Boise Cascade (BCC) 8-K Boise Cascade Company Reports Financial Results for Fourth Quarter and Year End 2012

Boise Cascade	Exhibit 99.1
1111 West Jefferson Street Ste 300 PO Box 50 Boise, ID 83728

News Release

Investor Relations Contact - Wayne Rancourt 208 384 6073 Media Contact - John Sahlberg 208 384 6451

For Immediate Release: March 7, 2013

Boise Cascade Company Reports Financial Results for Fourth Quarter and Year End 2012

BOISE, Idaho - Boise Cascade Company (Boise Cascade or Company) (NYSE: BCC) today reported financial results for the quarter and year ended December 31, 2012.

Fourth Quarter and Year End 2012 Operating Results

• Total sales in fourth quarter 2012 were $694.6 million, compared with $547.4 million in fourth quarter 2011. Total sales for the full year improved by 24% to $2,779.1 million: growth of 23% in our Building Materials Distribution (BMD) segment and 32% in our Wood Products segment.

• Net income was $1.3 million in fourth quarter 2012, compared with a net loss of $13.8 million in the same period last year. Net income improved to $41.5 million for the full year 2012, compared with a net loss of $46.4 million in 2011.

• Earnings before interest, taxes, depreciation, and amortization (EBITDA) were $17.0 million for the fourth quarter 2012 and $96.6 million for the full year.

U.S. housing starts improved 28% to 780,000 in 2012, compared with 609,000 in 2011. Housing start levels remain significantly below the historical average for the last 20 years of approximately 1.4 million units per year. However, as of February 2013, Blue Chip consensus forecast for 2013 is 990,000, a 27% increase from 2012 levels.

"We experienced a fourth consecutive quarter of positive income from operations, underscored by strong plywood prices and improved demand for the products we manufacture and distribute. We are pleased with our successful initial public offering (IPO) completed on February 11, 2013. The IPO, together with our debt refinancing in early fourth quarter 2012, provides the Company with a strong liquidity position to take advantage of continued improvement in the markets, execute strategic initiatives within our existing operations, and evaluate growth opportunities," stated Tom Carlile, CEO.

	4Q 2012		4Q 2011			3Q 2012		2012		2011
	(thousands)
Total sales	$	694,580	$	547,442		$	764,596	$	2,779,062	$	2,248,088
Net income (loss)	$	1,278	$	(13,791	)	$	23,503	$	41,496	$	(46,363	)
Total Company EBITDA	$	17,006	$	545		$	36,821	$	96,575	$	9,479
BMD segment EBITDA	$	8,055	$	1,344		$	12,563	$	32,874	$	10,384
Wood Products segment EBITDA	$	13,233	$	2,216		$	28,628	$	80,238	$	13,316

Building Materials Distribution Segment

BMD segment sales were $553.1 million in the fourth quarter, up 29% from the same quarter a year ago. Volumes for the segment were up approximately 14%, with prices up about 13%. BMD reported $8.1million of EBITDA in fourth quarter, up from the $1.3 million reported in fourth quarter 2011. Gross margins were 11.5% in the quarter, compared with 11.9% in the same quarter a year ago. Total expenses were lower as a percent of sales, resulting in an increased operating margin. For the full year 2012, BMD reported EBITDA of $32.9 million on $2.2 billion of sales, compared with 2011 EBITDA of $10.4 million on sales of $1.8 billion.

Wood Products Segment

Wood Products segment sales in the fourth quarter were $230.5 million, up 28% from the same quarter a year ago. The sales increase was attributable primarily to 28% higher plywood sales prices and 19% higher plywood sales volumes, 18% higher laminated veneer lumber (LVL) sales volumes, 31% higher I-joist sales volumes, and 28% higher lumber sales volumes. The segment reported $13.2 million of EBITDA for the quarter, compared with $2.2 million of EBITDA reported in fourth quarter 2011. The main factors contributing to the improved financial performance were improved plywood pricing and lower per-unit manufacturing costs resulting from higher sales volumes for engineered wood products (EWP) and plywood. For the full year 2012, Wood Products reported sales of $943.3 million and EBITDA of $80.2million. This compares with 2011 sales of $712.5 million and EBITDA of $13.3 million.

Balance Sheet

Boise Cascade ended 2012 with $54.5 million of cash and $195.6 million of undrawn committed bank line availability, for total available liquidity of $250.2 million. At December 31, 2012, Boise Cascade reported outstanding debt of $275.0 million. In February 2013, we received net proceeds of approximately $263 million from our IPO.

Outlook

We expect to continue to experience demand below historical levels for the products we manufacture and distribute. However, the housing industry is showing signs of improvement in the U.S. and we remain optimistic that the recent improvement in demand for our products will continue in 2013. Favorable commodity wood product prices during 2012 have continued into 2013 but could be volatile in response to operating rates and inventory levels in various distribution channels. We expect to manage our production levels to our sales demand, which will likely result in operating some of our facilities below their capacity.

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About Boise Cascade

Boise Cascade Company is a leading U.S. wholesale distributor of building products and one of the largest producers of engineered wood products and plywood in North America. For more information, please visit our website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call on Thursday, March 7, at 11a.m. Eastern, at which time we will review the company's recent performance. You can join the webcast through our website by going to www.bc.com and clicking on the link to the webcast under the News & Events heading. Please go to the website at least 15minutes before the start of the webcast to register. To join the conference call, dial 866-203-2528 (international callers should dial 617-213-8847), participant passcode 94625744, at least 10minutes before the start of the call.

The archived webcast will be available in the News & Events section of our website. A replay of the conference call will be available from Thursday, March 7, at 2p.m. Eastern through Thursday, March 14, at 11p.m. Eastern. Playback numbers are 888-286-8010 for U.S. calls and 617-801-6888 for international calls, and the passcode will be 42814497.

Basis of Presentation

We present our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Our earnings release also supplements the GAAP presentations by reflecting EBITDA, a non-GAAP financial measure. EBITDA is defined as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and to decide how to allocate resources to segments. We believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that are used by our internal decision makers and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. EBITDA, however, is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of EBITDA instead of net income (loss) or segment income (loss) has limitations as an analytical tool, including the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for the limitations of EBITDA by relying on our GAAP results. Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This news release contains statements that are “forward looking” within the Private Securities Litigation Reform Act of 1995. These statements speak only as of the date of this press release. While they are based on the current expectations and beliefs of management, they are subject to a number of uncertainties and assumptions that could cause actual results to differ from the expectations expressed in this release.

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Boise Cascade Company

Consolidated Statements of Operations

(in thousands)

	Three Months Ended									Year Ended
	December 31						September 30, 2012			December 31
	2012			2011						2012			2011
Sales
Trade	$	689,486		$	542,288		$	759,330		$	2,759,290		$	2,229,325
Related parties	5,094			5,154			5,266			19,772			18,763
	694,580			547,442			764,596			2,779,062			2,248,088
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	592,022			476,772			638,994			2,343,174			1,952,619
Materials, labor, and other operating expenses from related parties (excluding depreciation)	15,567			8,918			14,131			60,271			40,058
Depreciation and amortization	8,489			9,522			8,461			33,407			37,022
Selling and distribution expenses	58,201			51,666			62,572			235,055			204,998
General and administrative expenses	11,200			8,786			12,185			43,122			37,242
Other (income) expense, net	496			854			121			902			3,195
	685,975			556,518			736,464			2,715,931			2,275,134
Income (loss) from operations	8,605			(9,076		)	28,132			63,131			(27,046		)
Foreign exchange gain (loss)	(88		)	99			228			37			(497		)
Interest expense	(7,286		)	(4,813		)	(4,840		)	(21,757		)	(18,987		)
Interest income	111			93			87			392			407
	(7,263		)	(4,621		)	(4,525		)	(21,328		)	(19,077		)
Income (loss) before income taxes	1,342			(13,697		)	23,607			41,803			(46,123		)
Income tax provision	(64		)	(94		)	(104		)	(307		)	(240		)
Net income (loss)	$	1,278		$	(13,791	)	$	23,503		$	41,496		$	(46,363	)

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Segment Information

(in thousands)

	Three Months Ended									Year Ended
	December 31						September 30, 2012			December 31
	2012			2011						2012			2011
Segment sales
Building Materials Distribution	$	553,068		$	429,424		$	605,206		$	2,190,235		$	1,779,369
Wood Products	230,508			180,250			259,759			943,252			712,461
Intersegment eliminations	(88,996		)	(62,232		)	(100,369		)	(354,425		)	(243,742		)
	$	694,580		$	547,442		$	764,596		$	2,779,062		$	2,248,088
Segment income (loss)
Building Materials Distribution	$	5,852		$	(830	)	$	10,300		$	24,032		$	1,988
Wood Products	6,971			(5,073		)	22,464			55,794			(15,071		)
Corporate and Other	(4,306		)	(3,074		)	(4,404		)	(16,658		)	(14,460		)
	8,517			(8,977		)	28,360			63,168			(27,543		)
Interest expense	(7,286		)	(4,813		)	(4,840		)	(21,757		)	(18,987		)
Interest income	111			93			87			392			407
Income (loss) before income taxes	$	1,342		$	(13,697	)	$	23,607		$	41,803		$	(46,123	)
EBITDA (a)
Building Materials Distribution	$	8,055		$	1,344		$	12,563		$	32,874		$	10,384
Wood Products	13,233			2,216			28,628			80,238			13,316
Corporate and Other	(4,282		)	(3,015		)	(4,370		)	(16,537		)	(14,221		)
	$	17,006		$	545		$	36,821		$	96,575		$	9,479

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Boise Cascade Company

Consolidated Balance Sheets

(in thousands)

	December 31
	2012		2011
ASSETS
Current
Cash and cash equivalents	$	54,507	$	182,455
Receivables
Trade, less allowances of $2,696 and $2,142	134,743		118,901
Related parties	674		1,236
Other	6,204		3,796
Inventories	325,806		283,978
Prepaid expenses and other	5,523		4,864
	527,457		595,230
Property and equipment, net	265,924		266,456
Timber deposits	6,221		8,327
Deferred financing costs	7,562		4,962
Goodwill	12,170		12,170
Intangible assets	8,900		8,900
Other assets	8,164		6,786
Total assets	$	836,398	$	902,831

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Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data)

	December 31
	2012			2011
LIABILITIES AND STOCKHOLDER'S EQUITY
Current
Accounts payable
Trade	$	140,192		$	116,758
Related parties	1,950			1,142
Accrued liabilities
Compensation and benefits	61,814			32,267
Interest payable	3,188			3,326
Other	29,043			24,486
	236,187			177,979
Debt
Long-term debt	275,000			219,560
Other
Compensation and benefits	206,668			200,248
Other long-term liabilities	14,336			13,676
	221,004			213,924
Redeemable equity	6,443			8,749
Commitments and contingent liabilities
Stockholder's equity
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding	—			—
Common stock, $0.01 par value per share; 300,000 shares authorized, 29,700 shares issued and outstanding	297			297
Additional paid-in capital	256,927			482,894
Accumulated other comprehensive loss	(121,229		)	(120,845		)
Accumulated deficit	(38,231		)	(79,727		)
Total stockholder's equity	97,764			282,619
Total liabilities and stockholder's equity	$	836,398		$	902,831

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Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands)

	Year Ended December 31
	2012			2011
Cash provided by (used for) operations
Net income (loss)	$	41,496		$	(46,363	)
Items in net income (loss) not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	37,211			39,232
Pension expense	12,653			11,368
Other	(471		)	2,220
Decrease (increase) in working capital, net of acquisitions
Receivables	(17,238		)	(15,675		)
Inventories	(41,828		)	(20,899		)
Prepaid expenses and other	(652		)	(72		)
Accounts payable and accrued liabilities	53,041			1,878
Pension contributions	(8,486		)	(13,621		)
Other	4,410			(1,049		)
Net cash provided by (used for) operations	80,136			(42,981		)
Cash provided by (used for) investment
Expenditures for property and equipment	(27,386		)	(33,537		)
Acquisitions of businesses and facilities	(2,355		)	(5,782		)
Proceeds from sales of assets	246			3,126
Other	61			(424		)
Net cash used for investment	(29,434		)	(36,617		)
Cash provided by (used for) financing
Issuances of long-term debt	300,000			—
Payments of long-term debt	(244,560		)	—
Distributions to Boise Cascade Holdings, L.L.C.	(228,268		)	—
Financing costs	(5,822		)	(2,548		)
Net cash used for financing	(178,650		)	(2,548		)
Net decrease in cash and cash equivalents	(127,948		)	(82,146		)
Balance at beginning of the period	182,455			264,601
Balance at end of the period	$	54,507		$	182,455

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Summary Notes to Consolidated Financial Statements and Segment Information

The Consolidated Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information do not include all Notes to Consolidated Financial Statements and should be read in conjunction with the Company’s 2012 Form 10-K. Net income (loss) for all periods presented involved estimates and accruals.

(a) EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income (loss) to EBITDA for the three months ended December 31, 2012 and December 31, 2011, and September 30, 2012 and the years ended December 31, 2012 and 2011:

	Three Months Ended									Year Ended
	December 31						September 30, 2012			December 31
	2012			2011						2012			2011
	(in thousands)
Net income (loss)	1,278			(13,791		)	23,503			41,496			(46,363		)
Interest expense	7,286			4,813			4,840			21,757			18,987
Interest income	(111		)	(93		)	(87		)	(392		)	(407		)
Income tax provision	64			94			104			307			240
Depreciation and amortization	8,489			9,522			8,461			33,407			37,022
EBITDA	$	17,006		$	545		$	36,821		$	96,575		$	9,479

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The following table reconciles segment income (loss) to EBITDA for the three months ended December 31, 2012 and December 31, 2011, and September 30, 2012 and the years ended December 31, 2012 and 2011:

	Three Months Ended									Year Ended
	December 31						September 30, 2012			December 31
	2012			2011						2012			2011
	(in thousands)
Building Materials Distribution
Segment income (loss)	$	5,852		$	(830	)	$	10,300		$	24,032		$	1,988
Depreciation and amortization	2,203			2,174			2,263			8,842			8,396
EBITDA	8,055			1,344			12,563			32,874			10,384
Wood Products
Segment income (loss)	6,971			(5,073		)	22,464			55,794			(15,071		)
Depreciation and amortization	6,262			7,289			6,164			24,444			28,387
EBITDA	13,233			2,216			28,628			80,238			13,316
Corporate and Other
Segment loss	(4,306		)	(3,074		)	(4,404		)	(16,658		)	(14,460		)
Depreciation and amortization	24			59			34			121			239
EBITDA	(4,282		)	(3,015		)	(4,370		)	(16,537		)	(14,221		)
EBITDA	$	17,006		$	545		$	36,821		$	96,575		$	9,479

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