Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2008 Earnings Presentation
11 slides from Boise Cascade, L.l.c's earnings presentation, May 8, 2008
Slide 1: Business Update
€S) Boise Cascade Business Update May 8, 2008
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 We completed the sale of our Paper and Packaging & Newsprint businesses on February 22: ¾ $1.28 billion in cash ¾ 49% ownership of Boise Inc. ¾ $57.8 million, 15.75% PIK note We substantially reduced debt on our building products businesses: ¾ Cash and cash equivalents1 $174.4
Slide 4: Financial Highlights
Financial Highlights 1 ($ Millions) 3/31/2008 12/31/2007 Cash & cash equivalents $ 174.4 $ 57.6 Short-term borrowings - 10.5 Sr. secured debt 64.2 760.6 Sr. subordinated notes 240.0 400.0 2 Net debt $ 129.8 $ 1,113.4 ($ Millions) 1Q08 1Q07 4Q07 BMD Sales $ 503.9 $ 608.7 $ 545.0 EBITDA2 $ 0.7 $ 12.3
Slide 5: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 800 100 724 687 700 609 80 41 42 41 41 43 600 545 504 500 60 400 15 15 15 14 12 300 40 200 45 45 20 44 43 44 100 0 0 1Q 2Q 3Q 4Q 1Q07 2Q07 3Q07 4Q07 1Q08 2007 2008 Commodity EWP General Line May 8, 2008 / Page 5
Slide 6: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) (mmelf) 3.5 3.2 70 60 3.0 2.7 2.8 60 47 48 2.5 50 1.9 1.9 40 2.0 33 29 1.5 30 1.0 20 0.5 10 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood (mmsf 3/8” basis) 315 313 310 310 307 306 305 300 300 295 2007 2008 290 1Q 2Q 3Q 4Q May 8, 2008 / Page 6
Slide 7: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 20 1,100 1,044 1,035 1,020 993 970 17.5 1,000 18 17.2 16.8 16.2 16.3 900 16 800 14 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 300 287 275 262 263 244 242 250 225 200 2007 175 2008 150 1Q 2Q 3Q 4Q May 8, 2008 / Page 7
Slide 8: Outlook
Outlook We expect the housing and capital markets to present challenges and create opportunities for us: ¾ End product demand will likely remain weak ¾ Unclear whether the capital markets will be open to fund competitors with poor balance sheets and negative cash flows Pricing in 2008 and 2009 m
Slide 9: Business Update
€S) Boise Cascade Business Update May 8, 2008
Slide 10: Appendix
Appendix Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. It excludes restricted cash. The following table reconciles total debt to net debt at March 31, 2008, and at December 31, 2007. Also pro forma calculations at March 31, 2008, are shown for the
Slide 11: Appendix
Appendix Segment EBITDA represents segment income (loss) before depreciation, amortization, and depletion. The following table reconciles segment income (loss) to segment EBITDA for the three months ended March 31, 2008 and 2007, and December 31, 2007. ($ Millions) 1Q08 1Q07 4Q07 Building Materials