Commission File Number | Exact name of registrant as specified in its charter | IRS Employer Identification No. | State or other jurisdiction of incorporation | |||
001-33541 333-166926-04 | Boise Inc. BZ Intermediate Holdings LLC | 20-8356960 27-1197223 | Delaware Delaware |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 8.01 | Other Events. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit Number | Description | |
Exhibit 99.1 | Boise Inc. Earnings Release dated February 26, 2013 | |
Exhibit 99.2 | Boise Inc. Quarterly Statistical Information |
BOISE INC. | BZ INTERMEDIATE HOLDINGS LLC | |||
By: | /s/ KAREN E. GOWLAND | By: | /s/ KAREN E. GOWLAND | |
Karen E. Gowland Senior Vice President, General Counsel and Secretary | Karen E. Gowland Senior Vice President, General Counsel and Secretary |
News Release | For Immediate Release: February 26, 2013 |
Media Contact | Investor Relations Contact |
Virginia Aulin - 208 384 7837 | Greg Jones - 208 384 7141 |
2012 Highlights |
Record annual sales of $2.56 billion, a 6% increase over 2011 |
EBITDA excluding special items of $331.8 million for 2012 and $78.7 million for 4Q 2012(1) |
Special items include pretax costs of $31.7 million, primarily related to ceasing |
uncoated freesheet production at our paper mill in St. Helens, Oregon |
Generated annual free cash flow of $97.4 million(1) |
Paid two special cash dividends totaling $1.20 per common share, or $119.7 million |
(1) | For reconciliations of non-GAAP measures, see "Summary Notes to Consolidated Financial Statements and Segment Information." |
Quarterly and Annual Financial Results | |||||||||||||||||||||
(in millions, except per-share data) | |||||||||||||||||||||
4Q 2012 | 4Q 2011 | 3Q 2012 | 2012 | 2011 | |||||||||||||||||
Sales | $ | 627.5 | $ | 600.4 | $ | 645.2 | $ | 2,555.4 | $ | 2,404.1 | |||||||||||
Net income | $ | 13.5 | $ | 16.3 | $ | 3.6 | $ | 52.2 | $ | 75.2 | |||||||||||
Net income per diluted share (2) | $ | 0.13 | $ | 0.15 | $ | 0.04 | $ | 0.52 | $ | 0.70 | |||||||||||
Net income excluding special items (1) | $ | 13.8 | $ | 18.5 | $ | 22.8 | $ | 71.6 | $ | 79.9 | |||||||||||
Net income excluding special items per diluted share (1) | $ | 0.14 | $ | 0.17 | $ | 0.23 | $ | 0.71 | $ | 0.75 | |||||||||||
Weighted average diluted common shares outstanding (2) | 101.2 | 106.6 | 101.0 | 101.1 | 106.7 | ||||||||||||||||
EBITDA (1) | $ | 78.3 | $ | 81.4 | $ | 59.2 | $ | 300.0 | $ | 332.6 | |||||||||||
EBITDA excluding special items (1) | $ | 78.7 | $ | 85.0 | $ | 90.5 | $ | 331.8 | $ | 340.2 | |||||||||||
(1) For reconciliations of non-GAAP measures, see "Summary Notes to Consolidated Financial Statements and Segment Information." | |||||||||||||||||||||
(2) As of December 31, 2012, we had 100.5 million common shares outstanding. For additional information, see "Summary Notes to Consolidated Financial Statements and Segment Information." | |||||||||||||||||||||
4Q 2012 | 4Q 2011 | 3Q 2012 | 2012 | 2011 | ||||||||||||||||
Packaging | ||||||||||||||||||||
Sales volumes (thousands of short tons, except corrugated) | ||||||||||||||||||||
Linerboard, Total | 156.8 | 157.9 | 155.7 | 611.1 | 606.5 | |||||||||||||||
Linerboard, External sales | 31.2 | 57.5 | 36.5 | 158.9 | 230.2 | |||||||||||||||
Newsprint | 60.3 | 58.6 | 60.0 | 233.4 | 230.8 | |||||||||||||||
Corrugated containers and sheets (mmsf) (a) | 2,578 | 2,297 | 2,584 | 10,079 | 8,720 | |||||||||||||||
Key input costs | ||||||||||||||||||||
Fiber, including purchased rollstock | $ | 43.4 | $ | 42.3 | $ | 39.8 | $ | 176.9 | $ | 156.9 | ||||||||||
Energy | 16.4 | 15.1 | 16.4 | 61.2 | 65.2 | |||||||||||||||
Chemicals | 10.9 | 10.0 | 10.6 | 42.0 | 38.0 | |||||||||||||||
Outage costs | (0.3 | ) | — | 3.5 | 10.9 | 9.9 | ||||||||||||||
EBITDA (b) | 47.1 | 45.5 | 37.5 | 162.5 | 155.5 | |||||||||||||||
EBITDA excluding special items (b) | 47.1 | 46.9 | 37.5 | 162.5 | 159.3 | |||||||||||||||
Assets | $ | 958.0 | $ | 957.3 | ||||||||||||||||
Paper | ||||||||||||||||||||
Sales volumes (thousands of short tons) | ||||||||||||||||||||
Uncoated freesheet (c) | 302.4 | 294.1 | 313.8 | 1,253.8 | 1,229.8 | |||||||||||||||
Corrugating medium | 34.9 | 33.9 | 33.7 | 135.3 | 135.3 | |||||||||||||||
Market pulp | 15.6 | 20.3 | 18.5 | 52.9 | 90.2 | |||||||||||||||
Key input costs | ||||||||||||||||||||
Fiber | $ | 77.9 | $ | 94.1 | $ | 85.7 | $ | 343.1 | $ | 377.1 | ||||||||||
Energy | 34.2 | 36.4 | 33.4 | 134.8 | 143.9 | |||||||||||||||
Chemicals | 49.6 | 51.1 | 55.6 | 211.6 | 197.8 | |||||||||||||||
Outage costs | 4.6 | 7.8 | 0.4 | 14.8 | 21.5 | |||||||||||||||
EBITDA (b) | 38.2 | 44.4 | 27.3 | 161.6 | 201.5 | |||||||||||||||
EBITDA excluding special items (b) | 38.7 | 44.4 | 58.6 | 193.3 | 201.5 | |||||||||||||||
Assets | $ | 1,144.7 | $ | 1,190.9 |
4Q 2012 vs. 4Q 2011 | 4Q 2012 vs. 3Q 2012 | 2012 vs. 2011 | ||||||||||
Packaging | ||||||||||||
Change in net sales prices (dollars per short ton, except corrugated) (d) | ||||||||||||
Linerboard, Total | $ | 45 | $ | 40 | $ | 8 | ||||||
Linerboard, External sales only | 39 | 31 | (7 | ) | ||||||||
Newsprint | (1 | ) | 3 | (1 | ) | |||||||
Corrugated containers and sheets ($/msf) (a) | 6 | 1 | 8 | |||||||||
Paper | ||||||||||||
Change in net sales prices (dollars per short ton) (d) | ||||||||||||
Uncoated freesheet (c) | $ | (45 | ) | $ | (27 | ) | $ | (22 | ) | |||
Corrugating medium | 77 | 53 | 28 | |||||||||
Market pulp | (12 | ) | (6 | ) | (107 | ) |
(a) | Includes corrugated container and sheet volumes for Tharco and protective packaging product volumes for Hexacomb since the acquisitions on March 1 and December 1, 2011, respectively. Increase in sales price during 2012 is primarily due to Hexacomb. |
(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. |
(d) | Average net selling prices for our principal products represent sales less freight costs, discounts, and allowances. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 (2) | 2012 | 2012 | 2011 (2) | |||||||||||||||
Sales | |||||||||||||||||||
Trade | $ | 611,925 | $ | 591,524 | $ | 631,054 | $ | 2,495,092 | $ | 2,364,024 | |||||||||
Related parties | 15,567 | 8,917 | 14,131 | 60,271 | 40,057 | ||||||||||||||
627,492 | 600,441 | 645,185 | 2,555,363 | 2,404,081 | |||||||||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) (1) | 491,554 | 462,315 | 502,848 | 2,004,044 | 1,880,271 | ||||||||||||||
Fiber costs from related parties | 5,094 | 5,154 | 5,266 | 19,772 | 18,763 | ||||||||||||||
Depreciation, amortization, and depletion | 39,907 | 37,320 | 37,540 | 152,306 | 143,758 | ||||||||||||||
Selling and distribution expenses | 30,602 | 28,999 | 30,015 | 121,827 | 107,654 | ||||||||||||||
General and administrative expenses | 20,492 | 18,872 | 19,213 | 79,748 | 60,587 | ||||||||||||||
St. Helens charges (1) | 111 | — | 27,448 | 27,559 | — | ||||||||||||||
Other (income) expense, net (3) | 982 | 1,860 | 1,509 | 2,572 | 1,994 | ||||||||||||||
588,742 | 554,520 | 623,839 | 2,407,828 | 2,213,027 | |||||||||||||||
Income from operations | 38,750 | 45,921 | 21,346 | 147,535 | 191,054 | ||||||||||||||
Foreign exchange gain (loss) | (376 | ) | 430 | 296 | 179 | 135 | |||||||||||||
Loss on extinguishment of debt (4) | — | (2,300 | ) | — | — | (2,300 | ) | ||||||||||||
Interest expense | (15,484 | ) | (15,653 | ) | (15,458 | ) | (61,740 | ) | (63,817 | ) | |||||||||
Interest income | 59 | 59 | 3 | 160 | 269 | ||||||||||||||
(15,801 | ) | (17,464 | ) | (15,159 | ) | (61,401 | ) | (65,713 | ) | ||||||||||
Income before income taxes | 22,949 | 28,457 | 6,187 | 86,134 | 125,341 | ||||||||||||||
Income tax provision | (9,402 | ) | (12,202 | ) | (2,584 | ) | (33,984 | ) | (50,131 | ) | |||||||||
Net income | $ | 13,547 | $ | 16,255 | $ | 3,603 | $ | 52,150 | $ | 75,210 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic | 100,167 | 103,991 | 100,144 | 99,872 | 101,941 | ||||||||||||||
Diluted | 101,180 | 106,613 | 101,030 | 101,143 | 106,746 | ||||||||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.14 | $ | 0.16 | $ | 0.04 | $ | 0.52 | $ | 0.74 | |||||||||
Diluted | $ | 0.13 | $ | 0.15 | $ | 0.04 | $ | 0.52 | $ | 0.70 |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | |||||||||||||||
Segment sales | |||||||||||||||||||
Packaging (2) | $ | 287,332 | $ | 251,388 | $ | 285,705 | $ | 1,130,102 | $ | 949,710 | |||||||||
Paper | 352,702 | 359,697 | 369,952 | 1,468,344 | 1,496,537 | ||||||||||||||
Intersegment eliminations and other | (12,542 | ) | (10,644 | ) | (10,472 | ) | (43,083 | ) | (42,166 | ) | |||||||||
$ | 627,492 | $ | 600,441 | $ | 645,185 | $ | 2,555,363 | $ | 2,404,081 | ||||||||||
Segment income (loss) | |||||||||||||||||||
Packaging (2) (3) | $ | 31,630 | $ | 31,837 | $ | 22,715 | $ | 101,626 | $ | 104,996 | |||||||||
Paper (1) | 14,926 | 21,794 | 5,463 | 73,913 | 112,051 | ||||||||||||||
Corporate and Other (3) | (8,182 | ) | (7,280 | ) | (6,536 | ) | (27,825 | ) | (25,858 | ) | |||||||||
38,374 | 46,351 | 21,642 | 147,714 | 191,189 | |||||||||||||||
Loss on extinguishment of debt (4) | — | (2,300 | ) | — | — | (2,300 | ) | ||||||||||||
Interest expense | (15,484 | ) | (15,653 | ) | (15,458 | ) | (61,740 | ) | (63,817 | ) | |||||||||
Interest income | 59 | 59 | 3 | 160 | 269 | ||||||||||||||
Income before income taxes | $ | 22,949 | $ | 28,457 | $ | 6,187 | $ | 86,134 | $ | 125,341 | |||||||||
EBITDA (5) | |||||||||||||||||||
Packaging (2) (3) | $ | 47,089 | $ | 45,518 | $ | 37,538 | $ | 162,542 | $ | 155,543 | |||||||||
Paper (1) | 38,244 | 44,390 | 27,275 | 161,563 | 201,533 | ||||||||||||||
Corporate and Other (3) (4) | (7,052 | ) | (8,537 | ) | (5,631 | ) | (24,085 | ) | (24,429 | ) | |||||||||
$ | 78,281 | $ | 81,371 | $ | 59,182 | $ | 300,020 | $ | 332,647 | ||||||||||
EBITDA excluding special items (5) | |||||||||||||||||||
Packaging (2) (3) | $ | 47,089 | $ | 46,882 | $ | 37,538 | $ | 162,542 | $ | 159,334 | |||||||||
Paper (1) | 38,701 | 44,390 | 58,563 | 193,308 | 201,533 | ||||||||||||||
Corporate and Other (3) (4) | (7,052 | ) | (6,237 | ) | (5,631 | ) | (24,085 | ) | (20,626 | ) | |||||||||
$ | 78,738 | $ | 85,035 | $ | 90,470 | $ | 331,765 | $ | 340,241 |
December 31, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current | |||||||
Cash and cash equivalents | $ | 49,707 | $ | 96,996 | |||
Receivables | |||||||
Trade, less allowances of $1,382 and $1,343 | 240,459 | 228,838 | |||||
Other | 8,267 | 7,622 | |||||
Inventories | 294,484 | 307,305 | |||||
Deferred income taxes | 17,955 | 20,379 | |||||
Prepaid and other | 8,828 | 6,944 | |||||
619,700 | 668,084 | ||||||
Property | |||||||
Property and equipment, net | 1,223,001 | 1,235,269 | |||||
Fiber farms | 24,311 | 21,193 | |||||
1,247,312 | 1,256,462 | ||||||
Deferred financing costs | 26,677 | 30,956 | |||||
Goodwill | 160,130 | 161,691 | |||||
Intangible assets, net | 147,564 | 159,120 | |||||
Other assets | 7,029 | 9,757 | |||||
Total assets | $ | 2,208,412 | $ | 2,286,070 |
December 31, 2012 | December 31, 2011 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current | |||||||
Current portion of long-term debt | $ | 10,000 | $ | 10,000 | |||
Accounts payable | 185,078 | 202,584 | |||||
Accrued liabilities | |||||||
Compensation and benefits | 70,950 | 64,907 | |||||
Interest payable | 10,516 | 10,528 | |||||
Other | 20,528 | 22,540 | |||||
297,072 | 310,559 | ||||||
Debt | |||||||
Long-term debt, less current portion | 770,000 | 790,000 | |||||
Other | |||||||
Deferred income taxes | 198,370 | 161,260 | |||||
Compensation and benefits | 121,682 | 172,394 | |||||
Other long-term liabilities | 73,102 | 57,010 | |||||
393,154 | 390,664 | ||||||
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; 100,503 and 100,272 shares issued and outstanding | 12 | 12 | |||||
Treasury stock, 21,151 shares held | (121,423 | ) | (121,421 | ) | |||
Additional paid-in capital | 868,840 | 866,901 | |||||
Accumulated other comprehensive income (loss) | (101,304 | ) | (121,962 | ) | |||
Retained earnings | 102,061 | 171,317 | |||||
Total stockholders’ equity | 748,186 | 794,847 | |||||
Total liabilities and stockholders’ equity | $ | 2,208,412 | $ | 2,286,070 |
Year Ended December 31 | |||||||
2012 | 2011 | ||||||
Cash provided by (used for) operations | |||||||
Net income | $ | 52,150 | $ | 75,210 | |||
Items in net income not using (providing) cash | |||||||
Depreciation, depletion, and amortization of deferred financing costs and other | 157,040 | 149,715 | |||||
Share-based compensation expense | 5,983 | 3,695 | |||||
Pension expense | 11,279 | 10,916 | |||||
Deferred income taxes | 33,684 | 44,301 | |||||
St. Helens charges | 28,481 | — | |||||
Other | 1,868 | 1,878 | |||||
Loss on extinguishment of debt (4) | — | 2,300 | |||||
Decrease (increase) in working capital, net of acquisitions | |||||||
Receivables | (9,803 | ) | 1,624 | ||||
Inventories | 8,136 | (22,237 | ) | ||||
Prepaid expenses | (814 | ) | (275 | ) | |||
Accounts payable and accrued liabilities | (16,505 | ) | 3,803 | ||||
Current and deferred income taxes | (1,938 | ) | 4,632 | ||||
Pension payments | (35,205 | ) | (25,414 | ) | |||
Other | 674 | 43 | |||||
Cash provided by operations | 235,030 | 250,191 | |||||
Cash provided by (used for) investment | |||||||
Acquisition of businesses and facilities, net of cash acquired (2) | — | (326,223 | ) | ||||
Expenditures for property and equipment | (137,642 | ) | (128,762 | ) | |||
Purchases of short-term investments | — | (3,494 | ) | ||||
Maturities of short-term investments | — | 14,114 | |||||
Other | 1,393 | 1,048 | |||||
Cash used for investment | (136,249 | ) | (443,317 | ) | |||
Cash provided by (used for) financing | |||||||
Issuances of long-term debt | 5,000 | 275,000 | |||||
Payments of long-term debt | (25,000 | ) | (256,831 | ) | |||
Payments of financing costs | (188 | ) | (8,613 | ) | |||
Repurchases of common stock | (2 | ) | (121,421 | ) | |||
Proceeds from exercise of warrants | — | 284,785 | |||||
Payment of special dividends | (119,653 | ) | (47,916 | ) | |||
Tax withholdings on net settlements of share-based awards | (5,833 | ) | (2,775 | ) | |||
Other | (394 | ) | 1,060 | ||||
Cash provided by (used for) financing | (146,070 | ) | 123,289 | ||||
Decrease in cash and cash equivalents | (47,289 | ) | (69,837 | ) | |||
Balance at beginning of the period | 96,996 | 166,833 | |||||
Balance at end of the period | $ | 49,707 | $ | 96,996 |
1. | In September 2012, we committed to a plan to cease paper production on our one remaining paper machine at our St. Helens, Oregon, paper mill, which we shut down in December 2012. During the three months ended September 30, 2012 and the year ended December 31, 2012, we recorded $31.3 million and $31.7 million, respectively, of pretax costs related primarily to ceasing operations at the mill. These costs are recorded in our Paper segment. The $31.7 million of costs for the year ended December 31, 2012, included approximately $14.2 million of noncash charges related primarily to the impairment of property, plant and equipment, and inventory; and approximately $17.5 million of cash costs of which we expect to pay approximately $7.3 million of employee-related and other costs in early 2013 and the remaining amounts over a longer term. During the three months ended September 30, 2012 and the year ended December 31, 2012, we recorded $27.4 million and $27.6 million, respectively, in "St. Helens charges" and $3.9 million and $4.1 million, respectively, related primarily to inventory in Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Income. |
2. | On March 1 and December 1, 2011, we completed the acquisitions of Tharco Packaging (Tharco) and Hexacomb Corporation (Hexacomb), respectively. Total cash consideration was $326.2 million. Financial results for Tharco and Hexacomb are included in our Packaging segment following the dates of acquisition. |
3. | During the three months ended December 31, 2011, we recorded $1.4 million of transaction-related expenses in the Packaging segment, and during the year ended December 31, 2011, we recorded $1.6 million and $1.5 million of expenses in our Packaging and Corporate and Other segments, respectively. Transaction-related expenses include expenses associated with transactions, whether consummated or not, and do not include integration costs. |
4. | The year ended December 31, 2011, included $2.3 million of expense related to losses on the extinguishment of debt. |
5. | 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. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | |||||||||||||||
Net income | $ | 13,547 | $ | 16,255 | $ | 3,603 | $ | 52,150 | $ | 75,210 | |||||||||
Interest expense | 15,484 | 15,653 | 15,458 | 61,740 | 63,817 | ||||||||||||||
Interest income | (59 | ) | (59 | ) | (3 | ) | (160 | ) | (269 | ) | |||||||||
Income tax provision | 9,402 | 12,202 | 2,584 | 33,984 | 50,131 | ||||||||||||||
Depreciation, amortization, and depletion | 39,907 | 37,320 | 37,540 | 152,306 | 143,758 | ||||||||||||||
EBITDA | $ | 78,281 | $ | 81,371 | $ | 59,182 | $ | 300,020 | $ | 332,647 | |||||||||
St. Helens charges | $ | 457 | $ | — | $ | 31,288 | $ | 31,745 | $ | — | |||||||||
Inventory purchase accounting expense | — | — | — | — | 2,200 | ||||||||||||||
Loss on extinguishment of debt | — | 2,300 | — | — | 2,300 | ||||||||||||||
Transaction-related costs | — | 1,364 | — | — | 3,094 | ||||||||||||||
EBITDA excluding special items | $ | 78,738 | $ | 85,035 | $ | 90,470 | $ | 331,765 | $ | 340,241 |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | |||||||||||||||
Packaging | |||||||||||||||||||
Segment income | $ | 31,630 | $ | 31,837 | $ | 22,715 | $ | 101,626 | $ | 104,996 | |||||||||
Depreciation, amortization, and depletion | 15,459 | 13,681 | 14,823 | 60,916 | 50,547 | ||||||||||||||
EBITDA | 47,089 | 45,518 | 37,538 | 162,542 | 155,543 | ||||||||||||||
Inventory purchase accounting expense | — | — | — | — | 2,200 | ||||||||||||||
Transaction-related costs (a) | — | 1,364 | — | — | 1,591 | ||||||||||||||
EBITDA excluding special items | $ | 47,089 | $ | 46,882 | $ | 37,538 | $ | 162,542 | $ | 159,334 | |||||||||
Paper | |||||||||||||||||||
Segment income | $ | 14,926 | $ | 21,794 | $ | 5,463 | $ | 73,913 | $ | 112,051 | |||||||||
Depreciation, amortization, and depletion | 23,318 | 22,596 | 21,812 | 87,650 | 89,482 | ||||||||||||||
EBITDA | 38,244 | 44,390 | 27,275 | 161,563 | 201,533 | ||||||||||||||
St. Helens charges | 457 | — | 31,288 | 31,745 | — | ||||||||||||||
EBITDA excluding special items | $ | 38,701 | $ | 44,390 | $ | 58,563 | $ | 193,308 | $ | 201,533 | |||||||||
Corporate and Other | |||||||||||||||||||
Segment loss | $ | (8,182 | ) | $ | (7,280 | ) | $ | (6,536 | ) | $ | (27,825 | ) | $ | (25,858 | ) | ||||
Depreciation, amortization, and depletion | 1,130 | 1,043 | 905 | 3,740 | 3,729 | ||||||||||||||
Loss on extinguishment of debt | — | (2,300 | ) | — | — | (2,300 | ) | ||||||||||||
EBITDA | (7,052 | ) | (8,537 | ) | (5,631 | ) | (24,085 | ) | (24,429 | ) | |||||||||
Loss on extinguishment of debt | — | 2,300 | — | — | 2,300 | ||||||||||||||
Transaction-related costs (a) | — | — | — | — | 1,503 | ||||||||||||||
EBITDA excluding special items | $ | (7,052 | ) | $ | (6,237 | ) | $ | (5,631 | ) | $ | (24,085 | ) | $ | (20,626 | ) | ||||
EBITDA | $ | 78,281 | $ | 81,371 | $ | 59,182 | $ | 300,020 | $ | 332,647 | |||||||||
EBITDA excluding special items | $ | 78,738 | $ | 85,035 | $ | 90,470 | $ | 331,765 | $ | 340,241 |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | |||||||||||||||
Net income | $ | 13,547 | $ | 16,255 | $ | 3,603 | $ | 52,150 | $ | 75,210 | |||||||||
St. Helens charges | 457 | — | 31,288 | 31,745 | — | ||||||||||||||
Inventory purchase accounting expense | — | — | — | — | 2,200 | ||||||||||||||
Loss on extinguishment of debt | — | 2,300 | — | — | 2,300 | ||||||||||||||
Transaction-related costs | — | 1,364 | — | — | 3,094 | ||||||||||||||
Tax provision for special items (a) | (177 | ) | (1,418 | ) | (12,108 | ) | (12,285 | ) | (2,939 | ) | |||||||||
Net income excluding special items | $ | 13,827 | $ | 18,501 | $ | 22,783 | $ | 71,610 | $ | 79,865 | |||||||||
Weighted average common shares outstanding: diluted | 101,180 | 106,613 | 101,030 | 101,143 | 106,746 | ||||||||||||||
Net income excluding special items per diluted share | $ | 0.14 | $ | 0.17 | $ | 0.23 | $ | 0.71 | $ | 0.75 |
(a) | Taxes are applied to special items in the aggregate at the combined federal and state statutory rate in effect for the period. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31 | September 30, | December 31 | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | |||||||||||||||
Cash provided by operations | $ | 69,756 | $ | 74,646 | $ | 92,147 | $ | 235,030 | $ | 250,191 | |||||||||
Expenditures for property and equipment | (55,349 | ) | (44,893 | ) | (29,836 | ) | (137,642 | ) | (128,762 | ) | |||||||||
Free cash flow | $ | 14,407 | $ | 29,753 | $ | 62,311 | $ | 97,388 | $ | 121,429 |
Exhibit 99.2 |
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Packaging | |||||||||||||||
Sales Volumes | |||||||||||||||
Linerboard, Total (short tons) | 152,620 | 145,958 | 155,743 | 156,763 | 611,084 | ||||||||||
Linerboard, External Sales (short tons) | 52,974 | 38,168 | 36,539 | 31,189 | 158,870 | ||||||||||
Newsprint (short tons) | 54,767 | 58,265 | 60,023 | 60,345 | 233,400 | ||||||||||
Corrugated Containers and Sheets (mmsf) | 2,433 | 2,485 | 2,584 | 2,578 | 10,079 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Linerboard, Total, Mill ($/short ton) | $ | 449 | $ | 452 | $ | 462 | $ | 502 | $ | 467 | |||||
Linerboard, External Sales, Mill ($/short ton) | $ | 398 | $ | 404 | $ | 421 | $ | 452 | $ | 415 | |||||
Newsprint Mill ($/short ton) | $ | 540 | $ | 542 | $ | 537 | $ | 540 | $ | 540 | |||||
Corrugated Containers and Sheets ($/msf) (b) | $ | 76 | $ | 76 | $ | 76 | $ | 77 | $ | 76 | |||||
Depreciation & Amortization (000) | $ | 15,485 | $ | 15,149 | $ | 14,823 | $ | 15,459 | $ | 60,916 | |||||
Capital Spending (000) | $ | 6,600 | $ | 11,938 | $ | 13,347 | $ | 29,397 | $ | 61,282 | |||||
Paper | |||||||||||||||
Sales Volumes | |||||||||||||||
Commodity UFS (short tons) | 203,332 | 197,652 | 195,276 | 189,392 | 785,652 | ||||||||||
Premium and Specialty UFS (short tons) | 121,771 | 114,862 | 118,559 | 112,997 | 468,189 | ||||||||||
Total UFS | 325,103 | 312,514 | 313,835 | 302,389 | 1,253,841 | ||||||||||
Corrugating Medium (short tons) | 32,549 | 34,159 | 33,709 | 34,864 | 135,281 | ||||||||||
Market Pulp (short tons) | 8,489 | 10,346 | 18,474 | 15,635 | 52,944 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Commodity UFS ($/short ton) | $ | 910 | $ | 901 | $ | 898 | $ | 876 | $ | 897 | |||||
Premium and Specialty UFS ($/short ton) | $ | 1,087 | $ | 1,094 | $ | 1,100 | $ | 1,070 | $ | 1,088 | |||||
Corrugating Medium ($/short ton) | $ | 482 | $ | 481 | $ | 509 | $ | 562 | $ | 509 | |||||
Market Pulp ($/short ton) | $ | 477 | $ | 481 | $ | 449 | $ | 443 | $ | 458 | |||||
Depreciation & Amortization (000) | $ | 21,215 | $ | 21,305 | $ | 21,812 | $ | 23,318 | $ | 87,650 | |||||
Capital Spending (000) | $ | 14,862 | $ | 16,282 | $ | 15,654 | $ | 24,288 | $ | 71,086 | |||||
Total Company | |||||||||||||||
EBITDA (000) (c) | $ | 87,408 | $ | 75,149 | $ | 59,182 | $ | 78,281 | $ | 300,020 | |||||
EBITDA Excluding Special Items (000) (c) | $ | 87,408 | $ | 75,149 | $ | 90,470 | $ | 78,738 | $ | 331,765 | |||||
Net Income Per Share: Basic | $ | 0.22 | $ | 0.14 | $ | 0.04 | $ | 0.14 | $ | 0.52 | |||||
Net Income Per Share: Diluted | $ | 0.21 | $ | 0.14 | $ | 0.04 | $ | 0.13 | $ | 0.52 | |||||
Net Income excluding special items per diluted share (c) | $ | 0.21 | $ | 0.14 | $ | 0.23 | $ | 0.14 | $ | 0.71 | |||||
Free cash flow (000) (c) | $ | 8,346 | $ | 12,324 | $ | 62,311 | $ | 14,407 | $ | 97,388 |
(a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
(b) | The increase in sales price in 2012, compared with 2011, is primarily due to Hexacomb. |
(c) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income to net income excluding special items, and free cash flow are provided as an appendix. |
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Packaging | |||||||||||||||
Sales Volumes | |||||||||||||||
Linerboard, Total (short tons) | 137,866 | 154,176 | 156,518 | 157,900 | 606,460 | ||||||||||
Linerboard, External Sales (short tons) | 61,939 | 55,479 | 55,270 | 57,478 | 230,166 | ||||||||||
Newsprint (short tons) | 54,566 | 59,695 | 57,942 | 58,557 | 230,760 | ||||||||||
Corrugated Containers and Sheets (mmsf) (b) | 1,912 | 2,228 | 2,284 | 2,297 | 8,720 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Linerboard, Total, Mill ($/short ton) | $ | 451 | $ | 462 | $ | 464 | $ | 457 | $ | 459 | |||||
Linerboard, External Sales, Mill ($/short ton) | $ | 424 | $ | 425 | $ | 427 | $ | 413 | $ | 422 | |||||
Newsprint Mill ($/short ton) | $ | 542 | $ | 540 | $ | 541 | $ | 541 | $ | 541 | |||||
Corrugated Containers and Sheets ($/msf) (b) | $ | 63 | $ | 69 | $ | 70 | $ | 71 | $ | 68 | |||||
Depreciation & Amortization (000) | $ | 10,973 | $ | 12,849 | $ | 13,044 | $ | 13,681 | $ | 50,547 | |||||
Capital Spending (000) | $ | 7,870 | $ | 9,756 | $ | 10,285 | $ | 21,286 | $ | 49,197 | |||||
Paper | |||||||||||||||
Sales Volumes | |||||||||||||||
Commodity UFS (short tons) | 197,237 | 195,663 | 193,562 | 184,508 | 770,970 | ||||||||||
Premium and Specialty UFS (short tons) | 113,627 | 117,079 | 118,482 | 109,622 | 458,810 | ||||||||||
Total UFS | 310,864 | 312,742 | 312,044 | 294,130 | 1,229,780 | ||||||||||
Corrugating Medium (short tons) | 32,773 | 34,060 | 34,568 | 33,883 | 135,284 | ||||||||||
Market Pulp (short tons) | 21,927 | 16,562 | 31,455 | 20,277 | 90,221 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Commodity UFS ($/short ton) | $ | 934 | $ | 910 | $ | 948 | $ | 932 | $ | 931 | |||||
Premium and Specialty UFS ($/short ton) | $ | 1,085 | $ | 1,087 | $ | 1,093 | $ | 1,094 | $ | 1,090 | |||||
Corrugating Medium ($/short ton) | $ | 469 | $ | 487 | $ | 483 | $ | 485 | $ | 481 | |||||
Market Pulp ($/short ton) | $ | 603 | $ | 631 | $ | 574 | $ | 455 | $ | 565 | |||||
Depreciation & Amortization (000) | $ | 22,052 | $ | 22,363 | $ | 22,471 | $ | 22,596 | $ | 89,482 | |||||
Capital Spending (000) | $ | 15,907 | $ | 18,574 | $ | 18,275 | $ | 21,469 | $ | 74,225 | |||||
Total Company | |||||||||||||||
EBITDA (000) (c) | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 81,371 | $ | 332,647 | |||||
EBITDA Excluding Special Items (000) (c) | $ | 84,438 | $ | 70,514 | $ | 98,524 | $ | 85,035 | $ | 340,241 | |||||
Net Income Per Share: Basic (d) | $ | 0.23 | $ | 0.11 | $ | 0.25 | $ | 0.16 | $ | 0.74 | |||||
Net Income Per Share: Diluted (d) | $ | 0.21 | $ | 0.11 | $ | 0.24 | $ | 0.15 | $ | 0.70 | |||||
Net Income excluding special items per diluted share (c) (d) | $ | 0.22 | $ | 0.11 | $ | 0.24 | $ | 0.17 | $ | 0.75 | |||||
Free cash flow (000) (c) | $ | 36,985 | $ | 5,380 | $ | 49,311 | $ | 29,753 | $ | 121,429 |
(a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
(b) | Includes the corrugated container and sheet volumes and prices for Tharco and Hexacomb since their acquisitions on March 1, and December 1, 2011, respectively. |
(c) | Reconciliations of net income (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income to net income excluding special items, and free cash flow are provided as an appendix. |
(d) | During the six months ended June 30, 2011, Boise Inc. warrant holders exercised their warrants, resulting in the issuance of 38.4 million additional common shares. During 2011, we repurchased 21.2 million of our common shares, resulting in a decrease to the number of weighted average shares included in the basic and diluted net income per share calculation. |
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Packaging | |||||||||||||||
Sales Volume | |||||||||||||||
Linerboard (short tons) | 138,561 | 157,236 | 153,434 | 152,380 | 601,611 | ||||||||||
Segment Linerboard (short tons) | 61,878 | 53,950 | 48,254 | 61,129 | 225,211 | ||||||||||
Newsprint (short tons) | 53,572 | 59,071 | 58,613 | 59,434 | 230,690 | ||||||||||
Corrugated Containers and Sheets (mmsf) | 1,616 | 1,686 | 1,741 | 1,691 | 6,735 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Linerboard Mill ($/short ton) | $ | 364 | $ | 427 | $ | 468 | $ | 470 | $ | 434 | |||||
Segment Linerboard Mill ($/short ton) | $ | 296 | $ | 340 | $ | 398 | $ | 431 | $ | 365 | |||||
Newsprint Mill ($/short ton) | $ | 442 | $ | 474 | $ | 511 | $ | 539 | $ | 493 | |||||
Corrugated Containers and Sheets ($/msf) | $ | 53 | $ | 56 | $ | 59 | $ | 59 | $ | 57 | |||||
Depreciation & Amortization (000) | $ | 9,696 | $ | 9,579 | $ | 9,599 | $ | 9,682 | $ | 38,556 | |||||
Capital Spending (000) | $ | 3,372 | $ | 5,923 | $ | 10,566 | $ | 18,762 | $ | 38,623 | |||||
Paper | |||||||||||||||
Sales Volume | |||||||||||||||
Commodity UFS (short tons) | 203,003 | 196,570 | 203,563 | 180,892 | 784,028 | ||||||||||
Premium and Specialty UFS (short tons) | 108,815 | 115,316 | 114,776 | 110,021 | 448,928 | ||||||||||
Total UFS | 311,818 | 311,886 | 318,339 | 290,913 | 1,232,956 | ||||||||||
Medium (short tons) | 31,823 | 31,390 | 33,893 | 29,438 | 126,544 | ||||||||||
Market Pulp (short tons) | 18,558 | 13,382 | 27,287 | 21,968 | 81,195 | ||||||||||
Net Sales Price (a) | |||||||||||||||
Commodity UFS ($/short ton) | $ | 899 | $ | 934 | $ | 957 | $ | 954 | $ | 936 | |||||
Premium and Specialty UFS ($/short ton) | $ | 1,020 | $ | 1,030 | $ | 1,076 | $ | 1,068 | $ | 1,049 | |||||
Medium ($/short ton) | $ | 408 | $ | 460 | $ | 502 | $ | 499 | $ | 467 | |||||
Market Pulp ($/short ton) | $ | 496 | $ | 605 | $ | 563 | $ | 544 | $ | 549 | |||||
Depreciation & Amortization (000) | $ | 21,469 | $ | 21,698 | $ | 21,903 | $ | 22,289 | $ | 87,359 | |||||
Capital Spending (000) | $ | 9,917 | $ | 15,397 | $ | 17,981 | $ | 24,552 | $ | 67,847 | |||||
Total Company | |||||||||||||||
EBITDA (000) (b) | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 | |||||
EBITDA Excluding Special Items (000) (b) | $ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 92,750 | $ | 325,565 | |||||
Net Income (Loss) Per Share: Basic | $ | (0.16 | ) | $ | 0.17 | $ | 0.45 | $ | 0.32 | $ | 0.78 | ||||
Net Income (Loss) Per Share: Diluted | $ | (0.16 | ) | $ | 0.16 | $ | 0.43 | $ | 0.31 | $ | 0.75 | ||||
Net Income excluding special items per diluted share (b) | $ | 0.04 | $ | 0.14 | $ | 0.44 | $ | 0.31 | $ | 0.91 | |||||
Free cash flow (000) (b) | $ | 53,228 | $ | 43,582 | $ | 51,783 | $ | 29,569 | $ | 178,162 |
(a) | Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances. |
(b) | Reconciliations of net income (loss) (a GAAP measure) to EBITDA, EBITDA to EBITDA excluding special items, net income (loss) to net income excluding special items, and free cash flow are provided as an appendix. |
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 21,338 | $ | 13,662 | $ | 3,603 | $ | 13,547 | $ | 52,150 | |||||
Interest expense | 15,365 | 15,433 | 15,458 | 15,484 | 61,740 | ||||||||||
Interest income | (44 | ) | (54 | ) | (3 | ) | (59 | ) | (160 | ) | |||||
Income tax provision | 13,193 | 8,805 | 2,584 | 9,402 | 33,984 | ||||||||||
Depreciation, amortization, and depletion | 37,556 | 37,303 | 37,540 | 39,907 | 152,306 | ||||||||||
EBITDA | $ | 87,408 | $ | 75,149 | $ | 59,182 | $ | 78,281 | $ | 300,020 |
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
EBITDA | $ | 87,408 | $ | 75,149 | $ | 59,182 | $ | 78,281 | $ | 300,020 | |||||
St. Helens charges | — | — | 31,288 | 457 | 31,745 | ||||||||||
EBITDA excluding special items | $ | 87,408 | $ | 75,149 | $ | 90,470 | $ | 78,738 | $ | 331,765 |
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 21,338 | $ | 13,662 | $ | 3,603 | $ | 13,547 | $ | 52,150 | |||||
St. Helens charges | — | — | 31,288 | 457 | 31,745 | ||||||||||
Tax provision for special items (a) | — | — | (12,108 | ) | (177 | ) | (12,285 | ) | |||||||
Net income excluding special items | $ | 21,338 | $ | 13,662 | $ | 22,783 | $ | 13,827 | $ | 71,610 | |||||
Weighted average common shares outstanding: diluted | 101,414 | 101,008 | 101,030 | 101,180 | 101,143 | ||||||||||
Net income excluding special items per diluted common share | $ | 0.21 | $ | 0.14 | $ | 0.23 | $ | 0.14 | $ | 0.71 |
(a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Cash provided by operations | $ | 31,479 | $ | 41,648 | $ | 92,147 | $ | 69,756 | $ | 235,030 | |||||
Expenditures for property and equipment | (23,133 | ) | (29,324 | ) | (29,836 | ) | (55,349 | ) | (137,642 | ) | |||||
Free cash flow | $ | 8,346 | $ | 12,324 | $ | 62,311 | $ | 14,407 | $ | 97,388 |
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 18,694 | $ | 11,897 | $ | 28,364 | $ | 16,255 | $ | 75,210 | |||||
Interest expense | 16,367 | 16,072 | 15,725 | 15,653 | 63,817 | ||||||||||
Interest income | (78 | ) | (74 | ) | (58 | ) | (59 | ) | (269 | ) | |||||
Income tax provision | 13,281 | 6,529 | 18,119 | 12,202 | 50,131 | ||||||||||
Depreciation, amortization, and depletion | 33,974 | 36,090 | 36,374 | 37,320 | 143,758 | ||||||||||
EBITDA | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 81,371 | $ | 332,647 |
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
EBITDA | $ | 82,238 | $ | 70,514 | $ | 98,524 | $ | 81,371 | $ | 332,647 | |||||
Inventory purchase accounting expense | 2,200 | — | — | 2,200 | |||||||||||
Transaction-related costs (a) | — | — | — | 1,364 | 3,094 | ||||||||||
Loss on extinguishment of debt | — | — | — | 2,300 | 2,300 | ||||||||||
EBITDA excluding special items | $ | 84,438 | $ | 70,514 | $ | 98,524 | $ | 85,035 | $ | 340,241 |
(a) | Transaction-related costs during first, second, and third quarter 2011 were not individually significant and were not considered special items in any of these quarters. Total transaction-related costs during fourth quarter and for the year 2011 were significant and are reported as special items. |
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income | $ | 18,694 | $ | 11,897 | $ | 28,364 | $ | 16,255 | $ | 75,210 | |||||
Inventory purchase accounting expense | 2,200 | — | — | — | 2,200 | ||||||||||
Transaction-related costs (a) | — | — | — | 1,364 | 3,094 | ||||||||||
Loss on extinguishment of debt | — | — | — | 2,300 | 2,300 | ||||||||||
Tax provision for special items (b) | (851 | ) | — | — | (1,418 | ) | (2,939 | ) | |||||||
Net income excluding special items | $ | 20,043 | $ | 11,897 | $ | 28,364 | $ | 18,501 | $ | 79,865 | |||||
Weighted average common shares outstanding: diluted (c) | 90,417 | 111,772 | 117,955 | 106,613 | 106,746 | ||||||||||
Net income excluding special items per diluted common share | $ | 0.22 | $ | 0.11 | $ | 0.24 | $ | 0.17 | $ | 0.75 |
(a) | Transaction-related costs during first, second, and third quarter 2011 were not individually significant and were not considered special items in any of these quarters. Total transaction-related costs during fourth quarter and for the year 2011 were significant and are reported as special items. |
(b) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
(c) | The increase in the weighted average number of common shares is primarily related to 38.4 million additional common shares issued related to warrants exercised during the six months ended June 30, 2011, partially offset by 21.2 million common shares repurchased during the second half of 2011. |
2011 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Cash provided by operations | $ | 61,635 | $ | 34,467 | $ | 79,443 | $ | 74,646 | $ | 250,191 | |||||
Expenditures for property and equipment | (24,650 | ) | (29,087 | ) | (30,132 | ) | (44,893 | ) | (128,762 | ) | |||||
Free cash flow | $ | 36,985 | $ | 5,380 | $ | 49,311 | $ | 29,753 | $ | 121,429 |
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (12,685 | ) | $ | 13,310 | $ | 35,923 | $ | 26,186 | $ | 62,734 | ||||
Interest expense | 16,474 | 16,178 | 16,100 | 16,073 | 64,825 | ||||||||||
Interest income | (37 | ) | (61 | ) | (105 | ) | (103 | ) | (306 | ) | |||||
Income tax provision (benefit) | (6,622 | ) | 8,376 | 25,454 | 18,164 | 45,372 | |||||||||
Depreciation, amortization, and depletion | 32,131 | 32,267 | 32,457 | 33,071 | 129,926 | ||||||||||
EBITDA | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 |
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
EBITDA | $ | 29,261 | $ | 70,070 | $ | 109,829 | $ | 93,391 | $ | 302,551 | |||||
St. Helens mill restructuring | 128 | (434 | ) | 234 | 252 | 180 | |||||||||
Change in fair value of energy hedges | 3,330 | (2,713 | ) | 885 | (893 | ) | 609 | ||||||||
Loss on extinguishment of debt | 22,197 | 28 | — | — | 22,225 | ||||||||||
EBITDA excluding special items | $ | 54,916 | $ | 66,951 | $ | 110,948 | $ | 92,750 | $ | 325,565 |
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Net income (loss) | $ | (12,685 | ) | $ | 13,310 | $ | 35,923 | $ | 26,186 | $ | 62,734 | ||||
Change in fair value of energy hedges | 3,330 | (2,713 | ) | 885 | (892 | ) | 609 | ||||||||
St. Helens mill restructuring | 128 | (434 | ) | 234 | 252 | 180 | |||||||||
Loss on extinguishment of debt | 22,197 | 28 | — | — | 22,225 | ||||||||||
Tax (provision) benefit for special items (a) | (9,928 | ) | 1,207 | (433 | ) | 248 | (8,906 | ) | |||||||
Net income excluding special items | $ | 3,042 | $ | 11,398 | $ | 36,609 | $ | 25,794 | $ | 76,842 | |||||
Weighted average common shares outstanding: diluted | 84,195 | 84,093 | 84,082 | 84,157 | 84,131 | ||||||||||
Net income excluding special items per diluted common share | $ | 0.04 | $ | 0.14 | $ | 0.44 | $ | 0.31 | $ | 0.91 |
(a) | Special items are tax effected in the aggregate at an assumed combined federal and state statutory rate in effect for the period. |
2010 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||
Cash provided by operations | $ | 67,962 | $ | 66,329 | $ | 80,999 | $ | 74,491 | $ | 289,781 | |||||
Expenditures for property and equipment | (14,734 | ) | (22,747 | ) | (29,216 | ) | (44,922 | ) | (111,619 | ) | |||||
Free cash flow | $ | 53,228 | $ | 43,582 | $ | 51,783 | $ | 29,569 | $ | 178,162 |
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