EXHIBIT 99.2
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 | % | | | 43.6 | % |
EWP Sales | | 14.7 | % | 15.3 | % | 14.8 | % | | | 15.0 | % |
General Line Sales | | 41.5 | % | 41.9 | % | 40.9 | % | | | 41.4 | % |
Total Sales (millions) | | $ | 609 | | $ | 724 | | $ | 687 | | | | $ | 2,019 | |
Depreciation & Amortization (000) | | $ | 1,876 | | $ | 1,860 | | $ | 1,825 | | | | $ | 5,561 | |
Capital Spending (000) | | $ | 9,676 | | $ | 2,025 | | $ | 2,591 | | | | $ | 14,292 | |
| | | | | | | | | | | |
Wood Products | | | | | | | | | | | |
LVL Sales Volume (CCF) | | 27,341 | | 32,130 | | 27,778 | | | | 87,249 | |
I-joist Sales Volume (MELF) | | 47,220 | | 59,606 | | 47,924 | | | | 154,750 | |
Plywood Sales Volume (MSF 3/8”) | | 383,561 | | 391,958 | | 388,940 | | | | 1,164,459 | |
Segment Plywood Sales Volume (MSF 3/8”) | | 309,765 | | 299,871 | | 305,729 | | | | 915,365 | |
Veneer Sales Volume (MSF 3/8”) | | 176,958 | | 193,045 | | 183,785 | | | | 553,788 | |
Segment Veneer Net Sales Volume
(MSF 3/8”) | | 15,419 | | 12,617 | | 7,073 | | | | 35,109 | |
Lumber Sales Volume (MBF) | | 56,282 | | 62,756 | | 59,652 | | | | 178,690 | |
Particleboard Sales Volume (MSF 3/4”) | | 37,134 | | 36,581 | | 39,772 | | | | 113,487 | |
LVL Mill Net Sales Price ($/CCF) | | $ | 1,749 | | $ | 1,723 | | $ | 1,685 | | | | $ | 1,719 | |
I-joist Mill Net Sales Price ($/MELF) | | $ | 1,044 | | $ | 1,035 | | $ | 1,020 | | | | $ | 1,033 | |
Plywood Net Sales Price ($/MSF 3/8”) | | $ | 268 | | $ | 285 | | $ | 302 | | | | $ | 285 | |
Segment Plywood Net Sales Price
($/MSF 3/8”) | | $ | 244 | | $ | 262 | | $ | 287 | | | | $ | 264 | |
Lumber Net Sales Price ($/MBF) | | $ | 448 | | $ | 436 | | $ | 438 | | | | $ | 441 | |
Particleboard Mill Net Sales Price
($/MSF 3/4”) | | $ | 321 | | $ | 334 | | $ | 304 | | | | $ | 319 | |
Depreciation & Amortization (000) | | $ | 7,284 | | $ | 7,569 | | $ | 7,145 | | | | $ | 21,998 | |
Capital Spending (000) | | $ | 3,118 | | $ | 3,972 | | $ | 6,385 | | | | $ | 13,475 | |
| | | | | | | | | | | |
Paper | | | | | | | | | | | |
Commodity UFS Volume (short tons) | | 250,062 | | 258,014 | | 246,687 | | | | 754,763 | |
Premium and Specialty UFS Volume
(short tons) | | 129,914 | | 117,109 | | 116,371 | | | | 363,394 | |
Market Pulp Volume (short tons) | | 23,733 | | 33,010 | | 43,904 | | | | 100,647 | |
Medium Volume (short tons) | | 31,782 | | 33,944 | | 33,562 | | | | 99,288 | |
Commodity UFS Mill Net Sales Price
($/short ton) | | $ | 818 | | $ | 828 | | $ | 848 | | | | $ | 831 | |
Premium and Specialty UFS Mill Net Sales Price ($/short ton) | | $ | 901 | | $ | 915 | | $ | 935 | | | | $ | 917 | |
Market Pulp Mill Net Sales Price ($/short ton) | | $ | 516 | | $ | 535 | | $ | 544 | | | | $ | 534 | |
Medium Mill Net Sales Price ($/short ton) | | $ | 423 | | $ | 422 | | $ | 432 | | | | $ | 426 | |
Depreciation & Amortization (000)* | | $ | 16,573 | | $ | 16,113 | | $ | 12,027 | | | | $ | 44,713 | |
Capital Spending (000) | | $ | 25,442 | | $ | 31,623 | | $ | 26,821 | | | | $ | 83,886 | |
| | | | | | | | | | | |
Packaging & Newsprint | | | | | | | | | | | |
Linerboard Sales Volume (short tons) | | 136,752 | | 141,289 | | 146,313 | | | | 424,354 | |
Segment Linerboard Sales Volume (short tons) | | 65,381 | | 58,768 | | 58,778 | | | | 182,927 | |
Corrugated Containers and Sheets Sales Volume (mmsf) | | 1,634 | | 1,653 | | 1,689 | | | | 4,976 | |
Newsprint Sales Volume (short tons) | | 107,076 | | 102,039 | | 97,356 | | | | 306,471 | |
Linerboard Mill Net Sales Price ($/short ton) | | $ | 396 | | $ | 403 | | $ | 412 | | | | $ | 404 | |
Segment Linerboard Mill Net Sales Price ($/short ton) | | $ | 375 | | $ | 379 | | $ | 385 | | | | $ | 380 | |
Corrugated Containers and Sheets Net Sales Price ($/msf) | | $ | 51 | | $ | 51 | | $ | 53 | | | | $ | 52 | |
Newsprint Mill Net Sales Price ($/short ton) | | $ | 524 | | $ | 494 | | $ | 468 | | | | $ | 496 | |
Depreciation & Amortization (000)* | | $ | 13,412 | | $ | 13,891 | | $ | 10,295 | | | | $ | 37,598 | |
Capital Spending (000) | | $ | 7,518 | | $ | 4,072 | | $ | 10,353 | | | | $ | 21,943 | |
| | | | | | | | | | | |
Total Company | | | | | | | | | | | |
EBITDA (000)** | | $ | 73,862 | | $ | 91,385 | | $ | 106,576 | | | | $ | 271,823 | |
Net Debt (000)** | | $ | 1,207,724 | | $ | 1,168,851 | | $ | 1,156,767 | | | | $ | 1,156,767 | |
Net Debt to last 12 months EBITDA | | 3.5:1 | | 3.5:1 | | 3.4:1 | | | | 3.4:1 | |
*In September 2007, we classified the assets in our Paper and Packaging & Newsprint segments as well as some of the assets in our Corporate and Other segment as “held for sale��� and stopped depreciating and amortizing the assets. In third quarter 2007, this decreased depreciation and amortization approximately $10.4 million, of which approximately $5.4 million related to our Paper segment, $4.8 million related to our Packaging & Newsprint segment, and $0.2 million related to our Corporate and Other segment.
**Reconciliation of net income (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
| | 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 (millions) | | $ | 762 | | $ | 833 | | $ | 756 | | $ | 599 | | $ | 2,950 | |
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) ^ | | 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 | |
| | | | | | | | | | | |
Paper | | | | | | | | | | | |
Commodity UFS Volume (short tons) | | 268,699 | | 261,273 | | 237,620 | | 231,170 | | 998,762 | |
Premium and Specialty UFS Volume
(short tons) | | 124,471 | | 124,682 | | 124,901 | | 124,368 | | 498,422 | |
Market Pulp Volume (short tons) | | 35,103 | | 31,851 | | 20,193 | | 24,580 | | 111,727 | |
Medium Volume (short tons) | | 33,177 | | 33,698 | | 35,259 | | 30,336 | | 132,470 | |
Commodity UFS Mill Net Sales Price ($/short ton) | | $ | 697 | | $ | 753 | | $ | 807 | | $ | 824 | | $ | 767 | |
Premium and Specialty UFS Mill Net Sales Price ($/short ton) | | $ | 855 | | $ | 865 | | $ | 887 | | $ | 884 | | $ | 873 | |
Market Pulp Mill Net Sales Price
($/short ton) | | $ | 386 | | $ | 420 | | $ | 477 | | $ | 514 | | $ | 440 | |
Medium Mill Net Sales Price ($/short ton) | | $ | 343 | | $ | 388 | | $ | 418 | | $ | 419 | | $ | 392 | |
Depreciation & Amortization (000) | | $ | 14,617 | | $ | 15,453 | | $ | 15,711 | | $ | 16,550 | | $ | 62,331 | |
Capital Spending (000) | | $ | 17,439 | | $ | 20,446 | | $ | 20,060 | | $ | 27,530 | | $ | 85,475 | |
| | | | | | | | | | | |
Packaging & Newsprint | | | | | | | | | | | |
Linerboard Sales Volume (short tons) | | 130,324 | | 139,046 | | 144,777 | | 140,264 | | 554,411 | |
Segment Linerboard Sales Volume
(short tons)* | | 75,856 | | 62,050 | | 65,145 | | 63,414 | | 266,465 | |
Corrugated Containers and Sheets Sales Volume (mmsf) | | 1,504 | | 1,755 | | 1,705 | | 1,635 | | 6,599 | |
Newsprint Sales Volume (short tons) | | 100,595 | | 97,243 | | 108,689 | | 104,321 | | 410,848 | |
Linerboard Mill Net Sales Price ($/short ton) | | $ | 332 | | $ | 377 | | $ | 403 | | $ | 396 | | $ | 378 | |
Segment Linerboard Mill Net Sales Price ($/short ton)* | | $ | 318 | | $ | 354 | | $ | 383 | | $ | 374 | | $ | 355 | |
Corrugated Containers and Sheets Net Sales Price ($/msf) | | $ | 47 | | $ | 49 | | $ | 52 | | $ | 52 | | $ | 50 | |
Newsprint Mill Net Sales Price ($/short ton) | | $ | 529 | | $ | 546 | | $ | 533 | | $ | 525 | | $ | 533 | |
Depreciation & Amortization (000) | | $ | 12,072 | | $ | 12,685 | | $ | 12,770 | | $ | 13,288 | | $ | 50,815 | |
Capital Spending (000)† | | $ | 7,047 | | $ | 5,116 | | $ | 3,812 | | $ | 7,566 | | $ | 23,541 | |
| | | | | | | | | | | |
Total Company | | | | | | | | | | | |
EBITDA (000)** | | $ | 69,416 | | $ | 97,634 | | $ | 103,747 | | $ | 68,339 | | $ | 339,136 | |
Net Debt (000)** | | $ | 1,319,854 | | $ | 1,265,081 | | $ | 1,199,024 | | $ | 1,171,931 | | $ | 1,171,931 | |
Net Debt to last 12 months EBITDA | | 3.7:1 | | 3.6:1 | | 3.5:1 | | 3.5:1 | | 3.5:1 | |
^ Jackson lumber sales volume included.
*Includes the impact of adopting Emerging Issues Task Force (EITF) 04-13, Accounting for Purchases and Sales of Inventory with the Same Counterparty, effective January 1, 2006, which required us to report our inventory buy/sell transactions with the same counterparty on a net basis. In accordance with the provisions of EITF 04-13, prior period financial information has not been reclassified to conform with the current period’s presentation.
**Reconciliation of net income (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
†Capital spending presented does not include the $42,609,000 cash paid for the purchase of the assets of Central Texas Corrugated in Waco, Texas.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
| | 2005 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
Building Materials Distribution | | | | | | | | | | | |
Commodity Sales | | 55.0 | % | 50.5 | % | 50.3 | % | 51.1 | % | 51.6 | % |
EWP Sales | | 15.3 | % | 16.4 | % | 16.6 | % | 14.9 | % | 15.9 | % |
General Line Sales | | 29.7 | % | 33.1 | % | 33.1 | % | 34.0 | % | 32.5 | % |
Total Sales (millions) | | $ | 696 | | $ | 796 | | $ | 843 | | $ | 717 | | $ | 3,052 | |
Depreciation & Amortization (000) | | $ | 2,004 | | $ | 2,301 | | $ | 2,380 | | $ | 2,381 | | $ | 9,066 | |
Capital Spending (000) | | $ | 1,765 | | $ | 5,185 | | $ | 3,074 | | $ | 1,652 | | $ | 11,676 | |
| | | | | | | | | | | |
Wood Products | | | | | | | | | | | |
LVL Sales Volume (CCF) | | 31,526 | | 32,728 | | 32,213 | | 26,802 | | 123,269 | |
I-joist Sales Volume (MELF) | | 57,129 | | 63,758 | | 67,678 | | 54,325 | | 242,890 | |
Plywood Sales Volume (MSF 3/8”) | | 405,992 | | 422,623 | | 427,888 | | 401,792 | | 1,658,295 | |
Segment Plywood Sales Volume
(MSF 3/8”) | | 327,273 | | 325,663 | | 348,887 | | 326,626 | | 1,328,449 | |
Veneer Sales Volume (MSF 3/8”) | | 227,522 | | 205,673 | | 195,259 | | 185,605 | | 814,059 | |
Segment Veneer Net Sales Volume
(MSF 3/8”) | | 60,597 | | 49,548 | | 15,230 | | 20,348 | | 145,723 | |
Lumber Sales Volume (MBF) ^ | | 86,531 | | 86,076 | | 80,018 | | 74,192 | | 326,817 | |
Particleboard Sales Volume (MSF 3/4”) | | 39,062 | | 43,955 | | 43,324 | | 38,280 | | 164,621 | |
LVL Mill Net Sales Price ($/CCF) | | $ | 1,860 | | $ | 2,009 | | $ | 1,972 | | $ | 1,917 | | $ | 1,941 | |
I-joist Mill Net Sales Price ($/MELF) | | $ | 1,052 | | $ | 1,112 | | $ | 1,114 | | $ | 1,098 | | $ | 1,095 | |
Plywood Net Sales Price ($/MSF 3/8”) | | $ | 307 | | $ | 306 | | $ | 311 | | $ | 315 | | $ | 310 | |
Segment Plywood Net Sales Price
($/MSF 3/8”) | | $ | 290 | | $ | 285 | | $ | 294 | | $ | 301 | | $ | 293 | |
Lumber Net Sales Price ($/MBF) | | $ | 519 | | $ | 493 | | $ | 468 | | $ | 482 | | $ | 491 | |
Particleboard Mill Net Sales Price
($/MSF 3/4”) | | $ | 270 | | $ | 267 | | $ | 254 | | $ | 263 | | $ | 263 | |
Depreciation & Amortization (000) | | $ | 5,252 | | $ | 5,350 | | $ | 6,249 | | $ | 6,190 | | $ | 23,041 | |
Capital Spending (000) | | $ | 12,282 | | $ | 9,110 | | $ | 11,831 | | $ | 16,904 | | $ | 50,127 | |
| | | | | | | | | | | |
Paper | | | | | | | | | | | |
Commodity UFS Volume (short tons) | | 274,426 | | 264,443 | | 269,634 | | 271,317 | | 1,079,820 | |
Premium and Specialty UFS Volume
(short tons) | | 101,964 | | 108,749 | | 110,625 | | 114,641 | | 435,979 | |
Market Pulp Volume (short tons) | | 30,120 | | 27,299 | | 44,576 | | 39,887 | | 141,882 | |
Medium Volume (short tons) | | 30,811 | | 33,075 | | 32,198 | | 32,184 | | 128,268 | |
Commodity UFS Mill Net Sales Price ($/short ton) | | $ | 708 | | $ | 716 | | $ | 684 | | $ | 679 | | $ | 697 | |
Premium and Specialty UFS Mill Net Sales Price ($/short ton) | | $ | 871 | | $ | 863 | | $ | 850 | | $ | 837 | | $ | 855 | |
Market Pulp Mill Net Sales Price
($/short ton) | | $ | 419 | | $ | 408 | | $ | 384 | | $ | 385 | | $ | 396 | |
Medium Mill Net Sales Price ($/short ton) | | $ | 364 | | $ | 342 | | $ | 313 | | $ | 302 | | $ | 330 | |
Depreciation & Amortization (000) | | $ | 13,032 | | $ | 13,305 | | $ | 13,847 | | $ | 13,848 | | $ | 54,032 | |
Capital Spending (000) | | $ | 12,719 | | $ | 20,276 | | $ | 24,077 | | $ | 23,209 | | $ | 80,281 | |
| | | | | | | | | | | |
Packaging & Newsprint | | | | | | | | | | | |
Linerboard Sales Volume (short tons) | | 129,405 | | 134,500 | | 126,067 | | 140,357 | | 530,329 | |
Segment Linerboard Sales Volume
(short tons) | | 113,863 | | 113,923 | | 103,766 | | 120,257 | | 451,809 | |
Segment Linerboard Sales Volume
excluding Board Trade (short tons) | | 77,532 | | 76,250 | | 72,150 | | 88,028 | | 313,960 | |
Corrugated Containers and Sheets Sales Volume (mmsf) | | 1,142 | | 1,147 | | 1,226 | | 1,255 | | 4,770 | |
Newsprint Sales Volume (short tons) | | 96,957 | | 105,149 | | 99,847 | | 105,662 | | 407,615 | |
Linerboard Mill Net Sales Price
($/short ton) | | $ | 351 | | $ | 337 | | $ | 301 | | $ | 287 | | $ | 319 | |
Segment Linerboard Mill Net Sales Price ($/short ton) | | $ | 384 | | $ | 370 | | $ | 326 | | $ | 315 | | $ | 349 | |
Segment Linerboard Mill Net Sales Price excluding Board Trade ($/short ton) | | $ | 342 | | $ | 321 | | $ | 277 | | $ | 275 | | $ | 303 | |
Corrugated Containers and Sheets Net Sales Price ($/msf) | | $ | 50 | | $ | 51 | | $ | 51 | | $ | 48 | | $ | 50 | |
Newsprint Mill Net Sales Price
($/short ton) | | $ | 456 | | $ | 483 | | $ | 505 | | $ | 520 | | $ | 491 | |
Depreciation & Amortization (000) | | $ | 9,209 | | $ | 9,241 | | $ | 9,230 | | $ | 9,498 | | $ | 37,178 | |
Capital Spending (000) | | $ | 4,462 | | $ | 4,143 | | $ | 3,701 | | $ | 7,176 | | $ | 19,482 | |
| | | | | | | | | | | |
Total Company | | | | | | | | | | | |
EBITDA (000)* | | $ | 111,544 | | $ | 108,831 | | $ | 113,466 | | $ | 67,330 | | $ | 401,171 | |
Net Debt (000)* | | $ | 1,425,926 | | $ | 1,358,702 | | $ | 1,310,688 | | $ | 1,277,629 | | $ | 1,277,629 | |
Net Debt to Last 12 Months EBITDA | | 3.0:1 | | 3.2:1 | | 3.3:1 | | 3.2:1 | | 3.2:1 | |
^Jackson lumber sales volume included.
*Reconciliation of net income (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
| | 2004 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
Building Materials Distribution | | | | | | | | | | | |
Commodity Sales | | 61.9 | % | 60.4 | % | 58.0 | % | 54.8 | % | 58.8 | % |
EWP Sales | | 11.4 | % | 12.5 | % | 14.2 | % | 15.3 | % | 13.4 | % |
General Line Sales | | 26.7 | % | 27.1 | % | 27.8 | % | 29.9 | % | 27.8 | % |
Total Sales (millions) | | $ | 619 | | $ | 794 | | $ | 805 | | $ | 626 | | $ | 2,844 | |
Depreciation & Amortization (000) | | $ | 1,859 | | $ | 1,832 | | $ | 1,851 | | $ | 2,009 | | $ | 7,551 | |
Capital Spending (000) | | $ | 2,168 | | $ | 3,273 | | $ | 3,517 | | $ | 1,905 | | $ | 10,863 | |
| | | | | | | | | | | |
Wood Products | | | | | | | | | | | |
LVL Sales Volume (CCF) | | 27,028 | | 31,362 | | 32,902 | | 27,975 | | 119,267 | |
I-joist Sales Volume (MELF) | | 49,975 | | 61,692 | | 63,152 | | 47,823 | | 222,642 | |
Plywood Sales Volume (MSF 3/8”) | | 463,852 | | 440,266 | | 417,329 | | 436,267 | | 1,757,714 | |
Segment Plywood Sales Volume (MSF 3/8”) | | 398,565 | | 369,610 | | 338,854 | | 363,689 | | 1,470,718 | |
Veneer Sales Volume (MSF 3/8”) | | 205,129 | | 203,417 | | 202,552 | | 193,777 | | 804,875 | |
Segment Veneer Net Sales Volume
(MSF 3/8”) | | 66,570 | | 58,589 | | 55,532 | | 43,904 | | 224,595 | |
Lumber Sales Volume (MBF) ^ | | 90,174 | | 87,548 | | 96,161 | | 88,658 | | 362,541 | |
Particleboard Sales Volume (MSF 3/4”) | | 39,596 | | 47,331 | | 37,829 | | 31,161 | | 155,917 | |
LVL Mill Net Sales Price ($/CCF) | | $ | 1,536 | | $ | 1,618 | | $ | 1,706 | | $ | 1,829 | | $ | 1,673 | |
I-joist Mill Net Sales Price ($/MELF) | | $ | 907 | | $ | 973 | | $ | 1,029 | | $ | 1,027 | | $ | 986 | |
Plywood Net Sales Price ($/MSF 3/8”) | | $ | 326 | | $ | 364 | | $ | 331 | | $ | 286 | | $ | 325 | |
Segment Plywood Net Sales Price
($/MSF 3/8”) | | $ | 323 | | $ | 367 | | $ | 328 | | $ | 271 | | $ | 322 | |
Lumber Net Sales Price ($/MBF) | | $ | 518 | | $ | 566 | | $ | 575 | | $ | 521 | | $ | 546 | |
Particleboard Mill Net Sales Price
($/MSF 3/4”) | | $ | 273 | | $ | 320 | | $ | 320 | | $ | 298 | | $ | 304 | |
Depreciation & Amortization (000) | | $ | 6,701 | | $ | 7,336 | | $ | 7,109 | | $ | 5,676 | | $ | 26,822 | |
Capital Spending (000) | | $ | 9,606 | | $ | 14,292 | | $ | 12,960 | | $ | 12,110 | | $ | 48,968 | |
| | | | | | | | | | | |
Paper | | | | | | | | | | | |
Commodity UFS Volume (short tons) | | 281,089 | | 260,866 | | 267,235 | | 260,246 | | 1,069,436 | |
Premium and Specialty UFS Volume
(short tons) | | 104,487 | | 113,491 | | 107,006 | | 100,677 | | 425,661 | |
Market Pulp Volume (short tons) | | 37,764 | | 40,713 | | 43,460 | | 42,813 | | 164,750 | |
Medium Volume (short tons) | | 32,082 | | 33,175 | | 34,229 | | 33,700 | | 133,186 | |
Commodity UFS Mill Net Sales Price ($/short ton) | | $ | 635 | | $ | 655 | | $ | 693 | | $ | 728 | | $ | 677 | |
Premium and Specialty UFS Mill Net Sales Price ($/short ton) | | $ | 828 | | $ | 838 | | $ | 874 | | $ | 864 | | $ | 851 | |
Market Pulp Mill Net Sales Price
($/short ton) | | $ | 370 | | $ | 417 | | $ | 419 | | $ | 387 | | $ | 399 | |
Medium Mill Net Sales Price ($/short ton) | | $ | 336 | | $ | 371 | | $ | 433 | | $ | 451 | | $ | 399 | |
Depreciation & Amortization (000) | | $ | 35,507 | | $ | 35,805 | | $ | 36,485 | | $ | 19,034 | | $ | 126,831 | |
Capital Spending (000) | | $ | 10,758 | | $ | 17,573 | | $ | 17,416 | | $ | 26,906 | | $ | 72,653 | |
| | | | | | | | | | | |
Packaging & Newsprint | | | | | | | | | | | |
Linerboard Sales Volume (short tons) | | 105,288 | | 139,811 | | 139,011 | | 136,567 | | 520,677 | |
Segment Linerboard Sales Volume
(short tons) | | 99,939 | | 123,761 | | 119,775 | | 119,644 | | 463,119 | |
Segment Linerboard Sales Volume
excluding Board Trade (short tons) | | 64,252 | | 84,005 | | 86,072 | | 80,087 | | 314,416 | |
Corrugated Containers and Sheets Sales Volume (mmsf) | | 1,146 | | 1,081 | | 1,244 | | 1,192 | | 4,663 | |
Newsprint Sales Volume (short tons) | | 104,017 | | 104,632 | | 102,335 | | 118,847 | | 429,831 | |
Linerboard Mill Net Sales Price ($/short ton) | | $ | 312 | | $ | 348 | | $ | 392 | | $ | 404 | | $ | 367 | |
Segment Linerboard Mill Net Sales Price ($/short ton) | | $ | 313 | | $ | 342 | | $ | 385 | | $ | 396 | | $ | 361 | |
Segment Linerboard Mill Net Sales Price
excluding Board Trade ($/short ton) | | $ | 275 | | $ | 306 | | $ | 353 | | $ | 357 | | $ | 326 | |
Corrugated Containers and Sheets Net Sales Price ($/msf) | | $ | 45 | | $ | 46 | | $ | 50 | | $ | 49 | | $ | 48 | |
Newsprint Mill Net Sales Price ($/short ton) | | $ | 430 | | $ | 432 | | $ | 431 | | $ | 450 | | $ | 436 | |
Depreciation & Amortization (000) | | $ | 10,327 | | $ | 10,526 | | $ | 10,630 | | $ | 9,184 | | $ | 40,667 | |
Capital Spending (000) | | $ | 16,144 | | $ | 5,144 | | $ | 4,118 | | $ | 4,485 | | $ | 29,891 | |
| | | | | | | | | | | |
Total Company | | | | | | | | | | | |
EBITDA (000)* | | $ | 81,565 | | $ | 157,508 | | $ | 140,365 | | $ | 68,007 | | $ | 447,445 | |
^Jackson lumber sales volume included.
*Reconciliation of net income (a GAAP measure) to EBITDA is provided as an appendix.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
| | 2003 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
Building Materials Distribution | | | | | | | | | | | |
Commodity Sales | | 55.0 | % | 54.3 | % | 58.8 | % | 61.9 | % | 57.8 | % |
EWP Sales | | 12.9 | % | 14.1 | % | 13.7 | % | 12.6 | % | 13.3 | % |
General Line Sales | | 32.1 | % | 31.6 | % | 27.5 | % | 25.5 | % | 28.9 | % |
Total Sales (millions) | | $ | 391 | | $ | 505 | | $ | 603 | | $ | 549 | | $ | 2,048 | |
Depreciation & Amortization (000) | | $ | 1,755 | | $ | 1,749 | | $ | 1,745 | | $ | 1,859 | | $ | 7,108 | |
Capital Spending (000) | | $ | 2,396 | | $ | 2,660 | | $ | 4,162 | | $ | 4,402 | | $ | 13,620 | |
| | | | | | | | | | | |
Wood Products | | | | | | | | | | | |
LVL Sales Volume (CCF) | | 20,685 | | 25,063 | | 28,431 | | 24,115 | | 98,294 | |
I-joist Sales Volume (MELF) | | 40,534 | | 53,271 | | 60,275 | | 45,869 | | 199,949 | |
Plywood Sales Volume (MSF 3/8”) | | 466,537 | | 476,896 | | 499,323 | | 447,724 | | 1,890,480 | |
Segment Plywood Sales Volume (MSF 3/8”) | | 411,445 | | 417,754 | | 431,737 | | 393,794 | | 1,654,730 | |
Veneer Sales Volume (MSF 3/8”) | | 201,655 | | 209,723 | | 205,785 | | 191,722 | | 808,885 | |
Segment Veneer Net Sales Volume
(MSF 3/8”) | | 54,746 | | 59,344 | | 56,635 | | 41,963 | | 212,688 | |
Lumber Sales Volume (MBF) ^ | | 93,524 | | 93,113 | | 90,522 | | 86,895 | | 364,054 | |
Particleboard Sales Volume (MSF 3/4”) | | 41,192 | | 38,609 | | 36,524 | | 36,296 | | 152,621 | |
LVL Mill Net Sales Price ($/CCF) | | $ | 1,453 | | $ | 1,447 | | $ | 1,440 | | $ | 1,516 | | $ | 1,463 | |
I-joist Mill Net Sales Price ($/MELF) | | $ | 867 | | $ | 861 | | $ | 865 | | $ | 905 | | $ | 874 | |
Plywood Net Sales Price ($/MSF 3/8”) | | $ | 220 | | $ | 228 | | $ | 291 | | $ | 334 | | $ | 267 | |
Segment Plywood Net Sales Price
($/MSF 3/8”) | | $ | 201 | | $ | 209 | | $ | 281 | | $ | 331 | | $ | 255 | |
Lumber Net Sales Price ($/MBF) | | $ | 412 | | $ | 400 | | $ | 446 | | $ | 468 | | $ | 431 | |
Particleboard Mill Net Sales Price
($/MSF 3/4”) | | $ | 219 | | $ | 230 | | $ | 243 | | $ | 254 | | $ | 236 | |
Depreciation & Amortization (000) | | $ | 8,345 | | $ | 8,592 | | $ | 8,704 | | $ | 8,540 | | $ | 34,181 | |
Capital Spending (000) | | $ | 5,495 | | $ | 9,358 | | $ | 7,780 | | $ | 11,124 | | $ | 33,757 | |
| | | | | | | | | | | |
Paper | | | | | | | | | | | |
Commodity UFS Volume (short tons) | | 256,513 | | 256,106 | | 261,223 | | 248,059 | | 1,021,901 | |
Premium and Specialty UFS Volume
(short tons) | | 96,094 | | 94,719 | | 92,538 | | 90,869 | | 374,220 | |
Market Pulp Volume (short tons) | | 32,966 | | 30,959 | | 47,193 | | 35,423 | | 146,541 | |
Medium Volume (short tons) | | 29,918 | | 30,314 | | 33,891 | | 32,151 | | 126,274 | |
Commodity UFS Mill Net Sales Price ($/short ton) | | $ | 702 | | $ | 689 | | $ | 662 | | $ | 637 | | $ | 673 | |
Premium and Specialty UFS Mill Net Sales Price ($/short ton) | | $ | 866 | | $ | 857 | | $ | 856 | | $ | 835 | | $ | 854 | |
Market Pulp Mill Net Sales Price
($/short ton) | | $ | 338 | | $ | 376 | | $ | 351 | | $ | 358 | | $ | 355 | |
Medium Mill Net Sales Price ($/short ton) | | $ | 374 | | $ | 361 | | $ | 357 | | $ | 348 | | $ | 360 | |
Depreciation & Amortization (000) | | $ | 33,899 | | $ | 32,499 | | $ | 35,091 | | $ | 34,807 | | $ | 136,296 | |
Capital Spending (000) | | $ | 21,489 | | $ | 31,928 | | $ | 10,342 | | $ | 20,858 | | $ | 84,617 | |
| | | | | | | | | | | |
Packaging & Newsprint | | | | | | | | | | | |
Linerboard Sales Volume (short tons) | | 128,331 | | 123,491 | | 136,384 | | 135,274 | | 523,480 | |
Segment Linerboard Sales Volume
(short tons) | | 118,362 | | 100,878 | | 111,564 | | 120,423 | | 451,228 | |
Segment Linerboard Sales Volume
excluding Board Trade (short tons) | | 79,250 | | 63,062 | | 72,675 | | 81,343 | | 296,330 | |
Corrugated Containers and Sheets Sales Volume (mmsf) | | 1,122 | | 1,151 | | 1,204 | | 1,114 | | 4,591 | |
Newsprint Sales Volume (short tons) | | 105,942 | | 89,335 | | 100,363 | | 120,186 | | 415,826 | |
Linerboard Mill Net Sales Price ($/short ton) | | $ | 333 | | $ | 344 | | $ | 338 | | $ | 312 | | $ | 331 | |
Segment Linerboard Mill Net Sales Price ($/short ton) | | $ | 326 | | $ | 329 | | $ | 326 | | $ | 305 | | $ | 321 | |
Segment Linerboard Mill Net Sales Price excluding Board Trade ($/short ton) | | $ | 290 | | $ | 292 | | $ | 282 | | $ | 265 | | $ | 281 | |
Corrugated Containers and Sheets Net Sales Price ($/msf) | | $ | 46 | | $ | 46 | | $ | 47 | | $ | 45 | | $ | 46 | |
Newsprint Mill Net Sales Price ($/short ton) | | $ | 374 | | $ | 399 | | $ | 412 | | $ | 405 | | $ | 397 | |
Depreciation & Amortization (000) | | $ | 9,872 | | $ | 9,325 | | $ | 10,614 | | $ | 10,558 | | $ | 40,369 | |
Capital Spending (000) | | $ | 5,987 | | $ | 10,992 | | $ | 8,848 | | $ | 10,441 | | $ | 36,268 | |
^Jackson lumber sales volume included.
Appendix
Reconciliation of Non-GAAP Financial Measures
(000)
EBITDA represents income 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 to EBITDA for the three months ended March 31, 2007, June 30, 2007, and September 30, 2007, and for the nine months ended September 30, 2007:
| | 2007 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Net income | | $ | 10,537 | | $ | 28,898 | | $ | 49,165 | | | | $ | 88,600 | |
Change in the fair value of interest rate swaps | | — | | (5,395 | ) | — | | | | (5,395 | ) |
Interest expense | | 22,343 | | 24,352 | | 23,356 | | | | 70,051 | |
Interest income | | (601 | ) | (642 | ) | (1,274 | ) | | | (2,517 | ) |
Income tax provision | | 1,223 | | 3,450 | | 3,056 | | | | 7,729 | |
Depreciation, amortization, and depletion | | 40,360 | | 40,722 | | 32,273 | | | | 113,355 | |
EBITDA | | $ | 73,862 | | $ | 91,385 | | $ | 106,576 | | | | $ | 271,823 | |
| | | | | | | | | | | |
The following table reconciles net income to EBITDA for the three months ended March 31, 2006, June 30, 2006, September 30, 2006, 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 | |
| | | | | | | | | | | |
The following table reconciles net income (loss) to EBITDA for the three months ended March 31, 2005, June 30, 2005, September 30, 2005, December 31, 2005, and for the year ended December 31, 2005: | |
| | | | | | | | | | | |
| | 2005 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Net income (loss) | | $ | 64,739 | | $ | (14,469 | ) | $ | 28,474 | | $ | 42,623 | | $ | 121,367 | |
Change in fair value of interest rate swaps | | (15,200 | ) | 5,314 | | — | | — | | (9,886 | ) |
Interest expense | | 32,079 | | 74,365 | | 31,055 | | 28,845 | | 166,344 | |
Interest income | | (1,350 | ) | (434 | ) | (367 | ) | (1,240 | ) | (3,391 | ) |
Income tax provision (benefit) | | 639 | | 12,343 | | 21,260 | | (36,331 | ) | (2,089 | ) |
Depreciation, amortization, and depletion | | 30,637 | | 31,712 | | 33,044 | | 33,433 | | 128,826 | |
EBITDA | | $ | 111,544 | | $ | 108,831 | | $ | 113,466 | | $ | 67,330 | | $ | 401,171 | |
| | | | | | | | | | | |
The following table reconciles net income to EBITDA for the three months ended March 31, 2004, June 30, 2004, September 30, 2004, December 31, 2004, and for the year ended December 31, 2004: | |
| | | | | | | | | | | |
| | 2004 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Net income | | $ | 2,107 | | $ | 46,493 | | $ | 35,175 | | $ | 10,393 | | $ | 94,168 | |
Interest expense | | 20,604 | | 22,845 | | 21,281 | | 29,576 | | 94,306 | |
Interest income | | (157 | ) | (168 | ) | (199 | ) | (2,038 | ) | (2,562 | ) |
Income tax provision (benefit) | | 1,275 | | 29,426 | | 24,701 | | (7,722 | ) | 47,680 | |
Depreciation, amortization, and depletion | | 57,736 | | 58,912 | | 59,407 | | 37,798 | | 213,853 | |
EBITDA | | $ | 81,565 | | $ | 157,508 | | $ | 140,365 | | $ | 68,007 | | $ | 447,445 | |
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 held for bond redemption and a note payable to a related party. The following table reconciles total debt to net debt at March 31, 2007, June 30, 2007, and at September 30, 2007:
| | 2007 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Current portion long-term debt | | $ | — | | $ | 5,250 | | $ | 257,250 | | | | $ | 257,250 | |
Long-term debt, less current portion | | 1,273,900 | | 1,238,438 | | 1,165,125 | | | | 1,165,125 | |
Total debt | | 1,273,900 | | 1,243,688 | | 1,422,375 | | | | 1,422,375 | |
Less cash and cash equivalents | | (66,176 | ) | (74,837 | ) | (65,608 | ) | | | (65,608 | ) |
Less restricted cash held for bond redemption | | — | | — | | (200,000 | ) | | | (200,000 | ) |
Net debt | | $ | 1,207,724 | | $ | 1,168,851 | | $ | 1,156,767 | | | | $ | 1,156,767 | |
| | | | | | | | | | | |
The following table reconciles total debt to net debt at March 31, 2006, June 30, 2006, September 30, 2006, and at December 31, 2006: | |
| | 2006 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Short-term borrowings | | $ | — | | $ | — | | $ | — | | $ | 3,200 | | $ | 3,200 | |
Long-term debt | | 1,458,200 | | 1,345,000 | | 1,258,900 | | 1,213,900 | | 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 | | 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 | ) | (45,169 | ) |
Net debt | | $ | 1,319,854 | | $ | 1,265,081 | | $ | 1,199,024 | | $ | 1,171,931 | | $ | 1,171,931 | |
| | | | | | | | | | | |
The following table reconciles total debt to net debt at March 31, 2005, June 30, 2005, September 30, 2005, and at December 31, 2005: | |
| | | | | | | | | | | |
| | 2005 | |
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD | |
| | | | | | | | | | | |
Current portion long-term debt | | $ | — | | $ | 8,400 | | $ | 8,400 | | $ | — | | $ | — | |
Long-term debt, less current portion | | 1,568,000 | | 1,479,500 | | 1,477,400 | | 1,365,800 | | 1,365,800 | |
Note payable to related party, net | | 256,123 | | 261,286 | | 266,405 | | 270,854 | | 270,854 | |
Total debt | | 1,824,123 | | 1,749,186 | | 1,752,205 | | 1,636,654 | | 1,636,654 | |
Less note payable to related party, net | | (256,123 | ) | (261,286 | ) | (266,405 | ) | (270,854 | ) | (270,854 | ) |
Less cash and cash equivalents | | (142,074 | ) | (129,198 | ) | (175,112 | ) | (88,171 | ) | (88,171 | ) |
Net debt | | $ | 1,425,926 | | $ | 1,358,702 | | $ | 1,310,688 | | $ | 1,277,629 | | $ | 1,277,629 | |
