BOISE, Idaho, Aug. 3 /CNW/ -- Boise Inc. (NYSE: BZ) today reported
net income of $13.3 million or $0.16 per diluted share for second
quarter 2010 compared with net income of $50.9 million or $0.60 per
diluted share for second quarter 2009. Net income excluding special
items was $11.4 million or $0.14 per diluted share in second
quarter 2010 compared with $3.3 million or $0.04 per diluted share
in second quarter 2009. EBITDA excluding special items was $67.0
million for second quarter 2010 compared with $53.0 million for
second quarter 2009. FINANCIAL HIGHLIGHTS (in millions, except
per-share data) 2Q 2010 2Q 2009 1Q 2010 ------- ------- -------
Sales $521.6 $479.4 $494.1 Net income (loss) $13.3 $50.9 $(12.7)
Net income (loss) per diluted share $0.16 $0.60 $(0.16) Net income
excluding special items (a) $11.4 $3.3 $3.0 Net income excluding
special items per diluted share (a) $0.14 $0.04 $0.04 EBITDA (b)
$70.1 $130.6 $29.3 EBITDA excluding special items (b) $67.0 $53.0
$54.9 Net total debt at quarter end (c) $657.1 $901.7 $693.9 (a)
For reconciliation of net income (loss) to net income excluding
special items, see "Summary Notes to Consolidated Financial
Statements and Segment Information." (b) For reconciliation of net
income (loss) to EBITDA and EBITDA to EBITDA excluding special
items, see "Summary Notes to Consolidated Financial Statements and
Segment Information." (c) For reconciliation of total debt to net
total debt, see "Summary Notes to Consolidated Financial Statements
and Segment Information." "During the second quarter, we began to
benefit from improving pricing trends in both packaging and paper
markets and experienced growth in our packaging and packaging
demand-driven paper businesses," said Alexander Toeldte, President
and Chief Executive Officer of Boise Inc. "Shipments in our
corrugated packaging business were up 17% over the prior year, and
sales volumes of our premium office, label and release, and
flexible packaging products grew 14% over the prior year period.
During the second quarter, we completed planned annual outages at
our International Falls and Wallula mills. Looking ahead to the
third quarter, we have no planned annual maintenance outages and
expect to continue to benefit from the recently implemented price
increases." Sales Total sales for second quarter 2010 were $521.6
million, up $42.2 million, or 9%, from $479.4 million for second
quarter 2009 and up $27.5 million from first quarter 2010 sales of
$494.1 million. Paper segment sales increased $7.8 million during
second quarter 2010 compared with second quarter 2009 due primarily
to increased sales prices. Packaging segment sales increased $35.9
million during second quarter 2010 compared with second quarter
2009 driven by higher sales volumes for corrugated products and
newsprint and higher sales prices for linerboard and newsprint.
These increases were offset partially by lower sales prices of
corrugated products compared with the prior year. Prices and
Volumes Pricing for uncoated freesheet improved in second quarter
2010 compared with second quarter 2009 and first quarter 2010.
Average net selling prices for uncoated freesheet papers increased
$12 per ton, or 1%, to $970 per ton during second quarter 2010
compared with second quarter 2009 and increased $29 per ton from
first quarter 2010. In first quarter 2010, we implemented a
$40-per-ton price increase across most of our uncoated freesheet
grades, including cut-size office papers, offset, and midweight
opaque grades. In April 2010, we announced a $60-per-ton price
increase effective in May across virtually all of our uncoated
office papers and printing and converting grades, from which we
expect to further benefit beginning in third quarter 2010. Overall,
uncoated freesheet sales volumes were 312,000 tons during second
quarter 2010, a decrease of 1% versus the prior year period, and
flat from first quarter 2010. Combined sales volumes of premium
office, label and release, and flexible packaging papers, which
represented 32% of our total second quarter 2010 uncoated freesheet
sales volumes, increased by 14% compared with second quarter 2009.
Corrugated container and sheet sales volumes improved 17% during
second quarter 2010 compared with second quarter 2009 and increased
4% from first quarter 2010. This increase was due primarily to
increased sales of sheets from our sheet feeder plant in Texas as a
result of improving industrial markets in the area. Corrugated
container and sheet prices increased 6% sequentially from first
quarter 2010 driven by higher selling prices for containerboard.
Corrugated container and sheet prices decreased 5% in second
quarter 2010 from second quarter 2009 driven primarily by an
increased sales mix of corrugated sheets relative to corrugated
containers. Linerboard net selling prices to third parties
increased $38 per ton, or 13%, to $340 per ton in second quarter
2010 compared with $302 per ton in second quarter 2009 and improved
$44 per ton sequentially from first quarter 2010. In first quarter
2010, we implemented a $50-per-ton and $70-per-ton price increase
on domestic linerboard sales in the eastern and western U.S.,
respectively. During second quarter, we implemented an additional
$60-per-ton increase on domestic linerboard sales. In July, we
announced an additional $60-per-ton increase on domestic linerboard
sales effective on August orders. Linerboard sales volumes to third
parties were 54,000 tons during second quarter 2010, flat from
second quarter 2009. Third-party sales volumes decreased 13%
sequentially from first quarter 2010 as improved sales volumes in
our corrugated product and sheet operations during second quarter
2010 resulted in less linerboard available for sales to third
parties. Input Costs Total fiber, energy, and chemical costs for
second quarter 2010 were $215.1 million, an increase of $31.4
million, or 17%, compared with costs of $183.7 million for second
quarter 2009. The increase was driven primarily by higher fiber
costs and higher consumption of all inputs due to increased
production volumes. INPUT COST SUMMARY (in millions) 2Q 2010 2Q
2009 1Q 2010 ------- ------- ------- Fiber $117.1 $92.2 $115.5
Energy 48.1 40.5 63.4 Chemicals 49.9 51.0 49.1 Total $215.1 $183.7
$228.0 ====== ====== ====== Total fiber costs during second quarter
2010 were $117.1 million, an increase of $24.9 million, or 27%,
from $92.2 million incurred in second quarter 2009. This was due to
higher purchased pulp prices and increased fiber consumption. Fiber
costs in second quarter 2010 increased $1.6 million, or 1%,
compared with $115.5 million in first quarter 2010. Energy costs in
second quarter 2010 were $48.1 million, an increase of $7.6
million, or 19%, compared with $40.5 million in second quarter
2009. This was driven by increased consumption of energy due to
higher production volumes, offset partially in the Paper segment by
lower electrical prices and more favorable energy mix. Energy costs
in second quarter 2010 decreased $15.3 million, or 24%, from $63.4
million in first quarter 2010 due to seasonal decreases in
consumption and lower natural gas prices. Chemical costs in second
quarter 2010 were $49.9 million, a decrease of $1.1 million, or 2%,
compared with $51.0 million in second quarter 2009 as lower prices
were offset partially by higher consumption of commodity chemicals.
Chemical costs were up $0.8 million, or 2%, compared with $49.1
million in first quarter 2010 due to higher prices. Webcast and
Conference Call Boise Inc. will host a webcast and conference call
on Tuesday, August 3, 2010, at 12:00 p.m. ET, at which time we will
review the company's recent performance. To participate in the
conference call, dial 866-841-1001 (international callers should
dial 832-4451689). The webcast may be accessed through Boise's
Internet site and will be archived for one year following the call.
Go to www.BoiseInc.com and click on the link to the webcast under
Webcasts & Presentations on the Investors drop-down menu. A
replay of the conference call will be available in Webcasts &
Presentations from August 3 at 3:00 p.m. ET through August 31 at
11:45 p.m. ET. Playback numbers are 800-642-1687 for U.S. callers
and 706-645-9291 for international callers. The passcode is
88822731. About Boise Inc. Headquartered in Boise, Idaho, Boise
Inc. (NYSE: BZ) manufactures packaging products and papers
including corrugated containers, containerboard, label and release
and flexible packaging papers, imaging papers for the office and
home, printing and converting papers, newsprint, and market pulp.
Our employees are committed to delivering excellent value while
managing our businesses to sustain environmental resources for
future generations. Visit our website at www.BoiseInc.com.
Forward-Looking Statements This news release contains statements
that are "forward looking" as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance, or achievements.
Forward-looking statements involve risks and uncertainties,
including but not limited to economic, competitive, and
technological factors outside our control that may cause our
business, strategy, or actual results to differ materially from the
forward-looking statements. Statements regarding announced price
increases on our products and the benefits we expect to derive from
such increases are considered forward looking; accordingly, there
can be no assurance that we will be able to implement or realize
all or any part of such price increases. For further information
about the risks and uncertainties associated with our business,
please refer to our filings with the Securities and Exchange
Commission. The company does not intend, and undertakes no
obligation, to update any forward-looking statements. BOISE, Idaho,
Aug. 3 /CNW/ -- Boise Inc. Consolidated Statements of Income (Loss)
(unaudited, dollars and shares in thousands, except per-share data)
Three Months Ended ------------------ March June 30 31, -------
2010 2009 2010 ---- ---- ---- Sales Trade $511,012 $469,877
$485,851 Related parties 10,549 9,490 8,254 521,561 479,367 494,105
------- ------- ------- Costs and expenses Materials, labor, and
other operating expenses 419,594 386,013 408,485 Fiber costs from
related parties 5,168 8,933 9,831 Depreciation, amortization, and
depletion 32,267 32,892 32,131 Selling and distribution expenses
14,254 14,024 13,734 General and administrative expenses 12,569
12,691 11,459 St. Helens mill restructuring (434) 1,133 128
Alternative fuel mixture credits, net - (75,337) - Other (income)
expense, net (11) 2,434 (303) 483,407 382,783 475,465 -------
------- ------- Income from operations 38,154 96,584 18,640 ------
------ ------ Foreign exchange gain (loss) (323) 1,157 687 Change
in fair value of interest rate derivatives (13) 627 (29) Loss on
extinguishment of debt (28) - (22,197) Interest expense (16,165)
(21,389) (16,445) Interest income 61 91 37 (16,468) (19,514)
(37,947) ------- ------- ------- Income (loss) before income taxes
21,686 77,070 (19,307) Income tax (provision) benefit (8,376)
(26,187) 6,622 Net income (loss) $13,310 $50,883 $(12,685) =======
======= ======== Weighted average common shares outstanding: Basic
80,624 78,142 79,800 Diluted 84,093 84,254 79,800 Net income (loss)
per common share: Basic $0.17 $0.65 $(0.16) Diluted $0.16 $0.60
$(0.16) Segment Information (unaudited, dollars in thousands) Three
Months Ended ------------------ March June 30 31, ------- 2010 2009
2010 ---- ---- ---- Segment sales Paper $364,199 $356,401 $353,489
Packaging 166,143 130,237 148,154 Intersegment eliminations and
other (8,781) (7,271) (7,538) $521,561 $479,367 $494,105 ========
======== ======== Segment income (loss) Paper (1) $25,708 $84,505
$29,943 Packaging (1) 17,105 20,330 (5,770) Corporate and Other (1)
(4,982) (7,094) (4,846) 37,831 97,741 19,327 ------ ------ ------
Change in fair value of interest rate derivatives (13) 627 (29)
Loss on extinguishment of debt (28) - (22,197) Interest expense
(16,165) (21,389) (16,445) Interest income 61 91 37 Income (loss)
before income taxes $21,686 $77,070 $(19,307) ======= =======
======== EBITDA (2) Paper (1) $47,406 $105,604 $51,412 Packaging
(1) 26,684 31,108 3,926 Corporate and Other (1) (3) (4,020) (6,079)
(26,077) ------ ------ ------- $70,070 $130,633 $29,261 =======
======== ======= (1) The three months ended June 30, 2009, included
$57.0 million of income recorded in the Paper segment, $19.9
million of income recorded in the Packaging segment, and $1.6
million of expenses recorded in the Corporate and Other segment
relating to alternative fuel mixture credits. These amounts are net
of fees and expenses and before taxes. (2) See Summary Notes to
Consolidated Financial Statements and Segment Information for a
reconciliation of our EBITDA to net income (loss). (3) The three
months ended March 31, 2010, included $22.2 million of loss on
extinguishment of debt. Boise Inc. Consolidated Statements of
Income (unaudited, dollars and shares in thousands, except
per-share data) Six Months Ended ---------------- June 30 -------
2010 2009 ---- ---- Sales Trade $996,863 $954,745 Related parties
18,803 24,907 1,015,666 979,652 --------- ------- Costs and
expenses Materials, labor, and other operating expenses 828,079
799,152 Fiber costs from related parties 14,999 14,636
Depreciation, amortization, and depletion 64,398 64,864 Selling and
distribution expenses 27,988 27,806 General and administrative
expenses 24,028 23,064 St. Helens mill restructuring (306) 4,781
Alternative fuel mixture credits, net - (75,337) Other (income)
expense, net (314) 2,673 958,872 861,639 ------- ------- Income
from operations 56,794 118,013 ------ ------- Foreign exchange gain
(loss) 364 479 Change in fair value of interest rate derivatives
(42) 495 Loss on extinguishment of debt (22,225) - Interest expense
(32,610) (43,543) Interest income 98 145 (54,415) (42,424) -------
------- Income before income taxes 2,379 75,589 Income tax
(provision) benefit (1,754) (25,622) Net income $625 $49,967 ====
======= Weighted average common shares outstanding: Basic 80,214
77,818 Diluted 84,143 81,906 Net income per common share: Basic
$0.01 $0.64 Diluted $0.01 $0.61 Segment Information (unaudited,
dollars in thousands) Six Months Ended ---------------- June 30
------- 2010 2009 ---- ---- Segment sales Paper $717,688 $708,396
Packaging 314,297 287,369 Intersegment eliminations and other
(16,319) (16,113) $1,015,666 $979,652 ========== ======== Segment
income Paper (1) $55,651 $109,281 Packaging (1) 11,335 21,455
Corporate and Other (1) (2) (9,828) (12,244) 57,158 118,492 ------
------- Change in fair value of interest rate derivatives (42) 495
Loss on extinguishment of debt (22,225) - Interest expense (32,610)
(43,543) Interest income 98 145 Income (loss) before income taxes
$2,379 $75,589 ====== ======= EBITDA (2) Paper (1) $98,818 $151,726
Packaging (1) 30,610 41,889 Corporate and Other (1) (3) (30,097)
(10,259) ------- ------- $99,331 $183,356 ======= ======== (1) The
six months ended June 30, 2009, included $57.0 million of income
recorded in the Paper segment, $19.9 million of income recorded in
the Packaging segment, and $1.6 million of expenses recorded in the
Corporate and Other segment relating to alternative fuel mixture
credits. These amounts are net of fees and expenses and before
taxes. (2) See Summary Notes to Consolidated Financial Statements
and Segment Information for a reconciliation of our EBITDA to net
income. (3) The six months ended June 30, 2010, included $22.2
million of loss on extinguishment of debt. Boise Inc. Consolidated
Balance Sheets (unaudited, dollars in thousands) June 30, December
31, 2010 2009 --------- ------------- ASSETS Current Cash and cash
equivalents $128,062 $69,393 Short-term investments 10,606 10,023
Receivables Trade, less allowances of $616 and $839 205,268 185,110
Related parties 2,236 2,056 Other (1) 4,274 62,410 Inventories
255,335 252,173 Deferred income taxes 12,151 - Prepaid and other
10,829 4,819 628,761 585,984 ------- ------- Property Property and
equipment, net 1,186,072 1,205,679 Fiber farms and deposits 17,825
17,094 1,203,897 1,222,773 --------- --------- Deferred financing
costs 32,980 47,369 Intangible assets, net 30,981 32,358 Other
assets 7,546 7,306 ----- ----- Total assets $1,904,165 $1,895,790
========== ========== (1) December 31, 2009, included a $56.6
million receivable for alternative fuel mixture credits. This
amount was collected during first quarter 2010. Boise Inc.
Consolidated Balance Sheets (continued) (unaudited, dollars and
shares in thousands, except per-share data) June 30, December 31,
2010 2009 --------- ------------- LIABILITIES AND STOCKHOLDERS'
EQUITY Current Short-term borrowings $3,536 $- Current portion of
long-term debt 29,163 30,711 Income taxes payable 63 240 Accounts
payable Trade 193,238 172,518 Related parties 931 2,598 Accrued
liabilities Compensation and benefits 53,690 67,948 Interest
payable 11,319 4,946 Other 17,019 23,735 308,959 302,696 -------
------- Debt Long-term debt, less current portion 763,081 785,216
------- ------- Other Deferred income taxes 53,065 32,253
Compensation and benefits 122,446 123,889 Other long-term
liabilities 33,729 30,801 ------ ------ 209,240 186,943 -------
------- Commitments and contingent liabilities Stockholders' equity
Preferred stock, $.0001 par value per share: - - 1,000 shares
authorized; none issued Common stock, $.0001 par value per share: 8
8 250,000 shares authorized; 84,760 shares and 84,419 shares issued
and outstanding Additional paid-in capital 579,211 578,669
Accumulated other comprehensive income (loss) (70,770) (71,553)
Retained earnings 114,436 113,811 Total stockholders' equity
622,885 620,935 ------- ------- Total liabilities and stockholders'
equity $1,904,165 $1,895,790 ========== ========== Boise Inc.
Consolidated Statements of Cash Flows (unaudited, dollars in
thousands) Six Months Ended June 30 ---------------- 2010 2009 ----
---- Cash provided by (used for) operations Net income $625 $49,967
Items in net income not using (providing) cash Depreciation,
depletion, and amortization of deferred financing costs and other
68,864 71,178 Share-based compensation expense 1,834 1,744 Notes
payable interest expense - 5,349 Pension and other postretirement
benefit expense 4,705 4,877 Deferred income taxes 912 16,593 Change
in fair value of energy derivatives 617 (1,277) Change in fair
value of interest rate derivatives 42 (495) (Gain) loss on sales of
assets, net 45 10 Other (364) (385) Loss on extinguishment of debt
22,225 - Decrease (increase) in working capital, net of
acquisitions Receivables 37,899 12,982 Inventories (5,347) 68,237
Prepaid expenses 1,503 (2,650) Accounts payable and accrued
liabilities 6,352 (7,121) Current and deferred income taxes 344
8,420 Pension and other postretirement benefit payments (5,864)
(7,031) Other (101) 331 Cash provided by (used for) operations
134,291 220,729 ------- ------- Cash provided by (used for)
investment Acquisitions of businesses and facilities - (543)
Expenditures for property and equipment (37,481) (35,854) Purchases
of short-term investments (11,825) (10,000) Maturities of
short-term investments 11,247 - Sales of assets 575 317 Other 230
571 Cash provided by (used for) investment (37,254) (45,509)
------- ------- Cash provided by (used for) financing Issuances of
long-term debt 300,000 10,000 Payments of long-term debt (323,683)
(92,631) Payments of short-term borrowings (1,752) - Payments of
deferred financing fees (11,613) - Other (1,320) - Cash provided by
(used for) financing (38,368) (82,631) ------- ------- Increase in
cash and cash equivalents 58,669 92,589 Balance at beginning of the
period 69,393 22,518 Balance at end of the period $128,062 $115,107
======== ======== Summary Notes to Consolidated Financial
Statements and Segment Information The Consolidated Statements of
Income (Loss), Consolidated Balance Sheets, Consolidated Statements
of Cash Flows, and Segment Information do not include all Notes to
Consolidated Financial Statements and should be read in conjunction
with the Company's 2009 Annual Report on Form 10K and the Company's
Quarterly Report on Form 10Q for the period ended June 30, 2010, as
well as other reports the Company files with the SEC. Net income
(loss) for all periods presented involved estimates and accruals.
Boise Inc. operates its business in three reportable segments:
Paper, Packaging, and Corporate and Other (support services). Boise
Inc. manufactures and sells a range of papers, including
communication-based papers, packaging-demand-driven papers, and
market pulp. Boise Inc. also manufactures and sells corrugated
containers and sheets as well as linerboard and newsprint. This
release contains several financial measures that are not measures
under U.S. generally accepted accounting principles (GAAP). These
measures include EBITDA, EBITDA excluding special items, net income
excluding special items, net total debt, and other similar
measures. Management uses these measures to evaluate ongoing
operations and believes they are useful to investors because they
enable them to perform meaningful comparisons of past and present
operating results. The following charts reconcile these non-GAAP
measures with the most directly comparable GAAP measures. EBITDA
represents income (loss) before interest (change in fair value of
interest rate derivatives, interest expense, and interest income),
income taxes, and depreciation, amortization, and depletion. The
following table reconciles net income (loss) to EBITDA for the
three months ended June 30, 2010 and 2009, and the three months
ended March 31, 2010 (unaudited, dollars in thousands): Three
Months Ended ------------------ March June 30 31, ------- 2010 2009
2010 ---- ---- ---- Net income (loss) $13,310 $50,883 $(12,685)
Change in fair value of interest rate derivatives 13 (627) 29
Interest expense 16,165 21,389 16,445 Interest income (61) (91)
(37) Income tax provision (benefit) 8,376 26,187 (6,622)
Depreciation, amortization, and depletion 32,267 32,892 32,131
EBITDA $70,070 $130,633 $29,261 ======= ======== ======= The
following table reconciles net income to EBITDA for the six months
ended June 30, 2010 and 2009 (unaudited, dollars in thousands): Six
Months Ended ---------------- June 30 ------- 2010 2009 ---- ----
Net income $625 $49,967 Change in fair value of interest rate
derivatives 42 (495) Interest expense 32,610 43,543 Interest income
(98) (145) Income tax provision (benefit) 1,754 25,622
Depreciation, amortization, and depletion 64,398 64,864 EBITDA
$99,331 $183,356 ======= ======== The following table reconciles
segment income (loss) and EBITDA to EBITDA excluding special items
for the three months ended June 30, 2010 and 2009, and the three
months ended March 31, 2010 (unaudited, dollars in thousands):
Three Months Ended ------------------ March June 30 31, -------
2010 2009 2010 ---- ---- ---- Paper Segment income $25,708 $84,505
$29,943 Depreciation, amortization, and depletion 21,698 21,099
21,469 EBITDA $47,406 $105,604 $51,412 ------- -------- ------- St.
Helens mill restructuring (434) 1,133 128 Change in fair value of
energy hedges (2,312) (2,797) 2,832 Alternative fuel mixture
credits, net - (56,967) - EBITDA excluding special items $44,660
$46,973 $54,372 ------- ------- ------- Packaging Segment income
(loss) $17,105 $20,330 $(5,770) Depreciation, amortization, and
depletion 9,579 10,778 9,696 EBITDA $26,684 $31,108 $3,926 -------
------- ------ Change in fair value of energy hedges (401) (671)
498 Alternative fuel mixture credits, net - (19,947) - EBITDA
excluding special items $26,283 $10,490 $4,424 ------- -------
------ Corporate and Other Segment loss $(4,982) $(7,094) $(4,846)
Depreciation, amortization, and depletion 990 1,015 966 Loss on
extinguishment of debt (28) - (22,197) EBITDA $(4,020) $(6,079)
$(26,077) ------- ------- -------- Alternative fuel mixture
credits, net - 1,577 - Loss on extinguishment of debt 28 - 22,197
EBITDA excluding special items $(3,992) $(4,502) $(3,880) -------
------- ------- EBITDA $70,070 $130,633 $29,261 ======= ========
======= EBITDA excluding special items $66,951 $52,961 $54,916
======= ======= ======= The following table reconciles segment
income (loss) and EBITDA to EBITDA excluding special items for the
six months ended June 30, 2010 and 2009 (unaudited, dollars in
thousands): Six Months Ended June 30 ---------------- 2010 2009
---- ---- Paper Segment income $55,651 $109,281 Depreciation,
amortization, and depletion 43,167 42,445 EBITDA $98,818 $151,726
------- -------- St. Helens mill restructuring (306) 4,781 Change
in fair value of energy hedges 521 (994) Alternative fuel mixture
credits, net - (56,967) EBITDA excluding special items $99,033
$98,546 ------- ------- Packaging Segment income $11,335 $21,455
Depreciation, amortization, and depletion 19,275 20,434 EBITDA
$30,610 $41,889 ------- ------- Change in fair value of energy
hedges 96 (283) Alternative fuel mixture credits, net - (19,947)
EBITDA excluding special items $30,706 $21,659 ------- -------
Corporate and Other Segment loss $(9,828) $(12,244) Depreciation,
amortization, and depletion 1,956 1,985 Loss on extinguishment of
debt (22,225) - EBITDA $(30,097) $(10,259) -------- --------
Alternative fuel mixture credits, net - 1,577 Loss on
extinguishment of debt 22,225 - EBITDA excluding special items
$(7,872) $(8,682) ------- ------- EBITDA $99,331 $183,356 =======
======== EBITDA excluding special items $121,867 $111,523 ========
======== The following tables reconcile net income (loss) to net
income excluding special items and presents net income excluding
special items per diluted share for the three months ended June 30,
2010 and 2009, the three months ended March 31, 2010, and the six
months ended June 30, 2010 and 2009 (unaudited, dollars and shares
in thousands): Three Months Ended ------------------ March June 30
31, ------- ------ 2010 2009 2010 ---- ---- ---- Net income (loss)
$13,310 $50,883 $(12,685) St. Helens mill restructuring (434) 1,133
128 Change in fair value of energy hedges (2,713) (3,468) 3,330
Alternative fuel mixture credits, net - (75,337) - Loss on
extinguishment of debt 28 - 22,197 Tax impact of special items (a)
1,207 30,059 (9,928) ----- ------ ------ Net income excluding
special items $11,398 $3,270 $3,042 ------- ------ ------ Weighted
average common shares outstanding: diluted 84,093 84,254 84,195 Net
income excluding special items per diluted share $0.14 $0.04 $0.04
Six Months Ended ---------------- June 30 ------- 2010 2009 ----
---- Net income $625 $49,967 St. Helens mill restructuring (306)
4,781 Change in fair value of energy hedges 617 (1,277) Alternative
fuel mixture credits, net - (75,337) Loss on extinguishment of debt
22,225 - Tax impact of special items (a) (8,721) 27,799 ------
------ Net income excluding special items $14,440 $5,933 -------
------ Weighted average common shares outstanding: diluted 84,143
81,906 Net income excluding special items per diluted share $0.17
$0.07 (a) Special items are tax effected in the aggregate at an
assumed combined federal and state statutory rate of 38.7%. The
following table reconciles total debt to net total debt as of June
30, 2010 and 2009, and March 31, 2010 (unaudited, dollars in
thousands): March June 30, June 30, 31, 2010 2009 2010 ---- ----
---- Short-term borrowings $3,536 $- $- Current portion of
long-term debt 29,163 14,890 16,663 Long-term debt, less current
portion 763,081 939,929 775,581 Notes payable - 71,955 - --- ------
--- Total debt 795,780 1,026,774 792,244 Less cash and cash
equivalents and short-term investments (138,668) (125,108) (98,300)
-------- -------- ------- Net total debt $657,112 $901,666 $693,944
======== ======== ======== Media, Virginia Aulin, +1-208-384-7837,
or Investors, Jason Bowman, +1-208-384-7456, both of Boise Inc. Web
Site: http://www.BoiseInc.com
Copyright
Bairnco (NYSE:BZ)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Bairnco (NYSE:BZ)
Historical Stock Chart
Von Jul 2023 bis Jul 2024