Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q1 2011 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, May 5, 2011
Slide 1: First Quarter 2011 Earnings Webcast
Boise Cascade Holdings, L.L.C. First Quarter 2011 Earnings Webcast May 5, 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 were $483 million in 1Q2011 vs. $487 million in 1Q2010. U.S. housing starts were very weak in 1Q2011, with single-family starts dropping 21% from 1Q2010. EBITDA loss of $5.6 million in 1Q2011, which included $2.6 million of charges related to a production facility curtail
Slide 4: Financial Highlights
Financial Highlights Building Materials Distribution (BMD) 1Q11 sales and EBITDA decreased from 1Q10: ¾ Sales $378 million vs. $389 million, down 3% ¾ EBITDA ($2.5) million vs. $1.1 million ¾ $0.8 million write-down of surplus land in 1Q11 ¾ Gross margins declined, but good expense control Wood
Slide 5: Financial Highlights
Financial Highlights ($ Millions) 3/31/2011 12/31/2010 3/31/2010 Net Debt Sr. secured debt $ - $ - $ 75.0 Sr. subordinated notes 219.6 219.6 228.1 Cash & cash equivalents (182.8) (264.6) (336.1) 1 Net debt (cash) $ 36.8 $ (45.0) $ (32.9) Liquidity Position 2 ABL excess availability $ 108.6 $ 106.6 $
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) 600 100 515 500 471 80 38 39 40 39 38 389 378 403 400 60 11 11 12 12 11 300 40 200 51 50 48 49 51 20 100 0 0 1Q 2Q 3Q 4Q 1Q10 2Q10 3Q10 4Q10 1Q11 2010 2011 Commodity EWP General Line Slide 6 May 5, 2011
Slide 7: Wood Products – Sales Volumes
Wood Products – Sales Volumes LVL I-joists (mmcf) (mmelf) 2.0 1.9 35 32 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) 350 308 300 279 268 234 240 250 200 150 100 2011 50 2010 0 1Q 2Q 3Q 4Q Slide 7 May 5, 2011
Slide 8: Wood Products – Prices
Wood Products – Prices LVL I-joists ($/cf) ($/melf) 18 1,100 974 956 16.1 16.0 16.0 1,000 938 949 16 15.4 902 14.9 900 14 800 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 350 290 300 247 250 230 232 219 200 150 100 2011 50 2010 0 1Q 2Q 3Q 4Q Slide 8 May 5, 2011
Slide 9: Outlook
Outlook The current consensus estimate for 2011 U.S. housing starts is 630,000, which would be a welcome improvement from the 587,000 experienced in 2010 if it occurs. Many markets are improving seasonally, but we do not expect 2011 to mark a robust start to a housing recovery. Unemployment ra
Slide 10: Appendix
€S) Boise Cascade Appendix May 5, 2011
Slide 11: Appendix
Appendix Net debt (cash) includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt (cash) at March 31, 2011, December 31, 2010, and March 31, 2010. ($ Millions) 3/31/2011 12/31/2010 3/31/2010 Long-term debt $ 219.6
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 March 31, 2011 and 2010, and December 31, 2010: ($ Millions) 1Q11 1Q
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 March 31, 2011 and 2010, and December 31, 2010: ($ Millions) 1Q11 1Q10 4Q10 Building Materials Distribution
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