Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2010 Earnings Presentation
12 slides from Boise Cascade, L.l.c's earnings presentation, May 11, 2010
Slide 1: First Quarter 2010 Earnings Webcast
Boise Cascade Holdings, L.L.C. First Quarter 2010 Earnings Webcast May 11, 2010
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 nu
Slide 3: Executive Summary
Executive Summary 1Q 2010 operating performance significantly better than 1Q 2009: z Building Materials Distribution (BMD): ¾ Sales $389 million vs. $335 million ¾ EBITDA $1.1 million vs. $(6.6) million z Wood Products: ¾ Sales $148 million vs. $116 million ¾ EBITDA $0.1 million vs. $(28.6) millio
Slide 4: Financial Highlights
Financial Highlights Pro Forma3 Actual ($ Millions) 3/31/2010 3/31/2010 12/31/2009 3/31/2009 Net Debt Sr. secured debt $ - $ 75.0 $ 75.0 $ 75.0 Sr. subordinated notes 228.1 228.1 228.1 228.1 Cash & cash equivalents (261.1) (336.1) (287.1) (189.5) 1 Net debt (cash) $ (32.9) $ (32.9) $ 16.0 $ 113.6 Li
Slide 5: BMD & Wood Products Financial Highlights
BMD & Wood Products Financial Highlights ($ Millions) 1Q10 1Q09 4Q09 BMD Sales $ 389.1 $ 335.0 $ 368.9 1 EBITDA $ 1.1 $ (6.6) $ 1.0 Wood Products Sales $ 148.0 $ 116.5 $ 136.8 1, 2 EBITDA $ 0.1 $ (28.6) $ (9.4) Capital spending $ 3.2 $ 4.2 $ 3.9 1Reconciliation of non-GAAP measures to GAAP is provid
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 500 472 100 450 434 389 38 400 369 80 42 43 40 45 350 335 300 60 12 11 10 12 250 11 200 40 150 48 48 51 100 20 44 45 50 0 0 1Q 2Q 3Q 4Q 1Q09 2Q09 3Q09 4Q09 1Q10 2009 2010 Commodity EWP General Line Slide 6 May 11, 2010
Slide 7: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) (mmelf) 2.0 30 27 1.7 1.7 24 25 22 22 1.4 1.4 1.5 20 16 1.1 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood (mmsf 3/8” basis) 350 300 261 246 234 246 240 250 200 150 100 2010 50 2009 0 1Q 2Q 3Q 4Q Slide 7 May 11, 2010
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 20 1,100 1,000 18 900 902 911 908 900 857 16 15.2 14.9 15.3 15.1 14.1 800 14 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 300 250 230 226 210 217 200 200 150 100 2010 50 2009 0 1Q 2Q 3Q 4Q Slide 8 May 11, 2010
Slide 9: Outlook
Outlook Housing starts are forecast to improve modestly on an absolute basis in 2010. Current consensus estimates as of April were 680,000 for 2010 vs. 554,000 starts in 2009. Unemployment rates, consumer confidence and foreclosures are important variables impacting the demand for new residentia
Slide 10: Appendix
€S) Boise Cascade Appendix May 11, 2010
Slide 11: Appendix: Net Debt Reconciliation
Appendix Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt (cash) at March 31, 2010 (Pro forma), March 31, 2010, December 31, 2009, and March 31, 2009. 1 Pro Forma Actual ($ Millions) 3/31/2
Slide 12: Appendix: Segment EBITDA Reconciliation
Appendix Segment EBITDA represents segment income (loss) before depreciation and amortization. The following table reconciles segment income (loss) to segment EBITDA for the three months ended March 31, 2010 and 2009, and December 31, 2009. ($ Millions) 1Q10 1Q09 4Q09 Building Materials Distribution
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