Boise Cascade, L.L.C. · NYSE:BCC
Boise Cascade, L.L.C — Q4 2008 Earnings Presentation
12 slides from Boise Cascade, L.L.C's earnings presentation, Mar 10, 2009
Slide 1: Fourth Quarter Earnings Release
Boise Cascade Holdings, L.L.C. Fourth Quarter Earnings Release March 10, 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 Our core building products business reported negative EBITDA of $31.5 million in the quarter, including $7.5 million of expenses related to our planned closure of our White City, Oregon, plywood operation. We used about $14 million of cash in the quarter, which increased our ne
Slide 4: Financial Highlights
Financial Highlights ($ Millions) 12/31/2008 9/30/2008 12/31/2007 Net Debt Short-term borrowings $ - $ - $ 10.5 Sr. secured debt 75.0 75.0 760.6 Sr. subordinated notes 240.0 240.0 400.0 Cash & cash equivalents (275.8) (290.1) (57.6) 1 Net debt $ 39.2 $ 24.9 $ 1,113.4 Liquidity Position 2 ABL excess
Slide 5: BMD & Wood Products Financial Highlights
BMD & Wood Products Financial Highlights ($ Millions) 4Q08 4Q07 3Q08 BMD Sales $ 411.5 $ 545.0 $ 584.1 1 EBITDA $ (2.9) $ 6.6 $ 12.1 Wood Products Sales $ 156.0 $ 216.0 $ 215.1 1 EBITDA $ (24.7) $ 3.0 $ 3.6 2 Capital spending $ 15.1 $ 14.9 $ 8.9 1 Reconciliation of non-GAAP measures to GAAP is provi
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 40 584 600 545 504 500 60 411 14 12 11 15 15 15 12 12 400 40 300 44 44 45 45 45 47 49 200 20 43 100 0 0 07 07 07 07 08 08 08 08 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2007 2008 Commodit
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 1.4 29 1.5 30 19 1.0 20 0.5 10 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood (mmsf 3/8” basis) 330 317 313 311 310 307 306 310 300 287 290 270 2007 2008 250 1Q 2Q 3Q 4Q Slide 7
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 16.8 885 16.2 16.0 16.3 900 15.7 16 14.7 800 14 700 12 600 10 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Plywood ($/msf 3/8” basis) 300 287 275 262 259 261 263 244 242 250 228 225 200 2007 175 2008 150
Slide 9: Outlook
Outlook We expect the housing and capital markets to remain extremely challenging for the balance of the year, so we are very focused on minimizing our cash usage and preserving our financial flexibility. Pricing this year will more likely be impacted by supply behavior than demand recovery. M
Slide 10: Appendix
€S) Boise Cascade Appendix March 10, 2009
Slide 11: Appendix: Net Debt Reconciliation
Appendix Net debt includes long- and short-term debt owed to third parties, less cash and cash equivalents. The following table reconciles total debt to net debt at December 31, 2008, September 30, 2008, and at December 31, 2007. ($ Millions) 12/31/2008 9/30/2008 12/31/2007 Long-term debt, less curr
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 December 31, 2008 and 2007, and September 30, 2008. ($ Millions) 4Q08 4Q07 3Q08 Building Materi
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