Boise Cascade (BCC) 8-K Boise Cascade Company Reports 2015 Third Quarter Net Income of

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: October 22, 2015

Boise Cascade Company Reports 2015 Third Quarter Net Income of

$22.0 Million on Sales of $991.6 Million

BOISE, Idaho - Boise Cascade Company (Boise Cascade or Company) (NYSE: BCC) today reported net income of $22.0 million, or $0.56 per share, on sales of $991.6 million for the third quarter ended September 30, 2015.

Third Quarter 2015 Highlights

	3Q 2015			3Q 2014			% change
	(thousands, except per-share data and percentages)
Consolidated Results
Sales	$	991,580		$	983,319		1	%
Net income	22,007			32,285			(32	)%
Net income per common share - diluted	0.56			0.82			(32	)%
EBITDA1	54,541			69,078			(21	)%
Segment Results
Wood Products sales	$	340,621		$	355,697		(4	)%
Wood Products EBITDA1	32,925			51,342			(36	)%
Building Materials Distribution sales	798,982			773,391			3	%
Building Materials Distribution EBITDA1	25,805			23,506			10	%
Corporate EBITDA1	(4,189		)	(5,770		)	27	%

¹ For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In third quarter 2015, total and single-family U.S. housing starts increased approximately 13% and 15%, respectively, from the same period last year. The October 2015 Blue Chip consensus forecast for 2015 reflects 1.13 million total U.S. housing starts, a 13% expected increase from 2014 levels. At that level, total housing starts would remain below the historical average for the last 20 years of approximately 1.3 million starts per year.

“Both of our businesses delivered good volume growth in our key product lines during the quarter, but weak commodity prices constrained our top-line revenue growth. Despite the product pricing headwinds, Building Materials Distribution performed well and delivered its best quarter since 2006. In Wood Products, double digit declines in plywood and lumber prices overshadowed our improved operating performance in the quarter. As we start the fourth quarter, we continue to believe the underlying demand for new residential construction will show

modest annual improvement in 2015 and 2016 and we remain confident we are well positioned to take advantage of market opportunities," stated Tom Corrick, CEO.

Wood Products

Sales, including sales to BMD, decreased $15.1 million, or 4%, to $340.6 million for the three months ended September 30, 2015, from $355.7 million for the three months ended September 30, 2014. The decrease in sales was driven primarily by decreases in plywood and lumber sales prices of 16% and 13%, respectively. These decreases were offset partially by increases in sales volumes of plywood and LVL of 4% and 5%, respectively. Sales prices of LVL and I-joists, as well as I-joists sales volumes, were relatively flat compared with the same period in the prior year.

Wood Products EBITDA decreased $18.4 million to $32.9 million for the three months ended September 30, 2015, from $51.3 million for the three months ended September 30, 2014. The decline in EBITDA was due primarily to lower plywood and lumber sales prices.

Building Materials Distribution

Sales increased $25.6 million, or 3%, to $799.0 million for the three months ended September 30, 2015, from $773.4 million for the three months ended September 30, 2014. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales volume increases of 8%, offset partially by a decrease in sales prices of 5%. By product line, commodity sales decreased 2%, general line product sales increased 8%, and sales of engineered wood products (substantially all of which are sourced through our Wood Products segment) increased 7%.

BMD EBITDA increased $2.3 million to $25.8 million for the three months ended September 30, 2015, from $23.5 million for the three months ended September 30, 2014. The increase in EBITDA was driven primarily by a higher gross margin of $3.1 million, offset partially by increased selling and distribution expenses of $1.1 million.

Corporate and Other

Segment EBITDA was negative $4.2 million for the three months ended September 30, 2015, compared with negative $5.8 million for the three months ended September 30, 2014. The change was due primarily to lower incentive compensation.

Balance Sheet

Boise Cascade ended the third quarter with $212.8 million of cash and cash equivalents and $292.7 million of undrawn committed bank line availability, for total available liquidity of $505.5 million. The Company reported $351.3 million of outstanding debt at September 30, 2015.

Outlook

We expect to experience seasonally slower demand in the fourth quarter of 2015. On an annual basis, housing starts in the U.S. continue to show modest improvement and we remain optimistic that the improvement in demand for our products will continue through 2016, but at forecasted levels below the 20-year historical average. We expect to manage our production levels to our sales demand, which will likely result in operating some of our facilities below their capacity until demand improves further. Composite structural panel and lumber prices have been historically volatile and are well below prior year levels as we begin the fourth quarter. Future commodity product pricing could be volatile in response to industry capacity restarts and operating rates, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns.

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About Boise Cascade

Boise Cascade Company is one of the largest producers of plywood and engineered wood products in North America and a leading U.S. wholesale distributor of building products. 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, October 22, at 11 a.m. Eastern, at which time we will review the Company's third quarter.

You can join the webcast through our website by going to www.bc.com and clicking on the Event Calendar link under the Investor Relations heading. Please go to the website at least 15 minutes before the start of the webcast to register. To join the conference call, dial 855-209-5834 (international callers should dial 315-625-6883), participant passcode 55710405, at least 10 minutes before the start of the call.

The archived webcast will be available in the Investor Relations section of our website. A replay of the conference call will be available from Thursday, October 22, at 2 p.m. Eastern through Thursday, October 29, at 11 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. calls and 404-537-3406 for international calls, and the passcode will be 55710405.

Basis of Presentation

We refer to the term EBITDA in this earnings release as a supplemental measure of our performance and liquidity that is not required by or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization.

EBITDA is the primary measure used by our management 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 management 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, income 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 or segment income 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 these limitations 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

(unaudited, in thousands, except per-share data)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
Sales	$	991,580		$	983,319		$	955,397		$	2,756,880		$	2,711,686
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	854,134			827,890			824,583			2,383,756			2,324,030
Depreciation and amortization	14,249			13,203			13,281			41,117			38,005
Selling and distribution expenses	72,668			72,714			68,254			202,802			198,825
General and administrative expenses	11,345			13,173			12,018			35,371			35,763
Other (income) expense, net	(1,256		)	148			(98		)	(1,653		)	(1,589		)
	951,140			927,128			918,038			2,661,393			2,595,034
Income from operations	40,440			56,191			37,359			95,487			116,652
Foreign currency exchange gain (loss)	(148		)	(316		)	41			(214		)	(139		)
Interest expense	(5,729		)	(5,514		)	(5,591		)	(16,801		)	(16,545		)
Interest income	73			57			58			221			180
	(5,804		)	(5,773		)	(5,492		)	(16,794		)	(16,504		)
Income before income taxes	34,636			50,418			31,867			78,693			100,148
Income tax provision	(12,629		)	(18,133		)	(11,637		)	(28,839		)	(35,880		)
Net income	$	22,007		$	32,285		$	20,230		$	49,854		$	64,268
Weighted average common shares outstanding:
Basic	39,127			39,423			39,494			39,372			39,407
Diluted	39,240			39,481			39,600			39,473			39,459
Net income per common share:
Basic	$	0.56		$	0.82		$	0.51		$	1.27		$	1.63
Diluted	$	0.56		$	0.82		$	0.51		$	1.26		$	1.63

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Wood Products Segment

Statements of Operations

(unaudited, in thousands, except percentages)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
Segment sales	$	340,621		$	355,697		$	339,869		$	989,806		$999,982
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	299,744			293,569			296,276			864,440			854,425
Depreciation and amortization	11,049			10,711			10,341			32,181			30,735
Selling and distribution expenses	6,465			7,622			7,030			20,170			21,506
General and administrative expenses	2,456			2,960			2,514			7,482			8,027
Other (income) expense, net	(969		)	204			(4		)	(951		)	398
	318,745			315,066			316,157			923,322			915,091
Segment income	$	21,876		$	40,631		$	23,712		$	66,484		$	84,891
	(percentage of sales)
Segment sales	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	88.0		%	82.5		%	87.2		%	87.3		%	85.4		%
Depreciation and amortization	3.2		%	3.0		%	3.0		%	3.3		%	3.1		%
Selling and distribution expenses	1.9		%	2.1		%	2.1		%	2.0		%	2.2		%
General and administrative expenses	0.7		%	0.8		%	0.7		%	0.8		%	0.8		%
Other (income) expense, net	(0.3		)%	0.1		%	—		%	(0.1		)%	—		%
	93.6		%	88.6		%	93.0		%	93.3		%	91.5		%
Segment income	6.4		%	11.4		%	7.0		%	6.7		%	8.5		%

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Building Materials Distribution Segment

Statements of Operations

(unaudited, in thousands, except percentages)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
Segment sales	$	798,982		$	773,391		$	762,078		$	2,183,965		$	2,117,296
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	702,759			680,303			674,503			1,935,623			1,876,002
Depreciation and amortization	3,121			2,448			2,874			8,734			7,149
Selling and distribution expenses	66,183			65,092			60,910			181,743			177,319
General and administrative expenses	4,421			4,557			4,311			12,660			12,555
Other (income) expense, net	(186		)	(67		)	(96		)	(401		)	(2,049		)
	776,298			752,333			742,502			2,138,359			2,070,976
Segment income	$	22,684		$	21,058		$	19,576		$	45,606		$	46,320
	(percentage of sales)
Segment sales	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	88.0		%	88.0		%	88.5		%	88.6		%	88.6		%
Depreciation and amortization	0.4		%	0.3		%	0.4		%	0.4		%	0.3		%
Selling and distribution expenses	8.3		%	8.4		%	8.0		%	8.3		%	8.4		%
General and administrative expenses	0.6		%	0.6		%	0.6		%	0.6		%	0.6		%
Other (income) expense, net	—		%	—		%	—		%	—		%	(0.1		)%
	97.2		%	97.3		%	97.4		%	97.9		%	97.8		%
Segment income	2.8		%	2.7		%	2.6		%	2.1		%	2.2		%

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Segment Information

(unaudited, in thousands)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
Segment sales
Wood Products	$	340,621		$	355,697		$	339,869		$	989,806		$	999,982
Building Materials Distribution	798,982			773,391			762,078			2,183,965			2,117,296
Intersegment eliminations	(148,023		)	(145,769		)	(146,550		)	(416,891		)	(405,592		)
	$	991,580		$	983,319		$	955,397		$	2,756,880		$	2,711,686
Segment income (loss)
Wood Products	$	21,876		$	40,631		$	23,712		$	66,484		$	84,891
Building Materials Distribution	22,684			21,058			19,576			45,606			46,320
Corporate and Other (b)	(4,268		)	(5,814		)	(5,888		)	(16,817		)	(14,698		)
	40,292			55,875			37,400			95,273			116,513
Interest expense	(5,729		)	(5,514		)	(5,591		)	(16,801		)	(16,545		)
Interest income	73			57			58			221			180
Income before income taxes	$	34,636		$	50,418		$	31,867		$	78,693		$	100,148
EBITDA (a)
Wood Products	$	32,925		$	51,342		$	34,053		$	98,665		$	115,626
Building Materials Distribution	25,805			23,506			22,450			54,340			53,469
Corporate and Other (b)	(4,189		)	(5,770		)	(5,822		)	(16,615		)	(14,577		)
	$	54,541		$	69,078		$	50,681		$	136,390		$	154,518

See accompanying summary notes to consolidated financial statements and segment information.

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Boise Cascade Company

Consolidated Balance Sheets

(unaudited, in thousands)

	September 30, 2015		December 31, 2014
ASSETS
Current
Cash and cash equivalents	$	212,784	$	163,549
Receivables
Trade, less allowances of $1,935 and $2,062	231,413		172,314
Related parties	959		821
Other	7,891		7,311
Inventories	404,615		394,461
Deferred income taxes	17,439		20,311
Prepaid expenses and other	7,143		14,857
Total current assets	882,244		773,624
Property and equipment, net	385,571		368,128
Timber deposits	13,865		13,819
Deferred financing costs	6,929		7,149
Goodwill	21,823		21,823
Intangible assets, net	10,113		10,183
Deferred income taxes	—		16,684
Other assets	11,626		9,075
Total assets	$	1,332,171	$	1,220,485

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Boise Cascade Company

Consolidated Balance Sheets (continued)

(unaudited, in thousands, except per-share data)

	September 30, 2015			December 31, 2014
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	218,629		$	150,693
Related parties	3,636			1,743
Accrued liabilities
Compensation and benefits	55,585			66,170
Interest payable	8,157			3,298
Other	46,738			33,286
Total current liabilities	332,745			255,190
Debt
Long-term debt	351,259			301,415
Other
Compensation and benefits	83,551			156,218
Other long-term liabilities	27,635			15,274
	111,186			171,492
Commitments and contingent liabilities
Stockholders' 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, 43,411 and 43,282 shares issued, respectively	434			433
Treasury Stock, 4,587 and 3,864 shares at cost, respectively	(123,711		)	(100,000		)
Additional paid-in capital	506,555			502,739
Accumulated other comprehensive loss	(86,865		)	(101,498		)
Retained earnings	240,568			190,714
Total stockholders' equity	536,981			492,388
Total liabilities and stockholders' equity	$	1,332,171		$	1,220,485

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Boise Cascade Company

Consolidated Statements of Cash Flows

(unaudited, in thousands)

	Nine Months Ended
	September 30
	2015			2014
Cash provided by (used for) operations
Net income	$	49,854		$	64,268
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	42,314			39,223
Stock-based compensation	4,330			4,186
Pension expense	2,844			597
Deferred income taxes	20,722			1,913
Other	(1,853		)	(1,609		)
Decrease (increase) in working capital
Receivables	(59,381		)	(61,002		)
Inventories	(10,154		)	(15,512		)
Prepaid expenses and other	(2,241		)	(1,695		)
Accounts payable and accrued liabilities	76,485			62,003
Pension contributions	(53,701		)	(11,675		)
Income taxes payable	13,489			14,883
Other	(4,782		)	(7,482		)
Net cash provided by operations	77,926			88,098
Cash provided by (used for) investment
Expenditures for property and equipment	(56,698		)	(40,860		)
Proceeds from sales of assets and other	2,959			4,767
Net cash used for investment	(53,739		)	(36,093		)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	50,000			57,600
Payments on revolving credit facility	—			(57,600		)
Treasury stock purchased	(23,711		)	—
Financing costs	(702		)	(11		)
Other	(539		)	(269		)
Net cash provided by (used for) financing	25,048			(280		)
Net increase in cash and cash equivalents	49,235			51,725
Balance at beginning of the period	163,549			118,249
Balance at end of the period	$	212,784		$	169,974

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Summary Notes to Consolidated Financial Statements and Segment Information

The Consolidated Statements of Operations, Segment 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 2014 Form 10-K and the Company’s other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.

(a) EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended September 30, 2015 and 2014, and June 30, 2015, and the nine months ended September 30, 2015 and 2014:

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
	(unaudited, in thousands)
Net income	$	22,007		$	32,285		$	20,230		$	49,854		$	64,268
Interest expense	5,729			5,514			5,591			16,801			16,545
Interest income	(73		)	(57		)	(58		)	(221		)	(180		)
Income tax provision	12,629			18,133			11,637			28,839			35,880
Depreciation and amortization	14,249			13,203			13,281			41,117			38,005
EBITDA	$	54,541		$	69,078		$	50,681		$	136,390		$	154,518

The following table reconciles segment income (loss) to EBITDA for the three months ended September 30, 2015 and 2014, and June 30, 2015, and the nine months ended September 30, 2015 and 2014:

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2015			September 30
	2015			2014						2015			2014
	(unaudited, in thousands)
Wood Products
Segment income	$	21,876		$	40,631		$	23,712		$	66,484		$	84,891
Depreciation and amortization	11,049			10,711			10,341			32,181			30,735
EBITDA	32,925			51,342			34,053			98,665			115,626
Building Materials Distribution
Segment income	22,684			21,058			19,576			45,606			46,320
Depreciation and amortization	3,121			2,448			2,874			8,734			7,149
EBITDA	25,805			23,506			22,450			54,340			53,469
Corporate and Other
Segment loss	(4,268		)	(5,814		)	(5,888		)	(16,817		)	(14,698		)
Depreciation and amortization	79			44			66			202			121
EBITDA	(4,189		)	(5,770		)	(5,822		)	(16,615		)	(14,577		)
Total Company EBITDA	$	54,541		$	69,078		$	50,681		$	136,390		$	154,518

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(b) Prior to first quarter 2015, pension expense (which is primarily comprised of interest cost, expected return on plan assets, and amortization of actuarial losses) was recorded in each of our segments based on the associated individual employee roles and responsibilities. However, pension benefits are frozen for most employees and only a small number of hourly employees continue to accrue benefits. Therefore, management believes that recording pension expense in the Corporate and Other segment provides a clearer view of segment operating performance. In first quarter 2015, we made a change in our segment measurement method by recording all pension expense to the Corporate and Other segment. This change in measurement only impacts our segment disclosures, and thus it has no impact on our overall consolidated financial statements. Historical segment income (loss) and EBITDA have not been recast. For the three and nine months ended September 30, 2014, $0.1 million and $0.3 million, respectively, of pension expense was recorded in each of the Wood Products and Building Materials Distribution segments. Pension expense recorded in Corporate and Other was $2.8 million for the nine months ended September 30, 2015, compared with less than $0.1 million for each of the three and nine months ended September 30, 2014. We recorded an insignificant amount of pension income in the three months ended September 30, 2015.

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