Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q3 2008 Earnings Presentation
12 slides from Boise Cascade, L.l.c's earnings presentation, Nov 6, 2008
Slide 1: Third Quarter Earnings Release
Boise Cascade Holdings, L.L.C. Third Quarter Earnings Release November 6, 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 Our core building products business provided $10 million EBITDA in the quarter. We completed the divestiture of our Brazilian subsidiary on July 1 for net proceeds of $46 million. We permanently closed our St. Helens, Oregon, veneer facility in September. We generated about $
Slide 4: Financial Highlights
Financial Highlights ($ Millions) 9/30/2008 6/30/2008 12/31/2007 Net Debt Short-term borrowings $ - $ - $ 10.5 Sr. secured ABL debt 75.0 75.0 760.6 Sr. subordinated notes 240.0 240.0 400.0 Cash & cash equivalents (290.1) (240.7) (57.6) Net debt1 $ 24.9 $ 74.3 $ 1,113.4 Liquidity Position ABL excess
Slide 5: BMD & Wood Products Financial Highlights
BMD & Wood Products Financial Highlights ($ Millions) 3Q08 3Q07 2Q08 BMD Sales $ 584.1 $ 686.6 $ 610.0 1 EBITDA $ 12.1 $ 18.0 $ 17.3 Wood Products Sales $ 215.1 $ 261.6 $ 226.0 1 EBITDA $ 3.6 $ 16.3 $ 3.3 2 Capital spending $ 8.9 $ 10.0 $ 9.7 1 Reconciliation of non-GAAP measures to GAAP is provided
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 800 100 724 687 700 609 610 80 41 42 41 41 43 43 41 584 600 545 504 500 60 15 15 15 14 12 12 12 400 40 300 44 43 44 45 45 45 47 200 20 100 0 0 07 07 07 07 08 08 08 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 2007 2008 Commodity EWP General Line
Slide 7: 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 2.3 50 1.9 2.0 1.9 38 2.0 40 31 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) 330 317 313 311 310 307 306 310 300 290 270 2007 2008 250 1Q 2Q 3Q 4Q Slide 7 November 6
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 20 1,100 1,044 1,035 1,020 993 970 17.5 1,000 952 937 18 17.2 16.8 16.2 16.0 16.3 900 15.7 16 800 14 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 300 287 275 262 259 261 263 244 242 250 225 200 2007 175 2008 150 1Q 2Q 3Q 4Q
Slide 9: Outlook
Outlook We expect the housing and capital markets to remain extremely challenging through next year, so we are very focused on minimizing our cash usage and preserving our financial flexibility. Pricing for the balance of 2008 and into 2009 will more likely be impacted by supply behavior than de
Slide 10: Appendix
Boise Cascade Appendix November 6, 2008
Slide 11: Appendix
Appendix Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt at September 30, 2008, June 30, 2008, and at December 31, 2007. September 30, June 30, December 31, ($ Millions) 2008 2008 2007 Long-term
Slide 12: 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 September 30, 2008 and 2007, and June 30, 2008. ($ Millions) 3Q08 3Q07 2Q08 Building Materials
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