Boise Cascade (BCC) 8-K Boise Cascade Company Reports 2017 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 31, 2017

Boise Cascade Company Reports 2017 Third Quarter Net Income of

$31.7 Million on Sales of $1.23 Billion

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $31.7 million, or $0.81 per share, on sales of $1.23 billion for the third quarter ended September 30, 2017. Third quarter 2016 net income of $10.0 million, or $0.26 per share, included a $9.5 million pre-tax loss on debt extinguishment, or a $0.15 per share after-tax impact.

Third Quarter 2017 Highlights

	3Q 2017		3Q 2016		% change
	(thousands, except per-share data and percentages)
Consolidated Results
Sales	$	1,226,644	$	1,067,214	15	%
Net income	31,661		9,981		217	%
Net income per common share - diluted	0.81		0.26		212	%
Adjusted EBITDA1	75,784		50,726		49	%
Segment Results
Wood Products sales	$	366,920	$	340,928	8	%
Wood Products income	24,027		11,564		108	%
Wood Products EBITDA1	39,364		27,189		45	%
Building Materials Distribution sales	1,045,646		889,026		18	%
Building Materials Distribution income	39,379		26,415		49	%
Building Materials Distribution EBITDA1	43,289		29,929		45	%

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

“Distribution posted an exceptional quarter, with excellent execution and tailwinds from a strong commodity price environment. Improved results in Wood Products were driven by strong plywood prices and the impact of previously announced EWP price increases. The catastrophic storms in the southern U.S. created incremental plywood demand, and our sales and operations teams did a great job of responding to customer needs,” commented Tom Corrick, CEO. “We expect to experience seasonally slower demand in the fourth quarter, and commodity pricing will be subject to downside risks. We remain well positioned to support single-family housing starts growth that

continues to post solid year-over-year gains.”

In third quarter 2017, total U.S. housing starts increased by approximately 1% compared to the same period last year, driven by an approximate 11% increase in single-family starts, offset by an approximate 18% decrease in multi-family starts. Single-family residential construction is the primary demand driver of our sales. On a year-to-date basis, total U.S. housing starts improved 3% compared to the same period last year, driven by an approximate 9% increase in single-family starts.

Wood Products

Wood Products sales, including sales to Building Materials Distribution (BMD), increased $26.0 million, or 8%, to $366.9 million for the three months ended September 30, 2017, from $340.9 million for the three months ended September 30, 2016. The increase in sales was driven primarily by higher plywood sales prices and volumes, as well as higher sales prices for I-joists and LVL (collectively EWP). In addition, increased lumber sales prices contributed to the increase in sales. These increases were offset by decreases in EWP sales volumes.

Wood Products segment income increased $12.5 million to $24.0 millionfor the three months ended September 30, 2017, from $11.6 millionfor the three months ended September 30, 2016. The increase in segment income was due primarily to higher sales prices of plywood, EWP, and lumber, offset partially by higher OSB costs used in the manufacture of I-joists.

Comparative average net selling prices and sales volume changes for EWP, plywood, and lumber are as follows:

	3Q 2017 vs. 3Q 2016	3Q 2017 vs. 2Q 2017
Average Net Selling Prices
LVL	4%	3%
I-joists	5%	6%
Plywood	13%	8%
Lumber	15%	1%
Sales Volumes
LVL	(7)%	(12)%
I-joists	(8)%	(12)%
Plywood	5%	10%
Lumber	(4)%	3%

Building Materials Distribution

BMD sales increased $156.6 million, or 18%, to $1,045.6 million for the three months ended September 30, 2017, from $889.0 million for the three months ended September 30, 2016. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price and sales volume increases of 10% and 8%, respectively. By product line, commodity sales increased 21%; general line product sales increased 14%; and sales of EWP (substantially all of which are sourced through our Wood Products segment) increased 16%.

BMD segment income increased $13.0 million to $39.4 million for the three months ended September 30, 2017, from $26.4 million for the three months ended September 30, 2016. The improvement in segment income was driven primarily by a gross margin increase of $22.3 million generated from a sales increase of 18%, offset partially by increased selling and distribution expenses of $7.6 million.

2

Balance Sheet

Boise Cascade ended the third quarter with $172.2 million of cash and cash equivalents and $393.6 million of undrawn committed bank line availability, for total available liquidity of $565.8 million. The Company had $438.0 million of outstanding debt at September 30, 2017. With our sound financial position, we continue to review organic growth and acquisition opportunities, along with ongoing evaluation of alternatives to return cash to our shareholders.

Outlook

We expect to experience seasonally slower demand in fourth quarter 2017. On an annual basis, total housing starts in the U.S. continue to show modest improvement, with single-family starts growth offsetting weakness in multi-family starts in 2017. We remain optimistic that the improvement in demand for our products will continue as household formation rates and residential construction recover and we will continue to manage our production levels to our sales demand. As in past years, we plan to take scheduled capital and maintenance-related downtime at certain plywood facilities during the fourth quarter.

Future commodity product pricing could be volatile in response to industry operating rates, net import and export activity, the North American softwood lumber trade dispute, inventory levels in our distribution channels, and seasonal demand patterns. Furthermore, commodity product pricing is currently above historical levels. As a wholesale distributor of a broad mix of commodity products and a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices.

We also expect to begin depreciation on approximately $45 million of veneer and LVL related assets at our Roxboro, North Carolina EWP facility in the fourth quarter as we make further progress on start-up activities.

About Boise Cascade

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

Webcast and Conference Call

Boise Cascade will host a webcast and conference call on Tuesday, October 31, at 11 a.m. Eastern, to review the Company's third quarter results.

You can join the webcast through the Company's 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 844-795-4410 (international callers should dial 661-378-9637), participant passcode 1613314, at least 10 minutes before the start of the call.

The archived webcast will be available in the Investor Relations section of the Company's website. A replay of the conference call will be available from Tuesday, October 31, at 2 p.m. Eastern through Tuesday, November 7, at 1 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers, and the passcode will be 1613314.

Basis of Presentation

As of January 1, 2017, we operate our business using two reportable segments: Wood Products and Building Materials Distribution. Prior to January 1, 2017, we operated our business using three reportable segments: Wood Products, Building Materials Distribution, and Corporate and Other. This change is based on Corporate and Other no longer earning revenue as of January 1, 2017 and thus no longer meeting the definition of a reportable segment. Corporate and Other results are now presented as reconciling items to arrive at total net sales and operating income. Corresponding information for the three and nine months ended September 30, 2016 has been revised to conform with current presentation.    

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We refer to the terms EBITDA and Adjusted EBITDA in this earnings release as supplemental measures of our performance and liquidity that are 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. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps and loss on extinguishment of debt.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide 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 they are 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. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income or segment income (loss) have limitations as analytical tools, 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 measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from 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, 2017			September 30
	2017			2016						2017			2016
Sales	$	1,226,644		$	1,067,214		$	1,138,939		$	3,340,026		$	2,991,682
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,045,772			922,101			980,226			2,872,765			2,586,360
Depreciation and amortization	19,686			19,459			19,601			58,631			53,249
Selling and distribution expenses	87,564			80,026			82,336			243,601			224,922
General and administrative expenses	16,476			14,367			15,565			45,613			46,031
Other (income) expense, net	1,138			(46		)	(1,238		)	(135		)	(1,459		)
	1,170,636			1,035,907			1,096,490			3,220,475			2,909,103
Income from operations	56,008			31,307			42,449			119,551			82,579
Foreign currency exchange gain (loss)	90			(40		)	13			131			186
Interest expense	(6,295		)	(7,135		)	(6,491		)	(19,150		)	(19,364		)
Interest income	167			60			54			254			236
Change in fair value of interest rate swaps	(33		)	836			(724		)	(462		)	(765		)
Loss on extinguishment of debt	—			(9,525		)	—			—			(9,525		)
	(6,071		)	(15,804		)	(7,148		)	(19,227		)	(29,232		)
Income before income taxes	49,937			15,503			35,301			100,324			53,347
Income tax provision	(18,276		)	(5,522		)	(13,147		)	(36,489		)	(19,188		)
Net income	$	31,661		$	9,981		$	22,154		$	63,835		$	34,159
Weighted average common shares outstanding:
Basic	38,660			38,814			38,643			38,601			38,827
Diluted	39,139			39,120			39,002			38,962			38,950
Net income per common share:
Basic	$	0.82		$	0.26		$	0.57		$	1.65		$	0.88
Diluted	$	0.81		$	0.26		$	0.57		$	1.64		$	0.88

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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, 2017			September 30
	2017			2016						2017			2016
Segment sales	$	366,920		$	340,928		$	350,277		$	1,042,854		$	990,743
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	315,421			302,667			309,876			917,757			880,412
Depreciation and amortization	15,337			15,625			15,264			45,752			42,028
Selling and distribution expenses	7,580			7,594			7,563			22,879			23,077
General and administrative expenses	3,408			2,978			3,213			9,491			12,249
Other (income) expense, net	1,147			500			(1,034		)	165			(781		)
	342,893			329,364			334,882			996,044			956,985
Segment income	$	24,027		$	11,564		$	15,395		$	46,810		$	33,758
	(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)	86.0		%	88.8		%	88.5		%	88.0		%	88.9		%
Depreciation and amortization	4.2		%	4.6		%	4.4		%	4.4		%	4.2		%
Selling and distribution expenses	2.1		%	2.2		%	2.2		%	2.2		%	2.3		%
General and administrative expenses	0.9		%	0.9		%	0.9		%	0.9		%	1.2		%
Other (income) expense, net	0.3		%	0.1		%	(0.3		)%	—		%	(0.1		%)
	93.5		%	96.6		%	95.6		%	95.5		%	96.6		%
Segment income	6.5		%	3.4		%	4.4		%	4.5		%	3.4		%

6

Building Materials Distribution Segment

Statements of Operations

(unaudited, in thousands, except percentages)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2017			September 30
	2017			2016						2017			2016
Segment sales	$	1,045,646		$	889,026		$	980,706		$	2,842,035		$	2,456,322
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	916,340			781,978			862,349			2,499,988			2,161,456
Depreciation and amortization	3,910			3,514			3,856			11,492			10,103
Selling and distribution expenses	79,846			72,237			74,648			220,342			201,313
General and administrative expenses	6,189			5,451			5,548			16,730			15,310
Other (income) expense, net	(18		)	(569		)	(204		)	(370		)	(765		)
	1,006,267			862,611			946,197			2,748,182			2,387,417
Segment income	$	39,379		$	26,415		$	34,509		$	93,853		$	68,905
	(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)	87.6		%	88.0		%	87.9		%	88.0		%	88.0		%
Depreciation and amortization	0.4		%	0.4		%	0.4		%	0.4		%	0.4		%
Selling and distribution expenses	7.6		%	8.1		%	7.6		%	7.8		%	8.2		%
General and administrative expenses	0.6		%	0.6		%	0.6		%	0.6		%	0.6		%
Other (income) expense, net	—		%	(0.1		)%	—		%	—		%	—		%
	96.2		%	97.0		%	96.5		%	96.7		%	97.2		%
Segment income	3.8		%	3.0		%	3.5		%	3.3		%	2.8		%

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Segment Information

(unaudited, in thousands)

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2017			September 30
	2017			2016						2017			2016
Segment sales
Wood Products	$	366,920		$	340,928		$	350,277		$	1,042,854		$	990,743
Building Materials Distribution	1,045,646			889,026			980,706			2,842,035			2,456,322
Intersegment eliminations and other	(185,922		)	(162,740		)	(192,044		)	(544,863		)	(455,383		)
Total net sales	$	1,226,644		$	1,067,214		$	1,138,939		$	3,340,026		$	2,991,682
Segment income
Wood Products	$	24,027		$	11,564		$	15,395		$	46,810		$	33,758
Building Materials Distribution	39,379			26,415			34,509			93,853			68,905
Total segment income	63,406			37,979			49,904			140,663			102,663
Unallocated corporate and other	(7,398		)	(6,672		)	(7,455		)	(21,112		)	(20,084		)
Income from operations	$	56,008		$	31,307		$	42,449		$	119,551		$	82,579
Segment EBITDA (a)
Wood Products	$	39,364		$	27,189		$	30,659		$	92,562		$	75,786
Building Materials Distribution	43,289			29,929			38,365			105,345			79,008

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

8

Boise Cascade Company

Consolidated Balance Sheets

(unaudited, in thousands)

	September 30, 2017		December 31, 2016
ASSETS
Current
Cash and cash equivalents	$	172,185	$	103,978
Receivables
Trade, less allowances of $1,227 and $1,459	315,336		199,191
Related parties	285		506
Other	9,424		10,952
Inventories	459,864		433,451
Prepaid expenses and other	10,209		12,381
Total current assets	967,303		760,459
Property and equipment, net	555,197		568,702
Timber deposits	14,704		14,901
Goodwill	55,433		55,433
Intangible assets, net	15,260		15,547
Deferred income taxes	8,502		8,840
Other assets	14,151		15,315
Total assets	$	1,630,550	$	1,439,197

9

Boise Cascade Company

Consolidated Balance Sheets (continued)

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

	September 30, 2017			December 31, 2016
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade	$	283,089		$	194,010
Related parties	2,235			1,903
Accrued liabilities
Compensation and benefits	71,338			67,752
Interest payable	1,803			6,860
Other	68,460			42,339
Total current liabilities	426,925			312,864
Debt
Long-term debt	438,033			437,629
Other
Compensation and benefits	83,537			83,164
Deferred income taxes	12,434			6,339
Other long-term liabilities	20,308			19,197
	116,279			108,700
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, 43,727 and 43,520 shares issued, respectively	437			435
Treasury Stock, 5,167 shares at cost	(133,979		)	(133,979		)
Additional paid-in capital	520,220			515,410
Accumulated other comprehensive loss	(82,246		)	(83,012		)
Retained earnings	344,881			281,150
Total stockholders' equity	649,313			580,004
Total liabilities and stockholders' equity	$	1,630,550		$	1,439,197

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Boise Cascade Company

Consolidated Statements of Cash Flows

(unaudited, in thousands)

	Nine Months Ended
	September 30
	2017			2016
Cash provided by (used for) operations
Net income	$	63,835		$	34,159
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	60,097			54,609
Stock-based compensation	6,931			5,980
Pension expense	1,074			1,749
Deferred income taxes	6,019			7,008
Change in fair value of interest rate swaps	462			765
Other	(125		)	67
Loss on extinguishment of debt	—			9,525
Decrease (increase) in working capital, net of acquisitions
Receivables	(110,646		)	(62,794		)
Inventories	(26,413		)	(48,362		)
Prepaid expenses and other	(2,389		)	(3,678		)
Accounts payable and accrued liabilities	108,099			102,313
Pension contributions	(1,666		)	(3,338		)
Income taxes payable	11,051			13,623
Restricted cash deposits with trustee for interest payments	—			(3,681		)
Other	807			5,309
Net cash provided by operations	117,136			113,254
Cash provided by (used for) investment
Expenditures for property and equipment	(48,060		)	(55,426		)
Acquisitions of businesses and facilities	—			(215,900		)
Proceeds from sales of assets and other	2,089			546
Net cash used for investment	(45,971		)	(270,780		)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	410,400			835,000
Payments on long-term debt, including revolving credit facility	(410,400		)	(602,096		)
Restricted cash deposits with trustee for debt payments	—			(119,175		)
Treasury stock purchased	—			(2,632		)
Financing costs	(478		)	(6,319		)
Tax withholding payments on stock-based awards	(2,901		)	(383		)
Other	421			(181		)
Net cash provided by (used for) financing	(2,958		)	104,214
Net increase (decrease) in cash and cash equivalents	68,207			(53,312		)
Balance at beginning of the period	103,978			184,496
Balance at end of the period	$	172,185		$	131,184

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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 presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2016 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. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps and loss on extinguishment of debt. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended September 30, 2017 and 2016, and June 30, 2017, and the nine months ended September 30, 2017 and 2016:

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2017			September 30
	2017			2016						2017			2016
	(unaudited, in thousands)
Net income	$	31,661		$	9,981		$	22,154		$	63,835		$	34,159
Interest expense	6,295			7,135			6,491			19,150			19,364
Interest income	(167		)	(60		)	(54		)	(254		)	(236		)
Income tax provision	18,276			5,522			13,147			36,489			19,188
Depreciation and amortization	19,686			19,459			19,601			58,631			53,249
EBITDA	75,751			42,037			61,339			177,851			125,724
Change in fair value of interest rate swaps	33			(836		)	724			462			765
Loss on extinguishment of debt	—			9,525			—			—			9,525
Adjusted EBITDA	$	75,784		$	50,726		$	62,063		$	178,313		$	136,014

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The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended September 30, 2017 and 2016, and June 30, 2017, and the nine months ended September 30, 2017 and 2016:

	Three Months Ended									Nine Months Ended
	September 30						June 30, 2017			September 30
	2017			2016						2017			2016
	(unaudited, in thousands)
Wood Products
Segment income	$	24,027		$	11,564		$	15,395		$	46,810		$	33,758
Depreciation and amortization	15,337			15,625			15,264			45,752			42,028
EBITDA	$	39,364		$	27,189		$	30,659		$	92,562		$	75,786
Building Materials Distribution
Segment income	$	39,379		$	26,415		$	34,509		$	93,853		$	68,905
Depreciation and amortization	3,910			3,514			3,856			11,492			10,103
EBITDA	$	43,289		$	29,929		$	38,365		$	105,345		$	79,008
Corporate and Other
Unallocated corporate expenses	$	(7,398	)	$	(6,672	)	$	(7,455	)	$	(21,112	)	$	(20,084	)
Foreign currency exchange gain (loss)	90			(40		)	13			131			186
Change in fair value of interest rate swaps	(33		)	836			(724		)	(462		)	(765		)
Loss on extinguishment of debt	—			(9,525		)	—			—			(9,525		)
Depreciation and amortization	439			320			481			1,387			1,118
EBITDA	(6,902		)	(15,081		)	(7,685		)	(20,056		)	(29,070		)
Change in fair value of interest rate swaps	33			(836		)	724			462			765
Loss on extinguishment of debt	—			9,525			—			—			9,525
Corporate and other adjusted EBITDA	$	(6,869	)	$	(6,392	)	$	(6,961	)	$	(19,594	)	$	(18,780	)
Total company adjusted EBITDA	$	75,784		$	50,726		$	62,063		$	178,313		$	136,014

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