Exhibit 99.2
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information
|
| | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Building Materials Distribution | | | | | |
| Commodity Sales | 50.2 | % | 48.0 | % | 49.4 | % | | 49.1 | % |
| General Line Sales | 36.5 | % | 38.6 | % | 36.2 | % | | 37.1 | % |
| EWP Sales | 13.3 | % | 13.4 | % | 14.4 | % | | 13.8 | % |
| Total Sales (000) | $ | 451,416 |
| $ | 580,545 |
| $ | 605,206 |
| | $ | 1,637,167 |
|
| Depreciation and Amortization (000) | $ | 2,182 |
| $ | 2,194 |
| $ | 2,263 |
| | $ | 6,639 |
|
| Capital Spending (000) | $ | 1,960 |
| $ | 2,241 |
| $ | 1,405 |
| | $ | 5,606 |
|
| | | | | | |
| Wood Products | | | | | |
| LVL Sales Volume (MCF) | 2,116 |
| 2,271 |
| 2,586 |
| | 6,973 |
|
| I-joist Sales Volume (MELF) | 29,974 |
| 38,640 |
| 41,826 |
| | 110,440 |
|
| Plywood Sales Volume (MSF 3/8") | 327,867 |
| 346,360 |
| 343,350 |
| | 1,017,577 |
|
| Lumber Sales Volume (MBF) | 40,734 |
| 48,925 |
| 50,274 |
| | 139,933 |
|
| LVL Mill Net Sales Price ($/CF) | $ | 15.05 |
| $ | 14.94 |
| $ | 14.75 |
| | $ | 14.90 |
|
| I-joist Mill Net Sales Price ($/MELF) | $ | 935 |
| $ | 928 |
| $ | 915 |
| | $ | 925 |
|
| Plywood Net Sales Price ($/MSF 3/8") | $ | 267 |
| $ | 290 |
| $ | 318 |
| | $ | 292 |
|
| Lumber Net Sales Price ($/MBF) | $ | 414 |
| $ | 448 |
| $ | 430 |
| | $ | 431 |
|
| Depreciation and Amortization (000) | $ | 5,905 |
| $ | 6,113 |
| $ | 6,164 |
| | $ | 18,182 |
|
Capital Spending (000) 1 | $ | 2,762 |
| $ | 3,962 |
| $ | 5,324 |
| | $ | 12,048 |
|
| | | | | | |
| Total Company | | | | | |
| Net income (000) | $ | 1,668 |
| $ | 15,047 |
| $ | 23,502 |
| | $ | 40,217 |
|
EBITDA (000)2 | $ | 14,554 |
| $ | 28,194 |
| $ | 36,820 |
| | $ | 79,568 |
|
| Total debt (000) | $ | 219,560 |
| $ | 219,560 |
| $ | 219,560 |
| | |
Net debt (cash) (000)2 | $ | 55,115 |
| $ | 45,481 |
| $ | (4,861 | ) | | |
| | | | | | |
| | | | | | |
1 Capital spending in first quarter 2012 does not include $2.4 million of cash paid for the acquisitions of businesses and facilities. |
2 Reconciliations 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 (continued)
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Building Materials Distribution | | | | | |
| Commodity Sales | 50.8 | % | 45.6 | % | 45.6 | % | 46.7 | % | 47.0 | % |
| General Line Sales | 38.4 | % | 42.3 | % | 41.5 | % | 39.6 | % | 40.6 | % |
| EWP Sales | 10.8 | % | 12.1 | % | 12.9 | % | 13.7 | % | 12.4 | % |
| Total Sales (000) | $ | 377,796 |
| $ | 470,691 |
| $ | 501,458 |
| $ | 429,424 |
| $ | 1,779,369 |
|
| Depreciation and Amortization (000) | $ | 2,048 |
| $ | 2,050 |
| $ | 2,124 |
| $ | 2,174 |
| $ | 8,396 |
|
| Capital Spending (000) | $ | 1,119 |
| $ | 1,277 |
| $ | 4,269 |
| $ | 3,352 |
| $ | 10,017 |
|
| | | | | | |
| Wood Products | | | | | |
| LVL Sales Volume (MCF) | 1,599 |
| 1,780 |
| 1,929 |
| 1,784 |
| 7,092 |
|
| I-joist Sales Volume (MELF) | 22,063 |
| 31,525 |
| 30,521 |
| 26,349 |
| 110,458 |
|
| Plywood Sales Volume (MSF 3/8") | 240,194 |
| 285,764 |
| 296,040 |
| 284,461 |
| 1,106,459 |
|
| Lumber Sales Volume (MBF) | 38,099 |
| 38,331 |
| 39,230 |
| 37,656 |
| 153,316 |
|
| LVL Mill Net Sales Price ($/CF) | $ | 16.14 |
| $ | 15.93 |
| $ | 15.53 |
| $ | 14.50 |
| $ | 15.51 |
|
| I-joist Mill Net Sales Price ($/MELF) | $ | 974 |
| $ | 976 |
| $ | 958 |
| $ | 919 |
| $ | 957 |
|
| Plywood Net Sales Price ($/MSF 3/8") | $ | 232 |
| $ | 230 |
| $ | 229 |
| $ | 238 |
| $ | 232 |
|
| Lumber Net Sales Price ($/MBF) | $ | 410 |
| $ | 419 |
| $ | 437 |
| $ | 416 |
| $ | 421 |
|
| Depreciation and Amortization (000) | $ | 6,797 |
| $ | 7,129 |
| $ | 7,172 |
| $ | 7,289 |
| $ | 28,387 |
|
Capital Spending (000)1 | $ | 8,478 |
| $ | 5,700 |
| $ | 4,444 |
| $ | 4,877 |
| $ | 23,499 |
|
| | | | | | |
| Total Company | | | | | |
Net loss (000)3 | $ | (19,001 | ) | $ | (9,861 | ) | $ | (3,711 | ) | $ | (13,791 | ) | $ | (46,364 | ) |
EBITDA (000)2, 3 | $ | (5,555 | ) | $ | 3,925 |
| $ | 10,563 |
| $ | 545 |
| $ | 9,478 |
|
| Total debt (000) | $ | 219,560 |
| $ | 219,560 |
| $ | 219,560 |
| $ | 219,560 |
| |
Net debt (000)2 | $ | 36,805 |
| $ | 16,732 |
| $ | 16,435 |
| $ | 37,101 |
| |
| | | | | | |
| | | | | | |
1 Capital spending in second quarter 2011 does not include $5.8 million of cash paid for the acquisitions of businesses and facilities. |
2 Reconciliations of net loss (a GAAP measure) to EBITDA and total debt (a GAAP measure) to net debt are provided as an appendix. |
3 Net loss and EBITDA include expense of $2.6 million and $0.9 million for the three months ended March 31, 2011 and December 31, 2011, respectively, and $3.3 million of expense for the year ended December 31, 2011, related to costs for the closure of a laminated beam plant and noncash asset write-downs. |
Boise Cascade Holdings, L.L.C.
Quarterly Statistical Information (continued)
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Building Materials Distribution | | | | | |
| Commodity Sales | 50.9 | % | 49.7 | % | 48.5 | % | 49.0 | % | 49.5 | % |
| General Line Sales | 38.1 | % | 39.6 | % | 39.8 | % | 39.1 | % | 39.2 | % |
| EWP Sales | 11.0 | % | 10.7 | % | 11.7 | % | 11.9 | % | 11.3 | % |
| Total Sales (000) | $ | 389,118 |
| $ | 515,434 |
| $ | 470,725 |
| $ | 402,692 |
| $ | 1,777,969 |
|
| Depreciation and 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") | 233,558 |
| 279,058 |
| 307,620 |
| 267,658 |
| 1,087,894 |
|
| Lumber Sales Volume (MBF) | 35,904 |
| 38,696 |
| 36,813 |
| 37,425 |
| 148,838 |
|
| 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") | $ | 230 |
| $ | 290 |
| $ | 247 |
| $ | 219 |
| $ | 248 |
|
| Lumber Net Sales Price ($/MBF) | $ | 415 |
| $ | 471 |
| $ | 420 |
| $ | 387 |
| $ | 424 |
|
| Depreciation and 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 | | | | | |
Net income (loss) (000)2 | $ | 11,394 |
| $ | 4,332 |
| $ | (5,615 | ) | $ | (16,212 | ) | $ | (6,101 | ) |
EBITDA (000)1, 2 | $ | 25,355 |
| $ | 18,839 |
| $ | 7,711 |
| $ | (2,592 | ) | $ | 49,313 |
|
| Total debt (000) | $ | 303,146 |
| $ | 228,146 |
| $ | 228,146 |
| $ | 219,560 |
| |
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. |
2Net income (loss) and EBITDA include $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 2011 Form 10-K. Net loss and EBITDA also include $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. |
|
| | | | | | | | | | | | | | | |
| Appendix |
| Reconciliation of Non-GAAP Financial Measures |
| (000) |
| | | | | | |
| EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended March 31, 2012, June 30, 2012, and September 30, 2012, and for the nine months ended September 30, 2012: |
| | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net income | $ | 1,668 |
| $ | 15,047 |
| $ | 23,502 |
| | $ | 40,217 |
|
| Interest expense | 4,813 |
| 4,818 |
| 4,840 |
| | 14,471 |
|
| Interest income | (107 | ) | (87 | ) | (87 | ) | | (281 | ) |
| Income tax provision | 61 |
| 78 |
| 104 |
| | 243 |
|
| Depreciation and amortization | 8,119 |
| 8,338 |
| 8,461 |
| | 24,918 |
|
| EBITDA | $ | 14,554 |
| $ | 28,194 |
| $ | 36,820 |
| | $ | 79,568 |
|
| | | | | | |
| The following table reconciles net loss to EBITDA for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011, and for the year ended December 31, 2011: |
| | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net loss | $ | (19,001 | ) | $ | (9,861 | ) | $ | (3,711 | ) | $ | (13,791 | ) | $ | (46,364 | ) |
| Interest expense | 4,589 |
| 4,584 |
| 5,001 |
| 4,813 |
| 18,987 |
|
| Interest income | (146 | ) | (77 | ) | (91 | ) | (93 | ) | (407 | ) |
| Income tax provision | 96 |
| 38 |
| 12 |
| 94 |
| 240 |
|
| Depreciation and amortization | 8,907 |
| 9,241 |
| 9,352 |
| 9,522 |
| 37,022 |
|
| EBITDA | $ | (5,555 | ) | $ | 3,925 |
| $ | 10,563 |
| $ | 545 |
| $ | 9,478 |
|
| | | | | | |
| 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 |
|
|
| | | | | |
| 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. The following table reconciles total debt to net debt (cash) at March 31, 2012, June 30, 2012, and September 30, 2012: |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 |
| | | | | |
| Current portion of long-term debt | $ | — |
| $ | — |
| $ | 25,000 |
| |
| Long-term debt | 219,560 |
| 219,560 |
| 194,560 |
| |
| Total debt | 219,560 |
| 219,560 |
| 219,560 |
| |
| Less cash and cash equivalents | (164,445 | ) | (174,079 | ) | (224,421 | ) | |
| Net debt (cash) | $ | 55,115 |
| $ | 45,481 |
| $ | (4,861 | ) | |
| | | | | |
| The following table reconciles total debt to net debt at March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011: |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 |
| | | | | |
| Long-term debt | $ | 219,560 |
| $ | 219,560 |
| $ | 219,560 |
| $ | 219,560 |
|
| Less cash and cash equivalents | (182,755 | ) | (202,828 | ) | (203,125 | ) | (182,459 | ) |
| Net debt | $ | 36,805 |
| $ | 16,732 |
| $ | 16,435 |
| $ | 37,101 |
|
| | | | | |
| 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 | ) |
