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Boise Cascade Reports Profit in Q4

Friday, March 08, 2013

Press release from the issuing company

BOISE, Idaho - Boise Cascade Company today reported financial results for the quarter and year ended December 31, 2012.

Fourth Quarter and Year End 2012 Operating Results

  • Total sales in fourth quarter 2012 were $694.6 million, compared with $547.4 million in fourth quarter 2011. Total sales for the full year improved by 24% to $2,779.1 million: growth of 23% in our Building Materials Distribution (BMD) segment and 32% in our Wood Products segment.
  • Net income was $1.3 million in fourth quarter 2012, compared with a net loss of $13.8 million in the same period last year. Net income improved to $41.5 million for the full year 2012, compared with a net loss of $46.4 million in 2011. 
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) were $17.0 million for the fourth quarter 2012 and $96.6 million for the full year.

U.S. housing starts improved 28% to 780,000 in 2012, compared with 609,000 in 2011. Housing start levels remain significantly below the historical average for the last 20 years of approximately 1.4 million units per year. However, as of February 2013, Blue Chip consensus forecast for 2013 is 990,000, a 27% increase from 2012 levels.

"We experienced a fourth consecutive quarter of positive income from operations, underscored by  strong plywood prices and improved demand for the products we manufacture and distribute. We are  pleased with our successful initial public offering (IPO) completed on February 11, 2013. The IPO, together  with our debt refinancing in early fourth quarter 2012, provides the Company with a strong liquidity position  to take advantage of continued improvement in the markets, execute strategic initiatives within our existing operations, and evaluate growth opportunities," stated Tom Carlile, CEO.

Full Release

 

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