Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2011 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Nov 3, 2011
Slide 1: Third Quarter 2011 Earnings Webcast
Boise Cascade Holdings, L.L.C. Third Quarter 2011 Earnings Webcast November 3, 2011
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 Sales improved 6% to $628 million in 3Q2011 vs. $593 million in 3Q2010. U.S. housing starts remained very weak in 3Q2011, with single-family starts dropping 1% from 3Q2010. We believe we are continuing to gain market share with strong customer service and a broad product line o
Slide 4: Financial Highlights
Financial Highlights Building Materials Distribution (BMD) 3Q11 sales and EBITDA increased from 3Q10: Sales $501 million vs. $471 million, up 7% EBITDA $8.2 million vs. $6.5 million 3Q10 included $4.1 million of income from class action settlement Sales and gross margins increased. Good ex
Slide 5: Financial Highlights
Financial Highlights ($ Millions) 9/30/2011 6/30/2011 12/31/2010 Net Debt Sr. secured debt $ - $ - $ - Sr. subordinated notes 219.6 219.6 219.6 Cash & cash equivalents (203.1) (202.8) (264.6) Net debt (cash)1 $ 16.5 $ 16.7 $ (45.0) Liquidity Position ABL excess availability2 $ 174.5 $ 108.4 $ 106.6
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 600 100 515 501 500 471 471 80 38 39 40 39 38 42 41 389 378 403 400 60 11 11 12 12 11 12 13 300 40 200 51 50 51 48 49 46 46 20 100 0 0 10 10 10 10 11 11 11 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 2010 2011 Commodity EWP General Line Slide 6
Slide 7: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) (mmelf) 2.0 1.9 1.9 35 32 32 31 1.8 1.7 1.6 1.6 30 27 1.4 24 23 1.5 25 22 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood (mmsf 3/8” basis) 350 308 296 300 279 286 268 234 240 250 200 150 100 2011 50 2010 0 1Q 2Q 3Q 4Q Slide 7 November 3, 20
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 18 1,100 974 976 16.1 15.9 16.0 16.0 1,000 938 949 958 956 16 15.4 15.5 902 14.9 900 14 800 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 350 290 300 247 250 230 232 230 229 219 200 150 100 2011 50 2010 0 1Q 2Q 3Q 4Q Slide 8
Slide 9: Outlook
Outlook The current consensus estimate for 2011 U.S. housing starts is 590,000, or no improvement over the 587,000 experienced in 2010. 2012 consensus is for modest improvement to 700,000 starts. We are working hard to create our own recovery in demand through outstanding customer service. We ha
Slide 10: Appendix
Ye u en, ee Appendix November 3, 2011
Slide 11: Appendix
Appendix Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt (cash) at September 30, 2011, June 30, 2011, and December 31, 2010: ($ Millions) 9/30/2011 6/30/2011 12/31/2010 Long-term debt $ 21
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 loss to EBITDA for the three months ended September 30, 2011 and 2010, and June 30, 2011: ($ Millions) 3Q11 3Q10 2Q11 N
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, 2011 and 2010, and June 30, 2011: ($ Millions) 3Q11 3Q10 2Q11 Building Materials Distribution
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