Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2014 Earnings Presentation
14 slides from Boise Cascade, L.l.c's earnings presentation, Apr 23, 2014
Slide 1: Boise Cascade Company First Quarter 2014 Earnings Webcast
Boise Cascade Company First Quarter 2014 Earnings Webcast April 23, 2014
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 Slower start to 2014 than anticipated. U.S. housing starts decreased 2% from the same period last year. First quarter sales were $767.2 million, up 3% from the prior year quarter. First quarter net income was $5.6 million, or $0.14 per share. Consensus U.S. housing starts e
Slide 4: 1Q 2014 Financial Highlights
1Q 2014 Financial Highlights $ Millions Sales $ Millions EBITDA $1,000 $40 $900 $35 $800 10.2 $33.0 $30 $700 $26.8 8.2 $767.2 $25 $600 585.5 581.1 $744.9 -19% $500 $20 +3% $400 $15 27.1 $300 23.0 $10 $200 293.3 $5 269.2 $100 $0 $0 (4.2) (4.4) (105.5) (111.6) ($5) ($100) ($200) ($10) 1Q 2013 1Q 2014
Slide 5: Wood Products Plywood
Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 428 $350 331 328 414 400 303 302 294 $300 355 346 344 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 Slide 5 April 23, 2014
Slide 6: Wood Products EWP
Wood Products EWP (mmcf) LVL (mmelf) I-Joists 3.1 55 51 3.0 50 3.0 44 44 45 41 40 2.9 40 35 2.8 30 2.7 2.7 2.7 2.7 25 2.6 20 2.6 15 10 2.5 5 2.4 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,016 1,017 1,024 989 16.0 15.9 15.9 $1,000 964 $16 15.7 15.3 $900 $14 $800 $700 $12 $600 $10 $500 1Q
Slide 7: Building Materials Distribution Sales
Building Materials Distribution Sales ($ Millions) (% of Sales) $800 100 722 681 15 14 17 17 16 $700 615 80 $600 581 586 31 35 32 32 $500 34 60 $400 $300 40 $200 54 51 49 51 52 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q13 2Q13 3Q13 4Q13 1Q14 2013 2014 Commodity General Line EWP Slide 7 April 23, 2014
Slide 8: Working Capital
Working Capital ($ Millions) 3/31/2014 12/31/2013 Change Receivables $ 206.8 $ 160.1 $ 46.7 Inventory 421.1 383.4 37.7 Other current assets* 9.7 7.9 1.9 637.5 551.3 86.2 Accounts payable 199.6 142.1 57.5 Accrued liabilities 86.6 96.9 (10.3) 286.2 239.0 47.2 Net working capital* $ 351.3 $ 312.3 $ 39.
Slide 9: Debt and Liquidity Highlights
Debt and Liquidity Highlights ($ Millions) 3/31/2014 12/31/2013 Net Debt Long-term debt $ 301.6 $ 301.6 Cash & cash equivalents (86.0) (118.2) Net debt $ 215.6 $ 183.4 Liquidity Position ABL excess availability $ 341.3 $ 258.3 Cash & cash equivalents 86.0 118.2 Total liquidity $ 427.3 $ 376.6 Slide
Slide 10: Outlook
Outlook The current consensus estimate for 2014 U.S. housing starts is 1.08 million vs. 925,000 in 2013. We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. and expect housing starts to return to 1.4 to 1.5 million starts over the next few y
Slide 11: Appendix
Boise Cascade Appendix April 23, 2014
Slide 12: Appendix: Adjusted Net Income Reconciliation
Appendix Adjusted net income represents net income before certain unusual items. The three months ended March 31, 2013 includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon the Company's conversion from a limited liability company to a corporation.
Slide 13: Appendix: EBITDA Reconciliation
Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended March 31, 2014 and 2013, and December 31, 2013: ($ Millions) 1Q14 1Q13 4Q13 Net in
Slide 14: Appendix: Segment EBITDA Reconciliation
Appendix Segment EBITDA represents segment income before depreciation and amortization. The following table reconciles segment income to EBITDA for the three months ended March 31, 2014 and 2013, and December 31, 2013 : Three Months Ended ($ Millions) 1Q14 1Q13 4Q13 Wood Products Segment income $ 13
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