Exhibit 99.2
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Paper | | | | | |
| Sales Volume | | | | | |
| Commodity UFS (short tons) | 197,237 |
| 195,663 |
| 193,562 |
| 184,508 |
| 770,970 |
|
| Premium and Specialty UFS (short tons) | 113,627 |
| 117,079 |
| 118,482 |
| 109,622 |
| 458,810 |
|
| Market Pulp (short tons) | 21,927 |
| 16,562 |
| 31,455 |
| 20,277 |
| 90,221 |
|
| Medium (short tons) | 32,773 |
| 34,060 |
| 34,568 |
| 33,883 |
| 135,284 |
|
| Net Sales Price (a) | | | | | |
| Commodity UFS ($/short ton) | $ | 934 |
| $ | 910 |
| $ | 948 |
| $ | 932 |
| $ | 931 |
|
| Premium and Specialty UFS ($/short ton) | $ | 1,085 |
| $ | 1,087 |
| $ | 1,093 |
| $ | 1,094 |
| $ | 1,090 |
|
| Market Pulp ($/short ton) | $ | 603 |
| $ | 631 |
| $ | 574 |
| $ | 455 |
| $ | 565 |
|
| Medium ($/short ton) | $ | 469 |
| $ | 487 |
| $ | 483 |
| $ | 485 |
| $ | 481 |
|
| Depreciation & Amortization (000) | $ | 22,052 |
| $ | 22,363 |
| $ | 22,471 |
| $ | 22,596 |
| $ | 89,482 |
|
| Capital Spending (000) | $ | 15,907 |
| $ | 18,574 |
| $ | 18,275 |
| $ | 21,469 |
| $ | 74,225 |
|
| | | | | | |
| Packaging | | | | | |
| Sales Volume | | | | | |
| Linerboard (short tons) | 137,866 |
| 154,176 |
| 156,518 |
| 157,900 |
| 606,460 |
|
| Segment Linerboard (short tons) | 61,939 |
| 55,479 |
| 55,270 |
| 57,478 |
| 230,166 |
|
| Corrugated Containers and Sheets (mmsf) (b) | 1,912 |
| 2,228 |
| 2,284 |
| 2,297 |
| 8,720 |
|
| Newsprint (short tons) | 54,566 |
| 59,695 |
| 57,942 |
| 58,557 |
| 230,760 |
|
| Net Sales Price (a) | | | | | |
| Linerboard Mill ($/short ton) | $ | 451 |
| $ | 462 |
| $ | 464 |
| $ | 457 |
| $ | 459 |
|
| Segment Linerboard Mill ($/short ton) | $ | 424 |
| $ | 425 |
| $ | 427 |
| $ | 413 |
| $ | 422 |
|
| Corrugated Containers and Sheets ($/msf) (b) | $ | 63 |
| $ | 69 |
| $ | 70 |
| $ | 67 |
| $ | 67 |
|
| Newsprint Mill ($/short ton) | $ | 542 |
| $ | 540 |
| $ | 541 |
| $ | 541 |
| $ | 541 |
|
| Depreciation & Amortization (000) | $ | 10,973 |
| $ | 12,849 |
| $ | 13,044 |
| $ | 13,681 |
| $ | 50,547 |
|
| Capital Spending (000) | $ | 7,870 |
| $ | 9,756 |
| $ | 10,285 |
| $ | 21,286 |
| $ | 49,197 |
|
| | | | | | |
| Total Company | | | | | |
| EBITDA (000) (c) | $ | 82,238 |
| $ | 70,514 |
| $ | 98,524 |
| $ | 81,371 |
| $ | 332,647 |
|
| EBITDA Excluding Special Items (000) (c) | $ | 84,438 |
| $ | 70,514 |
| $ | 98,524 |
| $ | 85,035 |
| $ | 340,241 |
|
| Net Income Per Share: Basic (d) | $ | 0.23 |
| $ | 0.11 |
| $ | 0.25 |
| $ | 0.16 |
| $ | 0.74 |
|
| Net Income Per Share: Diluted (d) | $ | 0.21 |
| $ | 0.11 |
| $ | 0.24 |
| $ | 0.15 |
| $ | 0.7 |
|
| Net Income excluding special items per diluted share (c) (d) | $ | 0.22 |
| $ | 0.11 |
| $ | 0.24 |
| $ | 0.17 |
| $ | 0.75 |
|
| Net total debt (c) | $ | 770.4 |
| $ | 526.8 |
| $ | 581.0 |
| $ | 29,753 |
| $ | 121,429.0 |
|
| |
| (a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
| |
| (b) | Includes the corrugated container and sheet volumes and prices for Tharco and Hexacomb since their acquisitions on March 1, and December 1, 2011, respectively. |
| |
| (c) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income to net income excluding special items, and total debt to net total debt are provided as an appendix. |
| |
| (d) | During second quarter 2011, Boise Inc. warrant holders exercised 40.3 million warrants, resulting in the issuance of 38.4 million additional common shares. During 2011, we repurchased 21.2 million of our common shares resulting in a decrease to the number of weighted average shares included in the basic and diluted net income per share calculation. For more information, see the Notes to Consolidated Financial Statements in our December 31, 2011, Form 10-K. |
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Paper | | | | | |
| Sales Volume | | | | | |
| Commodity UFS (short tons) | 203,003 |
| 196,570 |
| 203,563 |
| 180,892 |
| 784,028 |
|
| Premium and Specialty UFS (short tons) | 108,815 |
| 115,316 |
| 114,776 |
| 110,021 |
| 448,928 |
|
| Market Pulp (short tons) | 18,558 |
| 13,382 |
| 27,287 |
| 21,968 |
| 81,195 |
|
| Medium (short tons) | 31,823 |
| 31,390 |
| 33,893 |
| 29,438 |
| 126,544 |
|
| Net Sales Price (a) | | | | | |
| Commodity UFS ($/short ton) | $ | 899 |
| $ | 934 |
| $ | 957 |
| $ | 954 |
| $ | 936 |
|
| Premium and Specialty UFS ($/short ton) | $ | 1,020 |
| $ | 1,030 |
| $ | 1,076 |
| $ | 1,068 |
| $ | 1,049 |
|
| Market Pulp ($/short ton) | $ | 496 |
| $ | 605 |
| $ | 563 |
| $ | 544 |
| $ | 549 |
|
| Medium ($/short ton) | $ | 408 |
| $ | 460 |
| $ | 502 |
| $ | 499 |
| $ | 467 |
|
| Depreciation & Amortization (000) | $ | 21,469 |
| $ | 21,698 |
| $ | 21,903 |
| $ | 22,289 |
| $ | 87,359 |
|
| Capital Spending (000) | $ | 9,917 |
| $ | 15,397 |
| $ | 17,981 |
| $ | 24,552 |
| $ | 67,847 |
|
| | | | | | |
| Packaging | | | | | |
| Sales Volume | | | | | |
| Linerboard (short tons) | 138,561 |
| 157,236 |
| 153,434 |
| 152,380 |
| 601,611 |
|
| Segment Linerboard (short tons) | 61,878 |
| 53,950 |
| 48,254 |
| 61,129 |
| 225,211 |
|
| Corrugated Containers and Sheets (mmsf) | 1,616 |
| 1,686 |
| 1,741 |
| 1,691 |
| 6,735 |
|
| Newsprint (short tons) | 53,572 |
| 59,071 |
| 58,613 |
| 59,434 |
| 230,690 |
|
| Net Sales Price (a) | | | | | |
| Linerboard Mill ($/short ton) | $ | 364 |
| $ | 427 |
| $ | 468 |
| $ | 470 |
| $ | 434 |
|
| Segment Linerboard Mill ($/short ton) | $ | 296 |
| $ | 340 |
| $ | 398 |
| $ | 431 |
| $ | 365 |
|
| Corrugated Containers and Sheets ($/msf) | $ | 53 |
| $ | 56 |
| $ | 59 |
| $ | 59 |
| $ | 57 |
|
| Newsprint Mill ($/short ton) | $ | 442 |
| $ | 474 |
| $ | 511 |
| $ | 539 |
| $ | 493 |
|
| Depreciation & Amortization (000) | $ | 9,696 |
| $ | 9,579 |
| $ | 9,599 |
| $ | 9,682 |
| $ | 38,556 |
|
| Capital Spending (000) | $ | 3,372 |
| $ | 5,923 |
| $ | 10,566 |
| $ | 18,762 |
| $ | 38,623 |
|
| | | | | | |
| Total Company | | | | | |
| EBITDA (000) (b) | $ | 29,261 |
| $ | 70,070 |
| $ | 109,829 |
| $ | 93,391 |
| $ | 302,551 |
|
| EBITDA Excluding Special Items (000) (b) | $ | 54,916 |
| $ | 66,951 |
| $ | 110,948 |
| $ | 92,750 |
| $ | 325,565 |
|
| Net Income (Loss) Per Share: Basic | $ | (0.16 | ) | $ | 0.17 |
| $ | 0.45 |
| $ | 0.32 |
| $ | 0.78 |
|
| Net Income (Loss) Per Share: Diluted | $ | (0.16 | ) | $ | 0.16 |
| $ | 0.43 |
| $ | 0.31 |
| $ | 0.75 |
|
| Net Income excluding special items per diluted share (b) | $ | 0.04 |
| $ | 0.14 |
| $ | 0.44 |
| $ | 0.31 |
| $ | 0.91 |
|
| Net total debt (b) | $ | 693.9 |
| $ | 657.1 |
| $ | 604.0 |
| $ | 604.4 |
| $ | 604.4 |
|
| |
| (a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
| |
| (b) | Reconciliations of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income (loss) to net income excluding special items, and total debt to net total debt are provided as an appendix. |
Prior-year information is available on our website at www.BoiseInc.com.
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2009 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Paper | | | | | |
| Sales Volume | | | | | |
| Commodity UFS (short tons) | 205,770 |
| 209,022 |
| 220,115 |
| 208,713 |
| 843,620 |
|
| Premium and Specialty UFS (short tons) | 97,399 |
| 105,570 |
| 104,761 |
| 99,866 |
| 407,596 |
|
| Market Pulp (short tons) | 6,386 |
| 11,461 |
| 18,851 |
| 21,513 |
| 58,211 |
|
| Medium (short tons) | 30,120 |
| 30,440 |
| 34,558 |
| 31,382 |
| 126,500 |
|
| Net Sales Price (b) | | | | | |
| Commodity UFS ($/short ton) | $ | 949 |
| $ | 924 |
| $ | 908 |
| $ | 904 |
| $ | 921 |
|
| Premium and Specialty UFS ($/short ton) | $ | 1,050 |
| $ | 1,026 |
| $ | 1,010 |
| $ | 1,000 |
| $ | 1,021 |
|
| Market Pulp ($/short ton) | $ | 383 |
| $ | 357 |
| $ | 412 |
| $ | 495 |
| $ | 429 |
|
| Medium ($/short ton) | $ | 469 |
| $ | 429 |
| $ | 403 |
| $ | 376 |
| $ | 418 |
|
| Depreciation & Amortization (000) | $ | 21,346 |
| $ | 21,099 |
| $ | 21,171 |
| $ | 21,524 |
| $ | 85,140 |
|
| Capital Spending (000) | $ | 9,091 |
| $ | 11,259 |
| $ | 14,557 |
| $ | 16,143 |
| $ | 51,050 |
|
| | | | | | |
| Packaging | | | | | |
| Sales Volume | | | | | |
| Linerboard (short tons) | 109,701 |
| 134,037 |
| 148,727 |
| 149,658 |
| 542,123 |
|
| Segment Linerboard (short tons) | 38,202 |
| 54,212 |
| 76,511 |
| 83,756 |
| 252,681 |
|
| Corrugated Containers and Sheets (mmsf) | 1,418 |
| 1,444 |
| 1,553 |
| 1,548 |
| 5,963 |
|
| Newsprint (short tons) | 60,120 |
| 28,190 |
| 52,463 |
| 58,085 |
| 198,858 |
|
| Net Sales Price (a) | | | | | |
| Linerboard Mill ($/short ton) | $ | 427 |
| $ | 383 |
| $ | 340 |
| $ | 333 |
| $ | 366 |
|
| Segment Linerboard Mill ($/short ton) | $ | 352 |
| $ | 302 |
| $ | 284 |
| $ | 293 |
| $ | 301 |
|
| Corrugated Containers and Sheets ($/msf) | $ | 60 |
| $ | 59 |
| $ | 58 |
| $ | 54 |
| $ | 58 |
|
| Newsprint Mill ($/short ton) | $ | 588 |
| $ | 434 |
| $ | 378 |
| $ | 411 |
| $ | 459 |
|
| Depreciation & Amortization (000) | $ | 9,656 |
| $ | 10,778 |
| $ | 10,676 |
| $ | 11,122 |
| $ | 42,232 |
|
| Capital Spending (000) | $ | 7,403 |
| $ | 6,465 |
| $ | 2,597 |
| $ | 6,622 |
| $ | 23,087 |
|
| | | | | | |
| Total Company | | | | | |
| EBITDA (000) (a) | $ | 52,723 |
| $ | 130,633 |
| $ | 127,989 |
| $ | 84,335 |
| $ | 395,680 |
|
| EBITDA Excluding Special Items (000) (a) | $ | 58,562 |
| $ | 52,961 |
| $ | 66,195 |
| $ | 54,385 |
| $ | 232,103 |
|
| Net Income (Loss) Per Share: Basic | $ | (0.01 | ) | $ | 0.65 |
| $ | 0.61 |
| $ | 0.70 |
| $ | 1.96 |
|
| Net Income (Loss) Per Share: Diluted | $ | (0.01 | ) | $ | 0.60 |
| $ | 0.57 |
| $ | 0.66 |
| $ | 1.85 |
|
| Free cash flow (000) (b) | $ | 68,517 |
| $ | 116,358 |
| $ | 121,210 |
| $ | 75,482 |
| $ | 381,567 |
|
| |
| (a) | Average net selling prices for our principal products represent sales less freight costs, discounts, and allowances. |
| |
| (b) | Reconciliations of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income (loss) to net income excluding special items, and total debt to net total debt are provided as an appendix. |
Prior-year information is available on our website at www.BoiseInc.com.
Boise Inc.
Appendix
Other Financial Measures
(dollars and shares in thousands, except per-share data)
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA by quarter and year to date for 2011:
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net income | $ | 18,694 |
| $ | 11,897 |
| $ | 28,364 |
| $ | 16,255 |
| $ | 75,210 |
|
| Interest expense | 16,367 |
| 16,072 |
| 15,725 |
| 15,653 |
| 63,817 |
|
| Interest income | (78 | ) | (74 | ) | (58 | ) | (59 | ) | (269 | ) |
| Income tax provision | 13,281 |
| 6,529 |
| 18,119 |
| 12,202 |
| 50,131 |
|
| Depreciation, amortization, and depletion | 33,974 |
| 36,090 |
| 36,374 |
| 37,320 |
| 143,758 |
|
| EBITDA | $ | 82,238 |
| $ | 70,514 |
| $ | 98,524 |
| $ | 81,371 |
| $ | 332,647 |
|
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2011:
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| EBITDA | $ | 82,238 |
| $ | 70,514 |
| $ | 98,524 |
| $ | 81,371 |
| $ | 332,647 |
|
| Inventory purchase accounting expense | 2,200 |
| — |
| — |
| | 2,200 |
|
| Transaction-related costs (a) | — |
| — |
| — |
| 1,364 |
| 3,094 |
|
| Loss on extinguishment of debt | — |
| — |
| — |
| 2,300 |
| 2,300 |
|
| EBITDA excluding special items | $ | 84,438 |
| $ | 70,514 |
| $ | 98,524 |
| $ | 85,035 |
| $ | 340,241 |
|
| |
| (a) | Transaction-related costs during first, second, and third quarter 2011 were not individually significant and were not considered special items in any of these quarters. Total transaction-related costs during fourth quarter and for the year 2011 were significant and are reported as special items. |
The following table reconciles net income to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ended December 31, 2011:
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net income | $ | 18,694 |
| $ | 11,897 |
| $ | 28,364 |
| $ | 16,255 |
| $ | 75,210 |
|
| Inventory purchase accounting expense | 2,200 |
| — |
| — |
| — |
| 2,200 |
|
| Transaction-related costs (a) | — |
| — |
| — |
| 1,364 |
| 3,094 |
|
| Loss on extinguishment of debt | — |
| — |
| — |
| 2,300 |
| 2,300 |
|
| Tax provision for special items (b) | (851 | ) | — |
| — |
| (1,418 | ) | (2,939 | ) |
| Net income excluding special items | $ | 20,043 |
| $ | 11,897 |
| $ | 28,364 |
| $ | 18,501 |
| $ | 79,865 |
|
| | | | | | |
| Weighted average common shares outstanding: diluted | 90,417 |
| 111,772 |
| 117,955 |
| 106,613 |
| 106,746 |
|
| Net income excluding special items per diluted common share | $ | 0.22 |
| $ | 0.11 |
| $ | 0.24 |
| $ | 0.17 |
| $ | 0.75 |
|
| |
| (a) | Transaction-related costs during first, second, and third quarter 2011 were not individually significant and were not considered special items in any of these quarters. Total transaction-related costs during fourth quarter and for the year 2011 were significant and are reported as special items. |
| |
| (b) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
The following table reconciles cash provided by operations to free cash flow by quarter and for the year ended December 31, 2011:
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Cash provided by operations | $ | 61,635 |
| $ | 34,467 |
| $ | 79,443 |
| $ | 74,646 |
| $ | 250,191 |
|
| Expenditures for property and equipment | (24,650 | ) | (29,087 | ) | (30,132 | ) | (44,893 | ) | (128,762 | ) |
| Free cash flow | $ | 36,985 |
| $ | 5,380 |
| $ | 49,311 |
| $ | 29,753 |
| $ | 121,429 |
|
EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA by quarter and year to date for 2010:
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net income (loss) | $ | (12,685 | ) | $ | 13,310 |
| $ | 35,923 |
| $ | 26,186 |
| $ | 62,734 |
|
| Interest expense | 16,474 |
| 16,178 |
| 16,100 |
| 16,073 |
| 64,825 |
|
| Interest income | (37 | ) | (61 | ) | (105 | ) | (103 | ) | (306 | ) |
| Income tax provision (benefit) | (6,622 | ) | 8,376 |
| 25,454 |
| 18,164 |
| 45,372 |
|
| Depreciation, amortization, and depletion | 32,131 |
| 32,267 |
| 32,457 |
| 33,071 |
| 129,926 |
|
| EBITDA | $ | 29,261 |
| $ | 70,070 |
| $ | 109,829 |
| $ | 93,391 |
| $ | 302,551 |
|
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2010:
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| EBITDA | $ | 29,261 |
| $ | 70,070 |
| $ | 109,829 |
| $ | 93,391 |
| $ | 302,551 |
|
| St. Helens mill restructuring | 128 |
| (434 | ) | 234 |
| 252 |
| 180 |
|
| Change in fair value of energy hedges | 3,330 |
| (2,713 | ) | 885 |
| (893 | ) | 609 |
|
| Loss on extinguishment of debt | 22,197 |
| 28 |
| — |
| — |
| 22,225 |
|
| EBITDA excluding special items | $ | 54,916 |
| $ | 66,951 |
| $ | 110,948 |
| $ | 92,750 |
| $ | 325,565 |
|
The following table reconciles net income (loss) to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ended December 31, 2010:
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| | | | | | |
| Net income (loss) | $ | (12,685 | ) | $ | 13,310 |
| $ | 35,923 |
| $ | 26,186 |
| $ | 62,734 |
|
| Change in fair value of energy hedges | 3,330 |
| (2,713 | ) | 885 |
| (892 | ) | 609 |
|
| St. Helens mill restructuring | 128 |
| (434 | ) | 234 |
| 252 |
| 180 |
|
| Loss on extinguishment of debt | 22,197 |
| 28 |
| — |
| — |
| 22,225 |
|
| Tax (provision) benefit for special items (a) | (9,928 | ) | 1,207 |
| (433 | ) | 248 |
| (8,906 | ) |
| Net income excluding special items | $ | 3,042 |
| $ | 11,398 |
| $ | 36,609 |
| $ | 25,794 |
| $ | 76,842 |
|
| | | | | | |
| Weighted average common shares outstanding: diluted | 84,195 |
| 84,093 |
| 84,082 |
| 84,157 |
| 84,131 |
|
| Net income excluding special items per diluted common share | $ | 0.04 |
| $ | 0.14 |
| $ | 0.44 |
| $ | 0.31 |
| $ | 0.91 |
|
| |
| (a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
The following table reconciles cash provided by operations to free cash flow by quarter and for the year ended December 31, 2010:
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Cash provided by operations | $ | 67,962 |
| $ | 66,329 |
| $ | 80,999 |
| $ | 74,491 |
| $ | 289,781 |
|
| Expenditures for property and equipment | (14,734 | ) | (22,747 | ) | (29,216 | ) | (44,922 | ) | (111,619 | ) |
| Free cash flow | $ | 53,228 |
| $ | 43,582 |
| $ | 51,783 |
| $ | 29,569 |
| $ | 178,162 |
|
EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA by quarter and year to date for 2009:
|
| | | | | | | | | | | | | | | |
| | 2009 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income (loss) | $ | (916 | ) | $ | 50,883 |
| $ | 48,155 |
| $ | 55,720 |
| $ | 153,842 |
|
| Change in fair value of interest rate derivatives | 132 |
| (627 | ) | (125 | ) | 52 |
| (568 | ) |
| Interest expense | 22,154 |
| 21,389 |
| 21,436 |
| 18,284 |
| 83,263 |
|
| Interest income | (54 | ) | (91 | ) | (130 | ) | (92 | ) | (367 | ) |
| Income tax provision (benefit) | (565 | ) | 26,187 |
| 25,737 |
| (23,349 | ) | 28,010 |
|
| Depreciation, amortization, and depletion | 31,972 |
| 32,892 |
| 32,916 |
| 33,720 |
| 131,500 |
|
| EBITDA | $ | 52,723 |
| $ | 130,633 |
| $ | 127,989 |
| $ | 84,335 |
| $ | 395,680 |
|
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2009:
|
| | | | | | | | | | | | | | | |
| | 2009 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| EBITDA | $ | 52,723 |
| $ | 130,633 |
| $ | 127,989 |
| $ | 84,335 |
| $ | 395,680 |
|
| St. Helens mill restructuring | 3,648 |
| 1,133 |
| 1,402 |
| (378 | ) | 5,805 |
|
| Change in fair value of energy hedges | 2,191 |
| (3,468 | ) | (3,624 | ) | (976 | ) | (5,877 | ) |
| Alternative fuel mixture credits | — |
| (75,337 | ) | (59,572 | ) | (72,698 | ) | (207,607 | ) |
| Loss on extinguishment of debt | — |
| — |
| — |
| 44,102 |
| 44,102 |
|
| EBITDA excluding special items | $ | 58,562 |
| $ | 52,961 |
| $ | 66,195 |
| $ | 54,385 |
| $ | 232,103 |
|
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
The following table reconciles net income (loss) to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ended December 31, 2009:
|
| | | | | | | | | | | | | | | |
| | 2009 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income (loss) | $ | (916 | ) | $ | 50,883 |
| $ | 48,155 |
| $ | 55,720 |
| $ | 153,842 |
|
| Alternative fuel mixture credits | — |
| (75,337 | ) | (59,572 | ) | (72,698 | ) | (207,607 | ) |
| Change in fair value of energy hedges | 2,191 |
| (3,468 | ) | (3,624 | ) | (976 | ) | (5,877 | ) |
| St. Helens mill restructuring | 3,648 |
| 1,133 |
| 1,402 |
| (378 | ) | 5,805 |
|
| Loss on extinguishment of debt | — |
| — |
| — |
| 44,102 |
| 44,102 |
|
| Tax (provision) benefit for special items (a) | (2,260 | ) | 30,059 |
| 23,914 |
| 11,591 |
| 63,304 |
|
| Reversal of income tax valuation allowances | — |
| — |
| — |
| (33,180 | ) | (33,180 | ) |
| Net income excluding special items | $ | 2,663 |
| $ | 3,270 |
| $ | 10,275 |
| $ | 4,181 |
| $ | 20,389 |
|
| | | | | | |
| Weighted average common shares outstanding: diluted | 79,079 |
| 84,254 |
| 84,241 |
| 84,232 |
| 83,081 |
|
| Net income excluding special items per diluted common share | $ | 0.03 |
| $ | 0.04 |
| $ | 0.12 |
| $ | 0.05 |
| $ | 0.25 |
|
| |
| (a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
The following table reconciles cash provided by operations to free cash flow for the year ended December 31, 2009: |
| | | | | | | | | | | | | | | |
| | 2009 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Cash provided by operations | $ | 85,688 |
| $ | 135,041 |
| $ | 138,918 |
| $ | 99,065 |
| $ | 458,712 |
|
| Expenditures for property and equipment | (17,171 | ) | (18,683 | ) | (17,708 | ) | (23,583 | ) | (77,145 | ) |
| Free cash flow | $ | 68,517 |
| $ | 116,358 |
| $ | 121,210 |
| $ | 75,482 |
| $ | 381,567 |
|
