Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2012 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Oct 25, 2012
Slide 1: Boise Cascade Holdings Third Quarter 2012 Earnings Webcast
Boise Cascade Holdings, L.L.C. Third Quarter 2012 Earnings Webcast October 25, 2012
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 U.S. housing starts increased approximately 28% in 3Q12 over levels experienced in 3Q11. Single-family starts increased 29%. Improved demand for our products and commodity price increases relative to the year-ago quarter. Sales were $765 million in 3Q12 vs. $628 million in 3Q
Slide 4: Financial Highlights
Financial Highlights Building Materials Distribution (BMD): Sales $605 million 3Q12 vs. $501 million 3Q11, a 21% increase EBITDA $12.6 million 3Q12 vs. $8.2 million 3Q11, a 54% increase Wood Products: Sales $260 million 3Q12 vs. $195 million 3Q11, a 33% increase EBITDA $28.6 million 3Q12
Slide 5: Financial Highlights
Financial Highlights ($ Millions) 9/30/2012 6/30/2012 12/31/2011 Net Debt Sr. secured debt $ - $ - $ - Sr. subordinated notes 219.6 219.6 219.6 Cash & cash equivalents (224.4) (174.1) (182.5) 1 Net debt (cash) $ (4.9) $ 45.5 $ 37.1 Liquidity Position 2 ABL excess availability $ 259.4 $ 238.4 $ 141.8
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) $700 100 11 12 13 14 13 13 15 605 $600 581 80 501 $500 471 38 451 42 37 39 36 429 41 39 $400 378 60 $300 40 $200 51 46 46 47 50 48 49 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 2011 2012 Commodity General Line EWP Sli
Slide 7: Plywood
Plywood Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 318 346 343 350 328 $300 290 267 296 300 286 284 $250 232 230 229 238 250 240 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011 2012 Slide 7 October 25, 2012
Slide 8: EWP – Volumes and Prices
EWP – Volumes and Prices (mmcf) LVL (mmelf) I-Joists 3.0 45 42 2.6 39 40 2.5 2.3 2.1 35 32 31 30 1.9 2.0 1.8 1.8 30 26 1.6 25 22 1.5 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,000 974 976 958 935 928 919 915 16.1 15.9 $900 $16 15.5 15.1 14.9 14.8 14.5 $800 $14 $700 $12 $
Slide 9: Outlook
Outlook The credibility of the long-awaited recovery in housing has increased as we moved through the year. The summer building season was the best we have seen in several years and builder sentiment is the highest it has been since 2006. The current consensus estimate for 2012 U.S. housing star
Slide 10: Appendix
€S) Boise Cascade Appendix October 25, 2012
Slide 11: Appendix
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 September 30, 2012, June 30, 2012, and December 31, 2011: ($ Millions) 9/30/2012 6/30/2012 12/31/2011 Current portion of
Slide 12: Appendix
Appendix EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income (loss) to EBITDA for the three months ended September 30, 2012 and 2011, and June 30, 2012: ($ Millions) 3Q12 3Q
Slide 13: Appendix
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 September 30, 2012 and 2011, and June 30, 2012: ($ Millions) 3Q12 3Q11 2Q12 Building Materials Distribution
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