
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 loss to EBITDA for the three months ended March 31, 2011 and June 30, 2011, and for the six months ended June 30, 2011: | |||||||||||||||
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net loss | $ | (19,001 | ) | $ | (9,861 | ) | $ | (28,862 | ) | ||||||
Interest expense | 4,589 | 4,584 | 9,173 | ||||||||||||
Interest income | (146 | ) | (77 | ) | (223 | ) | |||||||||
Income tax provision | 96 | 38 | 134 | ||||||||||||
Depreciation and amortization | 8,907 | 9,241 | 18,148 | ||||||||||||
EBITDA | $ | (5,555 | ) | $ | 3,925 | $ | (1,630 | ) | |||||||
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) | $ | 11,394 | $ | 4,332 | $ | (5,615 | ) | $ | (16,212 | ) | $ | (6,101 | ) | ||
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 | $ | 25,355 | $ | 18,839 | $ | 7,711 | $ | (2,592 | ) | $ | 49,313 | ||||
The following table reconciles net income (loss) to EBITDA for the three months ended March 31, 2009, June 30, 2009, September 30, 2009, and December 31, 2009, and for the year ended December 31, 2009: | |||||||||||||||
2009 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (88,181 | ) | $ | 9,311 | $ | 26,205 | $ | 33,608 | $ | (19,057 | ) | |||
Interest expense | 5,616 | 6,135 | 5,389 | 5,380 | 22,520 | ||||||||||
Interest income | (397 | ) | (178 | ) | (185 | ) | (126 | ) | (886 | ) | |||||
Income tax provision | 483 | 68 | 72 | 37 | 660 | ||||||||||
Depreciation and amortization | 11,119 | 11,448 | 9,627 | 8,680 | 40,874 | ||||||||||
EBITDA | $ | (71,360 | ) | $ | 26,784 | $ | 41,108 | $ | 47,579 | $ | 44,111 | ||||
Appendix | |||||
Reconciliation of Non-GAAP Financial Measures | |||||
(000) | |||||
Net debt (cash) includes long-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt at March 31, 2011 and June 30, 2011: | ||||||||||||
2011 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||
Long-term debt | $ | 219,560 | $ | 219,560 | ||||||||
Less cash and cash equivalents | (182,755 | ) | (202,828 | ) | ||||||||
Net debt | $ | 36,805 | $ | 16,732 | ||||||||
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 | (336,084 | ) | (264,548 | ) | (285,556 | ) | (264,606 | ) | ||||
Net debt (cash) | $ | (32,938 | ) | $ | (36,402 | ) | $ | (57,410 | ) | $ | (45,046 | ) |
The following table reconciles total debt to net debt at March 31, 2009, June 30, 2009, September 30, 2009, and December 31, 2009: | ||||||||||||
2009 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||
Long-term debt | $ | 303,146 | 303,146 | 303,146 | 303,146 | |||||||
Less cash and cash equivalents | (189,544 | ) | (204,590 | ) | (214,129 | ) | (287,101 | ) | ||||
Net debt | $ | 113,602 | $ | 98,556 | $ | 89,017 | $ | 16,045 | ||||