Boise Announces Third Quarter 2007 Financial Results



    BOISE, Idaho, Nov. 7 /CNW/ -- Boise Cascade Holdings, L.L.C. today
reported net income of $49.2 million for the third quarter 2007, compared with
net income of $36.4 million for the third quarter 2006 and $28.9 million for
the second quarter 2007.  Income from operations for the third quarter 2007
was $72.0 million, compared with $64.6 million in the same period of 2006 and
$48.6 million for the second quarter 2007.  In September, we announced the
sale of our Paper and Packaging & Newsprint segments and recorded these assets
as held for sale.  We stopped depreciating and amortizing these assets as well
as some assets included in our Corporate segment, resulting in approximately
$10 million in lower depreciation and amortization expense in third quarter
2007.
    "The third quarter result in our Paper segment reflects the better
supply-demand balance in that business," said Tom Stephens, chairman and chief
executive officer.  "While packaging markets were stronger, our Packaging &
Newsprint segment financial results were negatively impacted by lower
newsprint prices and the annual maintenance outage at our DeRidder mill.  Our
Building Materials Distribution and Wood Products businesses were both solidly
profitable despite the continued challenges in the housing market.  The
agreement to sell our Paper and Packaging & Newsprint segments to Aldabra 2
Acquisition Corp. represents a major step forward for that business.  The
transaction will result in a focused building products business with a strong
balance sheet, which will give us many options."



    
                              FINANCIAL HIGHLIGHTS
                                 ($ in millions)
    

    
                                             3Q 2007     3Q 2006     2Q 2007
    Sales                                   $1,402.1    $1,480.3    $1,448.4
    Income from operations                     $72.0       $64.6       $48.6
    Net income                                 $49.2       $36.4       $28.9
    EBITDA(a)                                 $106.6      $103.7       $91.4
    

    
    (a)  For reconciliation of net income to EBITDA, see "Segment Information"
         in the financial section.
    Sales
    
    Sales for the third quarter 2007 were $1.4 billion, compared to $1.5
billion in the third quarter 2006 and $1.4 billion in the second quarter 2007.
Year-over-year sales were lower in our Building Materials Distribution, Wood
Products, and Packaging & Newsprint segments offset, in part, by sales
increases in our Paper segment.
    Comparing the third quarter 2007 to the same period of 2006, Building
Materials Distribution segment sales decreased 9% due to lower sales volumes
and lower sales prices.  Wood Products segment sales were down 13% due
primarily to lower sales volumes for all products and lower sales prices for
engineered wood products, lumber, and particleboard offset, in part, by higher
plywood prices.  Paper segment sales were up 8% over the same period in 2006
due to higher sales prices and higher pulp sales volumes relative to the third
quarter 2006.  Packaging & Newsprint segment sales decreased 7% due to lower
newsprint sales volumes and prices and lower linerboard sales volumes as we
continued to increase the use of our own linerboard in our converting plants.
    
    Income From Operations
    
    Income from operations increased 11% in the third quarter 2007 to $72.0
million from $64.6 million in third quarter 2006.  Segment income decreased in
Building Materials Distribution driven by softer housing markets.  Despite the
soft housing market, segment income increased in Wood Products driven by
higher plywood prices coupled with lower raw material costs.  Segment income
increased in Paper due to higher product prices and higher sales volumes of
market pulp and reduced depreciation and amortization expense.  Packaging &
Newsprint segment income decreased due primarily to the annual maintenance
shutdown at our mill in DeRidder, Louisiana, coupled with softer newsprint
markets and higher fiber costs, offset by lower depreciation and amortization
expense.
    Comparing third quarter 2007 with third quarter 2006, segment income in
Building Materials Distribution decreased $3.3 million, from $19.4 million in
2006 to $16.1 million in 2007, due primarily to lower sales volumes and lower
sales prices offset, in part, by lower purchased materials costs.  Segment
income in Wood Products increased $3.6 million, from $5.6 million in the third
quarter 2006 to $9.2 million in the third quarter 2007, due primarily to
higher plywood prices and lower raw material costs offset, in part, by lower
product prices and volumes for engineered wood products and particleboard.
Paper segment income increased $18.2 million, from $31.3 million in third
quarter 2006 to $49.5 million in third quarter 2007, due primarily to higher
product prices and higher pulp sales, coupled with lower energy costs and
reduced depreciation and amortization expense associated with assets held for
sale, offset in part, by higher fiber and chemical costs.  Packaging &
Newsprint segment income decreased $12.3 million, from $16.5 million in third
quarter 2006 to $4.2 million in 2007, due primarily to costs associated with
the annual maintenance shutdown at our DeRidder mill, lower newsprint prices,
and higher fiber costs, offset in part, by higher linerboard and corrugated
container and sheet prices and reduced amortization and depreciation expense
associated with assets held for sale.
    
    About Boise Cascade
    
    Boise, headquartered in Boise, Idaho, manufactures engineered wood
products, plywood, lumber, and particleboard and distributes a broad line of
building materials, including wood products manufactured by the company. Boise
also manufactures a wide range of specialty and premium papers, including
imaging papers for the office and home and papers for pressure-sensitive
applications, as well as printing and converting papers, containerboard and
corrugated boxes, newsprint, and market pulp.  Visit Boise's website at
http://www.bc.com.
    
    Webcast and Conference Call
    
    Boise will host an audiovisual webcast and conference call on Wednesday,
November 7, 2007, at 11:00 a.m. Eastern, at which time we will review the
company's recent performance.  You can join the webcast through the Boise
website. Go to http://www.bc.com and click on the link to the webcast under
the News & Events heading.  Slides will be posted 15 minutes before the
beginning of the webcast.  Please go to the website at least 15 minutes before
the start of the webcast to register and to download and install any necessary
audio software.  To join the conference call, dial (800) 374-0165
(international callers should dial (706) 634-0995) at least 10 minutes before
the start of the call.
    The archived webcast will be available in News & Events (link in the
About Boise section) of Boise's website.  A replay of the conference call will
be available from November 7 at 12:00 noon Eastern through December 7 at 11:59
p.m. Eastern.  Playback numbers are (800) 642-1687 for U.S. calls and (706)
645-9291 for international calls, and the passcode will be 20651266.
    
    Basis of Presentation
    
    We present our consolidated financial statements in accordance with
generally accepted accounting principles (GAAP).  Our earnings release also
supplements the GAAP presentations by reflecting EBITDA.  EBITDA represents
income (loss) before interest (interest expense, interest income, and change
in fair value of interest rate swaps), income tax provision (benefit), and
depreciation, amortization, and depletion.  EBITDA is the primary measure used
by our chief operating decision makers to evaluate segment operating
performance and to decide how to allocate resources to segments.  We believe
EBITDA is useful to investors because it provides a means to evaluate the
operating performance of our segments and our company on an ongoing basis
using criteria that are used by our internal decision makers and because it is
frequently used by investors and other interested parties in the evaluation of
companies with substantial financial leverage.  We believe EBITDA is a
meaningful measure because it presents a transparent view of our recurring
operating performance and allows management to readily view operating trends,
perform analytical comparisons, and identify strategies to improve operating
performance.  For example, we believe that the inclusion of items such as
taxes, interest expense, and interest income distorts management's ability to
assess and view the core operating trends in our segments.  EBITDA, however,
is not a measure of our liquidity or financial performance under GAAP and
should not be considered as an alternative to net income (loss), income (loss)
from operations, or any other performance measure derived in accordance with
GAAP or as an alternative to cash flow from operating activities as a measure
of our liquidity.  The use of EBITDA instead of net income (loss) or segment
income (loss) has limitations as an analytical tool, including the inability
to determine profitability; the exclusion of interest expense, interest
income, change in the fair value of interest rate swaps, and associated
significant cash requirements; and the exclusion of depreciation,
amortization, and depletion, which represent significant and unavoidable
operating costs, given the level of our indebtedness and the capital
expenditures needed to maintain our businesses.  Management compensates for
these limitations by relying on our GAAP results.  Our measures of EBITDA are
not necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the methods of calculation.
    
    Forward Looking Statements
    
    This news release contains statements that are "forward looking" within
the Private Securities Litigation Reform Act of 1995.  These statements speak
only as of the date of this press release.  While they are based on the
current expectations and beliefs of management, they are subject to a number
of uncertainties and assumptions that could cause actual results to differ
from the expectations expressed in this release.  The announced transaction
with Aldabra 2 is subject to a number of risks and uncertainties, including
the satisfaction of closing conditions and approval by Aldabra 2's
stockholders, both of which affect the timing of and our ability to complete
the transaction.



    
                        Boise Cascade Holdings, L.L.C.
                      Consolidated Statements of Income
                          (unaudited, in thousands)
    

    
                                                  Three Months Ended
                                           September 30          June 30,
                                        2007         2006 (a)      2007
    Sales
    Trade                            $1,247,563     $1,332,187  $1,288,921
    Related parties                     154,570        148,159     159,477
                                      1,402,133      1,480,346   1,448,398
    Costs and expenses
    Materials, labor, and other
     operating expenses               1,202,547      1,285,335   1,270,294
    Depreciation, amortization, and
     depletion                           32,273 (b)     39,274      40,722
    Selling and distribution
     expenses                            72,356         71,555      73,620
    General and administrative
     expenses                            22,597         19,725      20,210
    Other (income) expense, net             390           (105)     (5,091)(c)
                                      1,330,163      1,415,784   1,399,755
    

    Income from operations               71,970         64,562      48,643

    
    Foreign exchange gain (loss)          2,333            (89)      2,020
    Change in fair value of interest
     rate swaps (d)                           -              -       5,395
    Interest expense                    (23,356)       (28,400)    (24,352)(e)
    Interest income                       1,274            909         642
                                        (19,749)       (27,580)    (16,295)
    

    
    Income before income taxes           52,221         36,982      32,348
    Income tax provision                 (3,056)          (616)     (3,450)
    Net income                          $49,165        $36,366     $28,898
    



    
                             Segment Information
                          (unaudited, in thousands)
    

    
                                                   Three Months Ended
                                            September 30          June 30,
                                         2007         2006 (a)      2007
    Segment sales
    Building Materials Distribution    $686,610       $756,608    $723,732
    Wood Products                       261,634        299,131     278,658
    Paper                               402,143        373,458     401,098
    Packaging & Newsprint               193,018        206,797     192,933
    Intersegment eliminations and
     other                             (141,272)      (155,648)   (148,023)
                                     $1,402,133     $1,480,346  $1,448,398
    

    
    Segment income (loss)
    Building Materials Distribution     $16,146        $19,354     $20,386
    Wood Products                         9,161          5,606      15,740
    Paper                                49,492 (b)     31,294      13,198
    Packaging & Newsprint                 4,224 (b)     16,479       2,337
    Corporate and Other                  (4,720)(b)     (8,260)       (998)(c)
                                         74,303         64,473      50,663
    

    
    Change in fair value of interest
     rate swaps (d)                           -              -       5,395
    Interest expense                    (23,356)       (28,400)    (24,352)(e)
    Interest income                       1,274            909         642
    Income before income taxes          $52,221        $36,982     $32,348
    

    
    EBITDA (f)
    Building Materials Distribution     $17,971        $21,720     $22,246
    Wood Products                        16,306         12,671      23,309
    Paper                                61,519         47,005      29,311
    Packaging & Newsprint                14,519         29,249      16,228
    Corporate and Other                  (3,739)        (6,898)        291 (c)
                                       $106,576       $103,747     $91,385
    



    
                        Boise Cascade Holdings, L.L.C.
                      Consolidated Statements of Income
                          (unaudited, in thousands)
    

    
                                                    Nine Months Ended
                                                      September 30
                                                 2007            2006 (a)
    Sales
    Trade                                    $3,699,657        $4,085,469
    Related parties                             471,842           424,929
                                              4,171,499         4,510,398
    Costs and expenses
    Materials, labor, and other operating
     expenses                                 3,629,740         3,958,664
    Depreciation, amortization, and
     depletion                                  113,355 (b)       114,390
    Selling and distribution expenses           214,384           214,239
    General and administrative expenses          62,302            67,345
    Other (income) expense, net                  (2,155)(c)         1,003 (c)
                                              4,017,626         4,355,641
    

    Income from operations                      153,873           154,757

    
    Foreign exchange gain                         4,595             1,650
    Change in fair value of interest rate
     swaps (d)                                    5,395                 -
    Interest expense                            (70,051)(e)       (87,186)
    Interest income                               2,517             2,447
                                                (57,544)          (83,089)
    

    
    Income before income taxes                   96,329            71,668
    Income tax provision                         (7,729)           (2,139)
    Net income                                  $88,600           $69,529
    



    
                             Segment Information
                          (unaudited, in thousands)
    

    
                                                  Nine Months Ended
                                                     September 30
                                                 2007            2006 (a)
    Segment sales
    Building Materials Distribution          $2,019,000        $2,351,154
    Wood Products                               794,215           926,426
    Paper                                     1,198,275         1,125,517
    Packaging & Newsprint                       579,923           576,393
    Intersegment eliminations and other        (419,914)         (469,092)
                                             $4,171,499        $4,510,398
    

    
    Segment income (loss)
    Building Materials Distribution             $46,987           $63,255
    Wood Products                                28,610            41,619
    Paper                                        80,716 (b)        46,823
    Packaging & Newsprint                        14,644 (b)        30,731
    Corporate and Other                         (12,489)(b)       (26,021)(c)
                                                158,468           156,407
    

    
    Change in fair value of interest rate
     swaps (d)                                    5,395                 -
    Interest expense                            (70,051)(e)       (87,186)
    Interest income                               2,517             2,447
    Income before income taxes                  $96,329           $71,668
    

    
    EBITDA (f)
    Building Materials Distribution             $52,548           $70,373
    Wood Products                                50,608            61,671
    Paper                                       125,429            92,604
    Packaging & Newsprint                        52,242            68,258
    Corporate and Other                          (9,004)(c)       (22,109)(c)
                                               $271,823          $270,797
    



    
                        Boise Cascade Holdings, L.L.C.
                         Consolidated Balance Sheets
                          (unaudited, in thousands)
    

    
                                               September 30,      December 31,
                                                    2007              2006
    ASSETS
    

    
    Current
    Cash and cash equivalents                      $65,608           $45,169
    Receivables
     Trade, less allowances of $1,065
      and $1,734                                   200,130           327,138
     Related parties                                     8            37,986
     Other                                           6,927            19,027
    Inventories                                    339,130           640,826
    Assets held for sale                         1,856,061                -
    Restricted cash held for bond
     redemption (g)                                200,000                -
    Other                                            6,868            13,027
                                                 2,674,732         1,083,173
    Property
    Property and equipment, net                    305,897         1,462,315
    Fiber farms and timber deposits                 23,981            40,492
                                                   329,878         1,502,807
    

    
    Deferred financing costs                        28,485            31,474
    Goodwill                                        12,170            21,846
    Intangible assets, net                           9,773            37,507
    Other assets                                    10,307            28,390
    Total assets                                $3,065,345        $2,705,197
    



    
                        Boise Cascade Holdings, L.L.C.
                   Consolidated Balance Sheets (continued)
              (unaudited, in thousands, except for equity units)
    

    
                                               September 30,      December 31,
                                                    2007              2006
    LIABILITIES AND CAPITAL
    

    
    Current
    Short-term borrowings                               $-            $3,200
    Current portion of long-term debt (h)          257,250                 -
    Accounts payable                               185,121           341,201
    Accrued liabilities
     Compensation and benefits                      39,884            93,287
     Interest payable                               18,998            11,847
     Other                                          58,840            54,600
    Liabilities related to assets held
     for sale                                      349,903                 -
                                                   909,996           504,135
    Debt
    Long-term debt, less current portion         1,165,125         1,213,900
    

    
    Other
    Compensation and benefits                       52,764           111,676
    Other long-term liabilities                     12,507            36,642
                                                    65,271           148,318
    Redeemable equity units
    Series B equity units - 16,995,889
     and 17,107,889 units outstanding               17,365            17,477
    Series C equity units - 39,527,950
     and 39,576,540 units outstanding                8,771             6,434
                                                    26,136            23,911
    Commitments and contingent
     liabilities
    

    
    Capital
    Series A equity units - no par value;
     66,000,000 and 66,000,000 units
     authorized and outstanding                     76,942            78,290
    Series B equity units - no par value;
     550,000,000 and 550,000,000 units
     authorized; 530,356,601 and
     530,356,601 units outstanding                 814,222           724,988
    Series C equity units - no par value;
     44,000,000 and 44,000,000 units
     authorized                                      7,653            11,655
    Total capital                                  898,817           814,933
    Total liabilities and capital               $3,065,345        $2,705,197
    



    
                        Boise Cascade Holdings, L.L.C.
                    Consolidated Statements of Cash Flows
                          (unaudited, in thousands)
    

    
                                                      Nine Months Ended
                                                         September 30
                                                    2007              2006
    Cash provided by (used for)
     operations
    Net income                                     $88,600           $69,529
    Items in net income not using
     (providing) cash
       Depreciation, depletion, and
        amortization of deferred financing
        costs and other                            114,034           116,629
       Related-party interest expense                    -            12,559
       Deferred income taxes                         3,650               150
       Pension and other postretirement
        benefit expense                             18,945            20,671
       Gain on changes in retiree
        healthcare programs                         (4,367)           (3,741)
       Change in fair value of interest
        rate swaps                                  (5,395)                -
       Management equity units expense               2,337             2,750
       Other                                        (4,944)             (525)
    Decrease (increase) in working
     capital, net of acquisitions
       Receivables                                 (76,577)          (54,524)
       Inventories                                 (30,193)          (24,056)
       Prepaid expenses                                786             1,968
       Accounts payable and accrued
        liabilities                                 18,260            34,940
    Pension and other postretirement
     benefit payments                                 (888)             (842)
    Current and deferred income taxes                2,578            (1,647)
    Other                                            4,507             3,241
       Cash provided by operations                 131,333           177,102
    

    
    Cash provided by (used for)
     investment
    Expenditures for property and
     equipment                                    (137,247)         (105,095)
    Increase in restricted cash held for
     bond redemption (g)                          (200,000)                -
    Acquisitions of businesses and
     facilities                                          -           (42,549)
    Sales of assets                                 18,270            42,953
    Other                                            6,378             2,263
       Cash used for investment                   (312,599)         (102,428)
    

    
    Cash provided by (used for) financing
    Issuances of long-term debt                    960,000           293,300
    Payments of long-term debt                    (751,525)         (400,200)
    Short-term borrowings                           (3,200)                -
    Note payable to related party, net                   -            (2,536)
    Proceeds from changes to interest
     rate swaps                                      2,848            25,620
    Tax distributions to members                    (2,753)          (19,206)
    Other                                           (3,665)               53
       Cash provided by (used for)
        financing                                  201,705          (102,969)
    

    
    Increase (decrease) in cash and cash
     equivalents                                    20,439           (28,295)
    

    Balance at beginning of the period              45,169            88,171

    
    Balance at end of the period                   $65,608           $59,876
    Summary Notes to Consolidated Financial Statements and Segment Information
    
    The Consolidated Statements of Income, 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 2006 Annual Report on Form 10-K.  Net income
for all periods presented involved estimates and accruals.
    In September 2007, Boise Cascade, L.L.C. (Boise LLC), our wholly owned
direct subsidiary, entered into a purchase and sale agreement with Aldabra 2
Acquisition Corp. (Aldabra) for the sale of our Paper and Packaging &
Newsprint segments, and most of our Corporate and Other segment, for cash and
shares of Aldabra common stock equal to approximately $1.625 billion, plus
working capital adjustments.  As part of the transaction, Aldabra intends to
change its name to Boise Paper Company (BPC).  Following the transaction,
Boise LLC will maintain 100% ownership of our Wood Products and Building
Materials Distribution segments, and we expect to own approximately 40% of
BPC's shares.  The actual amount of our ownership in BPC is dependent on a
number of factors, including the number of Aldabra shareholders, if any, that
exercise their conversion rights.  In any event, our ownership in BPC cannot
exceed 49% of BPC's outstanding stock at the time of closing.  Both companies
will be headquartered in Boise, Idaho.
    In September 2007, in connection with the Aldabra transaction, we
reclassified the assets and liabilities of our Paper and Packaging & Newsprint
segments, as well as some of the assets and liabilities included in our
Corporate and Other segment, to "Assets held for sale" and "Liabilities
related to assets held for sale" on our Consolidated Balance Sheet and stopped
depreciating and amortizing those assets.  The equity interest that we expect
to own in BPC after the transaction represents a significant continuing
involvement.  As a result, until the transaction is completed the operating
results of the Paper and Packaging & Newsprint businesses will continue to be
included in continuing operations in the Consolidated Statements of Income
(Loss).  For the carrying amounts of the major classes of assets and
liabilities classified as "Assets held for sale" and "Liabilities related to
assets held for sale" at September 30, 2007, see the Notes to the Unaudited
Quarterly Financial Statements in the Form 10-Q for the period ended September
30, 2007.

    
    (a)  In January 2007, we adopted Financial Accounting Standards Board
         Staff Position (FSP) No. AUG AIR-1, Accounting for Planned Major
         Maintenance Activities.  Prior to adopting this FSP, we charged
         planned shutdown maintenance costs in our Paper and Packaging &
         Newsprint segments to income (loss) ratably over the year.  The FSP
         prohibits this, and as a result, we recast our 2006 interim financial
         information using the direct expense method.  The FSP increases the
         volatility of earnings in the period a planned shutdown occurs, but
         it has no impact on our annual results of operations.  For the three
         and nine months ended September 30, 2006, income increased
         (decreased) by the following amounts:
    

    
                                       Three Months Nine Months
                                          Ended        Ended
                                          September 30, 2006
                                       (unaudited, in thousands)
    

    
    Paper                                    $473       $2,057
    Packaging & Newsprint                     955         (956)
                                           $1,428       $1,101
    



    
    (b)  The three and nine months ended September 30, 2007, included
         approximately $10.4 million of lower depreciation and amortization
         expense as a result of discontinuing depreciation and amortization on
         the assets recorded as held for sale.  Of the $10.4 million of lower
         depreciation and amortization expense, $5.4 million related to our
         Paper segment, $4.8 million related to our Packaging & Newsprint
         segment, and $0.2 million related to our Corporate and Other segment.
    

    
    (c)  The nine months ended September 30, 2007, and the three months ended
         June 30, 2007, includes a $4.4 million gain for changes in our
         retiree healthcare programs.  The nine months ended September 30,
         2006, included a $3.7 million gain for changes in our retiree
         healthcare programs.
    

    
    (d)  During second quarter 2007, in connection with the amendment and
         restatement of our credit facilities, we concluded that the interest
         payments on our senior unsecured floating-rate notes were no longer
         probable of occurring after October 2007, when the notes became
         callable at par.  As a result, during second quarter 2007, we
         recorded the fair value of the interest rate swaps, or $5.4 million
         of income, in "Change in fair value of interest rate swaps" in our
         Consolidated Statement of Income.
    

    
    (e)  The nine months ended September 30, 2007, and the three months ended
         June 30, 2007, includes the write-off of $1.8 million of deferred
         financing costs resulting from the repayment of our Tranche D term
         loan and reduction in borrowing capacity under our revolving credit
         facility.
    

    
    (f)  EBITDA represents income before interest (interest expense, interest
         income, and change in fair value of interest rate swaps), income
         taxes, and depreciation, amortization, and depletion.  The following
         table reconciles net income to EBITDA for the three months ended
         September 30, 2007 and 2006, and June 30, 2007:
    

    
                                                   Three Months Ended
                                              September 30        June 30,
                                            2007       2006 (a)     2007
                                              (unaudited, in thousands)
    

    
    Net income                            $49,165 (b)  $36,366    $28,898 (c)
    Change in fair value of interest
     rate swaps (d)                             -            -     (5,395)
    Interest expense                       23,356       28,400     24,352 (e)
    Interest income                        (1,274)        (909)      (642)
    Income tax provision                    3,056          616      3,450
    Depreciation, amortization, and
     depletion                             32,273       39,274     40,722
    EBITDA                               $106,576     $103,747    $91,385
    
    The following table reconciles net income to EBITDA for the nine months
ended September 30, 2007 and 2006:

    
                                             Nine Months Ended
                                               September 30
                                            2007          2006 (a)
                                         (unaudited, in thousands)
    

    
    Net income                            $88,600 (b)(c)  $69,529 (c)
    Change in fair value of interest
     rate swaps (d)                        (5,395)              -
    Interest expense                       70,051 (e)      87,186
    Interest income                        (2,517)         (2,447)
    Income tax provision                    7,729           2,139
    Depreciation, amortization, and
     depletion                            113,355         114,390
    EBITDA                               $271,823        $270,797
    



    
    (g)  In connection with the amendment and restatement of our credit
         facilities during second quarter 2007, we obtained $200 million of
         commitments for a delayed-draw term loan, which we borrowed against
         in September 2007. At September 30, 2007, the $200 million received
         from the delayed-draw term loan was recorded in "Restricted cash held
         for bond redemption" on our Consolidated Balance Sheet. The $200
         million was invested in preparation for the repayment of the $250
         million senior unsecured floating-rate notes in October 2007.
    

    
    (h)  In preparation for the repayment of the $250 million senior unsecured
         floating-rate notes in October 2007, we reclassified the $250 million
         to "Current portion of long-term debt" on our Consolidated Balance
         Sheet at September 30, 2007.  Additionally, we recorded $5.3 million
         and $2.0 million in "Current portion of long-term debt" on our
         Consolidated Balance sheet at September 30, 2007, related to required
         principal payments on the Tranche E term loan and the delayed-draw
         term loan, respectively.  We redeemed the notes on October 15, 2007.
    




For further information:

For further information: Investors, Rob McNutt of Boise Cascade, 
+1-208-384-7023 Web Site: http://www.bc.com

Organization Profile

BOISE CASCADE HOLDINGS, L.L.C.

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