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8-K - 8-K - BOISE CASCADE Cobcc8-k6302014.htm
EX-99.1 - EARNINGS RELEASE - BOISE CASCADE Cobccexhibit9916302014.htm


Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information

Wood Products Segment
 
 
 
 
 
 
2014
 
Q1
Q2
Q3
Q4
YTD
 LVL sales volume (MCF)
2,642

3,434

 
 
6,076

 I-joist sales volume (MELF)
39,839

56,813

 
 
96,652

 Plywood sales volume (MSF 3/8")
414,443

430,404

 
 
844,847

 Lumber sales volume (MBF)
45,883

56,799

 
 
102,682

 LVL mill net sales price ($/CF)
$
16.00

$
16.28

 
 
$
16.16

 I-joist mill net sales price ($/MELF)
$
1,016

$
1,068

 
 
$
1,046

 Plywood net sales price ($/MSF 3/8")
$
294

$
301

 
 
$
298

 Lumber net sales price ($/MBF)
$
569

$
574

 
 
$
572

 Segment sales (000)
$
293,274

$
351,011

 
 
$
644,285

 Segment income (000)
$
13,047

$
31,213

 
 
$
44,260

 Segment depreciation and amortization (000)
$
9,980

$
10,044

 
 
$
20,024

 Segment EBITDA (000)1
$
23,027

$
41,257

 
 
$
64,284

 EBITDA as a percentage of sales
7.9
%
11.8
%


 
10.0
%
 Capital spending (000)
$
9,714

$
5,659

 
 
$
15,373

 Receivables (000)
$
62,203

$
70,288

 
 
 
 Inventories (000)
$
154,412

$
149,388

 
 
 
 Accounts payable (000)
$
45,719

$
55,365

 
 
 
 
 
 
 
 
 
 
2013
 
Q1
Q2
Q3
Q4
YTD
 LVL sales volume (MCF)
2,718

2,681

2,996

2,699

11,094

 I-joist sales volume (MELF)
40,937

43,954

50,552

43,966

179,409

 Plywood sales volume (MSF 3/8")
345,728

354,904

343,922

427,969

1,472,523

 Lumber sales volume (MBF)
49,784

51,722

50,391

46,850

198,747

 LVL mill net sales price ($/CF)
$
15.25

$
15.67

$
15.85

$
15.90

$
15.68

 I-joist mill net sales price ($/MELF)
$
964

$
989

$
1,017

$
1,024

$
1,000

 Plywood net sales price ($/MSF 3/8")
$
331

$
328

$
303

$
302

$
316

 Lumber net sales price ($/MBF)
$
463

$
515

$
515

$
543

$
509

 Segment sales (000)
$
269,216

$
280,417

$
283,204

$
301,252

$
1,134,089

 Segment income (000)
$
20,808

$
23,045

$
17,928

$
15,892

$
77,673

 Segment depreciation and amortization (000)
$
6,253

$
6,517

$
6,686

$
9,208

$
28,664

 Segment EBITDA (000)1
$
27,061

$
29,562

$
24,614

$
25,100

$
106,337

 EBITDA as a percentage of sales
10.1
%
10.5
%
8.7
%
8.3
%
9.4
%
 Capital spending (000)2
$
3,519

$
5,703

$
9,065

$
12,268

$
30,555

 Receivables (000)
$
60,386

$
58,363

$
64,815

$
49,425

 
 Inventories (000)
$
124,030

$
123,467

$
145,198

$
154,708

 
 Accounts payable (000)
$
40,661

$
47,413

$
54,150

$
41,924

 



1




Boise Cascade Company
Quarterly Statistical Information (continued)

Wood Products Segment (continued)
 
 
 
 
 
 
2012
 
Q1
Q2
Q3
Q4
YTD
 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 (000)
$
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)1
$
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)2
$
2,762

$
3,962

$
5,324

$
8,253

$
20,301

 Receivables (000)
$
46,748

$
52,906

$
52,813

$
36,450

 
 Inventories (000)
$
107,764

$
106,036

$
119,322

$
120,598

 
 Accounts payable (000)
$
31,409

$
41,583

$
44,460

$
32,436

 
 
 
 
 
 
 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2 Capital spending in fourth quarter 2013, third quarter 2013, and first quarter 2012 excludes $1.0 million, $102.0 million, and $2.4 million, respectively, of cash paid for the acquisitions of businesses and facilities.



2




Boise Cascade Company
Quarterly Statistical Information (continued)

Building Materials Distribution Segment
 
 
 
 
 
2014
 
Q1
Q2
Q3
Q4
YTD
 Commodity sales
52.2
%
48.7
%
 
 
50.3
%
 General line sales
31.9
%
33.7
%
 
 
32.9
%
 EWP sales
15.9
%
17.6
%
 
 
16.8
%
 Total sales (000)
$
585,530

$
758,375

 
 
$
1,343,905

 Gross margin1
10.6
%
11.3
%
 
 
11.0
%
 Segment income (000)
$
5,861

$
19,401

 
 
$
25,262

 Segment depreciation and amortization (000)
$
2,307

$
2,394

 
 
$
4,701

 Segment EBITDA (000)2
$
8,168

$
21,795

 
 
$
29,963

 EBITDA as a percentage of sales
1.4
%
2.9
%


 
2.2
%
 Capital spending (000)
$
2,720

$
3,551

 
 
$
6,271

 Receivables (000)
$
163,820

$
181,390

 
 
 
 Inventories (000)
$
266,647

$
261,176

 
 
 
 Accounts payable (000)
$
167,152

$
174,402

 
 
 
 
 
 
 
 
 
 
2013
 
Q1
Q2
Q3
Q4
YTD
 Commodity sales
54.1
%
51.2
%
49.5
%
50.9
%
51.3
%
 General line sales
31.0
%
34.4
%
33.9
%
32.2
%
33.0
%
 EWP sales
14.9
%
14.4
%
16.6
%
16.9
%
15.7
%
 Total sales (000)
$
581,129

$
681,486

$
721,523

$
615,467

$
2,599,605

 Gross margin1
11.0
%
9.1
%
11.6
%
11.7
%
10.9
%
 Segment income (000)
$
7,997

$
3,276

$
17,863

$
10,795

$
39,931

 Segment depreciation and amortization (000)
$
2,178

$
2,217

$
2,245

$
2,593

$
9,233

 Segment EBITDA (000)2
$
10,175

$
5,493

$
20,108

$
13,388

$
49,164

 EBITDA as a percentage of sales
1.8
%
0.8
%
2.8
%
2.2
%
1.9
%
 Capital spending (000)
$
1,797

$
3,023

$
6,605

$
3,273

$
14,698

 Receivables (000)
$
168,056

$
172,505

$
167,479

$
126,399

 
 Inventories (000)
$
263,073

$
244,883

$
223,982

$
228,752

 
 Accounts payable (000)
$
181,496

$
156,483

$
144,683

$
110,231

 


3



Boise Cascade Company
Quarterly Statistical Information (continued)

Building Materials Distribution Segment (continued)
 
 
 
 
2012
 
Q1
Q2
Q3
Q4
YTD
 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

 Receivables (000)
$
132,401

$
145,381

$
139,579

$
115,366

 
 Inventories (000)
$
210,832

$
213,096

$
199,255

$
205,207

 
 Accounts payable (000)
$
145,058

$
139,652

$
128,540

$
108,532

 
 
 
 
 
 
 
1We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our Building Materials Distribution segment are for 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.



4




Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(000)

Total Boise Cascade Company
 
 
 
 
 
 
 
 
 
 
EBITDA represents income before interest (interest expense and interest income), income taxes, depreciation and amortization. The following tables reconcile net income to EBITDA for the periods noted below:
 
2014
 
Q1
Q2
Q3
Q4
YTD
 
 
 
 
 
 
Net income
$
5,565

$
26,418

 
 
$
31,983

Interest expense
5,512

5,519

 
 
11,031

Interest income
(70
)
(53
)
 
 
(123
)
Income tax provision
3,461

14,286

 
 
17,747

Depreciation and amortization
12,320

12,482

 
 
24,802

EBITDA
$
26,788

$
58,652



 
$
85,440

 
 
 
 
 
 
 
2013
 
Q1
Q2
Q3
Q4
YTD
 
 
 
 
 
 
Net income1
$
80,836

$
10,412

$
15,860

$
9,828

$
116,936

Interest expense
4,891

4,781

5,174

5,580

20,426

Interest income
(62
)
(62
)
(88
)
(29
)
(241
)
Income tax provision (benefit)1
(61,107
)
6,797

9,602

5,920

(38,788
)
Depreciation and amortization
8,477

8,766

8,962

11,833

38,038

EBITDA
$
33,035

$
30,694

$
39,510

$
33,132

$
136,371

 
 
 
 
 
 
 
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

 
 
 
 
 
 
1Net income for the three months ended March 31, 2013, and the year ended December 31, 2013, includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon our conversion from a limited liability company to a corporation.


5