Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | |
| | 2013 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Packaging | | | | | |
| Sales Volumes | | | | | |
| Linerboard, Total (short tons) | 138,868 |
| 151,459 |
| | | 290,327 |
|
| Linerboard, External Sales (short tons) | 36,775 |
| 38,564 |
| | | 75,339 |
|
| Newsprint (short tons) | 53,817 |
| 58,436 |
| | | 112,253 |
|
| Corrugated Containers and Sheets (mmsf) | 2,552 |
| 2,613 |
| | | 5,165 |
|
| Net Sales Price (a) | | | | | |
| Linerboard, Total, Mill ($/short ton) | $ | 505 |
| $ | 538 |
| | | $ | 522 |
|
| Linerboard, External Sales, Mill ($/short ton) | $ | 464 |
| $ | 479 |
| | | $ | 472 |
|
| Newsprint Mill ($/short ton) | $ | 523 |
| $ | 510 |
| | | $ | 516 |
|
| Corrugated Containers and Sheets ($/msf) | $ | 78 |
| $ | 80 |
| | | $ | 79 |
|
| Depreciation & Amortization (000) | $ | 16,331 |
| $ | 16,788 |
| | | $ | 33,119 |
|
| Capital Spending (000) | $ | 13,286 |
| $ | 26,356 |
| | | $ | 39,642 |
|
| | | | | | |
| Paper | | | | | |
| Sales Volumes | | | | | |
| Commodity UFS (short tons) | 195,020 |
| 198,625 |
| | | 393,645 |
|
| Premium and Specialty UFS (short tons) | 103,798 |
| 102,775 |
| | | 206,573 |
|
| Total UFS | 298,818 |
| 301,400 |
| | | 600,218 |
|
| Corrugating Medium (short tons) | 33,166 |
| 34,406 |
| | | 67,572 |
|
| Market Pulp, External sales (short tons) | 1,264 |
| 6,328 |
| | | 7,591 |
|
| Net Sales Price (a) | | | | | |
| Commodity UFS ($/short ton) | $ | 855 |
| $ | 840 |
| | | $ | 847 |
|
| Premium and Specialty UFS ($/short ton) | $ | 1,069 |
| $ | 1,058 |
| | | $ | 1,064 |
|
| Corrugating Medium ($/short ton) | $ | 561 |
| $ | 586 |
| | | $ | 574 |
|
| Market Pulp, External Sales ($/short ton) | $ | 463 |
| $ | 472 |
| | | $ | 471 |
|
| Depreciation & Amortization (000) | $ | 25,951 |
| $ | 25,856 |
| | | $ | 51,807 |
|
| Capital Spending (000) | $ | 9,917 |
| $ | 10,621 |
| | | $ | 20,538 |
|
| | | | | | |
| Total Company | | | | | |
| EBITDA (000) (b) | $ | 56,159 |
| $ | 55,843 |
| | | $ | 112,002 |
|
| EBITDA Excluding Special Items (000) (b) | $ | 56,159 |
| $ | 71,159 |
| | | $ | 127,318 |
|
| Net Income (Loss) Per Share: Basic | $ | (0.01 | ) | $ | (0.02 | ) | | | $ | (0.03 | ) |
| Net Income (Loss) Per Share: Diluted | $ | (0.01 | ) | $ | (0.02 | ) | | | $ | (0.03 | ) |
| Net Income per diluted share excluding special items (b) | $ | 0.02 |
| $ | 0.10 |
| | | $ | 0.12 |
|
| Free cash flow (000) (b) | $ | 13,253 |
| $ | 3,748 |
| | | $ | 17,001 |
|
____________
| |
| (a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
| |
| (b) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income (loss) to net income excluding special items, and free cash flow are provided as an appendix. |
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Packaging | | | | | |
| Sales Volumes | | | | | |
| Linerboard, Total (short tons) | 152,620 |
| 145,958 |
| 155,743 |
| 156,763 |
| 611,084 |
|
| Linerboard, External Sales (short tons) | 52,974 |
| 38,168 |
| 36,539 |
| 31,189 |
| 158,870 |
|
| Newsprint (short tons) | 54,767 |
| 58,265 |
| 60,023 |
| 60,345 |
| 233,400 |
|
| Corrugated Containers and Sheets (mmsf) | 2,433 |
| 2,485 |
| 2,584 |
| 2,578 |
| 10,079 |
|
| Net Sales Price (a) | | | | | |
| Linerboard, Total, Mill ($/short ton) | $ | 449 |
| $ | 452 |
| $ | 462 |
| $ | 502 |
| $ | 467 |
|
| Linerboard, External Sales, Mill ($/short ton) | $ | 398 |
| $ | 404 |
| $ | 421 |
| $ | 452 |
| $ | 415 |
|
| Newsprint Mill ($/short ton) | $ | 540 |
| $ | 542 |
| $ | 537 |
| $ | 540 |
| $ | 540 |
|
| Corrugated Containers and Sheets ($/msf) | $ | 76 |
| $ | 76 |
| $ | 76 |
| $ | 77 |
| $ | 76 |
|
| Depreciation & Amortization (000) | $ | 15,485 |
| $ | 15,149 |
| $ | 14,823 |
| $ | 15,459 |
| $ | 60,916 |
|
| Capital Spending (000) | $ | 6,600 |
| $ | 11,938 |
| $ | 13,347 |
| $ | 29,397 |
| $ | 61,282 |
|
| | | | | | |
| Paper | | | | | |
| Sales Volumes | | | | | |
| Commodity UFS (short tons) | 203,332 |
| 197,652 |
| 195,276 |
| 189,392 |
| 785,652 |
|
| Premium and Specialty UFS (short tons) | 121,771 |
| 114,862 |
| 118,559 |
| 112,997 |
| 468,189 |
|
| Total UFS | 325,103 |
| 312,514 |
| 313,835 |
| 302,389 |
| 1,253,841 |
|
| Corrugating Medium (short tons) | 32,549 |
| 34,159 |
| 33,709 |
| 34,864 |
| 135,281 |
|
| Market Pulp, External sales (short tons) | 8,489 |
| 10,346 |
| 18,474 |
| 15,635 |
| 52,944 |
|
| Net Sales Price (a) | | | | | |
| Commodity UFS ($/short ton) | $ | 910 |
| $ | 901 |
| $ | 898 |
| $ | 876 |
| $ | 897 |
|
| Premium and Specialty UFS ($/short ton) | $ | 1,087 |
| $ | 1,094 |
| $ | 1,100 |
| $ | 1,070 |
| $ | 1,088 |
|
| Corrugating Medium ($/short ton) | $ | 482 |
| $ | 481 |
| $ | 509 |
| $ | 562 |
| $ | 509 |
|
| Market Pulp, External sales ($/short ton) | $ | 477 |
| $ | 481 |
| $ | 449 |
| $ | 443 |
| $ | 458 |
|
| Depreciation & Amortization (000) | $ | 21,215 |
| $ | 21,305 |
| $ | 21,812 |
| $ | 23,318 |
| $ | 87,650 |
|
| Capital Spending (000) | $ | 14,862 |
| $ | 16,282 |
| $ | 15,654 |
| $ | 24,288 |
| $ | 71,086 |
|
| | | | | | |
| Total Company | | | | | |
| EBITDA (000) (b) | $ | 87,408 |
| $ | 75,149 |
| $ | 59,182 |
| $ | 78,281 |
| $ | 300,020 |
|
| EBITDA Excluding Special Items (000) (b) | $ | 87,408 |
| $ | 75,149 |
| $ | 90,470 |
| $ | 78,738 |
| $ | 331,765 |
|
| Net Income Per Share: Basic | $ | 0.22 |
| $ | 0.14 |
| $ | 0.04 |
| $ | 0.14 |
| $ | 0.52 |
|
| Net Income Per Share: Diluted | $ | 0.21 |
| $ | 0.14 |
| $ | 0.04 |
| $ | 0.13 |
| $ | 0.52 |
|
| Net Income per diluted share excluding special items (b) | $ | 0.21 |
| $ | 0.14 |
| $ | 0.23 |
| $ | 0.14 |
| $ | 0.71 |
|
| Free cash flow (000) (b) | $ | 8,346 |
| $ | 12,324 |
| $ | 62,311 |
| $ | 14,407 |
| $ | 97,388 |
|
____________
| |
| (a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
| |
| (b) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income to net income excluding special items, and free cash flow are provided as an appendix. |
Prior-year information is available on our website at www.BoiseInc.com.
Boise Inc.
Appendix
Other Financial Measures
(unaudited, dollars and shares in thousands, except per-share data)
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 for 2013:
|
| | | | | | | | | | | |
| | 2013 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income (loss) | $ | (1,225 | ) | $ | (2,208 | ) | | | $ | (3,433 | ) |
| Interest expense | 15,419 |
| 15,456 |
| | | 30,875 |
|
| Interest income | (27 | ) | (7 | ) | | | (34 | ) |
| Income tax provision (benefit) | (1,436 | ) | (1,289 | ) | | | (2,725 | ) |
| Depreciation, amortization, and depletion | 43,428 |
| 43,891 |
| | | 87,319 |
|
| EBITDA | $ | 56,159 |
| $ | 55,843 |
| | | $ | 112,002 |
|
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2013:
|
| | | | | | | | | | | |
| | 2013 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| EBITDA | $ | 56,159 |
| $ | 55,843 |
| | | $ | 112,002 |
|
| Closure and restructuring costs | — |
| 13,270 |
| | | 13,270 |
|
| Transaction-related costs (a) | — |
| 2,046 |
| | | 2,046 |
|
| EBITDA excluding special items | $ | 56,159 |
| $ | 71,159 |
| | | $ | 127,318 |
|
___________
| |
| (a) | Transaction-related costs include expenses associated with transactions, whether consummated or not. |
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 ending December 31, 2013:
|
| | | | | | | | | | | |
| | 2013 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income (loss) | $ | (1,225 | ) | $ | (2,208 | ) | | | $ | (3,433 | ) |
| Closure and restructuring costs | — |
| 13,270 |
| | | 13,270 |
|
| Incremental depreciation due to changes in estimated useful lives | 5,316 |
| 5,463 |
| | | 10,779 |
|
| Transaction-related costs | — |
| 2,046 |
| | | 2,046 |
|
| Tax provision for special items (a) | (2,057 | ) | (8,041 | ) | | | (10,099 | ) |
| Net income excluding special items | $ | 2,034 |
| $ | 10,530 |
| | | $ | 12,563 |
|
| Weighted average common shares outstanding: diluted (b) | 100,890 |
| 100,872 |
| | | 100,852 |
|
| Net income excluding special items per diluted common share | $ | 0.02 |
| $ | 0.10 |
| | | $ | 0.12 |
|
___________
| |
| (a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
| |
| (b) | For the three and six months ended June 30, 2013, basic and diluted weighted average common shares outstanding reported in our Consolidated Statements of Operations were 100.5 million and 100.4 million, respectively. Adjusting for the special items above, diluted weighted average common shares outstanding increased 0.3 and 0.5 million shares, respectively, to reflect the incremental effect of dilutive common stock equivalents. |
Boise Inc.
Appendix
Other Financial Measures
(unaudited, dollars and shares in thousands, except per-share data)
The following table reconciles cash provided by operations to free cash flow for 2013: |
| | | | | | | | | | | |
| | 2013 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Cash provided by operations | $ | 39,863 |
| $ | 41,733 |
| | | $ | 81,596 |
|
| Expenditures for property and equipment | (26,610 | ) | (37,985 | ) | | | (64,595 | ) |
| Free cash flow | $ | 13,253 |
| $ | 3,748 |
| | | $ | 17,001 |
|
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 for 2012:
|
| | | | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income | $ | 21,338 |
| $ | 13,662 |
| $ | 3,603 |
| $ | 13,547 |
| $ | 52,150 |
|
| Interest expense | 15,365 |
| 15,433 |
| 15,458 |
| 15,484 |
| 61,740 |
|
| Interest income | (44 | ) | (54 | ) | (3 | ) | (59 | ) | (160 | ) |
| Income tax provision | 13,193 |
| 8,805 |
| 2,584 |
| 9,402 |
| 33,984 |
|
| Depreciation, amortization, and depletion | 37,556 |
| 37,303 |
| 37,540 |
| 39,907 |
| 152,306 |
|
| EBITDA | $ | 87,408 |
| $ | 75,149 |
| $ | 59,182 |
| $ | 78,281 |
| $ | 300,020 |
|
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2012:
|
| | | | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| EBITDA | $ | 87,408 |
| $ | 75,149 |
| $ | 59,182 |
| $ | 78,281 |
| $ | 300,020 |
|
| St. Helens charges | — |
| — |
| 31,288 |
| 457 |
| 31,745 |
|
| EBITDA excluding special items | $ | 87,408 |
| $ | 75,149 |
| $ | 90,470 |
| $ | 78,738 |
| $ | 331,765 |
|
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 ending December 31, 2012:
|
| | | | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Net income | $ | 21,338 |
| $ | 13,662 |
| $ | 3,603 |
| $ | 13,547 |
| $ | 52,150 |
|
| St. Helens charges | — |
| — |
| 31,288 |
| 457 |
| 31,745 |
|
| Tax provision for special items (a) | — |
| — |
| (12,108 | ) | (177 | ) | (12,285 | ) |
| Net income excluding special items | $ | 21,338 |
| $ | 13,662 |
| $ | 22,783 |
| $ | 13,827 |
| $ | 71,610 |
|
| Weighted average common shares outstanding: diluted | 101,414 |
| 101,008 |
| 101,030 |
| 101,180 |
| 101,143 |
|
| Net income excluding special items per diluted common share | $ | 0.21 |
| $ | 0.14 |
| $ | 0.23 |
| $ | 0.14 |
| $ | 0.71 |
|
___________
| |
| (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
(unaudited, dollars and shares in thousands, except per-share data)
The following table reconciles cash provided by operations to free cash flow for 2012:
|
| | | | | | | | | | | | | | | |
| | 2012 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Cash provided by operations | $ | 31,479 |
| $ | 41,648 |
| $ | 92,147 |
| $ | 69,756 |
| $ | 235,030 |
|
| Expenditures for property and equipment | (23,133 | ) | (29,324 | ) | (29,836 | ) | (55,349 | ) | (137,642 | ) |
| Free cash flow | $ | 8,346 |
| $ | 12,324 |
| $ | 62,311 |
| $ | 14,407 |
| $ | 97,388 |
|
