Attached files
| file | filename |
|---|---|
| EX-99.1 - EARNINGS RELEASE - BOISE CASCADE Co | bccexhibit99112312016.htm |
| 8-K - 8-K - BOISE CASCADE Co | bcc8-k12312016.htm |
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment | |||||||||||||||
2016 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
LVL sales volume (MCF) | 3,566 | 4,626 | 4,421 | 3,698 | 16,311 | ||||||||||
I-joist sales volume (MELF) | 50,172 | 64,765 | 61,602 | 49,521 | 226,060 | ||||||||||
Plywood sales volume (MSF 3/8") | 379,631 | 377,934 | 385,398 | 364,018 | 1,506,981 | ||||||||||
Lumber sales volume (MBF) | 47,919 | 49,398 | 45,925 | 43,650 | 186,892 | ||||||||||
LVL mill net sales price ($/CF) | $ | 16.74 | $ | 16.79 | $ | 16.57 | $ | 16.21 | $ | 16.59 | |||||
I-joist mill net sales price ($/MELF) | $ | 1,138 | $ | 1,136 | $ | 1,102 | $ | 1,077 | $ | 1,114 | |||||
Plywood net sales price ($/MSF 3/8") | $ | 261 | $ | 271 | $ | 288 | $ | 268 | $ | 272 | |||||
Lumber net sales price ($/MBF) | $ | 451 | $ | 464 | $ | 481 | $ | 497 | $ | 472 | |||||
Segment sales (000) | $ | 303,457 | $ | 346,358 | $ | 340,928 | $ | 289,672 | $ | 1,280,415 | |||||
Segment income (loss) (000) | $ | 5,885 | $ | 16,309 | $ | 11,564 | $ | (7,829 | ) | $ | 25,929 | ||||
Segment depreciation and amortization (000) | $ | 11,634 | $ | 14,769 | $ | 15,625 | $ | 15,493 | $ | 57,521 | |||||
Segment EBITDA (000)1 | $ | 17,519 | $ | 31,078 | $ | 27,189 | $ | 7,664 | $ | 83,450 | |||||
EBITDA as a percentage of sales | 5.8 | % | 9.0 | % | 8.0 | % | 2.6 | % | 6.5 | % | |||||
Capital spending (000)2 | $ | 11,870 | $ | 15,862 | $ | 15,275 | $ | 23,496 | $ | 66,503 | |||||
Receivables (000) | $ | 111,008 | $ | 78,174 | $ | 70,233 | $ | 48,503 | |||||||
Inventories (000) | $ | 175,842 | $ | 190,692 | $ | 186,563 | $ | 178,138 | |||||||
Accounts payable (000) | $ | 44,686 | $ | 53,806 | $ | 53,275 | $ | 50,672 | |||||||
2015 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
LVL sales volume (MCF) | 2,840 | 3,485 | 3,785 | 2,955 | 13,065 | ||||||||||
I-joist sales volume (MELF) | 40,810 | 56,572 | 57,121 | 46,319 | 200,822 | ||||||||||
Plywood sales volume (MSF 3/8") | 412,139 | 410,491 | 412,369 | 399,577 | 1,634,576 | ||||||||||
Lumber sales volume (MBF) | 48,100 | 55,945 | 54,354 | 47,289 | 205,688 | ||||||||||
LVL mill net sales price ($/CF) | $ | 16.48 | $ | 16.46 | $ | 16.53 | $ | 16.28 | $ | 16.44 | |||||
I-joist mill net sales price ($/MELF) | $ | 1,098 | $ | 1,098 | $ | 1,118 | $ | 1,112 | $ | 1,107 | |||||
Plywood net sales price ($/MSF 3/8") | $ | 312 | $ | 302 | $ | 282 | $ | 268 | $ | 291 | |||||
Lumber net sales price ($/MBF) | $ | 510 | $ | 484 | $ | 477 | $ | 456 | $ | 482 | |||||
Segment sales (000) | $ | 309,316 | $ | 339,869 | $ | 340,621 | $ | 292,307 | $ | 1,282,113 | |||||
Segment income (000) | $ | 20,896 | $ | 23,712 | $ | 21,876 | $ | (2,263 | ) | $ | 64,221 | ||||
Segment depreciation and amortization (000) | $ | 10,791 | $ | 10,341 | $ | 11,049 | $ | 11,091 | $ | 43,272 | |||||
Segment EBITDA (000)1 | $ | 31,687 | $ | 34,053 | $ | 32,925 | $ | 8,828 | $ | 107,493 | |||||
EBITDA as a percentage of sales | 10.2 | % | 10.0 | % | 9.7 | % | 3.0 | % | 8.4 | % | |||||
Capital spending (000) | $ | 9,532 | $ | 13,957 | $ | 20,119 | $ | 25,149 | $ | 68,757 | |||||
Receivables (000) | $ | 69,406 | $ | 73,243 | $ | 72,626 | $ | 47,639 | |||||||
Inventories (000) | $ | 161,586 | $ | 151,000 | $ | 160,134 | $ | 163,961 | |||||||
Accounts payable (000) | $ | 47,762 | $ | 53,800 | $ | 56,336 | $ | 40,868 | |||||||
1
Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued) | |||||||||||||||
2014 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
LVL sales volume (MCF) | 2,642 | 3,434 | 3,602 | 2,677 | 12,355 | ||||||||||
I-joist sales volume (MELF) | 39,839 | 56,813 | 56,403 | 39,587 | 192,642 | ||||||||||
Plywood sales volume (MSF 3/8") | 414,443 | 430,404 | 396,339 | 409,952 | 1,651,138 | ||||||||||
Lumber sales volume (MBF) | 45,883 | 56,799 | 57,261 | 51,690 | 211,633 | ||||||||||
LVL mill net sales price ($/CF) | $ | 16.00 | $ | 16.28 | $ | 16.59 | $ | 16.34 | $ | 16.32 | |||||
I-joist mill net sales price ($/MELF) | $ | 1,016 | $ | 1,068 | $ | 1,095 | $ | 1,091 | $ | 1,070 | |||||
Plywood net sales price ($/MSF 3/8") | $ | 294 | $ | 301 | $ | 335 | $ | 330 | $ | 314 | |||||
Lumber net sales price ($/MBF) | $ | 569 | $ | 574 | $ | 546 | $ | 544 | $ | 558 | |||||
Segment sales (000) | $ | 293,274 | $ | 351,011 | $ | 355,697 | $ | 317,019 | $ | 1,317,001 | |||||
Segment income (000) | $ | 13,047 | $ | 31,213 | $ | 40,631 | $ | 23,483 | $ | 108,374 | |||||
Segment depreciation and amortization (000) | $ | 9,980 | $ | 10,044 | $ | 10,711 | $ | 10,722 | $ | 41,457 | |||||
Segment EBITDA (000)1 | $ | 23,027 | $ | 41,257 | $ | 51,342 | $ | 34,205 | $ | 149,831 | |||||
EBITDA as a percentage of sales | 7.9 | % | 11.8 | % | 14.4 | % | 10.8 | % | 11.4 | % | |||||
Capital spending (000) | $ | 9,714 | $ | 5,659 | $ | 11,541 | $ | 13,377 | $ | 40,291 | |||||
Receivables (000) | $ | 62,203 | $ | 70,288 | $ | 66,882 | $ | 53,726 | |||||||
Inventories (000) | $ | 154,412 | $ | 149,388 | $ | 158,324 | $ | 162,395 | |||||||
Accounts payable (000) | $ | 45,719 | $ | 55,365 | $ | 55,581 | $ | 42,721 | |||||||
1Segment EBITDA is calculated as segment income (loss) before depreciation and amortization. | |||||||||||||||
2 Capital spending in second quarter 2016 and first quarter 2016 excludes $0.3 million and $215.6 million, respectively, of cash paid for the acquisition of businesses and facilities. | |||||||||||||||
2
Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment | |||||||||||||||
2016 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Commodity sales | 47.2 | % | 45.5 | % | 46.9 | % | 46.9 | % | 46.6 | % | |||||
General line sales | 34.4 | % | 36.5 | % | 35.1 | % | 35.3 | % | 35.4 | % | |||||
EWP sales | 18.4 | % | 18.0 | % | 18.0 | % | 17.8 | % | 18.0 | % | |||||
Total sales (000) | $ | 717,254 | $ | 850,042 | $ | 889,026 | $ | 770,885 | $ | 3,227,207 | |||||
Gross margin1 | 11.4 | % | 12.5 | % | 12.0 | % | 11.7 | % | 11.9 | % | |||||
Segment income (000) | $ | 13,373 | $ | 29,117 | $ | 26,415 | $ | 15,454 | $ | 84,359 | |||||
Segment depreciation and amortization (000) | $ | 3,235 | $ | 3,354 | $ | 3,514 | $ | 3,659 | $ | 13,762 | |||||
Segment EBITDA (000)2 | $ | 16,608 | $ | 32,471 | $ | 29,929 | $ | 19,113 | $ | 98,121 | |||||
EBITDA as a percentage of sales | 2.3 | % | 3.8 | % | 3.4 | % | 2.5 | % | 3.0 | % | |||||
Capital spending (000) | $ | 2,896 | $ | 3,599 | $ | 4,933 | $ | 4,418 | $ | 15,846 | |||||
Receivables (000) | $ | 229,673 | $ | 236,954 | $ | 227,206 | $ | 175,972 | |||||||
Inventories (000) | $ | 264,721 | $ | 271,306 | $ | 264,493 | $ | 255,312 | |||||||
Accounts payable (000) | $ | 248,170 | $ | 217,149 | $ | 210,892 | $ | 151,232 | |||||||
2015 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Commodity sales | 48.4 | % | 45.2 | % | 45.5 | % | 47.3 | % | 46.5 | % | |||||
General line sales | 34.7 | % | 37.0 | % | 36.4 | % | 35.2 | % | 35.9 | % | |||||
EWP sales | 16.9 | % | 17.8 | % | 18.1 | % | 17.5 | % | 17.6 | % | |||||
Total sales (000) | $ | 622,905 | $ | 762,078 | $ | 798,982 | $ | 707,337 | $ | 2,891,302 | |||||
Gross margin1 | 10.4 | % | 11.5 | % | 12.0 | % | 12.2 | % | 11.6 | % | |||||
Segment income (000) | $ | 3,346 | $ | 19,576 | $ | 22,684 | $ | 15,145 | $ | 60,751 | |||||
Segment depreciation and amortization (000) | $ | 2,739 | $ | 2,874 | $ | 3,121 | $ | 3,203 | $ | 11,937 | |||||
Segment EBITDA (000)2 | $ | 6,085 | $ | 22,450 | $ | 25,805 | $ | 18,348 | $ | 72,688 | |||||
EBITDA as a percentage of sales | 1.0 | % | 2.9 | % | 3.2 | % | 2.6 | % | 2.5 | % | |||||
Capital spending (000) | $ | 2,963 | $ | 4,023 | $ | 3,928 | $ | 3,595 | $ | 14,509 | |||||
Receivables (000) | $ | 174,582 | $ | 195,587 | $ | 192,336 | $ | 165,649 | |||||||
Inventories (000) | $ | 270,881 | $ | 264,114 | $ | 244,481 | $ | 220,896 | |||||||
Accounts payable (000) | $ | 179,530 | $ | 209,090 | $ | 181,586 | $ | 130,190 | |||||||
3
Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued) | |||||||||||||||
2014 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Commodity sales | 52.2 | % | 48.7 | % | 47.7 | % | 49.6 | % | 49.4 | % | |||||
General line sales | 31.9 | % | 33.7 | % | 34.8 | % | 33.7 | % | 33.6 | % | |||||
EWP sales | 15.9 | % | 17.6 | % | 17.5 | % | 16.6 | % | 17.0 | % | |||||
Total sales (000) | $ | 585,530 | $ | 758,375 | $ | 773,391 | $ | 669,367 | $ | 2,786,663 | |||||
Gross margin1 | 10.6 | % | 11.3 | % | 12.0 | % | 11.2 | % | 11.4 | % | |||||
Segment income (000) | $ | 5,861 | $ | 19,401 | $ | 21,058 | $ | 10,359 | $ | 56,679 | |||||
Segment depreciation and amortization (000) | $ | 2,307 | $ | 2,394 | $ | 2,448 | $ | 2,653 | $ | 9,802 | |||||
Segment EBITDA (000)2 | $ | 8,168 | $ | 21,795 | $ | 23,506 | $ | 13,012 | $ | 66,481 | |||||
EBITDA as a percentage of sales | 1.4 | % | 2.9 | % | 3.0 | % | 1.9 | % | 2.4 | % | |||||
Capital spending (000) | $ | 2,720 | $ | 3,551 | $ | 7,161 | $ | 6,917 | $ | 20,349 | |||||
Receivables (000) | $ | 163,820 | $ | 181,390 | $ | 176,920 | $ | 142,891 | |||||||
Inventories (000) | $ | 266,647 | $ | 261,176 | $ | 240,547 | $ | 232,066 | |||||||
Accounts payable (000) | $ | 167,152 | $ | 174,402 | $ | 149,548 | $ | 119,054 | |||||||
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 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, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps and loss on extinguishment of debt. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below: | |||||||||||||||
2016 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 4,950 | $ | 19,228 | $ | 9,981 | $ | 4,095 | $ | 38,254 | |||||
Interest expense | 5,802 | 6,427 | 7,135 | 7,328 | 26,692 | ||||||||||
Interest income | (149 | ) | (27 | ) | (60 | ) | (154 | ) | (390 | ) | |||||
Income tax provision (benefit) | 2,931 | 10,735 | 5,522 | (14,141 | ) | 5,047 | |||||||||
Depreciation and amortization | 15,238 | 18,552 | 19,459 | 19,598 | 72,847 | ||||||||||
EBITDA | 28,772 | 54,915 | 42,037 | 16,726 | 142,450 | ||||||||||
Change in fair value of interest rate swaps | 69 | 1,532 | (836 | ) | (4,975 | ) | (4,210 | ) | |||||||
Loss on extinguishment of debt | — | — | 9,525 | 4,779 | 14,304 | ||||||||||
Adjusted EBITDA | $ | 28,841 | $ | 56,447 | $ | 50,726 | $ | 16,530 | $ | 152,544 | |||||
2015 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 7,617 | $ | 20,230 | $ | 22,007 | $ | 2,328 | $ | 52,182 | |||||
Interest expense | 5,481 | 5,591 | 5,729 | 5,731 | 22,532 | ||||||||||
Interest income | (90 | ) | (58 | ) | (73 | ) | (102 | ) | (323 | ) | |||||
Income tax provision (benefit) | 4,573 | 11,637 | 12,629 | (339 | ) | 28,500 | |||||||||
Depreciation and amortization | 13,587 | 13,281 | 14,249 | 14,461 | 55,578 | ||||||||||
EBITDA | $ | 31,168 | $ | 50,681 | $ | 54,541 | $ | 22,079 | $ | 158,469 | |||||
2014 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 5,565 | $ | 26,418 | $ | 32,285 | $ | 15,741 | $ | 80,009 | |||||
Interest expense | 5,512 | 5,519 | 5,514 | 5,504 | 22,049 | ||||||||||
Interest income | (70 | ) | (53 | ) | (57 | ) | (57 | ) | (237 | ) | |||||
Income tax provision | 3,461 | 14,286 | 18,133 | 7,416 | 43,296 | ||||||||||
Depreciation and amortization | 12,320 | 12,482 | 13,203 | 13,434 | 51,439 | ||||||||||
EBITDA | $ | 26,788 | $ | 58,652 | $ | 69,078 | $ | 42,038 | $ | 196,556 | |||||
5