Exhibit 99.2
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
| | | | | | | | | 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”) | | | 274,458 | | | 310,924 | | | 336,808 | | | 291,175 | | | 1,213,365 | |
Segment Plywood Sales Volume (MSF 3/8”) | | | 233,558 | | | 279,058 | | | 307,620 | | | 267,658 | | | 1,087,894 | |
Veneer Sales Volume (MSF 3/8”) | | | 91,593 | | | 113,059 | | | 112,406 | | | 92,999 | | | 410,057 | |
Segment Veneer Net Sales Volume (MSF 3/8”) | | | 4,113 | | | 15,074 | | | 1,582 | | | 720 | | | 21,489 | |
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”) | | | $ | 244 | | | $ | 294 | | | $ | 254 | | | $ | 228 | | | $ | 256 | |
Segment 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
| | | | | | 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”) | | | 271,036 | | | 265,723 | | | 294,127 | | | 268,082 | | | 1,098,968 | |
Segment Plywood Sales Volume (MSF 3/8”) | | | 246,292 | | | 245,754 | | | 260,632 | | | 239,517 | | | 992,195 | |
Veneer Sales Volume (MSF 3/8”) | | | 68,459 | | | 98,305 | | | 102,501 | | | 83,572 | | | 352,837 | |
Segment Veneer Net Sales Volume (MSF 3/8”) | | | 2,677 | | | 3,795 | | | 5,104 | | | 2,075 | | | 13,651 | |
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”) | | | $ | 214 | | | $ | 220 | | | $ | 239 | | | $ | 231 | | | $ | 226 | |
Segment 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 2Q 09 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 2Q 09 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.
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
| | | | | | 2008 | | | | | |
| | | Q1 | | | Q2 | | | Q3 | | | Q4 | | | YTD | |
Building Materials Distribution | | | | | | | | | | | | | | | | |
Commodity Sales | | | 44.5% | | | 44.8% | | | 47.1% | | | 49.0% | | | 46.2% | |
EWP Sales | | | 12.0% | | | 12.0% | | | 12.2% | | | 11.3% | | | 11.9% | |
General Line Sales | | | 43.5% | | | 43.2% | | | 40.7% | | | 39.7% | | | 41.9% | |
Total Sales (000) | | | $ | 503,884 | | | $ | 609,978 | | | $ | 584,094 | | | $ | 411,472 | | | $ | 2,109,428 | |
Depreciation & Amortization (000) | | | $ | 1,923 | | | $ | 1,939 | | | $ | 1,906 | | | $ | 1,920 | | | $ | 7,688 | |
Capital Spending (000) | | | $ | 1,078 | | | $ | 859 | | | $ | 909 | | | $ | 2,273 | | | $ | 5,119 | |
| | | | | | | | | | | | | | | | |
Wood Products | | | | | | | | | | | | | | | | |
LVL Sales Volume (MCF) | | | 1,938 | | | 2,345 | | | 1,955 | | | 1,378 | | | 7,616 | |
I-joist Sales Volume (MELF) | | | 29,236 | | | 38,056 | | | 31,011 | | | 18,606 | | | 116,909 | |
Plywood Sales Volume (MSF 3/8”) | | | 356,987 | | | 373,023 | | | 356,666 | | | 316,783 | | | 1,403,459 | |
Segment Plywood Sales Volume (MSF 3/8”) | | | 312,527 | | | 317,396 | | | 311,378 | | | 286,846 | | | 1,228,147 | |
Veneer Sales Volume (MSF 3/8”) | | | 126,341 | | | 117,736 | | | 117,649 | | | 90,263 | | | 451,989 | |
Segment Veneer Net Sales Volume (MSF 3/8”) | | | 1,574 | | | 2,170 | | | 5,109 | | | 5,731 | | | 14,584 | |
Lumber Sales Volume (MBF) | | | 49,551 | | | 56,772 | | | 48,297 | | | 36,207 | | | 190,827 | |
Particleboard Sales Volume (MSF 3/4”) | | | 26,530 | | | 27,717 | | | 29,179 | | | 20,938 | | | 104,364 | |
LVL Mill Net Sales Price ($/CF) | | | $ | 16.19 | | | $ | 15.97 | | | $ | 15.69 | | | $ | 14.71 | | | $ | 15.73 | |
I-joist Mill Net Sales Price ($/MELF) | | | $ | 970 | | | $ | 952 | | | $ | 937 | | | $ | 885 | | | $ | 942 | |
Plywood Net Sales Price ($/MSF 3/8”) | | | $ | 255 | | | $ | 272 | | | $ | 272 | | | $ | 239 | | | $ | 260 | |
Segment Plywood Net Sales Price ($/MSF 3/8”) | | | $ | 242 | | | $ | 259 | | | $ | 261 | | | $ | 228 | | | $ | 248 | |
Lumber Net Sales Price ($/MBF) | | | $ | 387 | | | $ | 369 | | | $ | 368 | | | $ | 347 | | | $ | 369 | |
Particleboard Mill Net Sales Price ($/MSF 3/4”) | | | $ | 343 | | | $ | 365 | | | $ | 368 | | | $ | 346 | | | $ | 357 | |
Depreciation & Amortization (000) | | | $ | 7,534 | | | $ | 6,662 | | | $ | 6,757 | | | $ | 6,780 | | | $ | 27,733 | |
Capital Spending (000) | | | $ | 6,325 | | | $ | 8,622 | | | $ | 7,872 | | | $ | 11,813 | | | $ | 34,632 | |
| | | | | | | | | | | | | | | | |
Total Company | | | | | | | | | | | | | | | | |
EBITDA (000) 1, 2, 3 | | | $ | 5,816 | | | $ | (2,867 | ) | | $ | (193,704 | ) | | $ | (27,589 | ) | | $ | (218,344 | ) |
Net Debt (000) 1 | | | $ | 129,834 | | | $ | 74,321 | | | $ | 24,908 | | | $ | 39,197 | | | | |
1 Reconciliations of net loss (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix.
2 Includes the results of the Paper and Packaging & Newsprint businesses for the period January 1, 2008 through February 21, 2008. These businesses were sold on February 22, 2008.
3 EBITDA includes income (expense), net, of $(8.6) million, $(8.8) million, $(205.9) million, and $3.9 million for the three months ended March 31, June 30, September 30, and December 31, 2008, respectively, and $219.4 million of net expense for the year ended December 31, 2008, 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, interest income, and changes in fair value of interest rate swaps), income taxes, depreciation and amortization. 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 | |
The following table reconciles net loss to EBITDA for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008, and for the year ended December 31, 2008:
| | | | | | 2008 | | | | | |
| | | Q1 | | | Q2 | | | Q3 | | | Q4 | | | YTD | |
| | | | | | | | | | | | | | | | |
Net loss | | | $ | (24,438 | ) | | $ | (15,396 | ) | | $ | (207,640 | ) | | $ | (40,504 | ) | | $ | (287,978 | ) |
Change in the fair value of interest rate swaps | | | 6,284 | | | - | | | - | | | - | | | 6,284 | |
Interest expense | | | 15,381 | | | 6,427 | | | 6,263 | | | 6,242 | | | 34,313 | |
Interest income | | | (2,601 | ) | | (2,559 | ) | | (1,469 | ) | | (1,062 | ) | | (7,691 | ) |
Income tax provision (benefit) | | | 1,155 | | | (23 | ) | | 391 | | | (1,053 | ) | | 470 | |
Depreciation and amortization | | | 10,035 | | | 8,684 | | | 8,751 | | | 8,788 | | | 36,258 | |
EBITDA | | | $ | 5,816 | | | $ | (2,867 | ) | | $ | (193,704 | ) | | $ | (27,589 | ) | | $ | (218,344 | ) |
Appendix
Reconciliation of Non-GAAP Financial Measures
(000)
Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. It excludes restricted cash. 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 | |
The following table reconciles total debt to net debt at March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008:
| | 2008 | |
| | | Q1 | | | Q2 | | | Q3 | | | Q4 | |
| | | | | | | | | | | | | |
Current portion long-term debt | | | $ | 160,000 | | | $ | - | | | $ | - | | | $ | - | |
Long-term debt, less current portion | | | 304,224 | | | 315,000 | | | 315,000 | | | 315,000 | |
Total debt | | | 464,224 | | | 315,000 | | | 315,000 | | | 315,000 | |
Less cash and cash equivalents | | | (151,100 | ) | | (240,679 | ) | | (290,092 | ) | | (275,803 | ) |
Less restricted cash | | | (183,290 | ) | | - | | | - | | | - | |
Net debt | | | $ | 129,834 | | | $ | 74,321 | | | $ | 24,908 | | | $ | 39,197 | |
