BALANCE SHEETS (Unaudited) Boise Cascade Corporation and Subsidiaries
March 31 December 31
ASSETS 1994 1993 1993
(expressed in thousands)
CURRENT
Cash and cash items $ 23,499 $ 53,622 $ 14,860
Short-term investments at cost, which approximates market 6,499 7,235 7,569
29,998 60,857 22,429
Receivables, less allowances of $1,803,000, $1,933,000 and $1,264,000 393,409 377,339 366,187
Inventories 420,493 398,137 446,609
Deferred income tax benefits 38,807 49,524 38,831
Other 14,736 14,514 13,397
897,443 900,371 887,453
PROPERTY
Property and equipment
Land and land improvements 51,204 56,538 56,871
Buildings and improvements 574,338 564,432 571,712
Machinery and equipment 4,682,822 4,526,640 4,642,434
5,308,364 5,147,610 5,271,017
Accumulated depreciation (2,322,371) (2,100,690) (2,261,360)
2,985,993 3,046,920 3,009,657
Timber, timberlands, and timber deposits 375,752 382,361 366,054
3,361,745 3,429,281 3,375,711
OTHER ASSETS 262,075 249,501 249,809
TOTAL ASSETS $4,521,263 $4,579,153 $4,512,973
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT
Notes payable $ 19,000 $ 1,173 $ 31,000
Current portion of long-term debt 218,955 51,424 145,185
Accounts payable 276,338 259,873 288,300
Accrued liabilities
Compensation and benefits 105,658 108,057 103,188
Interest payable 30,581 29,713 32,194
Other 104,637 99,001 88,568
755,169 549,241 688,435
DEBT
Long-term debt, less current portion 1,614,810 1,814,059 1,593,348
Guarantee of ESOP debt 246,856 261,695 246,856
1,861,666 2,075,754 1,840,204
OTHER
Deferred income taxes 192,366 278,858 222,464
Other long-term liabilities 264,563 235,023 257,346
456,929 513,881 479,810
SHAREHOLDERS' EQUITY
Preferred stock -- no par value; 10,000,000 shares authorized;
Series D ESOP: $.01 stated value; 6,381,129, 6,460,014, and
6,395,047 shares outstanding 287,151 290,701 287,777
Deferred ESOP benefit (246,856) (261,695) (246,856)
Series E: $.01 stated value; 862,500 shares outstanding in each period 191,466 191,471 191,466
Series F: $.01 stated value; 115,000 shares outstanding in each period 111,043 111,202 111,043
Series G: $.01 stated value; 862,500 shares outstanding in each period 176,404 -- 176,404
Common stock -- $2.50 par value; 200,000,000 shares authorized;
38,033,681, 37,950,762, and 37,987,529 shares outstanding 95,084 94,877 94,969
Retained earnings 833,207 1,013,721 889,721
Total shareholders' equity 1,447,499 1,440,277 1,504,524
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $4,521,263 $4,579,153 $4,512,973
SHAREHOLDERS' EQUITY PER COMMON SHARE $24.41 $29.21 $25.92
STATEMENTS OF LOSS (Unaudited) Boise Cascade Corporation and Subsidiaries
Three Months Ended March 31
1994 1993
(expressed in thousands)
REVENUES
Sales $1,014,100 $984,040
Other income, net 6,880 10,910
1,020,980 994,950
COSTS AND EXPENSES
Materials, labor, and other operating expenses 897,990 827,270
Depreciation and cost of company timber harvested 66,970 68,480
Selling and administrative expenses 84,850 80,300
1,049,810 976,050
INCOME (LOSS) FROM OPERATIONS (28,830) 18,900
Interest expense (36,410) (38,190)
Interest income 1,170 390
Foreign exchange gain (loss) 1,400 (620)
(33,840) (38,420)
LOSS BEFORE INCOME TAXES (62,670) (19,520)
Income tax benefit (25,070) (7,420)
NET LOSS $ (37,600) $(12,100)
NET LOSS PER COMMON SHARE
Primary $(1.35) $(.56)
Fully diluted $(1.35) $(.56)
The computation of fully diluted net loss per common share was antidilutive in
each of the periods presented; therefore, the amounts reported for primary and
fully diluted loss are the same.
SEGMENT INFORMATION
SEGMENT SALES
Paper and paper products $ 472,579 $470,048
Office products 190,926 168,966
Building products 394,809 381,602
Intersegment eliminations and other (44,214) (36,576)
$1,014,100 $984,040
SEGMENT OPERATING INCOME (LOSS)
Paper and paper products $ (69,721) $(43,577)
Office products 10,945 9,840
Building products 35,034 62,423
Corporate and other (5,088) (9,786)
INCOME (LOSS) FROM OPERATIONS $ (28,830) $ 18,900
STATEMENTS OF CASH FLOWS (Unaudited) Boise Cascade Corporation and Subsidiaries
Three Months Ended March 31
1994 1993
(expressed in thousands)
CASH PROVIDED BY (USED FOR) OPERATIONS
Net loss $ (37,600) $ (12,100)
Items in loss not using (providing) cash
Depreciation and cost of company timber harvested 66,970 68,480
Deferred income tax benefit (25,306) (7,724)
Amortization and other 1,307 3,710
Receivables (28,059) (10,163)
Inventories 26,116 17,793
Accounts payable and accrued liabilities (2,725) (15,249)
Current and deferred income taxes 1,604 10,036
Other 1,787 (7,423)
Cash provided by operations 4,094 47,360
CASH PROVIDED BY (USED FOR) INVESTMENT
Expenditures for property and equipment (46,310) (47,638)
Expenditures for timber and timberlands (2,160) (1,916)
Other (15,950) 2,516
Cash used for investment (64,420) (47,038)
CASH PROVIDED BY (USED FOR) FINANCING
Cash dividends paid
Common stock (5,698) (5,691)
Preferred stock (9,969) (3,860)
(15,667) (9,551)
Notes payable (12,000) (2,827)
Additions to long-term debt 115,716 135,000
Payments of long-term debt (20,484) (193,423)
Issuance of preferred stock -- 111,202
Other 330 (198)
Cash provided by financing 67,895 40,203
INCREASE IN CASH AND SHORT-TERM INVESTMENTS 7,569 40,525
BALANCE AT THE BEGINNING OF THE YEAR 22,429 20,332
BALANCE AT MARCH 31 $ 29,998 $ 60,857
NOTES TO FINANCIAL STATEMENTS
These statements are unaudited financial statements and should be read
in conjunction with the 1993 Annual Report of the Company.
Effective as of January 1, 1993, the Company adopted new Financial
Accounting Standards Board requirements that govern the way deferred
taxes are calculated and reported. Adoption of these requirements
entailed a one-time adjustment that had no effect on the Company's
first quarter 1993 net loss.
Early in the first quarter of 1993, the Company issued $111,202,000,
net of issuance costs, of 9.4 percent nonconvertible Series F preferred
stock.
During the first quarter of 1993, the Company sold its interest in a
specialty paper producer at a pretax gain of $8,644,000, or 14 cents
per fully diluted common share after taxes.