Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2009 Earnings Presentation
12 slides from Boise Cascade, L.l.c's earnings presentation, Nov 13, 2009
Slide 1: Third Quarter Earnings Release
Boise Cascade Holdings, L.L.C. Third Quarter Earnings Release November 13, 2009
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 The demand environment remained difficult, but our employees executed well again in the third quarter: z Record safety performances in both Wood Products and Building Materials Distribution (BMD) z Recent acquisitions successfully integrated z Productivity and cost initiatives po
Slide 4: Financial Highlights
Financial Highlights ($ Millions) 9/30/2009 6/30/2009 12/31/2008 Net Debt Sr. secured debt $ 75.0 $ 75.0 $ 75.0 Sr. subordinated notes 228.1 228.1 240.0 Cash & cash equivalents (214.1) (204.6) (275.8) 1 Net debt $ 89.0 $ 98.6 $ 39.2 Liquidity Position 2 ABL excess availability $ 65.0 $ 77.7 $ 58.1 C
Slide 5: BMD & Wood Products Financial Highlights
BMD & Wood Products Financial Highlights ($ Millions) 3Q09 3Q08 2Q09 BMD Sales $ 472.2 $ 584.1 $ 433.7 1 EBITDA $ 11.6 $ 12.1 $ 9.6 Wood Products Sales $ 163.2 $ 215.1 $ 134.4 1 EBITDA $ 3.4 $ 3.6 $ (9.8) 2 Capital spending $ 4.8 $ 8.9 $ 3.9 1 Reconciliation of non-GAAP measures to GAAP is provided
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 700 100 610 584 600 80 43 43 41 40 42 45 43 504 500 472 434 411 60 400 12 11 10 335 12 12 11 12 300 40 200 45 45 47 49 48 44 45 20 100 0 0 09 09 08 08 08 08 09 2Q 3Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 2008 2009 Commodity EWP General Line Slid
Slide 7: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) 38 (mmelf) 2.5 2.3 40 2.0 35 31 1.9 29 2.0 1.7 30 27 1.4 1.4 25 22 1.5 19 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) 350 313 317 311 287 300 261 246 246 250 200 150 100 2008 50 2009 0 1Q 2Q 3Q 4Q Slide 7 Novembe
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 20 1,100 970 1,000 952 937 18 900 911 908 885 16.2 16.0 15.7 900 16 15.2 15.3 15.1 14.7 800 14 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 300 259 261 242 250 226 228 200 210 200 150 100 2008 50 2009 0 1Q 2Q 3Q 4Q Slide 8 N
Slide 9: Outlook
Outlook We expect the housing starts to weaken as we move into winter; however, we believe 2010 starts will improve from 2009 levels. Pricing for the foreseeable future will likely be impacted more by supply behavior than the strength of the recovery in demand. Mortgage market activity, partic
Slide 10: Appendix
€S) Boise Cascade Appendix November 13, 2009
Slide 11: Appendix: Net Debt Reconciliation
Appendix Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt at September 30, June 30, 2009, and December 31, 2008. ($ Millions) 9/30/2009 6/30/2009 12/31/2008 Long-term debt $ 303.1 $ 303.1 $ 315.0
Slide 12: Appendix: Segment EBITDA Reconciliation
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 September 30, 2009 and 2008, and June 30, 2009. ($ Millions) 3Q09 3Q08 2Q09 Building Materials
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