Boise Cascade Holdings Reports Second Quarter 2010 Financial Results


    


    
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<p><span class="xn-location">BOISE</span>, Idaho, <span class="xn-chron">Aug. 12</span> /CNW/ -- <span class="xn-location">Boise</span> Cascade Holdings, L.L.C. (BC Holdings or Company) announced net income of <span class="xn-money">$4.3 million</span> for the quarter ended <span class="xn-chron">June 30, 2010</span>.  BC Holdings' building products subsidiary, <span class="xn-location">Boise</span> Cascade, L.L.C., reported second quarter 2010 earnings before interest, taxes, depreciation, and amortization (EBITDA) of <span class="xn-money">$18.8 million</span>.  This compared to negative EBITDA of <span class="xn-money">$1.8 million</span> in first quarter 2010 and negative EBITDA of <span class="xn-money">$3.5 million</span> in second quarter of 2009.  The Company concluded the quarter with <span class="xn-money">$264.5 million</span> of cash and <span class="xn-money">$228.1 million</span> of debt.</p>
<p/>
<p>The company continues to be challenged by reduced demand for the products it distributes and manufactures.  New residential construction remained weak in the second quarter with annualized housing starts of approximately 600,000, or about 60% lower than the 10-year historical trend of about 1.5 million per year.  However, second quarter 2010 housing starts were 12% higher than the levels experienced in the same quarter of 2009.</p>
<p/>
<p>"I am pleased that we were able to report stronger results compared to prior year, and that our liquidity position remains strong.  We benefited from higher commodity pricing compared to prior year.  In addition, we continue to see the benefits of our efforts in controlling cost and aligning production to the realities of the low demand environment that continues to persist," stated <span class="xn-person">Tom Carlile</span>, CEO.</p>
<p/>
<p>Building Materials Distribution (BMD) segment sales were <span class="xn-money">$515.4 million</span> in the second quarter, up 19% from the same quarter a year ago, primarily as a result of higher year-over-year net selling prices for the commodity products that BMD distributes.  BMD reported <span class="xn-money">$9.1 million</span> of EBITDA, which was down slightly from the <span class="xn-money">$9.6 million</span> reported in the second quarter 2009.  As a result of facility additions and expansions in the past year, selling and distribution expenses were 10% higher than the prior year quarter.  Higher sales generated increased gross margin dollars, which offset the increase in selling and distribution costs.</p>
<p/>
<p>Wood Products segment sales in the second quarter were <span class="xn-money">$199.4 million</span>, up 48% from the same quarter a year ago.  The sales increase was attributable primarily to an increase in EWP sales volumes of 40%, 38% higher plywood sales prices and 14% higher plywood sales volumes, as well as 49% higher lumber prices.  On an EBITDA basis, the segment reported <span class="xn-money">$14.9 million</span> for the quarter, a substantial improvement from the negative <span class="xn-money">$9.8 million</span> reported in the second quarter of 2009.  The main factor contributing to the improved financial performance was increased product pricing for plywood and lumber.  In addition, we benefited from lower conversion costs in all of our major product lines.</p>
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    Outlook
    
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<p>U.S. pricing for lumber, plywood, and a number of other commodity wood products moved up sharply early in the second quarter in response to constrained inventory levels and supply curtailments, as well as a disruption in imports.  However, without strong underlying end-product demand, the pricing strength quickly abated mid-second quarter, with a number of key commodity product prices approaching levels seen at the beginning of the year.  Absent a decline in unemployment, stronger household formation, and a reduction in foreclosures, we expect to continue to experience below normal demand for the products we distribute and manufacture.  Industry commodity wood product prices will be volatile in response to operating rates and inventory levels in various distribution channels.  We expect to manage our production levels to our sales demand, which will likely cause us to operate our facilities below their capacity.</p>
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    About Boise Cascade
    
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<p>BC Holdings is a privately held company headquartered in <span class="xn-location">Boise</span>, Idaho.  Our wholly owned subsidiary, <span class="xn-location">Boise</span> Cascade, L.L.C., is a leading U.S. wholesale distributor of building products and one of the largest producers of engineered wood products and plywood in <span class="xn-location">North America</span>.  For more information, please visit our website at <a href="http://www.bc.com">www.bc.com</a>.</p>
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    Webcast and Conference Call
    
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<p>BC Holdings will host a webcast and conference call on <span class="xn-chron">Thursday, August 12</span> at <span class="xn-chron">11 a.m.</span> Eastern, at which time we will review the company's recent performance.  You can join the webcast through the <span class="xn-location">Boise</span> Cascade website.  Go to <a href="http://www.bc.com">www.bc.com</a> and click on the link to the webcast under the News & Events heading.  Please go to the website at least 15 minutes before the start of the webcast to register.  To join the conference call, dial 800-374-0165 (international callers should dial 706-902-1407) at least 10 minutes before the start of the call.</p>
<p/>
<p>The archived webcast will be available in the News & Events section of <span class="xn-location">Boise</span> Cascade's website.  A replay of the conference call will be available from <span class="xn-chron">Thursday, August 12</span>, at <span class="xn-chron">2:00 p.m.</span> Eastern through <span class="xn-chron">Thursday, August 19</span>, at <span class="xn-chron">11:59 p.m.</span> Eastern.  Playback numbers are 800-642-1687 for U.S. calls and 706-645-9291 for international calls, and the passcode will be 89838066.</p>
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    Basis of Presentation
    
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<p>We present our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP).  Our earnings release also supplements the GAAP presentations by reflecting EBITDA.  EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization.  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 when comparing companies in our industry that have different financing and capital structures and/or tax rates.  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.  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, and associated significant cash requirements; and the exclusion of depreciation and amortization.  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.</p>
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    Forward-Looking Statements
    
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<p>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.</p>
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<p> </p>
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                          Boise Cascade Holdings, L.L.C.
                     Consolidated Statements of Income (Loss)
                            (unaudited, in thousands)
    
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<p> </p>
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                                              Three Months Ended
                                              ------------------
                                                June 30           March 31,
                                                -------
                                            2010           2009      2010
                                            ----           ----      ----
    Sales
    Trade                               $646,320       $512,247  $477,422
    Related parties (a)                    5,168          8,933     9,831
                                         651,488        521,180   487,253
                                         -------        -------   -------
    Costs and expenses
    Materials, labor, and other
     operating expenses                  557,849        463,699   425,901
    Materials, labor, and other
     operating expenses
       from related parties (a)           10,550          6,332     6,222
    Depreciation and amortization (b)      8,595         11,448     8,590
    Selling and distribution expenses     52,630         47,771    48,165
    General and administrative expenses   11,205          6,863     7,458
    General and administrative expenses
       from related party (a)                  -          2,503     1,576
    Other (income) expense, net (b)           60         (1,751)      (80)
                                         640,889        536,865   497,832
                                         -------        -------   -------
    
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    Income (loss) from operations         10,599        (15,685)  (10,579)
                                          ------        -------   -------
    
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<p> </p>
<p> </p>
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    Equity in net income of affiliate          -         30,306     1,889
    Gain on sale of shares of equity
     affiliate (a)                             -              -    25,308
    Foreign exchange gain (loss)            (355)           715       147
    Interest expense                      (6,021)        (6,135)   (5,520)
    Interest income                          199            178       194
                                          (6,177)        25,064    22,018
                                          ------         ------    ------
    
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<p> </p>
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    Income before income taxes             4,422          9,379    11,439
    Income tax provision                     (90)           (68)      (45)
    Net income                            $4,332         $9,311   $11,394
                                          ======         ======   =======




    
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<p> </p>
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                              Segment Information
                           (unaudited, in thousands)
    
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<p> </p>
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                                                 Three Months Ended
                                                 ------------------
                                               June 30               March 31,
                                               -------
                                          2010            2009          2010
                                          ----            ----          ----
    Segment sales
    Building Materials Distribution   $515,434        $433,662      $389,118
    Wood Products                      199,446         134,404       148,000
    Intersegment eliminations          (63,392)        (46,886)      (49,865)
                                       -------         -------       -------
                                      $651,488        $521,180      $487,253
                                      ========        ========      ========
    
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<p> </p>
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    Segment income (loss)
    Building Materials Distribution     $7,265          $7,647         $(733)
    Wood Products (b)                    8,238         (19,206)       (6,599)
    Corporate and Other                 (5,259)         (3,411)       (3,100)
                                        10,244         (14,970)      (10,432)
                                        ------         -------       -------
    
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<p> </p>
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    Equity in net income of affiliate        -          30,306         1,889
    Gain on sale of shares of equity
     affiliate (a)                           -               -        25,308
    Interest expense                    (6,021)         (6,135)       (5,520)
    Interest income                        199             178           194
    Income before income taxes          $4,422          $9,379       $11,439
                                        ======          ======       =======
    
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<p> </p>
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    EBITDA (e)
    Building Materials Distribution     $9,067          $9,560        $1,096
    Wood Products (b)                   14,939          (9,785)           65
    Corporate and Other                 (5,167)         (3,297)       (3,003)
    Equity in net income of affiliate        -          30,306         1,889
    Gain on sale of shares of equity
     affiliate (a)                           -               -        25,308
                                       $18,839         $26,784       $25,355
                                       =======         =======       =======




    
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<p> </p>
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                        Boise Cascade Holdings, L.L.C.
                   Consolidated Statements of Income (Loss)
                           (unaudited, in thousands)
    
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<p> </p>
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                                                        Six Months Ended
                                                            June 30
                                                            -------
                                                        2010             2009
                                                        ----             ----
    Sales
    Trade                                         $1,123,742         $919,971
    Related parties (a)                               14,999           14,636
                                                   1,138,741          934,607
                                                   ---------          -------
    Costs and expenses
    Materials, labor, and other operating
     expenses (b)                                    983,750          844,770
    Materials, labor, and other operating
     expenses
       from related parties (a)                       16,772           18,622
    Depreciation and amortization (b)                 17,185           22,567
    Selling and distribution expenses                100,795           93,012
    General and administrative expenses               18,663           13,788
    General and administrative expenses from
     related party (a)                                 1,576            4,936
    Other (income) expense, net (b)                      (20)             930
                                                   1,138,721          998,625
                                                   ---------          -------
    
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    Income (loss) from operations                         20          (64,018)
                                                         ---          -------
    
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<p> </p>
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    Equity in net income of affiliate                  1,889           33,311
    Gain on sale of shares of equity affiliate
     (a)                                              25,308                -
    Impairment of investment in equity affiliate
     (c)                                                   -          (43,039)
    Foreign exchange gain (loss)                        (208)             383
    Change in fair value of contingent value
     rights                                                -              194
    Gain on repurchase of long-term debt (d)               -            6,026
    Interest expense                                 (11,541)         (11,751)
    Interest income                                      393              575
                                                      15,841          (14,301)
                                                      ------          -------
    
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<p> </p>
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    Income (loss) before income taxes                 15,861          (78,319)
    Income tax provision                                (135)            (551)
    Net income (loss)                                $15,726         $(78,870)
                                                     =======         ========




    
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<p> </p>
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                         Segment Information
                      (unaudited, in thousands)
    
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<p> </p>
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                                              Six Months Ended
                                                   June 30
                                                   -------
                                                2010            2009
                                                ----            ----
    Segment sales
    Building Materials Distribution         $904,552        $768,684
    Wood Products                            347,446         250,883
    Intersegment eliminations and other     (113,257)        (84,960)
                                          $1,138,741        $934,607
                                          ==========        ========
    
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<p> </p>
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    Segment income (loss)
    Building Materials Distribution           $6,532           $(897)
    Wood Products (b)                          1,639         (56,837)
    Corporate and Other                       (8,359)         (5,901)
                                                (188)        (63,635)
                                                ----         -------
    
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<p> </p>
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    Equity in net income of affiliate          1,889          33,311
    Gain on sale of shares of equity
     affiliate (a)                            25,308               -
    Impairment of investment in equity
     affiliate (c)                                 -         (43,039)
    Change in fair value of contingent
     value rights                                  -             194
    Gain on repurchase of long-term
     debt (d)                                      -           6,026
    Interest expense                         (11,541)        (11,751)
    Interest income                              393             575
    Income (loss) before income taxes        $15,861        $(78,319)
                                             =======        ========
    
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<p> </p>
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    EBITDA (e)
    Building Materials Distribution          $10,163          $2,949
    Wood Products (b)                         15,004         (38,344)
    Corporate and Other                       (8,170)         (5,673)
    Equity in net income of affiliate          1,889          33,311
    Gain on sale of shares of equity
     affiliate (a)                            25,308               -
    Impairment of investment in equity
     affiliate (c)                                 -         (43,039)
    Change in fair value of contingent
     value rights                                  -             194
    Gain on repurchase of long-term
     debt (d)                                      -           6,026
                                             $44,194        $(44,576)
                                             =======        ========




    
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<p> </p>
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                       Boise Cascade Holdings, L.L.C.
                         Consolidated Balance Sheets
                          (unaudited, in thousands)
    
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<p> </p>
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                                                                    December
                                                    June 30,           31,
                                                        2010             2009
                                                        ----             ----
    ASSETS
    
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<p> </p>
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    Current
    Cash and cash equivalents                       $264,548         $287,101
    Receivables
       Trade, less allowances of $2,103 and $1,584   156,554           95,398
       Related parties (a)                               936            2,604
       Other                                           3,050            3,495
    Inventories                                      253,948          232,774
    Prepaid expenses and other                         5,664            1,870
                                                     684,700          623,242
                                                     -------          -------
    Property
    Property and equipment, net                      263,191          270,229
    Timber deposits                                   11,339            9,264
                                                     274,530          279,493
                                                     -------          -------
    
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<p> </p>
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    Investment in equity affiliate                         -           62,967
    Deferred financing costs                           4,256            5,734
    Goodwill                                          12,170           12,170
    Intangible assets, net                             8,912            8,919
    Other assets                                       7,468            8,359
                                                       -----            -----
    Total assets                                    $992,036       $1,000,884
                                                    ========       ==========




    
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<p> </p>
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                            Boise Cascade Holdings, L.L.C.
                       Consolidated Balance Sheets (continued)
                  (unaudited, in thousands, except for equity units)
    
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<p> </p>
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                                                                     December
                                                           June 30,     31,
                                                               2010       2009
                                                               ----       ----
    LIABILITIES AND CAPITAL
    
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<p> </p>
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    Current
    Accounts payable
       Trade                                               $128,771    $89,253
       Related parties (a)                                    2,629      2,449
    Accrued liabilities
       Compensation and benefits                             36,069     27,887
       Interest payable                                       3,503      3,644
       Other                                                 20,867     16,695
                                                            191,839    139,928
                                                            -------    -------
    Debt
    Long-term debt                                          228,146    303,146
                                                            -------    -------
    
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<p> </p>
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    Other
    Compensation and benefits                               115,095    113,290
    Other long-term liabilities                              13,806     14,301
                                                            128,901    127,591
                                                            -------    -------
    Redeemable equity units
    Series B equity units - 2,764,854 units outstanding       2,765      2,765
    Series C equity units - 16,270,616 units outstanding      6,071      5,202
                                                              8,836      7,967
                                                              -----      -----
    
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<p> </p>
<p>Commitments and contingent liabilities</p>
<p> </p>
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    Capital
    Series A equity units - no par value; 66,000,000 units
     authorized
       and outstanding                                       92,435     88,908
    Series B equity units - no par value; 550,000,000
     units authorized;
       532,558,673 units outstanding                        341,879    333,344
    Series C equity units - no par value; 44,000,000 units
     authorized;
      11,951,751 units outstanding                                -          -
    Total capital                                           434,314    422,252
                                                            -------    -------
    Total liabilities and capital                          $992,036 $1,000,884
                                                           ======== ==========




    
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<p> </p>
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                               Boise Cascade Holdings, L.L.C.
                           Consolidated Statements of Cash Flows
                                 (unaudited, in thousands)
    
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<p> </p>
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                                                        Six Months Ended
                                                            June 30
                                                            -------
                                                        2010             2009
                                                        ----             ----
    Cash provided by (used for) operations
    Net income (loss)                                $15,726         $(78,870)
    Items in net income (loss) not using
     (providing) cash
       Equity in net income of affiliate              (1,889)         (33,311)
       Gain on sale of shares of equity affiliate    (25,308)               -
       Impairment of investment in equity affiliate        -           43,039
       Depreciation and amortization of deferred
        financing costs and other                     19,063           23,836
       Pension expense                                 3,865            7,461
       Management equity units expense                   869            1,496
       Gain on repurchase of long-term debt                -           (6,026)
       Facility closure and curtailment costs              -            1,968
       Other                                             196           (1,014)
    Decrease (increase) in working capital, net
     of acquisitions
       Receivables                                   (58,511)         (52,812)
       Inventories                                   (21,174)          39,903
       Prepaid expenses and other                     (2,098)          (3,281)
       Accounts payable and accrued liabilities       48,161           41,366
    Pension contributions                             (3,070)         (25,064)
    Other                                              1,899           (2,618)
       Cash used for operations                      (22,271)         (43,927)
                                                     -------          -------
    
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<p> </p>
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    Cash provided by (used for) investment
    Proceeds from sale of shares of equity
     affiliate, net                                   86,123                -
    Expenditures for property and equipment           (9,997)          (8,102)
    Acquisitions of businesses and facilities              -           (4,598)
    Other                                             (1,408)           1,778
       Cash provided by (used for) investment         74,718          (10,922)
                                                      ------          -------
    
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<p> </p>
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    Cash provided by (used for) financing
    Issuances of long-term debt                       45,000           60,000
    Payments of long-term debt                      (120,000)         (65,627)
    Tax distributions to members                           -          (10,719)
    Repurchase of management equity units                  -              (18)
       Cash used for financing                       (75,000)         (16,364)
                                                     -------          -------
    
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<p> </p>
<p>Decrease in cash and cash equivalents            (22,553)         (71,213)</p>
<p> </p>
<p>Balance at beginning of the period               287,101          275,803</p>
<p> </p>
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    Balance at end of the period                    $264,548         $204,590
                                                    ========         ========


    Summary Notes to Consolidated Financial Statements and Segment Information
    
</pre>
<p>The Consolidated Statements of Income (Loss), 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 2009 Form 10K and the company's Quarterly Report on Form 10Q for the period ended <span class="xn-chron">June 30, 2010</span>.  Net income (loss) for all periods presented involved estimates and accruals.</p>
<p/>
<p>(a)  In <span class="xn-chron">March 2010</span>, we sold our remaining investment in <span class="xn-location">Boise</span> Inc. and discontinued the equity method of accounting.  We sold 18.3 million <span class="xn-location">Boise</span> Inc. shares and recorded gains of <span class="xn-money">$25.3 million</span> in "Gain on sale of shares of equity affiliate" in our Consolidated Statements of Income (Loss) for the three months ended <span class="xn-chron">March 31, 2010</span>, and the six months ended <span class="xn-chron">June 30, 2010</span>.</p>
<p/>
<p>The 2010 related-party activity with <span class="xn-location">Boise</span> Inc. includes only those sales and costs and expenses transacted prior to <span class="xn-chron">March 2010</span>, when BC Holdings and <span class="xn-location">Boise</span> Inc. were related parties.</p>
<p/>
<p>(b)  In the first half of 2009, we closed the lumber manufacturing facility in La Grande, Oregon, and during the three and six months ended <span class="xn-chron">June 30, 2009</span>, we recorded <span class="xn-money">$0.9 million</span> of income and <span class="xn-money">$3.4 million</span> of expense in "Other (income) expense, net" in the Wood Products segment in our Consolidated Statement of Income (Loss).  In addition, we recorded <span class="xn-money">$2.6 million</span> and <span class="xn-money">$5.2 million</span> of accelerated depreciation in "Depreciation and amortization" for the three and six months ended <span class="xn-chron">June 30, 2009</span>, and <span class="xn-money">$0.6 million</span> of expenses in "Materials, labor, and other operating expenses" in the Wood Products segment during the six months ended <span class="xn-chron">June 30, 2009</span>, in our Consolidated Statement of Income (Loss).</p>
<p/>
<p>(c)  On <span class="xn-chron">March 31, 2009</span>, we concluded that our investment in <span class="xn-location">Boise</span> Inc. met the definition of other than temporarily impaired.  Accordingly, we recorded a <span class="xn-money">$43.0 million</span> charge in "Impairment of investment in equity affiliate" in our Consolidated Statement of Income (Loss) for the six months ended <span class="xn-chron">June 30, 2009</span>.  For more information, see the Notes to Consolidated Financial Statements in our Form 10-Q for the period ended <span class="xn-chron">June 30, 2010</span>.</p>
<p/>
<p>(d)  The six months ended <span class="xn-chron">June 30, 2009</span>, included a <span class="xn-money">$6.0 million</span> net gain on the repurchase of <span class="xn-money">$11.9 million</span> of senior subordinated notes.</p>
<p/>
<p>(e)  EBITDA represents income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization.  The following table reconciles BC Holdings, L.L.C., net income to BC Holdings, L.L.C., EBITDA and <span class="xn-location">Boise</span> Cascade, L.L.C., EBITDA for the three months ended <span class="xn-chron">June 30, 2010</span> and 2009, and March 31, 2010:</p>
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<p> </p>
<p> </p>
<p> </p>
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                                              Three Months Ended
                                              ------------------
                                            June 30             March 31,
                                            -------
                                         2010           2009           2010
                                         ----           ----           ----
    
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<p> </p>
<p>                                      (unaudited, in thousands)</p>
<p> </p>
<pre>
    
    BC Holdings, L.L.C., net income    $4,332         $9,311        $11,394
    Interest expense                    6,021          6,135          5,520
    Interest income                      (199)          (178)          (194)
    Income tax provision                   90             68             45
    Depreciation and amortization       8,595         11,448          8,590
    BC Holdings, L.L.C., EBITDA        18,839         26,784         25,355
                                       ------         ------         ------
    Equity in net income of affiliate       -        (30,306)        (1,889)
    Gain on sale of shares of equity
     affiliate                              -              -        (25,308)
    Boise Cascade, L.L.C., EBITDA     $18,839        $(3,522)       $(1,842)
                                      =======        =======        =======


    
</pre>
<p>The following table reconciles BC Holdings, L.L.C., net income (loss) to BC Holdings, L.L.C., EBITDA and <span class="xn-location">Boise</span> Cascade, L.L.C., EBITDA for the six months ended <span class="xn-chron">June 30, 2010</span> and 2009:</p>
<pre>
    



    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                               Six Months Ended
                                                   June 30
                                                   -------
                                                 2010           2009
                                                 ----           ----
    
</pre>
<p> </p>
<pre>
    
                                                (unaudited, in
                                                  thousands)
    
</pre>
<p> </p>
<pre>
    
    BC Holdings, L.L.C., net income (loss)    $15,726       $(78,870)
    Interest expense                           11,541         11,751
    Interest income                              (393)          (575)
    Income tax provision                          135            551
    Depreciation and amortization              17,185         22,567
    BC Holdings, L.L.C., EBITDA                44,194        (44,576)
                                               ------        -------
    Equity in net income of affiliate          (1,889)       (33,311)
    Gain on sale of shares of equity
     affiliate                                (25,308)             -
    Impairment of investment in equity
     affiliate                                      -         43,039
    Boise Cascade, L.L.C., EBITDA             $16,997       $(34,848)
                                              =======       ========





    

For further information: For further information: Investors, Wayne Rancourt of Boise Cascade Holdings, L.L.C., +1-208-384-6073 Web Site: http://www.bc.com

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BOISE CASCADE HOLDINGS, L.L.C.

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