Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2010 Earnings Presentation
12 slides from Boise Cascade, L.l.c's earnings presentation, Aug 12, 2010
Slide 1: Second Quarter 2010 Earnings Webcast
Boise Cascade Holdings, L.L.C. Second Quarter 2010 Earnings Webcast August 12, 2010
Slide 2: Forward-Looking Statements
Forward-Looking Statements u 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 u Big story in the quarter was the volatility of commodity wood product prices u Underlying demand remains weak, but appears to have stabilized u 2Q 2010 operating performance significantly better than 2Q 2009 in our Wood Products segment: l Building Materials Distribution (BMD): Ø
Slide 4: Financial Highlights
Financial Highlights ($ Millions) 6/30/2010 3/31/2010 12/31/2009 Net Debt Sr. secured debt $ - $ 75.0 $ 75.0 Sr. subordinated notes 228.1 228.1 228.1 Cash & cash equivalents (264.5) (336.1) (287.1) 1 Net debt (cash) $ (36.4) $ (32.9) $ 16.0 Liquidity Position 2 ABL excess availability $ 110.3 $ 90.3
Slide 5: BMD & Wood Products Financial Highlights
BMD & Wood Products Financial Highlights ($ Millions) 2Q10 2Q09 1Q10 BMD Sales $ 515.4 $ 433.7 $ 389.1 1 EBITDA $ 9.1 $ 9.6 $ 1.1 Wood Products Sales $ 199.4 $ 134.4 $ 148.0 1 EBITDA $ 14.9 $ (9.8) $ 0.1 2 Capital spending $ 6.8 $ 3.9 $ 3.2 1Reconciliation of non-GAAP measures to GAAP is provided as
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 600 100 515 500 472 80 42 43 40 38 39 434 45 389 400 369 335 60 12 11 11 10 12 300 11 40 200 48 48 51 50 20 44 45 100 0 0 1Q 2Q 3Q 4Q 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 2009 2010 Commodity EWP General Line Slide 6 August 12, 2010
Slide 7: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) (mmelf) 2.0 1.9 35 32 1.7 1.7 30 27 1.4 1.4 24 1.5 25 22 22 1.1 20 16 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood (mmsf 3/8” basis) 350 300 279 261 246 234 246 240 250 200 150 100 2010 50 2009 0 1Q 2Q 3Q 4Q Slide 7 August 12, 2010
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 16 1,100 15.2 15.3 15.4 15.1 14.9 1,000 938 14.1 900 902 911 908 900 857 14 800 12 700 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 350 290 300 250 230 226 217 200 210 200 150 100 2010 50 2009 0 1Q 2Q 3Q 4Q Slide 8 August 12, 2010
Slide 9: Outlook
Outlook u We do not have a clear view of demand for the balance of 2010 and into the early part of 2011. u Housing starts are forecast to improve modestly on an absolute basis in 2010. Current consensus estimates as of July were 660,000 for 2010 vs. 554,000 starts in 2009. u Unemployment rates, cons
Slide 10: Appendix
€S) Boise Cascade Appendix August 12, 2010
Slide 11: Appendix: Net Debt Reconciliation
Appendix Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt (cash) at June 30, 2010, March 31, 2010, and December 31, 2009. ($ Millions) 6/30/2010 3/31/2010 12/31/2009 Long-term debt $ 228.1
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 June 30, 2010 and 2009, and March 31, 2010. ($ Millions) 2Q10 2Q09 1Q10 Building Materials Distribution Seg
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