Boise Cascade Company Reports Financial Results for First Quarter

Boise Cascade Exhibit 99.1
1111 West Jefferson Street Ste 300 PO Box 50
Boise, ID 83728

Investor Relations Contact
Wayne Rancourt
208 384 6073

Media Contact
John Sahlberg
208 384 6451

For Immediate Release: April 22, 2013

Boise Cascade Company Reports Financial Results for First Quarter 2013

BOISE, Idaho – Boise Cascade Company (Boise Cascade or Company) (NYSE: BCC) today reported
financial results for its quarter ended March 31, 2013.

First Quarter 2013 Highlights
• On February 11, 2013, we issued 13,529,412 shares of common stock in our initial public offering. As a
result of this initial public offering, we received proceeds of $262.7 million, net of underwriting discounts and
offering expenses.
• First quarter sales of $744.9 million were 27% above the same quarter in 2012. Wood Products first
quarter segment sales, including sales to the Company’s Building Materials Distribution (BMD) segment,
were $269.2 million, an increase of 28% from the year ago quarter. BMD segment sales were
$581.1 million, an increase of 29% from the year ago quarter.
• The Company reported net income of $80.8 million in the first quarter, which included a $68.7 million
income tax benefit associated with recording net deferred tax assets upon our conversion to a corporation
in February 2013. Net income for the quarter excluding the tax item was $12.2 million, or $0.32 per share,
on 37.6 million weighted average shares outstanding. Net income in first quarter 2012 was $1.7 million, or
$0.06 per share, on 29.7 million weighted averages shares outstanding. As of April 22, the Company had
43.2 million shares outstanding.
• Wood Products reported first quarter 2013 segment earnings before interest, taxes, depreciation, and
amortization (EBITDA) of $27.1 million, up 62% from the $16.7 million reported in the same period in 2012.
• BMD reported segment EBITDA of $10.2 million, a sharp improvement from the $1.4 million reported in first
quarter 2012.

Total and single-family U.S. housing starts improved approximately 36% and 28%, respectively, from the
same period last year. Housing start levels remain below the historical average for the last 20 years of
approximately 1.4 million units per year. The April 2013 Blue Chip consensus forecast for 2013 reflects 1,000,000 U.S. housing starts, a 28% increase from 2012 levels.

See complete earnings report.

 

This entry was posted in Investor Relations. Bookmark the permalink. Both comments and trackbacks are currently closed.