BOISE, Idaho - Boise Inc. (NYSE: BZ) today
reported a net loss of $(1.2) million, or $(0.01) per diluted
share, for first quarter 2013, compared with net income of $21.3
million, or $0.21 per diluted share, for the same period in 2012.
EBITDA (1) was $56.2 million for first quarter 2013, compared with
$87.4 million for first quarter 2012. The pre-tax maintenance cold
outage costs at our mill in DeRidder, Louisiana, which occur once
every five years, reduced our first quarter results by $22.4
million. In addition, incremental depreciation expense related to
shortening the useful lives of some of our assets, primarily at our
mill in International Falls, Minnesota, reduced our results by $5.3
million.
Financial
Highlights
(in millions, except per-share data)
|
1Q 2013 |
|
1Q 2012 |
|
4Q 2012 |
Sales |
$607.0 |
|
$644.8 |
|
$627.5 |
Net income (loss) |
$(1.2) |
|
$21.3 |
|
$13.5 |
Net income (loss) per diluted
share |
$(0.01) |
|
$0.21 |
|
$0.13 |
Net income excluding special
items (1) |
$2.0 |
|
$21.3 |
|
$13.8 |
Net income per diluted share
excluding special items (1) |
$0.02 |
|
$0.21 |
|
$0.14 |
Weighted average diluted shares
outstanding (1) |
100.2 |
|
101.4 |
|
101.2 |
EBITDA (1) |
$56.2 |
|
$87.4 |
|
$78.3 |
EBITDA excluding special items
(1) |
$56.2 |
|
$87.4 |
|
$78.7 |
(1) For reconciliations of non-GAAP measures, see
"Summary Notes to Consolidated Financial Statements and Segment
Information."
"We completed the DeRidder outage safely and on
budget. Nevertheless, our first quarter results fell short of our
expectations," said Alexander Toeldte, president and chief
executive officer. "We experienced unfavorable mix changes in our
Packaging segment that partially offset the benefits of the fall
2012 linerboard price increase. In addition, decreasing prices for
uncoated freesheet negatively affected our results in Paper."
"In pursuit of our long-term strategic objectives,
we are pleased to announce our decision to invest between $110 and
$120 million in the conversion of our idled newsprint machine at
DeRidder to produce lightweight linerboard and corrugating medium.
We will also install an OCC pulping facility at the mill as part of
the project. The investment adds approximately 270,000 tons of
lightweight containerboard capacity to our system and allows us to
optimize the product mix on our current linerboard machine,
increasing the mill's overall containerboard output by
approximately 300,000 tons. We are targeting a mid-2014 start-up
for the completed project, which we expect will create about 50
jobs."
"To improve the cost competitiveness of our Paper
business, where we operate against the background of secularly
declining demand for our products, we have made the difficult
decision to close two paper machines and an off-machine coater at
our International Falls mill. These closures, which we expect to
occur no later than fourth quarter 2013, will reduce our annual
uncoated freesheet capacity by approximately 115,000 tons, or 9%,
and allow us to focus our efforts on key products and machines that
drive our profitability, improve our cash flow, and enhance the
overall competitiveness of our International Falls mill and our
Paper business. This decision will result in the loss of
approximately 300 jobs. We understand the impact this decision has
on our dedicated employees, as well as the community of
International Falls. We appreciate their efforts and support over
the years."
Packaging
Segment
Packaging segment sales for first quarter 2013
were $287.0 million, an increase of $14.8 million, or 5%, compared
with first quarter 2012. The increase was related primarily to 5%
sales volume growth in our network of box plants and the benefit
from implementation of the 2012 fall linerboard price increase,
offset partially by unfavorable mix changes in our corrugated
products and decreases in sales prices and volumes of newsprint.
Prices for our corrugated containers and sheets increased $2 per
msf or 3% in first quarter 2013, compared with first quarter 2012.
Unfavorable mix changes in our corrugated products include the
effect of lower prices due to competitive pressures in some of the
markets we serve.
Packaging segment EBITDA was $17.2 million for
first quarter 2013, a decrease compared with $37.9 million for the
same period last year. The decrease resulted from maintenance cold
outage costs at DeRidder of approximately $22.4 million in first
quarter 2013, compared with $1.8 million of outage costs in the
prior-year quarter. These costs include both maintenance costs and
lost sales volume resulting from the downtime. The benefit from the
implementation of the 2012 fall linerboard price increase was
offset partially by unfavorable mix changes in our corrugated
products, higher medium costs, and decreases in sales prices and
volumes of newsprint. We expect the combination of announced price
increases, business improvements, and lower maintenance outage
costs to improve our results for the rest of the year.
Paper Segment
Lower uncoated freesheet net sales prices affected
our first quarter 2013 sales, compared with first quarter and
fourth quarter 2012. Paper segment sales for first quarter 2013
were $332.7 million, a decrease of $49.7 million, or 13%, compared
with first quarter 2012. Our average net sales price for uncoated
freesheet declined from $976 per short ton in first quarter 2012 to
$929 in first quarter 2013, or 5%. Total uncoated freesheet sales
volumes decreased 8% versus the prior-year period, and 1% compared
with fourth quarter 2012. Sales volumes and prices in first quarter
were also lower due to our decision to cease paper production at
our St. Helens, Oregon, mill in 2012, which represented
approximately 5% of our annual paper capacity. Excluding St.
Helens, our volumes declined 5% and our prices declined $43 per
short ton, or 4%.
In first quarter 2013, Paper segment EBITDA was
$45.6 million, a decrease of $9.5 million, or 17% compared with
first quarter 2012. The decrease was due primarily to lower net
sales prices of uncoated freesheet papers.
Webcast and Conference
Call
Boise Inc. will host a webcast and conference call
on Thursday, May 2, 2013, at 11:00 a.m. ET, at which time we will
review the company's recent performance and long-term strategic
objectives. To participate in the conference call, dial
866-841-1001 (international callers should dial 832-445-1689). The
webcast may be accessed through Boise's Internet site and will be
archived for four weeks following the call. Go to www.BoiseInc.com
and click on About Boise Inc. to reach the link to the webcast
under Webcasts & Presentations on the Investors menu.
A replay of the conference call will be available
in Webcasts & Presentations from May 2, 2013, at 2:00 p.m. ET
through June 2, 2012, at 11:45 p.m. ET. Playback numbers are
855-859-2056 for U.S. callers and 404-537-3406 for international
callers. The passcode is 33461765.
About Boise
Inc.
Headquartered in Boise, Idaho, Boise Inc. (NYSE:
BZ) manufactures a wide variety of packaging and paper products.
Boise's range of packaging products includes linerboard and
corrugating medium, corrugated containers and sheets, and
protective packaging products. Boise's paper products include
imaging papers for the office and home, printing and converting
papers, and papers used in packaging, such as label and release
papers. 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. Statements
regarding announced price increases on our products, asset
configuration changes, and the benefits we expect to derive from
such outcomes and actions are forward looking. Given the risks and
uncertainties involved, there can be no assurance we will be able
to achieve our stated goals or realize any benefits. For example,
changes in the economy and competitive influences may result in our
being unable to implement or realize any additional benefit from
our announced price increases. Economic and competitive influences,
availability of equipment and suppliers, the performance of the
equipment once installed, order pattern, customer service
requirements, machine product loading, timing of cost reductions,
and other factors could cause the outcome of our asset
configuration projects, the related costs, the effect on our labor
pool, and the timing to differ materially from what we have
predicted in this release. For further information about the risks
and uncertainties associated with our business, please refer to our
filings with the Securities and Exchange Commission. We undertake
no obligation to update the forward-looking statements in this
release whether as a result of new information, future events, or
otherwise.
Boise
Inc.
Segment Highlights
(unaudited, dollars in millions)
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Packaging |
|
|
|
|
|
Sales volumes (thousands of short
tons, except corrugated) |
|
|
|
|
|
Linerboard, Total |
138.9 |
|
152.6 |
|
156.8 |
Linerboard, External sales |
36.8 |
|
53.0 |
|
31.2 |
Newsprint |
53.8 |
|
54.8 |
|
60.3 |
Corrugated containers and sheets
(mmsf) |
2,552 |
|
2,433 |
|
2,578 |
Key input costs |
|
|
|
|
|
Fiber, including
purchased rollstock (a) |
$74.2 |
|
$65.4 |
|
$57.4 |
Energy |
16.3 |
|
15.0 |
|
16.4 |
Chemicals |
10.9 |
|
10.2 |
|
10.9 |
Outage costs |
22.4 |
|
1.8 |
|
(0.3) |
EBITDA and EBITDA excluding
special items (b) |
17.2 |
|
37.9 |
|
47.1 |
Assets |
959.7 |
|
932.0 |
|
958.0 |
Paper |
|
|
|
|
|
Sales volumes (thousands of short
tons) |
|
|
|
|
|
Uncoated freesheet (c) |
298.8 |
|
325.1 |
|
302.4 |
Corrugating medium |
33.2 |
|
32.5 |
|
34.9 |
Market pulp, External sales |
1.3 |
|
8.5 |
|
15.6 |
Key input costs |
|
|
|
|
|
Fiber |
$69.5 |
|
$84.9 |
|
$66.4 |
Energy |
34.4 |
|
35.0 |
|
34.2 |
Chemicals |
50.8 |
|
53.3 |
|
49.6 |
Outage costs |
0.4 |
|
- |
|
4.6 |
EBITDA (b) |
45.6 |
|
55.2 |
|
38.2 |
EBITDA excluding special items
(b) |
45.6 |
|
55.2 |
|
38.7 |
Assets |
1,142.6 |
|
1,207.6 |
|
1,144.7 |
|
1Q 2013 vs. 1Q 2012 |
|
1Q 2013 vs. 4Q 2012 |
Packaging |
|
|
|
Change in net sales prices
(dollars per short ton, except corrugated) (d) |
|
|
|
Linerboard, Total |
$56 |
|
$3 |
Linerboard, External sales |
66 |
|
12 |
Newsprint |
(17) |
|
(17) |
Corrugated containers and sheets
($/msf) |
2 |
|
1 |
Paper |
|
|
|
Change in net sales prices
(dollars per short ton) (d) |
|
|
|
Uncoated freesheet (c) |
$(47) |
|
$(19) |
Corrugating medium |
79 |
|
(1) |
Market pulp, External sales |
(14) |
|
20 |
(a) Includes purchases of corrugating medium from
our Paper segment, which are eliminated in consolidation.
(b) For reconciliations of non-GAAP measures, see "Summary
Notes to Consolidated Financial Statements and Segment
Information."
(c) Includes cut-size office papers, printing and converting
papers, and label and release papers. Excluding St. Helens, our
uncoated freesheet sales volumes were 309.5 thousand short tons and
287.9 thousand short tons, respectively, for the three months ended
March 31, 2012, and December 31, 2012. Excluding St. Helens, the
change in our net sales price of uncoated freesheet was ($43) per
short ton and ($12) per short ton, respectively, when comparing the
three months ended March 31, 2013, with the three months ended
March 31, 2012, and December 31, 2012.
(d) Average net selling prices for our principal products represent
sales less freight costs, discounts, and allowances.
Boise
Inc.
Consolidated Statements of
Operations
(unaudited, dollars and shares in thousands, except per-share
data)
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Sales |
|
|
|
|
|
Trade |
$591,321 |
|
$633,528 |
|
$611,925 |
Related party |
15,697 |
|
11,318 |
|
15,567 |
|
607,018 |
|
644,846 |
|
627,492 |
|
|
|
|
|
|
Costs and
expenses |
|
|
|
|
|
Materials, labor, and other
operating expenses (excluding depreciation) |
496,269 |
|
502,299 |
|
491,554 |
Fiber costs from related
party |
6,146 |
|
4,946 |
|
5,094 |
Depreciation, amortization, and
depletion (1) |
43,428 |
|
37,556 |
|
39,907 |
Selling and distribution
expenses |
28,849 |
|
30,642 |
|
30,602 |
General and administrative
expenses |
18,923 |
|
20,008 |
|
20,492 |
Other (income) expense, net |
331 |
|
(300) |
|
1,093 |
|
593,946 |
|
595,151 |
|
588,742 |
|
|
|
|
|
|
Income from
operations |
13,072 |
|
49,695 |
|
38,750 |
|
|
|
|
|
|
Foreign exchange gain (loss) |
(341) |
|
157 |
|
(376) |
Interest expense |
(15,419) |
|
(15,365) |
|
(15,484) |
Interest income |
27 |
|
44 |
|
59 |
|
(15,733) |
|
(15,164) |
|
(15,801) |
|
|
|
|
|
|
Income
(loss) before income taxes |
(2,661) |
|
34,531 |
|
22,949 |
Income tax (provision)
benefit |
1,436 |
|
(13,193) |
|
(9,402) |
Net income
(loss) |
$(1,225) |
|
$21,338 |
|
$13,547 |
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
Basic |
100,242 |
|
99,052 |
|
100,167 |
Diluted |
100,242 |
|
01,414 |
|
101,180 |
|
|
|
|
|
|
Net income
(loss) per common share: |
|
|
|
|
|
Basic |
$(0.01) |
|
$0.22 |
|
$0.14 |
Diluted |
$(0.01) |
|
$0.21 |
|
$0.13 |
For Footnotes, see Summary Notes to Consolidated
Financial Statements and Segment Information.
Boise
Inc.
Segment Information
(unaudited, dollars in thousands)
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Segment
sales |
|
|
|
|
|
Packaging |
$287,047 |
|
$272,293 |
|
$287,332 |
Paper |
332,742 |
|
382,432 |
|
352,702 |
Intersegment eliminations and
other |
(12,771) |
|
(9,879) |
|
(12,542) |
|
$607,018 |
|
$644,846 |
|
$627,492 |
|
|
|
|
|
|
Segment
income (loss) |
|
|
|
|
|
Packaging |
$893 |
|
$22,435 |
|
$31,630 |
Paper |
19,675 |
|
33,949 |
|
14,926 |
Corporate and Other |
(7,837) |
|
(6,532) |
|
(8,182) |
|
12,731 |
|
49,852 |
|
38,374 |
|
|
|
|
|
|
Interest expense |
$(15,419) |
|
$(15,365) |
|
$(15,484) |
Interest income |
27 |
|
44 |
|
59 |
Income (loss) before income
taxes |
$(2,661) |
|
$34,531 |
|
$22,949 |
|
|
|
|
|
|
EBITDA
(2) |
|
|
|
|
|
Packaging |
$17,224 |
|
$37,920 |
|
$47,089 |
Paper |
45,626 |
|
55,164 |
|
38,244 |
Corporate and Other |
(6,691) |
|
(5,676) |
|
(7,052) |
|
$56,159 |
|
$87,408 |
|
$78,281 |
|
|
|
|
|
|
EBITDA
excluding special items (2) |
|
|
|
|
|
Packaging |
$17,224 |
|
$37,920 |
|
$47,089 |
Paper |
45,626 |
|
55,164 |
|
38,701 |
Corporate and Other |
(6,691) |
|
(5,676) |
|
(7,052) |
|
$56,159 |
|
$87,408 |
|
$78,738 |
For Footnotes, see Summary Notes to Consolidated
Financial Statements and Segment Information.
Boise
Inc.
Consolidated Balance
Sheets
(unaudited, dollars in thousands)
|
March 31, 2013 |
|
December 31, 2012 |
ASSETS |
|
|
|
|
|
|
|
Current |
|
|
|
Cash and cash equivalents |
$57,416 |
|
$49,707 |
Receivables |
|
|
|
Trade, less allowances of
$1,425 and $1,382 |
247,172 |
|
240,459 |
Other |
9,289 |
|
8,267 |
Inventories |
306,752 |
|
294,484 |
Deferred income taxes |
9,521 |
|
17,955 |
Prepaid and other |
10,321 |
|
8,828 |
|
640,471 |
|
619,700 |
|
|
|
|
Property |
|
|
|
Property and equipment, net |
1,214,785 |
|
1,223,001 |
Fiber farms |
24,170 |
|
24,311 |
|
1,238,955 |
|
1,247,312 |
|
|
|
|
Deferred
financing costs |
25,528 |
|
26,677 |
Goodwill |
160,219 |
|
160,130 |
Intangible
assets, net |
144,598 |
|
147,564 |
Other
assets |
6,802 |
|
7,029 |
Total
assets |
$2,216,573 |
|
$2,208,412 |
For Footnotes, see Summary Notes to Consolidated
Financial Statements and Segment Information.
Boise
Inc.
Consolidated Balance Sheets
(continued)
(unaudited, dollars and shares in thousands, except per-share
data)
|
March 31, 2013 |
|
December 31, 2012 |
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current |
|
|
|
Current portion of long-term
debt |
$10,000 |
|
$10,000 |
Accounts payable |
206,778 |
|
185,078 |
Accrued liabilities |
|
|
|
Compensation and
benefits |
54,669 |
|
70,950 |
Interest payable |
23,724 |
|
10,516 |
Other |
21,145 |
|
20,528 |
|
316,316 |
|
297,072 |
|
|
|
|
Debt |
|
|
|
Long-term debt, less current
portion |
765,000 |
|
770,000 |
|
|
|
|
Other |
|
|
|
Deferred income taxes |
190,541 |
|
198,370 |
Compensation and benefits |
121,311 |
|
121,682 |
Other long-term liabilities |
73,076 |
|
73,102 |
|
384,928 |
|
393,154 |
|
|
|
|
Commitments
and contingent liabilities |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
Preferred stock, $0.0001 par
value per share: 1,000 shares authorized; none issued |
- |
|
- |
Common stock, $0.0001 par value
per share: 250,000 shares authorized; 100,885 shares and 100,503
shares issued and outstanding |
12 |
|
12 |
Treasury stock, 21,151 shares
held |
(121,423) |
|
(121,423) |
Additional paid-in capital |
869,540 |
|
868,840 |
Accumulated other comprehensive
income (loss) |
(98,682) |
|
(101,304) |
Retained earnings |
100,882 |
|
102,061 |
Total
stockholders' equity |
750,329 |
|
748,186 |
|
|
|
|
Total
liabilities and stockholders' equity |
$2,216,573 |
|
$2,208,412 |
For Footnotes, see Summary Notes to Consolidated
Financial Statements and Segment Information.
Boise
Inc.
Consolidated Statements of Cash
Flows
(unaudited, dollars in thousands)
|
Three Months Ended March 31 |
|
2013 |
|
2012 |
Cash
provided by (used for) operations |
|
|
|
Net income (loss) |
$(1,225) |
|
$21,338 |
Items in net income (loss) not
using (providing) cash |
|
|
|
Depreciation, depletion,
and amortization of deferred financing costs and other |
44,659 |
|
38,702 |
Share-based compensation
expense |
1,324 |
|
1,233 |
Pension expense |
1,348 |
|
2,771 |
Deferred income taxes |
(1,003) |
|
8,838 |
Other |
(92) |
|
(429) |
Decrease (increase) in working
capital |
|
|
|
Receivables |
(7,070) |
|
(12,313) |
Inventories |
(12,316) |
|
(12,467) |
Prepaid expenses |
746 |
|
(21) |
Accounts payable and
accrued liabilities |
13,965 |
|
(7,585) |
Current and deferred income
taxes |
(770) |
|
(684) |
Pension payments |
(49) |
|
(9,094) |
Other |
346 |
|
1,190 |
Cash provided by
operations |
39,863 |
|
31,479 |
Cash
provided by (used for) investment |
|
|
|
Expenditures for property and
equipment |
(26,610) |
|
(23,133) |
Other |
412 |
|
590 |
Cash used for
investment |
(26,198) |
|
(22,543) |
Cash
provided by (used for) financing |
|
|
|
Payments of long-term debt |
(5,000) |
|
(2,500) |
Payments of special dividend |
- |
|
(47,483) |
Other |
(956) |
|
(1,300) |
Cash used for
financing |
(5,956) |
|
(51,283) |
Increase
(decrease) in cash and cash equivalents |
7,709 |
|
(42,347) |
Balance at
beginning of the period |
49,707 |
|
96,996 |
Balance at
end of the period |
$57,416 |
|
$54,649 |
For Footnotes, see Summary Notes to Consolidated
Financial Statements and Segment Information.
Summary Notes to
Consolidated Financial Statements and Segment
Information
The Consolidated Statements of Operations,
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 2012 Annual Report on Form 10-K and the Company's
Quarterly Report on Form 10-Q for the period ended March 31, 2013,
as well as other reports the Company files with the SEC. Net income
(loss) for all periods presented involved estimates and
accruals.
1. During the three months ended March 31,
2013, we recognized $5.3 million of incremental depreciation
expense related to shortening the useful lives of some of our
assets, primarily at International Falls, Minnesota.
2. 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, free
cash flow, 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 tables that
follow reconcile these non-GAAP measures with the most directly
comparable GAAP measures.
EBITDA represents income (loss) before interest
(interest expense and interest income), income taxes, and
depreciation, amortization, and depletion. The following table
reconciles net income (loss) to EBITDA and EBITDA excluding special
items (unaudited, dollars in thousands):
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Net income (loss) |
$(1,225) |
|
$21,338 |
|
$13,547 |
Interest expense |
15,419 |
|
15,365 |
|
15,484 |
Interest income |
(27) |
|
(44) |
|
(59) |
Income tax provision
(benefit) |
(1,436) |
|
13,193 |
|
9,402 |
Depreciation, amortization, and
depletion |
43,428 |
|
37,556 |
|
39,907 |
EBITDA |
$56,159 |
|
$87,408 |
|
$78,281 |
|
|
|
|
|
|
St. Helens charges (a) |
$- |
|
$- |
|
$457 |
EBITDA
excluding special items |
$56,159 |
|
$87,408 |
|
$78,738 |
(a) In December 2012, we ceased paper production
on our one remaining paper machine at our St. Helens, Oregon paper
mill. During the three months ended December 31, 2012, we recorded
$0.5 million, of pretax costs primarily related to ceasing
operations at the mill. These costs are recorded in our Paper
segment in "Materials, labor, and other operating expenses
(excluding depreciation)" and "Other (income) expense, net" in our
Consolidated Statements of Operations.
The following table reconciles segment income
(loss) and EBITDA to EBITDA excluding special items (unaudited,
dollars in thousands):
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Packaging |
|
|
|
|
|
Segment income |
$893 |
|
$22,435 |
|
$31,630 |
Depreciation, amortization, and
depletion |
16,331 |
|
15,485 |
|
15,459 |
EBITDA |
$17,224 |
|
$37,920 |
|
$47,089 |
|
|
|
|
|
|
Paper |
|
|
|
|
|
Segment income |
$19,675 |
|
$33,949 |
|
$14,926 |
Depreciation, amortization, and
depletion |
25,951 |
|
21,215 |
|
23,318 |
EBITDA |
$45,626 |
|
$55,164 |
|
$38,244 |
St. Helens charges |
- |
|
- |
|
457 |
EBITDA excluding special
items |
$45,626 |
|
$55,164 |
|
$38,701 |
|
|
|
|
|
|
Corporate
and Other |
|
|
|
|
|
Segment loss |
$(7,837) |
|
$(6,532) |
|
$(8,182) |
Depreciation, amortization, and
depletion |
1,146 |
|
856 |
|
1,130 |
EBITDA |
$(6,691) |
|
$(5,676) |
|
$(7,052) |
|
|
|
|
|
|
EBITDA |
$56,159 |
|
$87,408 |
|
$78,281 |
|
|
|
|
|
|
EBITDA
excluding special items |
$56,159 |
|
$87,408 |
|
$78,738 |
The following table reconciles net income (loss)
to net income excluding special items and presents net income per
diluted share excluding special items (unaudited, dollars and
shares in thousands, except per-share data):
|
Three Months Ended |
|
March 31 |
|
December 31, |
|
2013 |
|
2012 |
|
2012 |
Net income (loss) |
$(1,225) |
|
$21,338 |
|
$13,547 |
Incremental depreciation due to
changes in estimated useful lives |
5,316 |
|
- |
|
- |
St. Helens charges |
- |
|
- |
|
457 |
Tax provision for special items
(a) |
(2,057) |
|
- |
|
(177) |
Net income excluding special
items |
$2,034 |
|
$21,338 |
|
$13,827 |
|
|
|
|
|
|
Weighted average diluted shares
outstanding: (b) |
100,890 |
|
101,414 |
|
101,180 |
Net income per diluted share
excluding special items |
$0.02 |
|
$0.21 |
|
$0.14 |
(a) Taxes are applied to special items in the
aggregate at the combined federal and state statutory rate in
effect for the period.
(b) For the three months ended March 31, 2013,
both basic and diluted weighted average common shares outstanding
reported in our Consolidated Statements of Operations were 100.2
million, as we reported a net loss. Adjusting for the special items
above, diluted weighted average common shares outstanding increased
0.6 million shares to reflect the incremental effect of dilutive
common stock equivalents.
The following table reconciles cash provided by
operations to free cash flow (unaudited, dollars in thousands):
|
Three Months Ended March 31 |
|
2013 |
|
2012 |
Cash provided by operations |
$39,863 |
|
$31,479 |
Expenditures for property and
equipment |
(26,610) |
|
(23,133) |
Free cash flow |
$13,253 |
|
$8,346 |
SOURCE: Boise Inc.
Greg Jones
Director, Investor Relations
208-384-7141
Virginia Aulin
Vice President, Human Resources and Corporate Affairs
208-384-7837
http://www.boiseinc.com/
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Boise Paper Holdings LLC via Thomson Reuters
ONE
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