Boise Inc. Announces Financial Results for Fourth Quarter and Year-End 2009


    



    
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<p><span class="xn-location">BOISE</span>, Idaho, <span class="xn-chron">Feb. 25</span> /CNW/ -- <span class="xn-location">Boise</span> Inc. (NYSE:   BZ) today reported net income of <span class="xn-money">$55.7 million</span> or <span class="xn-money">$0.66</span> per diluted share for fourth quarter 2009, compared with fourth quarter 2008 net loss of <span class="xn-money">$15.5 million</span> or (<span class="xn-money">$0.20</span>) per diluted share. Net income for 2009 was <span class="xn-money">$153.8 million</span> or <span class="xn-money">$1.85</span> per diluted share.  Net income excluding special items in fourth quarter 2009 was <span class="xn-money">$4.2 million</span>, or <span class="xn-money">$0.05</span> per diluted share.</p>
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<p>EBITDA excluding special items was <span class="xn-money">$54.4 million</span> for fourth quarter 2009 compared with <span class="xn-money">$76.0 million</span> for fourth quarter 2008.  EBITDA excluding special items for 2009 was <span class="xn-money">$232.1 million</span> compared with <span class="xn-money">$247.1 million</span> for combined 2008.  Net total debt at <span class="xn-chron">December 31, 2009</span>, was <span class="xn-money">$736.5 million</span>, compared with <span class="xn-money">$1,081.5 million</span> at <span class="xn-chron">December 31, 2008</span>.</p>
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                                  FINANCIAL HIGHLIGHTS                   
                           (in millions, except per-share data)           
    
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                        Boise Inc.             Combined Predecessor Boise Inc.
              -------------------------------- -------- ----------- ----------
              4Q 2009  4Q 2008  3Q 2009   2009     2008      2008      2008 
              -------  -------  -------   ----     ----      ----      ---- 
                                                                          
    Sales      $490.3   $591.1   $508.3 $1,978.2 $2,430.6   $359.9   $2,070.6 
    Net income                                                            
     (loss)     $55.7   $(15.5)   $48.2   $153.8             $22.8     $(45.5)
    Net income                                                            
     (loss) per                                                           
     diluted 
     share      $0.66   $(0.20)   $0.57    $1.85              N/A      $(0.62)
    Net income                                                            
     (loss)                                                               
     excluding                                                            
     special items                                                        
     (a)         $4.2     $5.7    $10.3    $20.4              N/A        $2.1 
    Net income                                                            
     (loss)                                                               
     excluding                                                            
     special items                                                        
     per diluted                                                          
     share(a)   $0.05    $0.07    $0.12    $0.25              N/A       $0.03 
    EBITDA (b)  $84.3    $41.4   $128.0   $395.7   $168.8    $23.7     $145.1 
    EBITDA                                                                
     excluding                                                            
     special 
     items (b)  $54.4    $76.0    $66.2   $232.1   $247.1    $24.4     $222.8 
                                                                          
    Net total 
     debt      $736.5 $1,081.5   $781.9                                   
    Free cash                                                             
     flow (c)   $75.5     $7.7   $121.2   $381.6     $3.9                 
                                                                          
    (a) For reconciliation of net income (loss) excluding special items to net
        income (loss), see "Summary Notes to Consolidated Financial Statements
        and Segment Information." 
    
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    (b) For reconciliation of net income (loss) to EBITDA and EBITDA to EBITDA
        excluding special items, see "Summary Notes to Consolidated Financial 
        Statements and Segment Information." 
    
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    (c) Cash provided by (used for) operations less expenditures for property 
        and equipment.

    
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<p>"Against a very difficult backdrop, our performance was strong in 2009, and we accomplished many of our objectives," said Alexander Toeldte, President and Chief Executive Officer of <span class="xn-location">Boise</span> Inc.  "We ran well and had one of our safest years on record.  In 2009, we generated <span class="xn-money">$382 million</span> in free cash flow, extracted <span class="xn-money">$92 million</span> in cash through working capital reductions, and reduced our net total debt by <span class="xn-money">$345 million</span>, a 32% reduction from the end of 2008.  We reduced our interest costs and extended debt maturities through the refinancing we completed in October.  We continued to shift production capacity to packaging demand-driven and office paper products and lowered our structural costs through difficult but necessary asset portfolio moves at our St. Helens and DeRidder mills.  And, we grew sales volumes of our label and release, flexible packaging, and premium office grades 4% over 2008 through some of the most challenging markets we've experienced.  I am proud of what we've accomplished, and we look forward to building on these successes in 2010."</p>
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    Sales

    
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<p>Total sales for fourth quarter 2009 were <span class="xn-money">$490.3 million</span>, a decrease of <span class="xn-money">$100.8 million</span>, or 17%, from <span class="xn-money">$591.1 million</span> for fourth quarter 2008 and down 4% from third quarter 2009 sales of <span class="xn-money">$508.3 million</span>.</p>
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<p>Paper segment sales decreased 11% during fourth quarter 2009 compared with fourth quarter 2008, driven by lower sales volumes and prices.  In first quarter 2009, we completed the downsizing of our mill in St. Helens, Oregon, which eliminated 13% of our annual uncoated freesheet capacity and reduced 2009 sales volumes and costs compared with 2008.</p>
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<p>Packaging segment sales decreased 30% during fourth quarter 2009 compared with fourth quarter 2008, driven by lower sales volumes of newsprint due to the indefinite idling of our DeRidder #2 newsprint machine and lower sales prices of packaging products.  These declines were offset partially by higher sales volumes of linerboard.</p>
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<p>Full year 2009 sales were <span class="xn-money">$2.0 billion</span>, a 19% decrease over combined year 2008 sales of <span class="xn-money">$2.4 billion</span>.  The decrease was driven primarily by a 14% decrease in Paper segment sales due to lower sales volumes, offset partially by higher sales prices for uncoated freesheet papers, and a 28% decline in Packaging segment sales due to lower sales prices and lower newsprint sales volumes.</p>
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    Prices and Volumes

    
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<p>Pricing for uncoated freesheet began to improve late in 2009 and in early 2010 after declining through the year.  Average net selling prices of uncoated freesheet papers declined <span class="xn-money">$34</span> per ton, or 4%, to <span class="xn-money">$935</span> per ton during fourth quarter 2009 compared with fourth quarter 2008 and decreased 1% from third quarter 2009.  In fourth quarter 2009, we implemented a $40-per-ton price increase on our offset and envelope grades and on some premium colored office papers.  In <span class="xn-chron">January 2010</span>, we announced a $40-per-ton price increase across most of our cut-size office papers, offset, and mid-weight opaque grades effective in mid-February.  Overall, uncoated freesheet sales volumes were 309,000 tons during fourth quarter, a decline of 7% versus the prior year period, and down 5% from third quarter 2009 due primarily to seasonal demand declines.  Full year net selling prices for uncoated freesheet improved <span class="xn-money">$24</span> per ton, or 3%, to <span class="xn-money">$954</span> per ton in 2009 compared with 2008.  Full year sales volumes of uncoated freesheet papers were 1.3 million tons in 2009, down 13% compared with the same period in 2008.  Combined sales volumes of premium office, label and release, and flexible packaging papers, which represented 27% of our total 2009 uncoated freesheet sales volumes, increased by 4% from the prior year.</p>
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<p>Corrugated containers and sheets sales volumes improved 2% during fourth quarter 2009 compared with fourth quarter 2008 and were flat from third quarter 2009.  Full year corrugated container and sheet volumes decreased 5% to 6.0 billion square feet in 2009 compared with 2008, driven mainly by lower volumes from our sheet feeder plant in Texas as a result of slowing industrial markets.  Corrugated container and sheet prices declined 11% in fourth quarter 2009 from fourth quarter 2008 and decreased 7% from third quarter 2009 prices due to seasonal box mix fluctuations in our agricultural end markets and containerboard price declines earlier in the year.  Full year corrugated container and sheet prices improved 2% in 2009 compared with 2008.</p>
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<p>Linerboard sales volumes to third parties increased 55% compared with fourth quarter 2008 and increased 9% from third quarter 2009 due to improving market conditions.  Full year linerboard sales volumes to third parties were 253,000 tons in 2009, a 10% increase compared with 2008.  Linerboard net selling prices to third parties declined to <span class="xn-money">$293</span> per ton in fourth quarter 2009 from <span class="xn-money">$406</span> per ton in fourth quarter 2008 and improved 3% from third quarter 2009, as demand in export markets improved.  Full year net selling prices for linerboard sales to third parties decreased <span class="xn-money">$96</span> per ton, or 24%, to <span class="xn-money">$301</span> per ton in 2009 compared with 2008.  In <span class="xn-chron">January 2010</span>, we announced a $50-per-ton and $70-per-ton price increase on domestic sales in the eastern and western U.S., respectively.  These price increases are currently being implemented.</p>
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    Input Costs

    
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<p>Total fiber, energy, and chemical costs for fourth quarter 2009 were <span class="xn-money">$205.0 million</span>, a decrease of <span class="xn-money">$62.0 million</span>, or 23%, from costs of <span class="xn-money">$267.0 million</span> for fourth quarter 2008.  Much of the decline was driven by reduced consumption as a result of the restructuring of our mill in St. Helens, Oregon, and the idling of our #2 machine at our mill in DeRidder, Louisiana.  Input costs were flat compared with third quarter 2009.  Full year 2009 fiber, energy, and chemical costs totaled <span class="xn-money">$800.3 million</span>, a decrease of <span class="xn-money">$332.5 million</span>, or 29%, from costs of <span class="xn-money">$1,132.8 million</span> for full year 2008.</p>
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                             INPUT COST SUMMARY                
                               (in millions)                  
                                               
                   ------- ------- -------  ----   Combined 
                   4Q 2009 4Q 2008 3Q 2009  2009     2008
                   ------- ------- -------  ----     ----
                                                          
    Fiber           $106.5  $124.0  $108.2 $401.1   $530.0
    Energy           $45.7   $77.5   $41.9 $188.9   $340.2
    Chemicals        $52.8   $65.5   $55.7 $210.3   $262.6
                                                          
    Total           $205.0  $267.0  $205.8 $800.3 $1,132.8

    
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<p>Total fiber costs during fourth quarter 2009 were <span class="xn-money">$106.5 million</span>, a decrease of <span class="xn-money">$17.5 million</span>, or 14%, from <span class="xn-money">$124.0 million</span> incurred in fourth quarter 2008.  This was due to lower fiber prices and reduced consumption of fiber as a result of lower production capacity and was offset partially by higher purchased pulp consumption. Fiber costs in fourth quarter 2009 declined <span class="xn-money">$1.7 million</span>, or 2%, from third quarter 2009.  Full year 2009 fiber costs were <span class="xn-money">$401.1 million</span>, a decrease of <span class="xn-money">$128.9 million</span>, or 24%, from costs of <span class="xn-money">$530.0 million</span> for combined 2008, due primarily to lower prices and consumption of fiber.</p>
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<p>Energy costs in fourth quarter 2009 were <span class="xn-money">$45.7 million</span>, a decrease of <span class="xn-money">$31.8 million</span>, or 41%, compared with <span class="xn-money">$77.5 million</span> in fourth quarter 2008, driven by lower prices for natural gas and electricity and reduced consumption of energy.  Energy costs in fourth quarter 2009 increased <span class="xn-money">$3.8 million</span>, or 9%, from <span class="xn-money">$41.9 million</span> in third quarter 2009, due to higher prices for natural gas and seasonal increases in consumption as a result of colder winter weather.  Full year 2009 energy costs were <span class="xn-money">$188.9 million</span>, a decrease of <span class="xn-money">$151.3 million</span>, or 44%, from costs of <span class="xn-money">$340.2 million</span> for combined 2008, driven by reduced prices and consumption of natural gas and electricity.</p>
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<p>Chemical costs in fourth quarter 2009 were <span class="xn-money">$52.8 million</span>, a decrease of <span class="xn-money">$12.7 million</span>, or 19%, compared with <span class="xn-money">$65.5 million</span> in fourth quarter 2008.  Chemical costs were down <span class="xn-money">$2.8 million</span>, or 5%, compared with <span class="xn-money">$55.7 million</span> in third quarter 2009.  Full year 2009 chemical costs were <span class="xn-money">$210.3 million</span>, a decrease of <span class="xn-money">$52.3 million</span>, or 20%, from <span class="xn-money">$262.6 million</span> for combined 2008.  The key drivers were lower prices and generally lower consumption of commodity chemicals.</p>
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    Alternative Fuel Mixture Credit

    
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<p>During the three months and year ended <span class="xn-chron">December 31, 2009</span>, we recorded <span class="xn-money">$72.7 million</span> and <span class="xn-money">$207.6 million</span>, respectively, of alternative fuel mixture credits, net of associated fees and expenses and before taxes.  As of <span class="xn-chron">December 31, 2009</span>, we recorded a receivable of <span class="xn-money">$56.6 million</span> for alternative fuel mixture credits.  These credits expired on <span class="xn-chron">December 31, 2009</span>.</p>
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<p>In <span class="xn-chron">October 2009</span>, we began filing for alternative fuel mixture credits as a refundable credit on our income tax return instead of as a refundable excise tax credit.  This filing change will not affect the total amount we expect to ultimately receive but does delay receipt of fuel mixture credit payments until after we file our federal income tax return in first quarter 2010.</p>
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    Extinguishment of Debt

    
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<p>In connection with the debt restructuring in <span class="xn-chron">October 2009</span>, we recognized a <span class="xn-money">$44.1 million</span> loss on the extinguishment of debt during the three months ended <span class="xn-chron">December 31, 2009</span>.</p>
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    Income Tax Benefit

    
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<p>During the three months ended <span class="xn-chron">December 31, 2009</span>, we reversed income tax valuation allowances of <span class="xn-money">$33.2 million</span>.</p>
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    Webcast and Conference Call

    
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<p><span class="xn-location">Boise</span> Inc. will host a webcast and conference call on <span class="xn-chron">Thursday, February 25, 2010</span>, at <span class="xn-chron">11:00 a.m. EST</span>, at which time we will review the company's recent performance.  To participate in the conference call, dial 866-841-1001 (international callers should dial 832-4451689).  The webcast may be accessed through Boise's Internet site and will be archived for one year following the call.  Go to <a href="http://www.BoiseInc.com">www.BoiseInc.com</a> and click on the link to the webcast under Webcasts & Presentations on the Investors drop-down menu.</p>
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<p>A replay of the conference call will be available in Webcasts & Presentations from <span class="xn-chron">February 25</span> at <span class="xn-chron">2:00 p.m. EST</span> through <span class="xn-chron">March 25</span> at <span class="xn-chron">11:45 p.m. EDT</span>.  Playback numbers are 800-642-1687 for U.S. callers and 706-645-9291 for international callers.  The passcode is 56233892.</p>
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    Annual Meeting Date

    
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<p><span class="xn-location">Boise</span> Inc. intends to hold its annual meeting of shareholders at <span class="xn-chron">10:00 a.m. MDT</span> on <span class="xn-chron">Thursday, April 29, 2010</span>, in <span class="xn-location">Boise</span>, Idaho. The record date to determine shareholders eligible to vote at the meeting is <span class="xn-chron">March 12, 2010</span>.</p>
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    About Boise Inc.

    
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<p>Headquartered in <span class="xn-location">Boise</span>, Idaho, <span class="xn-location">Boise</span> Inc. (NYSE:   BZ) manufactures packaging products and papers including corrugated containers, containerboard, label and release and flexible packaging papers, imaging papers for the office and home, printing and converting papers, newsprint, and market pulp.  Our entire team of approximately 4,100 employees is committed to delivering excellent value while managing our businesses to sustain environmental resources for future generations.  Visit our Web site at <a href="http://www.BoiseInc.com">www.BoiseInc.com</a>.</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 (change in fair value of interest rate derivatives, interest expense, and interest income), income taxes, 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 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.</p>
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    Forward-Looking Statements

    
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<p>This news release contains statements that are "forward looking" as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements.  Forward-looking statements involve risks and uncertainties, including but not limited to economic, competitive, and technological factors outside our control that may cause our business, strategy, or actual results to differ materially from the forward-looking statements.  For further information about the risks and uncertainties associated with our business, please refer to our filings with the Securities and Exchange Commission.  The company does not intend, and undertakes no obligation, to update any forward-looking statements.</p>
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                                  Boise Inc.
                   Consolidated Statements of Income (Loss)
          (unaudited, in thousands, except share and per-share data)
    
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                                              Three Months Ended          
                                     ------------------------------------ 
                                       December 31       
                                     ----------------      September 30,
                                     2009        2008           2009 
                                     ----        ----           ---- 
    Sales                                                              
    Trade                          $481,853    $566,671       $498,812 
    Related parties                   8,422      24,448          9,453 
                                      -----      ------          ----- 
                                    490,275     591,119        508,265 
                                    -------     -------        ------- 
    Costs and expenses                                                 
    Materials, labor, and other                                        
     operating expenses             395,455     490,576        401,607 
    Fiber costs from related                                           
     parties                         11,897       7,771         10,325 
    Depreciation, amortization,                                        
     and depletion                   33,720      33,126         32,916 
    Selling and distribution                                           
     expenses                        14,130      13,715         13,588 
    General and administrative                                         
     expenses                        14,373       7,556         12,813 
    St. Helens mill                                                    
     restructuring                     (378)     29,780          1,402 
    Alternative fuel mixture                                           
     credits, net                   (72,698)          -        (59,572)
    Other (income) expense, net        (378)     (2,820)         1,710 
                                       ----      ------          ----- 
                                    396,121     579,704        414,789 
                                    -------     -------        ------- 
                                                                       
    Income from operations           94,154      11,415         93,476 
                                     ------      ------         ------ 
                                                                       
    Foreign exchange gain (loss)        563      (3,185)         1,597 
    Change in fair value of                                            
     interest rate derivatives          (52)       (683)           125 
    Loss on extinguishment of                                          
     debt                           (44,102)          -              - 
    Interest expense                (18,284)    (26,156)       (21,436)
    Interest income                      92          94            130 
                                        ---         ---            --- 
                                    (61,783)    (29,930)       (19,584)
                                    -------     -------        ------- 
                                                                       
    Income (loss) before income                                        
     taxes                           32,371     (18,515)        73,892 
    Income tax (provision)                                             
     benefit                         23,349       3,030        (25,737)
                                     ------       -----        ------- 
    Net income (loss)               $55,720    $(15,485)       $48,155 
                                    =======    ========        ======= 
                                                                       
    Weighted average common 
     shares outstanding:                        
    Basic                        79,130,897  77,260,274     78,634,920 
    Diluted                      84,232,429  77,260,274     84,240,582 
                                                                       
    Net income (loss) 
     per common share:                                
    Basic                             $0.70      $(0.20)         $0.61 
    Diluted                           $0.66      $(0.20)         $0.57 
    
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                            Segment Information
                        (unaudited, in thousands)
    
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                                        Three Months Ended        
                                 ---------------------------------       
                                   December 31            
                                 --------------      September 30,            
                                 2009      2008          2009 
                                 ----      ----          ---- 
    Segment sales                                               
    Paper                      $345,602  $389,644      $365,963 
    Packaging                   150,574   213,788       150,462 
    Intersegment eliminations                                   
     and other                   (5,901)  (12,313)       (8,160)
                                 ------   -------        ------ 
                               $490,275  $591,119      $508,265 
                               ========  ========      ======== 
                                                                
    Segment income (loss)                                       
    Paper (1)                   $75,112  $(12,303)      $78,272 
    Packaging (1)                23,344    26,075        22,290 
    Corporate and Other (1)      (3,739)   (5,542)       (5,489)
                                 ------    ------        ------ 
                                 94,717     8,230        95,073 
                                 ------     -----        ------ 
                                                                
    Change in fair value of
     interest rate derivatives      (52)     (683)          125 
    Loss on extinguishment of                                   
     debt                       (44,102)        -             - 
    Interest expense            (18,284)  (26,156)      (21,436)
    Interest income                  92        94           130 
                                    ---       ---           --- 
    Income (loss) before                                        
     income taxes               $32,371  $(18,515)      $73,892 
                                =======  ========       ======= 
                                                                
    EBITDA (a)                                                  
    Paper (1)                   $96,637    $9,222       $99,443 
    Packaging (1)                34,466    36,660        32,966 
    Corporate and Other(1)(2)   (46,768)   (4,526)       (4,420)
                                -------    ------        ------ 
                                $84,335   $41,356      $127,989 
                                =======   =======      ======== 
    
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    (1)  The three months ended December 31, 2009, and September 30, 2009, 
         included $50.1 million and $42.9 million of income recorded in the 
         Paper segment, $22.2 million and $19.4 million of income recorded in 
         the Packaging segment, and $0.4 million of income and $2.7 million of
         expense recorded in the Corporate and Other segment relating to 
         alternative fuel mixture credits, respectively. These amounts are net
         of fees and expenses and before taxes.
    
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    (2)  The three months ended December 31, 2009, includes $44.1 million of 
         loss on extinguishment of debt.
    
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                                 Boise Inc.
                  Consolidated Statements of Income (Loss)
               (in thousands, except share and per-share data)
    
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                                        Boise Inc.          Predecessor   
                                      ----------------      -----------   
                                        Year Ended           January 1   
                                        December 31           Through     
                                      ----------------      February 21,  
                                      2009        2008          2008 
                                      ----        ----          ---- 
    Sales                                                                 
    Trade                         $1,935,410  $1,990,207      $258,430 
    Related parties                   42,782      80,425       101,490 
                                      ------      ------       ------- 
                                   1,978,192   2,070,632       359,920 
                                   ---------   ---------       ------- 
    Costs and expenses                                                 
    Materials, labor, and other                                        
     operating expenses            1,596,214   1,756,826       313,931 
    Fiber costs from related                                           
     parties                          36,858      54,628         7,662 
    Depreciation, amortization,                                        
     and depletion                   131,500     109,988           477 
    Selling and distribution                                           
     expenses                         55,524      48,278         9,097 
    General and administrative                                         
     expenses                         50,250      34,258         6,606 
    St. Helens mill restructuring      5,805      29,780             - 
    Alternative fuel mixture                                           
     credits, net                   (207,607)          -             - 
    Other (income) expense, net        4,005      (2,980)         (989)
                                       -----      ------          ---- 
                                   1,672,549   2,030,778       336,784 
                                   ---------   ---------       ------- 
                                                                       
    Income from operations           305,643      39,854        23,136 
                                     -------      ------        ------ 
                                                                       
    Foreign exchange gain (loss)       2,639      (4,696)           54 
    Change in fair value of                                            
     interest rate derivatives           568        (479)            - 
    Loss on extinguishment of                                          
     debt                            (44,102)          -             - 
    Interest expense                 (83,263)    (91,220)           (2)
    Interest income                      367       2,246           161 
                                         ---       -----           --- 
                                    (123,791)    (94,149)          213 
                                    --------     -------           --- 
                                                                       
    Income (loss) before income                                        
     taxes                           181,852     (54,295)       23,349 
    Income tax (provision)                                             
     benefit                         (28,010)      8,772          (563)
                                     -------       -----          ---- 
    Net income (loss)               $153,842    $(45,523)      $22,786 
                                    ========    ========       ======= 
                                                                       
    Weighted average common 
     shares outstanding:                        
    Basic                         78,354,946  73,635,665             - 
    Diluted                       83,080,979  73,635,665             - 
                                                                       
    Net income (loss)  
     per common share:                                
    Basic                              $1.96      $(0.62)           $- 
    Diluted                            $1.85      $(0.62)           $- 
                                                                          
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                Segment Information
                                   (in thousands)
    
</pre>
<p> </p>
<pre>
    
                                       Boise Inc.            Predecessor   
                                     ----------------      -----------------
                                       Year Ended         January 1 Through
                                       December 31           February 21,  
                                     ----------------                     
                                     2009        2008            2008 
                                     ----        ----            ---- 
    Segment sales                                                         
    Paper                        $1,419,961  $1,403,698        $253,508 
    Packaging                       588,405     703,705         113,485 
    Intersegment eliminations                                           
     and other                      (30,174)    (36,771)         (7,073)
                                    -------     -------          ------ 
                                 $1,978,192  $2,070,632        $359,920 
                                 ==========  ==========        ======== 
                                                                        
    Segment income (loss)                                               
    Paper (1)                      $262,665     $32,685         $20,718 
    Packaging (1)                    67,089      21,104           5,685 
    Corporate and Other (1)         (21,472)    (18,631)         (3,213)
                                    -------     -------          ------ 
                                    308,282      35,158          23,190 
                                    -------      ------          ------ 
                                                                        
    Change in fair value of 
     interest rate                                  
     derivatives                        568        (479)              - 
    Loss on extinguishment of                                           
     debt                           (44,102)          -               - 
    Interest expense                (83,263)    (91,220)             (2)
    Interest income                     367       2,246             161 
                                        ---       -----             --- 
    Income (loss) before income                                         
     taxes                         $181,852    $(54,295)        $23,349 
                                   ========    ========         ======= 
                                                                        
    EBITDA (a)                                                          
    Paper (1)                      $347,806    $104,346         $21,066 
    Packaging (1)                   109,321      56,171           5,738 
    Corporate and Other (1) (2)     (61,447)    (15,371)         (3,137)
                                    -------     -------          ------ 
                                   $395,680    $145,146         $23,667 
                                   ========    ========         ======= 
    
</pre>
<p> </p>
<pre>
    
    (1)  The year ended December 31, 2009, included $149.9 million of income
         recorded in the Paper segment, $61.6 million of income recorded in 
         the Packaging segment, and $3.9 million of expenses recorded in the
         Corporate and Other segment relating to alternative fuel mixture 
         credits. These amounts are net of fees and expenses and before 
         taxes.
    
</pre>
<p> </p>
<pre>
    
    (2)  The year ended December 31, 2009, includes $44.1 million of loss on
         extinguishment of debt.
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                 Boise Inc.
                        Consolidated Balance Sheets
                               (in thousands)
    
</pre>
<p> </p>
<p> </p>
<pre>
    
                                      December 31, 2009 December 31, 2008
                                      ----------------- -----------------
    ASSETS                                                               
                                                                         
    Current                                                              
    Cash and cash equivalents               $69,393           $22,518
    Short-term investments                   10,023                 -
    Receivables                                                      
       Trade, less allowances of $839                                
        and $961                            185,110           220,204
       Related parties                        2,056             1,796
       Other (1)                             62,410             4,937
    Inventories                             252,173           335,004
    Deferred income taxes                         -             5,318
    Prepaid and other                         4,819             6,289
                                              -----             -----
                                            585,984           596,066
                                            -------           -------
    Property                                                         
    Property and equipment, net           1,205,679         1,262,810
    Fiber farms and deposits                 17,094            14,651
                                             ------            ------
                                          1,222,773         1,277,461
                                          ---------         ---------
                                                                     
    Deferred financing costs                 47,369            72,570
    Intangible assets, net                   32,358            35,075
    Other assets                              7,306             7,114
                                              -----             -----
    Total assets                         $1,895,790        $1,988,286
                                         ==========        ==========
    
</pre>
<p> </p>
<pre>
    
    (1) December 31, 2009, includes a $56.6 million receivable for alternative
        fuel mixture credits.
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                Boise Inc.
                   Consolidated Balance Sheets (continued)
                (in thousands, except share and per-share data)
    
</pre>
<p> </p>
<pre>
    
                                          December 31, 2009  December 31, 2008
                                          -----------------  -----------------
    LIABILITIES AND STOCKHOLDERS' EQUITY                                   
                                                                           
    Current                                                                
    Current portion of long-term debt           $30,711            $25,822 
    Income taxes payable                            240                841 
    Accounts payable                                                       
       Trade                                    172,518            177,157 
       Related parties                            2,598              3,107 
    Accrued liabilities                                                    
       Compensation and benefits                 67,948             44,488 
       Interest payable                           4,946                184 
       Other                                     23,735             17,402 
                                                 ------             ------ 
                                                302,696            269,001 
                                                -------            ------- 
    Debt                                                                   
    Long-term debt, less current                                           
     portion                                    785,216          1,011,628 
    Notes payable                                     -             66,606 
                                                      -             ------ 
                                                785,216          1,078,234 
                                                -------          --------- 
    Other                                                                  
    Deferred income taxes                        32,253              8,907 
    Compensation and benefits                   123,889            149,691 
    Other long-term liabilities                  30,801             33,007 
                                                 ------             ------ 
                                                186,943            191,605 
                                                -------            ------- 
                                                                           
    Commitments and contingent liabilities                                 
                                                                           
    Stockholders' Equity                                                   
    Preferred stock, $.0001 par                                            
     value per share:                                 
       1,000,000 shares authorized; none issued       -                  -
    Common stock, $.0001 par value per share:         
       250,000,000 shares authorized;                                    
       84,418,691 shares and 79,716,130 shares 
        issued and outstanding                        8                  8
    Additional paid-in capital                  578,669            575,151 
    Accumulated other comprehensive                                        
     income (loss)                              (71,553)           (85,682)
    Retained earnings (accumulated                                         
     deficit)                                   113,811            (40,031)
                                                -------            ------- 
    Total stockholders' equity                  620,935            449,446 
                                                -------            ------- 
                                                                           
    Total liabilities and                                                  
     stockholders' equity                    $1,895,790         $1,988,286 
                                             ==========         ========== 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                   Boise Inc.
                       Consolidated Statements of Cash Flows
                                 (in thousands)
    
</pre>
<p> </p>
<pre>
    
                                      Boise Inc.         Predecessor   
                                      ----------      ----------------- 
                                      Year Ended      January 1 Through 
                                      December 31        February 21,   
                                   ----------------                     
                                   2009        2008          2008 
                                   ----        ----          ---- 
    Cash provided by (used for) 
     operations                             
    Net income (loss)            $153,842    $(45,523)     $22,786 
    Items in net income (loss) 
     not using (providing) cash              
       Depreciation, depletion, 
        and amortization                       
        of deferred financing 
        costs and other           144,079     119,933          477 
       Share-based compensation                                    
        expense                     3,518       3,096            - 
       Related-party interest                                      
        expense                         -       2,760            - 
       Notes payable interest                                      
        expense                     9,000       5,512            - 
       Pension and other                                           
        postretirement benefit                                     
        expense                     7,376       8,388        1,826 
       Deferred income taxes       27,709      (9,363)          11 
       Change in fair value of                                     
        energy derivatives         (5,877)      7,445          (37)
       Change in fair value of                                     
        interest rate                                              
        derivatives                  (568)        479            - 
       St. Helens mill                                             
        restructuring                   -      35,998            - 
       (Gain) loss on sales of                                     
        assets, net                   514           -         (943)
       Other                       (2,639)      4,696          (54)
    Loss on extinguishment of                                      
     debt                          44,102           -            - 
    Decrease (increase) in 
     working capital, net 
     of acquisitions        
       Receivables                (18,579)     25,296      (23,522)
       Inventories                 83,037     (28,950)       5,343 
       Prepaid expenses             1,470      (1,044)         875 
       Accounts payable and                                        
        accrued liabilities        25,710     (17,801)     (10,718)
    Current and deferred income                                    
     taxes                           (372)     (1,057)         335 
    Pension and other                                              
     postretirement benefit                                        
     payments                     (13,001)       (636)      (1,826)
    Other                            (609)     (1,483)       2,326 
                                     ----      ------        ----- 
      Cash provided by 
       (used for)                                   
       operations                 458,712     107,746       (3,121)
                                  -------     -------       ------ 
    Cash provided by (used for)
     investment                             
    Acquisitions of businesses                                     
     and facilities                  (543) (1,216,459)           - 
    Cash released from (held                                       
     in) trust, net                     -     403,989            - 
    Expenditures for property                                      
     and equipment                (77,145)    (90,597)     (10,168)
    Purchases of short-term                                        
     investments                  (21,643)          -            - 
    Maturities of short-term                                       
     investments                   11,615           -            - 
    Sales of assets                 1,031         394       17,662 
    Other                           2,168      (5,703)         863 
                                    -----      ------          --- 
      Cash provided by 
       (used for)                                   
       investment                 (84,517)   (908,376)       8,357 
                                  -------    --------        ----- 
    Cash provided by 
     (used for) financing                          
    Issuances of long-term debt   310,000   1,125,700            - 
    Payments of long-term debt   (531,523)    (88,250)           - 
    Cash used for                                                  
     extinguishment of debt       (39,717)          -            - 
    Payments of notes payable     (52,924)          -            - 
    Payments to stockholders                                       
     for exercise of conversion                                    
     rights                             -    (120,170)           - 
    Payments of deferred                                           
     financing fees               (13,156)    (81,898)           - 
    Payments of deferred                                           
     underwriters fees                  -     (12,420)           - 
    Net equity transactions                                        
     with related parties               -           -       (5,237)
                                      ---         ---       ------ 
       Cash provided by 
        (used for)                                   
        financing                (327,320)    822,962       (5,237)
                                 --------     -------       ------ 
    Increase (decrease) in cash                                    
     and cash equivalents          46,875      22,332           (1)
    Balance at beginning of the                                    
     period                        22,518         186            8 
                                   ------         ---          --- 
    Balance at end of the                                          
     period                       $69,393     $22,518           $7 
                                  =======     =======          === 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<p>Summary Notes to Consolidated Financial Statements and Segment Information</p>
<p> </p>
<pre>
    
    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 Annual Report on Form 10K.  Net 
    income (loss) for all periods presented involved estimates and accruals. 
    
</pre>
<p> </p>
<pre>
    
    On February 22, 2008, Aldabra 2 Acquisition Corp. completed the 
    acquisition (the Acquisition) of Boise White Paper, L.L.C., Boise 
    Packaging & Newsprint, L.L.C., Boise Cascade Transportation Holdings Corp.
    (collectively, the Paper Group), and other assets and liabilities related 
    to the operation of the paper, packaging and newsprint, and transportation
    businesses of the Paper Group and part of the headquarters operations of 
    Boise Cascade, L.L.C. (Boise Cascade). Subsequent to the Acquisition, 
    Aldabra 2 Acquisition Corp. changed its name to Boise Inc.  The acquired 
    business is referred to as the "Predecessor."
    
</pre>
<p> </p>
<pre>
    
    The accompanying Consolidated Statement of Income (Loss) and Consolidated 
    Statement of Cash Flows for the year ended December 31, 2008, include the 
    activities of Aldabra 2 Acquisition Corp. prior to the Acquisition and the
    operations of the acquired businesses from February 22, 2008, through 
    December 31, 2008.  The Predecessor Consolidated Statement of Income 
    (Loss) and Consolidated Statement of Cash Flows for the period of January 
    1 through February 21, 2008, are presented for comparative purposes. 
    
</pre>
<p> </p>
<pre>
    
    Boise Inc. operates its business in three reportable segments: Paper, 
    Packaging, and Corporate and Other (support services).  Boise Inc. 
    manufactures commodity and premium office papers, a range of packaging 
    papers, including label and release papers, flexible packaging papers, and
    printing and converting papers.  Boise Inc. also manufactures corrugated 
    containers, containerboard, newsprint, and market pulp.
    
</pre>
<p> </p>
<pre>
    
    (a)  EBITDA represents income (loss) before interest (change in fair value
    of interest rate derivatives, interest expense, and interest income), 
    income taxes, and depreciation, amortization, and depletion.  The 
    following table reconciles net income to EBITDA for Boise Inc. for the 
    three months ended December 31, 2009 and 2008, and the three months ended
    September 30, 2009 (unaudited, in thousands):
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                             Three Months Ended      
                                       -------------------------------
                                        December 31      September 30,
                                       --------------                 
                                       2009      2008         2009 
                                       ----      ----         ---- 
                                                                    
    Net income (loss)                $55,720  $(15,485)     $48,155 
    Change in fair value of 
     interest rate derivatives            52       683         (125)
    Interest expense                  18,284    26,156       21,436 
    Interest income                      (92)      (94)        (130)
    Income tax provision (benefit)   (23,349)   (3,030)      25,737 
    Depreciation, amortization,                                     
     and depletion                    33,720    33,126       32,916 
                                      ------    ------       ------ 
    EBITDA                           $84,335   $41,356     $127,989 
                                     =======   =======     ======== 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    The following table reconciles net income (loss) to EBITDA for Boise Inc.
    for the year ended December 31, 2009 and 2008, and for the Predecessor 
    period of January 1 through February 21, 2008 (unaudited, in thousands):
    
</pre>
<p> </p>
<pre>
    
                                         Boise Inc.         Predecessor    
                                        --------------   -----------------    
                                         Year Ended      January 1 Through 
                                         December 31        February 21,   
                                        --------------                       
                                        2009      2008          2008 
                                        ----      ----          ---- 
                                                                       
    Net income (loss)                $153,842  $(45,523)       $22,786 
    Change in fair value of 
     interest rate derivatives           (568)      479              - 
    Interest expense                   83,263    91,220              2 
    Interest income                      (367)   (2,246)          (161)
    Income tax provision (benefit)     28,010    (8,772)           563 
    Depreciation, amortization,                                        
       and depletion                  131,500   109,988            477 
                                      -------   -------            --- 
    EBITDA                           $395,680  $145,146        $23,667 
                                     ========  ========        ======= 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    The following table reconciles EBITDA to EBITDA excluding special items 
    for Boise Inc. for the three months ended December 31, 2009 and 2008, and
    the three months ended September 30, 2009 (unaudited, in thousands):
    
</pre>
<p> </p>
<pre>
    
                                               Three Months Ended       
                                          -----------------------------      
                                          December 31     September 30, 
                                          -----------                
                                          2009     2008         2009 
                                          ----     ----         ---- 
                                                                      
    EBITDA                              $84,335  $41,356     $127,989 
    St. Helens mill restructuring (a)      (378)  37,568        1,402 
    Impact of energy hedges                (976)     (26)      (3,624)
    Alternative fuel mixture credits                                  
     (b)                                (72,698)       -      (59,572)
    Loss on extinguishment of debt       44,102        -            - 
    Gain on changes in supplemental                                   
     pension plans                            -   (2,914)           - 
                                            ---   ------          --- 
    EBITDA excluding special items      $54,385  $75,984      $66,195 
                                        =======  =======      ======= 
    
</pre>
<p> </p>
<pre>
    
    (a)  In November 2008, we announced the restructuring of our St. Helens,
    Oregon, paper mill. Of the $37.6 million in restructuring charges during
    the three months ended December 31, 2008, $29.8 million is included in 
    "St. Helens mill restructuring" and $7.8 million related to inventory 
    write-downs is included in "Materials, labor, and other operating 
    expenses." During the three months ended September 30, 2009, we recorded
    $1.4 million in additional restructuring charges in "St. Helens mill 
    restructuring," and during the three months ended December 31, 2009, we 
    recorded a net $0.4 million reduction to our restructuring charges. 
    
</pre>
<p> </p>
<pre>
    
    (b)  During the three months ended December 31, 2009, and September 30, 
    2009, we recorded $72.7 million and $59.6 million, respectively, of 
    alternative fuel mixture credits, net of associated fees and expenses and
    before taxes. We recorded these amounts in "Alternative fuel mixture 
    credits, net" in our Consolidated Statement of Income (Loss). At December
    31, 2009, we had $56.6 million recorded in "Receivables, other" related to
    these credits.
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    The following table reconciles EBITDA to EBITDA excluding special items 
    for Boise Inc. for the years ended December 31, 2009 and 2008. The table
    also reconciles the Predecessor period of January 1 through February 21,
    2008, and the combined year ended December 31, 2008 (unaudited, in 
    thousands):
                                 Boise Inc.      Predecessor      Combined   
                               -------------- -----------------  -----------  
                                Year Ended    January 1 Through  Year Ended  
                                December 31      February 21,    December 31, 
                               --------------                                
                               2009      2008        2008           2008 
                               ----      ----        ----           ---- 
                                                                        
    EBITDA                   $395,680  $145,146   $23,667        $168,813 
    St. Helens mill                                                     
     restructuring (a)          5,805    37,568         -          37,568 
    Impact of energy hedges    (5,877)    7,445       (37)          7,408 
    Alternative fuel                                                     
     mixture credits (b)     (207,607)        -         -               - 
    Loss of extinguishment                                               
     of debt                   44,102         -         -               - 
    Hurricane losses                -     5,482         -           5,482 
    Gain on changes in                                                  
     supplemental pension                                               
     plans                          -    (2,914)        -          (2,914)
    Inventory purchase                                                    
     accounting expense             -    10,259         -          10,259 
    Impact of DeRidder                                                  
     outage                         -    19,776       732          20,508 
                                 ----    ------      ----          ------ 
    EBITDA excluding                                                    
     special items           $232,103  $222,762   $24,362        $247,124 
                             ========  ========   =======        ======== 
    
</pre>
<p> </p>
<pre>
    
    (a)  In November 2008, we announced the restructuring of our St. Helens, 
    Oregon, paper mill. Of the $37.6 million in restructuring charges during 
    the year ended December 31, 2008, $29.8 million is included in "St. Helens
    mill restructuring" and $7.8 million related to inventory write-downs is 
    included in "Materials, labor, and other operating expenses." During the 
    year ended December 31, 2009, we recorded $5.8 million of net 
    restructuring charges in "St. Helens mill restructuring."
    
</pre>
<p> </p>
<pre>
    
    (b)  During the year ended December 31, 2009, we recorded $207.6 million 
    of alternative fuel mixture credits, net of associated fees and expenses 
    and before taxes. We recorded these amounts in "Alternative fuel mixture 
    credits, net" in our Consolidated Statement of Income (Loss). At 
    December 31, 2009, we had $56.6 million recorded in "Receivables, other" 
    related to these credits.
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    The following table reconciles net income (loss) to net income (loss) 
    excluding special items and presents diluted earnings per share excluding 
    special items for the three months ended December 31, 2009 and 2008, the 
    three months ended September 30, 2009, and the years ended December 31, 
    2009 and 2008. The table also reconciles the Predecessor period of January
    1 through February 21, 2008, and the combined year ended December 31, 2008
    (unaudited, in thousands):
    
</pre>
<p> </p>
<pre>
    
                                            Boise Inc.                        
                      --------------------------------------------------------
                       Three       Three       Three                          
                       Months      Months      Months       Year        Year  
                       Ended       Ended       Ended       Ended       Ended  
                      December    December   September    December    December
                         31,         31,         30,         31,         31,  
                        2009        2008        2009        2009        2008 
                        ----        ----        ----        ----        ---- 
                                                                              
    Net income (loss) $55,720    $(15,485)    $48,155    $153,842    $(45,523)
      St. Helens                                                              
       mill                                                                   
       restructuring     (378)     37,568       1,402       5,805      37,568 
      Impact of                                                               
       energy hedges     (976)        (26)     (3,624)     (5,877)      7,445 
      Alternative                                                             
       fuel mixture                                                           
       credits        (72,698)          -     (59,572)   (207,607)          - 
      Loss on                                                                 
       extinguishment                                                         
        of debt        44,102           -           -      44,102           - 
      Hurricane                                                               
       losses               -           -           -           -       5,482 
      Gain on                                                                 
       changes in                                                             
       supplemental                                                           
        pension plans       -      (2,914)          -           -      (2,914)
      Inventory                                                               
       revaluation                                                            
       expense              -           -           -           -      10,259 
      Impact of                                                               
       DeRidder                                                               
       outage               -           -           -           -      19,776 
                                                                              
    Tax impact of                                                             
     special items at                                                         
     38.7% (a)         11,591     (13,401)     23,914      63,304     (30,037)
                       ------     -------      ------      ------     ------- 
    Reversal of                                                               
     income tax                                                               
     valuation                                                                
     allowances (b)   (33,180)          -           -     (33,180)          - 
                      -------        ----        ----     -------        ---- 
    Net income                                                                
     (loss) excluding                                                         
     special items     $4,181      $5,742     $10,275     $20,389      $2,056 
                       ======      ======     =======     =======      ====== 
                                                                              
    Weighted average                                                          
     common shares                                                            
     outstanding:                                                            
     diluted       84,232,429  77,260,274  84,240,582  83,080,979  73,635,665 
    Net income                                                                
     (loss) 
     excluding                                                            
     special items                                                            
     per                                                                      
     diluted share      $0.05       $0.07       $0.12       $0.25       $0.03 
    
</pre>
<p> </p>
<pre>
    
    (a)  Special items are tax effected in the aggregate at an assumed 
    combined federal and state statutory rate of 38.7%.
    
</pre>
<p> </p>
<pre>
    
    During the three months ended December 31, 2009, we reversed income tax
    valuation allowances.
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    The following table reconciles total debt to net total debt at December 
    31, 2009 and 2008, and September 30, 2009 (unaudited, in thousands):
    
</pre>
<p> </p>
<p> </p>
<pre>
    
                                        Boise Inc.                
                          ----------------------------------------- 
                          December 31,  December 31,  September 30, 
                              2009          2008           2009 
                              ----          ----           ---- 
                                                                  
    Current portion of                                            
     long-term debt          $30,711       $25,822        $22,235 
    Long-term debt,                                               
     less current                                                 
     portion and notes                                            
     payable                 785,216     1,011,628        932,517 
    Notes payable                  -        66,606         74,788 
                                   -        ------         ------ 
    Total debt               815,927     1,104,056      1,029,540 
    Less cash and cash                                            
     equivalents and                                              
     short-term                                                   
     investments             (79,416)      (22,518)      (247,614)
                             -------       -------       -------- 
    Net total debt          $736,511    $1,081,538       $781,926 
                            ========    ==========       ========




    

For further information: For further information: Media, Virginia Aulin, +1-208-384-7837, or Investors, Jason Bowman, +1-208-384-7456, both of Boise Inc. Web Site: http://www.BoiseInc.com

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