EX-99.2 3 dex992.htm BOISE INC. QUARTERLY STATISTICAL INFORMATION Boise Inc. Quarterly Statistical Information

EXHIBIT 99.2

Boise Inc.

Quarterly Statistical Information

 

     2009
     Boise Inc.
     Q1     Q2          Q3                Q4          YTD

Paper

             

Commodity UFS Volume (short tons)

     205,770        209,022            414,792

Premium and Specialty UFS Volume (short tons)

     97,399        105,570            202,969

Market Pulp Volume (short tons)

     6,386        11,461            17,847

Medium Volume (short tons)

     30,120        30,440            60,560

Commodity UFS Mill Net Sales Price ($/short ton)

   $ 949      $ 924          $ 936

Premium and Specialty UFS Mill Net Sales Price
($/short ton)

   $ 1,050      $ 1,026          $ 1,038

Market Pulp Mill Net Sales Price ($/short ton)

   $ 383      $ 357          $ 367

Medium Mill Net Sales Price ($/short ton)

   $ 469      $ 429          $ 449

Depreciation & Amortization (000)

   $ 21,346      $ 21,099          $ 42,445

Capital Spending (000)

   $ 9,091      $ 11,259          $ 20,350

Packaging

             

Linerboard Sales Volume (short tons)

     109,701        134,037            243,738

Segment Linerboard Sales Volume (short tons)

     38,202        54,212            92,414

Corrugated Containers and Sheets Sales Volume (mmsf)

     1,418        1,444            2,862

Newsprint Sales Volume (short tons)

     60,120        28,190            88,310

Linerboard Mill Net Sales Price ($/short ton)

   $ 427      $ 383          $ 403

Segment Linerboard Mill Net Sales Price ($/short ton)

   $ 352      $ 302          $ 323

Corrugated Containers and Sheets Net Sales Price ($/msf)

   $ 60      $ 59          $ 59

Newsprint Mill Net Sales Price ($/short ton)

   $ 588      $ 434          $ 539

Depreciation & Amortization (000)

   $ 9,656      $ 10,778          $ 20,434

Capital Spending (000)

   $ 7,403      $ 6,465          $ 13,868

Total Company

             

EBITDA (000)*

   $ 52,723      $ 130,633          $ 183,356

EBITDA Excluding Special Items (000)*

   $ 58,562      $ 52,961          $ 111,523

Net Covenant Debt (000)*

   $ 949,038      $ 921,585          $ 921,585

Net Income (Loss) Per Share: Basic

   $ (0.01   $ 0.65          $ 0.64

Net Income (Loss) Per Share: Diluted

   $ (0.01   $ 0.60          $ 0.61

 

* Reconciliation of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, and total debt (a GAAP measure) to net total debt and net covenant debt are provided as an appendix.


Boise Inc.

Quarterly Statistical Information

 

     2008
     Predecessor*    Boise Inc.     Combined    Boise Inc.     Combined
     Jan 1 -
Feb 21
   Feb 22 -
Mar 31
    Q1    Q2     Q3    Q4     YTD

Paper

                 

Commodity UFS Volume (short tons)

     164,330      100,138        264,468      223,707        229,964      214,741        932,880

Premium and Specialty UFS Volume (short tons)

     71,369      53,932        125,301      126,509        133,679      117,649        503,138

Market Pulp Volume (short tons)

     20,524      13,132        33,656      38,328        34,898      14,800        121,682

Medium Volume (short tons)

     18,904      14,838        33,742      34,980        34,681      33,418        136,821

Commodity UFS Mill Net Sales Price ($/short ton)

   $ 840    $ 865      $ 849    $ 901      $ 930    $ 944      $ 903

Premium and Specialty UFS Mill Net Sales Price ($/short ton)

   $ 933    $ 936      $ 935    $ 966      $ 997    $ 1,015      $ 978

Market Pulp Mill Net Sales Price ($/short ton)

   $ 535    $ 568      $ 548    $ 543      $ 496    $ 421      $ 516

Medium Mill Net Sales Price ($/short ton)

   $ 454    $ 454      $ 454    $ 455      $ 484    $ 516      $ 477

Depreciation & Amortization
(000)^

   $ 348    $ 7,120      $ 7,468    $ 18,942      $ 24,074    $ 21,525      $ 72,009

Capital Spending (000)

   $ 5,000    $ 2,536      $ 7,536    $ 11,671      $ 15,317    $ 13,232      $ 47,756

Packaging

                 

Linerboard Sales Volume (short tons)

     83,538      30,521        114,059      137,329        137,915      140,169        529,472

Segment Linerboard Sales Volume (short tons)

     36,484      11,612        48,096      66,369        61,726      54,195        230,386

Corrugated Containers and Sheets Sales Volume (mmsf)

     914      640        1,554      1,562        1,616      1,519        6,251

Newsprint Sales Volume (short tons)

     56,358      29,315        85,673      105,175        97,150      94,324        382,322

Linerboard Mill Net Sales Price ($/short ton)

   $ 423    $ 423      $ 423    $ 417      $ 429    $ 460      $ 433

Segment Linerboard Mill Net Sales Price ($/short ton)

   $ 399    $ 386      $ 396    $ 394      $ 392    $ 406      $ 397

Corrugated Containers and Sheets Net Sales Price ($/msf)

   $ 55    $ 56      $ 55    $ 56      $ 58    $ 61      $ 57

Newsprint Mill Net Sales Price ($/short ton)

   $ 494    $ 512      $ 500    $ 544      $ 594    $ 643      $ 571

Depreciation & Amortization
(000)^

   $ 53    $ 5,213      $ 5,266    $ 12,995      $ 6,274    $ 10,585      $ 35,120

Capital Spending (000)

   $ 5,173    $ 7,392      $ 12,565    $ 13,066      $ 7,487    $ 15,553      $ 48,671

Total Company

                 

EBITDA (000)**

   $ 23,667    $ 2,613      $ 26,280    $ 40,110      $ 61,067    $ 41,356      $ 168,813

EBITDA Excluding Special Items (000)**

   $ 24,362    $ 28,745      $ 53,107    $ 40,143      $ 77,890    $ 75,984      $ 247,124

Net Covenant Debt (000)**

     N/A    $ 1,005,739        N/A    $ 1,026,826      $ 1,018,072    $ 1,014,932        N/A

Net Income (Loss) Per Share Basic and Diluted

     N/A    $ (0.26     N/A    $ (0.23   $ 0.06    $ (0.20     N/A

 

* This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.

 

^ See appendix for the detail of the decreased depreciation and amortization costs for the Predecessor for the period January 1 through February 21, 2008.

 

** Reconciliation of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, and total debt (a GAAP measure) to net total debt and net covenant debt are provided as an appendix.


Boise Inc.

Quarterly Statistical Information

 

     2007
     Predecessor*
     Q1    Q2    Q3    Q4    YTD

Paper

              

Commodity UFS Volume (short tons)

     250,062      258,014      246,687      239,835      994,598

Premium and Specialty UFS Volume (short tons)

     129,914      117,109      116,371      116,584      479,978

Market Pulp Volume (short tons)

     23,733      33,010      43,904      45,019      145,666

Medium Volume (short tons)

     31,782      33,944      33,562      34,872      134,160

Commodity UFS Mill Net Sales Price ($/short ton)

   $ 818    $ 828    $ 848    $ 850    $ 836

Premium and Specialty UFS Mill Net Sales Price ($/short ton)

   $ 901    $ 915    $ 935    $ 940    $ 922

Market Pulp Mill Net Sales Price ($/short ton)

   $ 516    $ 535    $ 544    $ 547    $ 538

Medium Mill Net Sales Price ($/short ton)

   $ 423    $ 422    $ 432    $ 464    $ 435

Depreciation & Amortization (000)^

   $ 16,573    $ 16,113    $ 12,027    $ 248    $ 44,961

Capital Spending (000)

   $ 25,442    $ 31,623    $ 26,821    $ 19,468    $ 103,354

Packaging

              

Linerboard Sales Volume (short tons)

     136,752      141,289      146,313      145,952      570,306

Segment Linerboard Sales Volume (short tons)

     65,381      58,768      58,778      56,305      239,232

Corrugated Containers and Sheets Sales Volume (mmsf)

     1,634      1,653      1,689      1,633      6,609

Newsprint Sales Volume (short tons)

     107,076      102,039      97,356      108,172      414,643

Linerboard Mill Net Sales Price ($/short ton)

   $ 396    $ 403    $ 412    $ 438    $ 413

Segment Linerboard Mill Net Sales Price ($/short ton)**

   $ 375    $ 379    $ 385    $ 407    $ 387

Corrugated Containers and Sheets Net Sales Price ($/msf)

   $ 51    $ 51    $ 53    $ 55    $ 53

Newsprint Mill Net Sales Price ($/short ton)

   $ 524    $ 494    $ 468    $ 468    $ 489

Depreciation & Amortization (000)^

   $ 13,412    $ 13,891    $ 10,295    $ 85    $ 37,683

Capital Spending (000)

   $ 7,518    $ 4,072    $ 10,353    $ 16,300    $ 38,243

Total Company EBITDA (000)***

   $ 53,612    $ 47,877    $ 74,298    $ 70,523    $ 246,310

 

* This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.

 

^ See appendix for the detail of the decreased depreciation and amortization costs for the three months ended September 30, 2007, and December 31, 2007, and for the year ended December 31, 2007.

 

** Q4 and YTD segment linerboard mill net sales prices, not adjusted for accrued rebates, would have been $418/short ton and $389/short ton, respectively.

 

*** Reconciliation of net income (a GAAP measure) to EBITDA is provided as an appendix.


Appendix

Other Financial Measures

(000)

In September 2007, the Predecessor classified the assets in our Paper and Packaging segments as well as some of the assets in our Corporate and Other segment as “held for sale” and stopped depreciating and amortizing the assets. The decreased depreciation and amortization costs are listed below for the Predecessor for the period January 1 through February 21, 2008:

 

     2008  
     Predecessor*    Boise Inc.    Combined  
     Q1          Q1                 Q2                 Q3                Q4          YTD  

Paper

   $ 9,367              $ 9,367   

Packaging

     6,919                6,919   

Corporate and other

     256                256   
                         
   $ 16,542              $ 16,542   
                         
The decreased depreciation and amortization costs are listed below for the Predecessor for the three months ended September 30, 2007 and December 31, 2007, and for the year ended December 31, 2007:    
          2007  
          Predecessor*  
                Q1                 Q2                 Q3                Q4          YTD  

Paper

          $ 5,418    $ 16,276    $ 21,694   

Packaging

            4,759      14,344      19,103   

Corporate and other

            224      804      1,028   
                             
          $ 10,401    $ 31,424    $ 41,825   
                             
EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense and interest income), income taxes, depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA by quarter and year-to-date at June 30, 2009:     
          2009  
          Boise Inc.  
          Q1     Q2           Q3                Q4          YTD  

Net income (loss)

      $ (916   $ 50,883            $ 49,967   

Interest expense

        22,154        21,389              43,543   

Interest income

        (54     (91           (145

Change in fair value of interest rate derivatives

        132        (627           (495

Income tax provision (benefit)

        (565     26,187              25,622   

Depreciation, amortization, and depletion

        31,972        32,892              64,864   
                                 

EBITDA

      $ 52,723      $ 130,633            $ 183,356   
                                 
The following table reconciles EBITDA to EBITDA excluding special items by quarter and year-to-date at June 30, 2009:   
          2009  
          Boise Inc.  
          Q1     Q2           Q3                Q4          YTD  

EBITDA

      $ 52,723      $ 130,633            $ 183,356   

St. Helens restructuring

        3,648        1,133              4,781   

Impact of energy hedges

        2,191        (3,468           (1,277

Alternative fuel mixture credits

        —          (75,337           (75,337
                                 

EBITDA excluding special items

      $ 58,562      $ 52,961            $ 111,523   
                                 

EBITDA represents income (loss) before interest (change in fair value of interest rate derivatives, interest expense and interest income), income taxes, depreciation, amortization, and depletion. The following table reconciles net income (loss) to EBITDA for the Predecessor for the period of January 1 through February 21, 2008, for Boise Inc. for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008 and for the combined three months ended March 31, 2008, and for the combined year ended December 31, 2008:

 

     2008  
     Predecessor*     Boise Inc.     Combined     Boise Inc.     Combined  
     Q1     Q1     Q1     Q2     Q3     Q4     YTD  

Net income (loss)

   $ 22,786      $ (16,371   $ 6,415      $ (18,050   $ 4,383      $ (15,485   $ (22,737

Interest expense

     2        11,435        11,437        26,145        27,484        26,156        91,222   

Interest income

     (161     (1,821     (1,982     (178     (153     (94     (2,407

Change in fair value of interest rate derivatives

           (510     306        683        479   

Income tax provision (benefit)

     563        (3,377     (2,814     14        (2,379     (3,030     (8,209

Depreciation, amortization, and depletion

     477        12,747        13,224        32,689        31,426        33,126        110,465   
                                                        

EBITDA

   $ 23,667      $ 2,613      $ 26,280      $ 40,110      $ 61,067      $ 41,356      $ 168,813   
                                                        


The following table reconciles EBITDA to EBITDA excluding special items for the Predecessor for the period of January 1 through February 21, 2008, for Boise Inc. for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, and December 31, 2008 and for the combined three months ended March 31, 2008, and for the combined year ended December 31, 2008:

 

     2008  
     Predecessor*     Boise Inc.     Combined     Boise Inc.     Combined  
     Q1     Q1     Q1     Q2     Q3    Q4     YTD  

EBITDA

   $ 23,667      $ 2,613      $ 26,280      $ 40,110      $ 61,067    $ 41,356      $ 168,813   

Impact of DeRidder outage

     732        19,776        20,508               20,508   

Inventory revaluation expense

       6,560        6,560        3,699             10,259   

Impact of energy derivatives

     (37     (204     (241     (3,666     11,341      (26     7,408   

Hurricane losses

             5,482        5,482   

Gain on changes in supplemental pension plans

                (2,914     (2,914

St. Helens restructuring

                37,568        37,568   
                                                       

EBITDA excluding special items

   $ 24,362      $ 28,745      $ 53,107      $ 40,143      $ 77,890    $ 75,984      $ 247,124   
                                                       

The following table reconciles net income to EBITDA for the Predecessor for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, and December 31, 2007, and for the year ended December 31, 2007:

 

     2007  
     Predecessor*  
     Q1     Q2     Q3     Q4     YTD  

Net income

   $ 21,991      $ 16,535      $ 50,218      $ 70,847      $ 159,591   

Interest income

     (128     (157     (190     (221     (696

Income tax provision (benefit)

     978        703        1,301        (216     2,766   

Depreciation, amortization, and depletion

     30,771        30,796        22,969        113        84,649   
                                        

EBITDA

   $ 53,612      $ 47,877      $ 74,298      $ 70,523      $ 246,310   
                                        

The following tables reconcile total debt to net total debt and net covenant debt by quarter for 2009 and 2008:

 

     2009  
     Q1     Q2     Q3     Q4  

Current portion of long-term debt

   $ 7,479      $ 14,890       

Long-term debt, less current portion

     967,340        939,929       

Notes payable

     69,229        71,955       
                    

Total debt

     1,044,048        1,026,774       

Less cash and cash equivalents and short-term investments

     (27,510     (125,108    
                    

Net total debt

     1,016,538        901,666       

Plus cash and cash equivalents and short-term investments exceeding the covenant limit

     —          90,108       

Less notes payable

     (69,229     (71,955    

Other

     1,729        1,766       
                    

Net covenant debt

   $ 949,038      $ 921,585       
                    
     2008  
     Q1     Q2     Q3     Q4  

Current portion of long-term debt

   $ 11,000      $ 12,563      $ 14,125      $ 25,822   

Long-term debt, less current portion and notes payable

     1,019,700        1,035,388        1,031,075        1,011,628   

Note payable to related party

     58,793        —          —          —     

Notes payable

     —          61,655        64,083        66,606   
                                

Total debt

     1,089,493        1,109,606        1,109,283        1,104,056   

Less cash and cash equivalents

     (24,961     (21,125     (27,128     (22,518
                                

Net total debt

     1,064,532        1,088,481        1,082,155        1,081,538   

Less note payable to related party

     (58,793     —          —          —     

Less notes payable

     —          (61,655     (64,083     (66,606
                                

Net covenant debt

   $ 1,005,739      $ 1,026,826      $ 1,018,072      $ 1,014,932   
                                

 

* This information was derived from information carved out of Boise Cascade Holdings, L.L.C. financial statements.