Boise Cascade, L.l.c. · NYSE:BCC
Boise Cascade, L.l.c — Q2 2012 Earnings Presentation
13 slides from Boise Cascade, L.l.c's earnings presentation, Aug 2, 2012
Slide 1: Second Quarter 2012 Earnings Webcast
Boise Cascade Holdings, L.L.C. Second Quarter 2012 Earnings Webcast August 2, 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 29% in 2Q12 over 2Q11. Single-family starts increased 23%. Higher plywood sales prices and volumes in Wood Products, along with operating leverage in Building Materials Distribution, drove a sharp improvement in our financial results.
Slide 4: Financial Highlights
Financial Highlights Building Materials Distribution (BMD): Sales $581 million 2Q12 vs. $471 million 2Q11, a 23% increase EBITDA $10.9 million 2Q12 vs. $3.4 million 2Q11 Wood Products: Sales $242 million 2Q12 vs. $182 million 2Q11, a 33% increase EBITDA $21.7 million 2Q12 vs. $4.5 millio
Slide 5: Financial Highlights
Financial Highlights ($ Millions) 6/30/2012 3/31/2012 12/31/2011 Net Debt Sr. secured debt $ - $ - $ - Sr. subordinated notes 219.6 219.6 219.6 Cash & cash equivalents (174.1) (164.4) (182.5) 1 Net debt $ 45.5 $ 55.1 $ 37.1 Liquidity Position 2 ABL excess availability $ 238.4 $ 207.5 $ 141.8 Cash &
Slide 6: Building Materials Distribution – Sales
Building Materials Distribution – Sales ($ Millions) (% of Sales) $700 100 11 12 13 14 13 13 $600 581 80 501 $500 471 38 451 42 37 39 429 41 39 $400 378 60 $300 40 $200 51 46 46 47 50 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2011 2012 Commodity General Line EWP Slide 6 August 2, 201
Slide 7: Plywood
Plywood Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 400 $350 346 350 328 $300 290 267 296 300 286 284 $250 232 230 229 238 250 240 $200 200 $150 150 $100 100 50 $50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011 2012 Slide 7 August 2, 2012
Slide 8: EWP – Volumes and Prices
EWP – Volumes and Prices (mmcf) LVL (mmelf) I-Joists 2.5 40 39 2.3 2.1 35 32 31 2.0 1.9 30 1.8 1.8 30 26 1.6 1.5 25 22 20 1.0 15 10 0.5 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,000 974 976 958 935 928 919 16.1 15.9 $900 $16 15.5 15.1 14.9 14.5 $800 $14 $700 $12 $600 $10 $500 1Q 2Q 3Q 4
Slide 9: Outlook
Outlook The long awaited beginning to a recovery in housing appears to have arrived. Demand in the third quarter is confirming that the first half improvement wasn’t due solely to a mild winter. The current consensus estimate for 2012 U.S. housing starts is 740,000 vs. 609,000 in 2011. Multi-fam
Slide 10: Appendix
Boise Cascade Appendix August 2, 2012
Slide 11: Appendix
Appendix Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt at June 30, 2012, March 31, 2012, and December 31, 2011: ($ Millions) 6/30/2012 3/31/2012 12/31/2011 Long-term debt $ 219.6 $ 219.6 $ 219.
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 June 30, 2012 and 2011, and March 31, 2012: ($ Millions) 2Q12 2Q11 1
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 June 30, 2012 and 2011, and March 31, 2012: ($ Millions) 2Q12 2Q11 1Q12 Building Materials Distribution Seg
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