EX-99.2 3 bz033113exhibit992.htm BOISE INC. QUARTERLY STATISTICAL INFORMATION BZ 03.31.13 Exhibit 99.2


 
 
 
 
Exhibit 99.2
Boise Inc.
Quarterly Statistical Information
 
2013
 
Q1
Q2
Q3
Q4
YTD
Packaging
 
 
 
 
 
Sales Volumes
 
 
 
 
 
Linerboard, Total (short tons)
138,868

 
 
 
138,868

Linerboard, External Sales (short tons)
36,775

 
 
 
36,775

Newsprint (short tons)
53,817

 
 
 
53,817

Corrugated Containers and Sheets (mmsf)
2,552

 
 
 
2,552

Net Sales Price (a)
 
 
 
 
 
Linerboard, Total, Mill ($/short ton)
$
505

 
 
 
$
505

Linerboard, External Sales, Mill ($/short ton)
$
464

 
 
 
$
464

Newsprint Mill ($/short ton)
$
523

 
 
 
$
523

Corrugated Containers and Sheets ($/msf)
$
78

 
 
 
$
78

Depreciation & Amortization (000)
$
16,331

 
 
 
$
16,331

Capital Spending (000)
$
13,286

 
 
 
$
13,286

 
 
 
 
 
 
Paper
 
 
 
 
 
Sales Volumes
 
 
 
 
 
Commodity UFS (short tons)
195,020

 
 
 
195,020

Premium and Specialty UFS (short tons)
103,798

 
 
 
103,798

Total UFS
298,818

 
 
 
298,818

Corrugating Medium (short tons)
33,166

 
 
 
33,166

Market Pulp, External sales (short tons)
1,264

 
 
 
1,264

Net Sales Price (a)
 
 
 
 
 
Commodity UFS ($/short ton)
$
855

 
 
 
$
855

Premium and Specialty UFS ($/short ton)
$
1,069

 
 
 
$
1,069

Corrugating Medium ($/short ton)
$
561

 
 
 
$
561

Market Pulp, External Sales ($/short ton)
$
463

 
 
 
$
463

Depreciation & Amortization (000)
$
25,951

 
 
 
$
25,951

Capital Spending (000)
$
9,917

 
 
 
$
9,917

 
 
 
 
 
 
Total Company
 
 
 
 
 
EBITDA (000) (b)
$
56,159

 
 
 
$
56,159

EBITDA Excluding Special Items (000) (b)
$
56,159

 
 
 
$
56,159

Net Income (Loss) Per Share: Basic
$
(0.01
)
 
 
 
$
(0.01
)
Net Income (Loss) Per Share: Diluted
$
(0.01
)
 
 
 
$
(0.01
)
Net Income per diluted share excluding special items (b)
$
0.02

 
 
 
$
0.02

Free cash flow (000) (b)
$
13,253

 
 
 
$
13,253

____________
(a)
Average net selling prices for our principal products represents sales less freight costs, discounts, and allowances.
(b)
Reconciliations of net income (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.

1


Boise Inc.
Quarterly Statistical Information
 
2012
 
Q1
Q2
Q3
Q4
YTD
Packaging
 
 
 
 
 
Sales Volume
 
 
 
 
 
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)
$
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 Volume
 
 
 
 
 
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, External sales (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, External sales ($/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) (b)
$
87,408

$
75,149

$
59,182

$
78,281

$
300,020

EBITDA Excluding Special Items (000) (b)
$
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 per diluted share excluding special items (b)
$
0.21

$
0.14

$
0.23

$
0.14

$
0.71

Free cash flow (000) (b)
$
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)
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.

Prior-year information is available on our website at www.BoiseInc.com.

2
Boise Inc.
Appendix

Other Financial Measures
(unaudited, dollars and shares in thousands, except per-share data)


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 for 2013:
 
2013
 
Q1
Q2
Q3
Q4
YTD
Net income (loss)
$
(1,225
)
 
 
 
$
(1,225
)
Interest expense
15,419

 
 
 
15,419

Interest income
(27
)
 
 
 
(27
)
Income tax provision (benefit)
(1,436
)
 
 
 
(1,436
)
Depreciation, amortization, and depletion
43,428

 
 
 
43,428

EBITDA and EBITDA excluding special items
$
56,159

 
 
 
$
56,159


The following table reconciles net income (loss) to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ending December 31, 2013:
 
2013
 
Q1
Q2
Q3
Q4
YTD
Net income (loss)
$
(1,225
)
 
 
 
$
(1,225
)
Incremental depreciation due to changes in estimated useful lives
5,316

 
 
 
5,316

Tax provision for special items (a)
(2,057
)
 
 
 
(2,057
)
Net income excluding special items
$
2,034

 
 
 
$
2,034

Weighted average common shares outstanding: diluted (b)
100,890

 
 
 
100,890

Net income excluding special items per diluted common share
$
0.02

 
 
 
$
0.02

___________
(a)
Special items are tax effected in the aggregate at an assumed 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 100,242, 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 for 2013:
 
2013
 
Q1
Q2
Q3
Q4
YTD
Cash provided by operations
$
39,863

 
 
 
$
39,863

Expenditures for property and equipment
(26,610
)
 
 
 
(26,610
)
Free cash flow
$
13,253

 
 
 
$
13,253




3
Boise Inc.
Appendix

Other Financial Measures
(unaudited, dollars and shares in thousands, except per-share data)

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA for 2012:
 
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



The following table reconciles EBITDA to EBITDA excluding special items by quarter and year to date for 2012:
 
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



The following table reconciles net income to net income excluding special items and presents net income excluding special items per diluted share by quarter and for the year ending December 31, 2012:
 
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.

The following table reconciles cash provided by operations to free cash flow for 2012:
 
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




4