EXHIBIT 99.2
Financial Highlights Boise and Subsidiaries
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| 2004 |
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| 2001 |
| 2002 |
| 2003 |
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| Fourth |
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Sales and Income |
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Sales |
| $ | 7,422.2 |
| $ | 7,412.3 |
| $ | 8,245.1 |
| $ | 3,529.7 |
| $ | 3,401.1 |
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| $ | 6,930.8 |
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Income from operations |
| 81.1 |
| 118.3 |
| 147.8 |
| 141.3 |
| 120.4 |
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| 261.7 |
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Net income (loss) before cumulative effect of accounting changes |
| $ | (42.5 | ) | $ | 11.3 |
| $ | 17.1 |
| $ | 63.5 |
| $ | 50.4 |
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| $ | 113.8 |
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Cumulative effect of accounting changes, net of income tax |
| — |
| — |
| (8.8 | ) | — |
| — |
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Net income (loss) |
| $ | (42.5 | ) | $ | 11.3 |
| $ | 8.3 |
| $ | 63.5 |
| $ | 50.4 |
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| $ | 113.8 |
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Net income (loss) per common share |
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Diluted before cumulative effect of accounting changes |
| $ | (.96 | ) | $ | (.03 | ) | $ | .07 |
| $ | .66 |
| $ | .52 |
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| $ | 1.18 |
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Cumulative effect of accounting changes |
| — |
| — |
| (.15 | ) | — |
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Diluted |
| $ | (.96 | ) | $ | (.03 | ) | $ | (.08 | ) | $ | .66 |
| $ | .52 |
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| $ | 1.18 |
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Cash dividends paid per common share |
| $ | .60 |
| $ | .60 |
| $ | .60 |
| $ | .15 |
| $ | .15 |
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| $ | .30 |
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Financial Condition |
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Capital expenditures |
| 380.0 |
| 266.2 |
| 1,634.3 |
| 70.3 |
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Total assets |
| 4,934.0 |
| 4,947.4 |
| 7,376.2 |
| 7,636.3 |
| 7,481.1 |
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Long-term debt, less current portion |
| $ | 1,062.9 |
| $ | 1,387.4 |
| $ | 1,999.9 |
| $ | 2,179.2 |
| $ | 1,699.5 |
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Current portion of long-term debt and short-term borrowings |
| 440.0 |
| 153.7 |
| 88.2 |
| 118.9 |
| 436.8 |
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Adjustable conversion-rate equity security units |
| 172.5 |
| 172.5 |
| 172.5 |
| 172.5 |
| 172.5 |
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Guarantee of ESOP debt |
| 80.9 |
| 51.4 |
| 19.1 |
| 19.1 |
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Total debt |
| $ | 1,756.3 |
| $ | 1,765.0 |
| $ | 2,279.7 |
| $ | 2,489.7 |
| $ | 2,308.8 |
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Shareholders’ equity |
| $ | 1,578.4 |
| $ | 1,399.5 |
| $ | 2,323.6 |
| $ | 2,389.6 |
| $ | 2,442.2 |
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Shareholders’ equity per common share |
| $ | 25.10 |
| $ | 21.59 |
| $ | 24.76 |
| $ | 25.43 |
| $ | 25.73 |
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Financial Ratios |
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Return on sales |
| (.6 | )% | .2 | % | .1 | % | 1.8 | % | 1.5 | % |
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| 1.6 | % | ||||||||
Debt to equity |
| 1.11:1 |
| 1.26:1 |
| .98:1 |
| 1.04:1 |
| .95:1 |
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Debt to total capitalization |
| 52.7 | % | 55.8 | % | 49.3 | % | 50.8 | % | 48.4 | % |
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Other Information |
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Effective tax (provision) benefit rate |
| 12.1 | % | 192.8 | % | (11.5 | )% | (36.5 | )% | (36.5 | )% |
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| (36.5 | )% | ||||||||
Number of common shares outstanding at the end of the period (thousands) |
| 58,062 |
| 58,284 |
| 87,137 |
| 87,442 |
| 87,915 |
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Average number of common shares (thousands) |
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Basic |
| 57,680 |
| 58,216 |
| 60,093 |
| 86,075 |
| 86,474 |
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| 86,275 |
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Diluted(2) |
| 61,797 |
| 62,090 |
| 64,180 |
| 91,267 |
| 91,702 |
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| 91,485 |
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Common stock price |
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High |
| $ | 38.00 |
| $ | 38.81 |
| $ | 32.89 |
| $ | 35.26 |
| $ | 38.01 |
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Low |
| $ | 26.99 |
| $ | 19.61 |
| $ | 20.72 |
| $ | 30.64 |
| $ | 32.29 |
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Close |
| $ | 34.01 |
| $ | 25.22 |
| $ | 32.86 |
| $ | 34.65 |
| $ | 37.64 |
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(1) Rows may not add due to rounding.
(2) For the years ended December 31, 2001, 2002, and 2003, the computation of diluted net loss per share was antidilutive; accordingly, diluted net loss per share was calculated using the average basic shares outstanding.
Summary of Operations Boise and Subsidiaries
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| 2003 |
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| First |
| Second |
| Third |
| Fourth |
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Quarterly Results by Segment (Unaudited)(1) |
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Sales by Segment |
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Boise Office Solutions, Contract |
| $ | 938.3 |
| $ | 904.9 |
| $ | 934.1 |
| $ | 964.7 |
| $ | 3,741.9 |
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Boise Office Solutions, Retail |
| — |
| — |
| — |
| 283.2 |
| 283.2 |
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| 938.3 |
| 904.9 |
| 934.1 |
| 1,247.9 |
| 4,025.1 |
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Boise Building Solutions |
| 574.6 |
| 692.8 |
| 828.1 |
| 776.3 |
| 2,871.9 |
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Boise Paper Solutions |
| 468.2 |
| 459.4 |
| 474.2 |
| 450.9 |
| 1,852.6 |
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Corporate and Other |
| 19.4 |
| 18.8 |
| 20.6 |
| 19.1 |
| 77.9 |
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| 2,000.5 |
| 2,075.9 |
| 2,256.9 |
| 2,494.2 |
| 8,827.5 |
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Intersegment eliminations |
| (147.3 | ) | (146.9 | ) | (146.3 | ) | (141.8 | ) | (582.4 | ) | |||||
Trade sales |
| $ | 1,853.2 |
| $ | 1,929.0 |
| $ | 2,110.6 |
| $ | 2,352.3 |
| $ | 8,245.1 |
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Income (Loss) by Segment |
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Boise Office Solutions, Contract |
| $ | 20.7 |
| $ | 23.9 |
| $ | 31.0 |
| $ | 33.9 |
| $ | 109.4 |
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Boise Office Solutions, Retail |
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| — |
| — |
| 6.1 |
| 6.1 |
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| 20.7 |
| 23.9 |
| 31.0 |
| 40.0 |
| 115.5 |
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Boise Building Solutions |
| (8.5 | ) | 9.8 |
| 56.4 |
| 37.6 |
| 95.4 |
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Boise Paper Solutions |
| (0.7 | ) | 1.0 |
| 0.2 |
| (14.4 | ) | (13.9 | ) | |||||
Corporate and Other |
| (8.7 | ) | (9.9 | ) | (10.5 | ) | (16.1 | ) | (45.2 | ) | |||||
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| 2.8 |
| 24.9 |
| 77.1 |
| 47.1 |
| 151.8 |
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Interest expense |
| (32.2 | ) | (31.1 | ) | (31.7 | ) | (37.6 | ) | (132.5 | ) | |||||
Income (loss) before income taxes and cumulative effect of accounting changes |
| (29.4 | ) | (6.2 | ) | 45.4 |
| 9.5 |
| 19.3 |
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Income tax (provision) benefit |
| 10.7 |
| 2.3 |
| (12.5 | ) | (2.6 | ) | (2.2 | ) | |||||
Income (loss) before cumulative effect of accounting changes |
| (18.7 | ) | (4.0 | ) | 32.9 |
| 6.9 |
| 17.1 |
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Cumulative effect of accounting changes, net of income tax |
| (8.8 | ) | — |
| — |
| — |
| (8.8 | ) | |||||
Net income (loss) |
| $ | (27.5 | ) | $ | (4.0 | ) | $ | 32.9 |
| $ | 6.9 |
| $ | 8.3 |
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Net income (loss) per common share |
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Diluted net income (loss) before cumulative effect of accounting changes |
| $ | (.38 | ) | $ | (.12 | ) | $ | .48 |
| $ | .05 |
| $ | .07 |
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Cumulative effect of accounting changes, net of income tax |
| (.15 | ) | — |
| — |
| — |
| (.15 | ) | |||||
Diluted |
| $ | (.53 | ) | $ | (.12 | ) | $ | .48 |
| $ | .05 |
| $ | (.08 | ) |
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| 2004 |
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| First |
| Second |
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| Fourth |
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Sales by Segment |
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Boise Office Solutions, Contract |
| $ | 1,120.1 |
| $ | 1,038.1 |
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| $ | 2,158.2 |
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Boise Office Solutions, Retail |
| 1,221.0 |
| 966.7 |
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| 2,187.7 |
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| 2,341.1 |
| 2,004.8 |
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| 4,345.9 |
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Boise Building Solutions |
| 851.5 |
| 1,055.3 |
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| 1,906.8 |
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Boise Paper Solutions |
| 475.5 |
| 494.2 |
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| 969.7 |
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Corporate and Other |
| 22.1 |
| 39.7 |
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| 61.8 |
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| 3,690.2 |
| 3,594.0 |
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| 7,284.2 |
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Intersegment eliminations |
| (160.5 | ) | (192.8 | ) |
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| (353.4 | ) | |||
Trade sales |
| $ | 3,529.7 |
| $ | 3,401.1 |
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| $ | 6,930.8 |
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Income by Segment |
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Boise Office Solutions, Contract |
| $ | 34.4 |
| $ | 21.4 |
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| 55.8 |
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Boise Office Solutions, Retail |
| 24.0 |
| (5.4 | ) |
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| 18.7 |
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| 58.4 |
| 16.0 |
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| 74.5 |
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Boise Building Solutions |
| 68.4 |
| 126.7 |
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| 195.1 |
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Boise Paper Solutions |
| 27.8 |
| (1.0 | ) |
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| 26.8 |
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Corporate and Other |
| (12.7 | ) | (21.3 | ) |
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| (34.0 | ) | |||
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| 141.9 |
| 120.4 |
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| 262.4 |
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Interest expense |
| (40.6 | ) | (40.4 | ) |
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| (81.1 | ) | |||
Income before income taxes and minority interest |
| 101.3 |
| 80.0 |
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| 181.3 |
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Income tax provision |
| (37.0 | ) | (29.2 | ) |
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| (66.2 | ) | |||
Income before minority interest |
| 64.3 |
| 50.8 |
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| 115.1 |
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Minority interest, net of income tax |
| (0.8 | ) | (0.4 | ) |
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| (1.3 | ) | |||
Net income |
| $ | 63.5 |
| $ | 50.4 |
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| $ | 113.8 |
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Net income per common share |
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Basic |
| $ | .70 |
| $ | .54 |
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| $ | 1.24 |
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Diluted |
| $ | .66 |
| $ | .52 |
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| $ | 1.18 |
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(1) Columns and rows may not add due to rounding.
Statistical Review / 2003
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| 2003 |
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| First |
| Second |
| Third |
| Fourth |
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Boise Office Solutions, Contract |
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Sales by Product Line (millions) |
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Office supplies and paper |
| $ | 567 |
| $ | 539 |
| $ | 555 |
| $ | 572 |
| $ | 2,233 |
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Technology products |
| 277 |
| 275 |
| 280 |
| 293 |
| 1,125 |
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Office furniture |
| 94 |
| 91 |
| 99 |
| 100 |
| 384 |
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Sales by Geography (millions) |
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United States |
| $ | 709 |
| $ | 682 |
| $ | 712 |
| $ | 720 |
| $ | 2,823 |
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International |
| 229 |
| 223 |
| 222 |
| 245 |
| 919 |
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Sales Growth |
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Sales growth |
| 6 | % | 6 | % | 4 | % | 6 | % | 6 | % | |||||
Same-location sales growth |
| 6 | % | 6 | % | 4 | % | 4 | % | 5 | % | |||||
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Margins (percentage of sales) |
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Gross profit margin |
| 23.8 | % | 23.8 | % | 24.2 | % | 25.4 | % | 24.3 | % | |||||
Operating profit margin |
| 2.2 | % | 2.6 | % | 3.3 | % | 3.5 | % | 2.9 | % | |||||
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Boise Office Solutions, Retail |
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Sales by Product Line (millions) |
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Office supplies and paper |
| $ | — |
| $ | — |
| $ | — |
| $ | 92 |
| $ | 92 |
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Technology products |
| — |
| — |
| — |
| 161 |
| 161 |
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Office furniture |
| — |
| — |
| — |
| 30 |
| 30 |
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Sales by Geography (millions) |
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United States |
| $ | — |
| $ | — |
| $ | — |
| $ | 283 |
| $ | 283 |
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International |
| — |
| — |
| — |
| — |
| — |
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Margins (percentage of sales) |
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Gross profit margin |
| — |
| — |
| — |
| 24.5 | % | 24.5 | % | |||||
Operating profit margin |
| — |
| — |
| — |
| 2.2 | % | 2.2 | % | |||||
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Boise Building Solutions |
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Sales Volumes |
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Plywood (thousand square feet) (3/8” basis) |
| 466,537 |
| 476,896 |
| 499,323 |
| 447,724 |
| 1,890,480 |
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OSB (thousand square feet) (3/8” basis) (1) |
| 106,581 |
| 112,652 |
| 111,775 |
| 101,388 |
| 432,396 |
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Particleboard (thousand square feet) (3/4” basis) |
| 41,192 |
| 38,609 |
| 36,524 |
| 36,296 |
| 152,621 |
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Lumber (thousand board feet) |
| 93,524 |
| 93,113 |
| 90,522 |
| 86,895 |
| 364,054 |
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LVL (hundred cubic feet) |
| 20,685 |
| 25,063 |
| 28,431 |
| 24,115 |
| 98,294 |
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I-joists (thousand equivalent lineal feet) |
| 40,534 |
| 53,271 |
| 60,275 |
| 45,869 |
| 199,949 |
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Engineered wood products (millions) |
| $ | 68 |
| $ | 85 |
| $ | 96 |
| $ | 80 |
| $ | 329 |
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Building materials distribution (millions) |
| $ | 391 |
| $ | 505 |
| $ | 603 |
| $ | 549 |
| $ | 2,048 |
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Selected Prices (average net selling prices) |
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Plywood (thousand square feet) (3/8” basis) |
| $ | 220 |
| $ | 228 |
| $ | 291 |
| $ | 334 |
| $ | 267 |
|
OSB (thousand square feet) (3/8” basis) |
| 141 |
| 165 |
| 258 |
| 309 |
| 217 |
| |||||
Particleboard (thousand square feet) (3/4” basis) |
| 219 |
| 230 |
| 243 |
| 254 |
| 236 |
| |||||
Lumber (thousand board feet) |
| 412 |
| 400 |
| 446 |
| 468 |
| 431 |
| |||||
LVL (hundred cubic feet) |
| 1,453 |
| 1,447 |
| 1,440 |
| 1,516 |
| 1,463 |
| |||||
I-joists (thousand equivalent lineal feet) |
| 867 |
| 861 |
| 865 |
| 905 |
| 874 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Boise Paper Solutions |
|
|
|
|
|
|
|
|
|
|
| |||||
Sales Volumes (thousands of short tons) |
|
|
|
|
|
|
|
|
|
|
| |||||
Uncoated free sheet |
| 353 |
| 351 |
| 353 |
| 339 |
| 1,396 |
| |||||
Containerboard |
| 158 |
| 154 |
| 170 |
| 168 |
| 650 |
| |||||
Newsprint |
| 106 |
| 89 |
| 101 |
| 120 |
| 416 |
| |||||
Other |
| 33 |
| 31 |
| 47 |
| 35 |
| 146 |
| |||||
|
| 650 |
| 625 |
| 671 |
| 662 |
| 2,608 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corrugated containers (millions of square feet) |
| 1,122 |
| 1,151 |
| 1,204 |
| 1,114 |
| 4,591 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Prices (average net selling prices per short ton) |
|
|
|
|
|
|
|
|
|
|
| |||||
Uncoated free sheet |
| $ | 747 |
| $ | 734 |
| $ | 713 |
| $ | 690 |
| $ | 721 |
|
Containerboard |
| 341 |
| 347 |
| 342 |
| 319 |
| 337 |
| |||||
Newsprint |
| 374 |
| 399 |
| 412 |
| 405 |
| 397 |
| |||||
(1) Represents 100% of the sales volume of Voyageur Panel, of which we owned 47%
Statistical Review / 2004
|
| 2004 |
| |||||||||||
|
| First |
| Second |
| Third |
| Fourth |
| Year |
| |||
Boise Office Solutions, Contract |
|
|
|
|
|
|
|
|
|
|
| |||
Sales by Product Line (millions) |
|
|
|
|
|
|
|
|
|
|
| |||
Office supplies and paper |
| $ | 642 |
| $ | 576 |
|
|
|
|
|
|
| |
Technology products |
| 352 |
| 342 |
|
|
|
|
|
|
| |||
Office furniture |
| 126 |
| 120 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Sales by Geography (millions) |
|
|
|
|
|
|
|
|
|
|
| |||
United States |
| $ | 853 |
| $ | 813 |
|
|
|
|
|
|
| |
International |
| 267 |
| 225 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Sales Growth |
|
|
|
|
|
|
|
|
|
|
| |||
Sales growth |
| 19 | % | 15 | % |
|
|
|
|
|
| |||
Same-location sales growth |
| 9 | % | 6 | % |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Margins (percentage of sales) |
|
|
|
|
|
|
|
|
|
|
| |||
Gross profit margin |
| 24.3 | % | 24.0 | % |
|
|
|
|
|
| |||
Operating profit margin |
| 3.1 | % | 2.1 | % |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Boise Office Solutions, Retail |
|
|
|
|
|
|
|
|
|
|
| |||
Sales by Product Line (millions) |
|
|
|
|
|
|
|
|
|
|
| |||
Office supplies and paper |
| $ | 470 |
| $ | 379 |
|
|
|
|
|
|
| |
Technology products |
| 640 |
| 503 |
|
|
|
|
|
|
| |||
Office furniture |
| 111 |
| 85 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Sales by Geography (millions) |
|
|
|
|
|
|
|
|
|
|
| |||
United States |
| $ | 1,180 |
| $ | 934 |
|
|
|
|
|
|
| |
International |
| 41 |
| 33 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Margins (percentage of sales) |
|
|
|
|
|
|
|
|
|
|
| |||
Gross profit margin |
| 25.7 | % | 26.7 | % |
|
|
|
|
|
| |||
Operating profit margin |
| 2.0 | % | (.6 | )% |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Boise Building Solutions |
|
|
|
|
|
|
|
|
|
|
| |||
Sales Volumes |
|
|
|
|
|
|
|
|
|
|
| |||
Plywood (thousand square feet) (3/8” basis) |
| 463,852 |
| 440,266 |
|
|
|
|
|
|
| |||
OSB (thousand square feet) (3/8” basis) (1) |
| 101,025 |
| 47,227 |
|
|
|
|
|
|
| |||
Particleboard (thousand square feet) (3/4” basis) |
| 39,596 |
| 47,331 |
|
|
|
|
|
|
| |||
Lumber (thousand board feet) |
| 90,174 |
| 87,548 |
|
|
|
|
|
|
| |||
LVL (hundred cubic feet) |
| 27,028 |
| 31,362 |
|
|
|
|
|
|
| |||
I-joists (thousand equivalent lineal feet) |
| 49,975 |
| 61,692 |
|
|
|
|
|
|
| |||
Engineered wood products (millions) |
| $ | 90 |
| $ | 117 |
|
|
|
|
|
|
| |
Building materials distribution (millions) |
| $ | 619 |
| $ | 794 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selected Prices (average net selling prices) |
|
|
|
|
|
|
|
|
|
|
| |||
Plywood (thousand square feet) (3/8” basis) |
| $ | 326 |
| $ | 364 |
|
|
|
|
|
|
| |
OSB (thousand square feet) (3/8” basis) |
| 336 |
| 393 |
|
|
|
|
|
|
| |||
Particleboard (thousand square feet) (3/4” basis) |
| 273 |
| 320 |
|
|
|
|
|
|
| |||
Lumber (thousand board feet) |
| 518 |
| 566 |
|
|
|
|
|
|
| |||
LVL (hundred cubic feet) |
| 1,536 |
| 1,618 |
|
|
|
|
|
|
| |||
I-joists (thousand equivalent lineal feet) |
| 907 |
| 973 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Boise Paper Solutions |
|
|
|
|
|
|
|
|
|
|
| |||
Sales Volumes (thousands of short tons) |
|
|
|
|
|
|
|
|
|
|
| |||
Uncoated free sheet |
| 386 |
| 374 |
|
|
|
|
|
|
| |||
Containerboard |
| 137 |
| 173 |
|
|
|
|
|
|
| |||
Newsprint |
| 104 |
| 105 |
|
|
|
|
|
|
| |||
Other |
| 38 |
| 40 |
|
|
|
|
|
|
| |||
|
| 665 |
| 692 |
|
|
|
|
|
|
| |||
Corrugated containers (millions of square feet) |
| 1,146 |
| 1,081 |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Selected Prices (average net selling prices per short ton) |
|
|
|
|
|
|
|
|
|
|
| |||
Uncoated free sheet |
| $ | 688 |
| $ | 710 |
|
|
|
|
|
|
| |
Containerboard |
| 318 |
| 353 |
|
|
|
|
|
|
| |||
Newsprint |
| 430 |
| 432 |
|
|
|
|
|
|
| |||
(1) Represents 100% of the sales volume of Voyageur Panel, of which we owned 47% until May 2004, when we sold our interest.
