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) (b) | $ | 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 (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 ($/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) (c) | $ | 87,408 |
| $ | 75,149 |
| $ | 59,182 |
| $ | 78,281 |
| $ | 300,020 |
|
| EBITDA Excluding Special Items (000) (c) | $ | 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 excluding special items per diluted share (c) | $ | 0.21 |
| $ | 0.14 |
| $ | 0.23 |
| $ | 0.14 |
| $ | 0.71 |
|
| Free cash flow (000) (c) | $ | 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) | The increase in sales price in 2012, compared with 2011, is primarily due to Hexacomb. |
| |
| (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 free cash flow are provided as an appendix. |
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2011 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| Packaging | | | | | |
| Sales Volumes | | | | | |
| Linerboard, Total (short tons) | 137,866 |
| 154,176 |
| 156,518 |
| 157,900 |
| 606,460 |
|
| Linerboard, External Sales (short tons) | 61,939 |
| 55,479 |
| 55,270 |
| 57,478 |
| 230,166 |
|
| Newsprint (short tons) | 54,566 |
| 59,695 |
| 57,942 |
| 58,557 |
| 230,760 |
|
| Corrugated Containers and Sheets (mmsf) (b) | 1,912 |
| 2,228 |
| 2,284 |
| 2,297 |
| 8,720 |
|
| Net Sales Price (a) | | | | | |
| Linerboard, Total, Mill ($/short ton) | $ | 451 |
| $ | 462 |
| $ | 464 |
| $ | 457 |
| $ | 459 |
|
| Linerboard, External Sales, Mill ($/short ton) | $ | 424 |
| $ | 425 |
| $ | 427 |
| $ | 413 |
| $ | 422 |
|
| Newsprint Mill ($/short ton) | $ | 542 |
| $ | 540 |
| $ | 541 |
| $ | 541 |
| $ | 541 |
|
| Corrugated Containers and Sheets ($/msf) (b) | $ | 63 |
| $ | 69 |
| $ | 70 |
| $ | 71 |
| $ | 68 |
|
| 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 |
|
| | | | | | |
| Paper | | | | | |
| Sales Volumes | | | | | |
| 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 |
|
| Total UFS | 310,864 |
| 312,742 |
| 312,044 |
| 294,130 |
| 1,229,780 |
|
| Corrugating Medium (short tons) | 32,773 |
| 34,060 |
| 34,568 |
| 33,883 |
| 135,284 |
|
| Market Pulp (short tons) | 21,927 |
| 16,562 |
| 31,455 |
| 20,277 |
| 90,221 |
|
| 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 |
|
| Corrugating Medium ($/short ton) | $ | 469 |
| $ | 487 |
| $ | 483 |
| $ | 485 |
| $ | 481 |
|
| Market Pulp ($/short ton) | $ | 603 |
| $ | 631 |
| $ | 574 |
| $ | 455 |
| $ | 565 |
|
| 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 |
|
| | | | | | |
| 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 |
| $ | 0.70 |
|
| Net Income excluding special items per diluted share (c) (d) | $ | 0.22 |
| $ | 0.11 |
| $ | 0.24 |
| $ | 0.17 |
| $ | 0.75 |
|
| Free cash flow (000) (c) | $ | 36,985 |
| $ | 5,380 |
| $ | 49,311 |
| $ | 29,753 |
| $ | 121,429 |
|
____________
| |
| (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 free cash flow are provided as an appendix. |
| |
| (d) | During the six months ended June 30, 2011, Boise Inc. warrant holders exercised their 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. |
Boise Inc.
Quarterly Statistical Information
|
| | | | | | | | | | | | | | | |
| | 2010 |
| | Q1 | Q2 | Q3 | Q4 | YTD |
| 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 |
|
| Newsprint (short tons) | 53,572 |
| 59,071 |
| 58,613 |
| 59,434 |
| 230,690 |
|
| Corrugated Containers and Sheets (mmsf) | 1,616 |
| 1,686 |
| 1,741 |
| 1,691 |
| 6,735 |
|
| Net Sales Price (a) | | | | | |
| Linerboard Mill ($/short ton) | $ | 364 |
| $ | 427 |
| $ | 468 |
| $ | 470 |
| $ | 434 |
|
| Segment Linerboard Mill ($/short ton) | $ | 296 |
| $ | 340 |
| $ | 398 |
| $ | 431 |
| $ | 365 |
|
| Newsprint Mill ($/short ton) | $ | 442 |
| $ | 474 |
| $ | 511 |
| $ | 539 |
| $ | 493 |
|
| Corrugated Containers and Sheets ($/msf) | $ | 53 |
| $ | 56 |
| $ | 59 |
| $ | 59 |
| $ | 57 |
|
| 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 |
|
| | | | | | |
| 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 |
|
| Total UFS | 311,818 |
| 311,886 |
| 318,339 |
| 290,913 |
| 1,232,956 |
|
| Medium (short tons) | 31,823 |
| 31,390 |
| 33,893 |
| 29,438 |
| 126,544 |
|
| Market Pulp (short tons) | 18,558 |
| 13,382 |
| 27,287 |
| 21,968 |
| 81,195 |
|
| 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 |
|
| Medium ($/short ton) | $ | 408 |
| $ | 460 |
| $ | 502 |
| $ | 499 |
| $ | 467 |
|
| Market Pulp ($/short ton) | $ | 496 |
| $ | 605 |
| $ | 563 |
| $ | 544 |
| $ | 549 |
|
| 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 |
|
| | | | | | |
| 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 |
|
| Free cash flow (000) (b) | $ | 53,228 |
| $ | 43,582 |
| $ | 51,783 |
| $ | 29,569 |
| $ | 178,162 |
|
____________
| |
| (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 free cash flow are provided as an appendix. |
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 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 for 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. |
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 |
|
Boise Inc.
Appendix
Other Financial Measures (Continued)
(dollars and shares in thousands, except per-share data)
The following table reconciles net income to EBITDA 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 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 for 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 (c) | 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. |
| (c) | The increase in the weighted average number of common shares is primarily related to 38.4 million additional common shares issued related to warrants exercised during the six months ended June 30, 2011, partially offset by 21.2 million common shares repurchased during the second half of 2011. |
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 for 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 |
|
The following table reconciles net income (loss) to EBITDA 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 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 for 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. |
The following table reconciles cash provided by operations to free cash flow for 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 |
|
