Boise Cascade Company Reports First Quarter 2020 Results and Provides COVID-19 Business Update
“As we respond to the impacts and uncertainties of COVID-19, our focus remains on the health and safety of our associates, followed by business continuity. At the same time, we are fortunate to have entered 2020 in a sound financial position,” commented
For discussion of the impacts and our continued response to COVID-19, see 'Balance Sheet and Liquidity' and 'Outlook' below.
First Quarter 2020 Highlights
|
|
1Q 2020 |
|
1Q 2019 |
|
% change |
|||||
|
|
(in thousands, except per-share data and percentages) |
|||||||||
Consolidated Results |
|
|
|
|
|
|
|||||
Sales |
|
$ |
1,170,534 |
|
|
$ |
1,042,086 |
|
|
12 |
% |
Net income |
|
12,200 |
|
|
11,389 |
|
|
7 |
% |
||
Net income per common share - diluted |
|
0.31 |
|
|
0.29 |
|
|
7 |
% |
||
Adjusted EBITDA 1 |
|
59,619 |
|
|
40,734 |
|
|
46 |
% |
||
Segment Results |
|
|
|
|
|
|
|||||
Wood Products sales |
|
$ |
320,061 |
|
|
$ |
319,523 |
|
|
— |
% |
Wood Products income |
|
3,763 |
|
|
11,630 |
|
|
(68 |
)% |
||
Wood Products EBITDA 1 |
|
33,366 |
|
|
25,368 |
|
|
32 |
% |
||
Building Materials Distribution sales |
|
1,049,997 |
|
|
907,708 |
|
|
16 |
% |
||
Building Materials Distribution income |
|
29,302 |
|
|
17,517 |
|
|
67 |
% |
||
Building Materials Distribution EBITDA 1 |
|
34,646 |
|
|
22,649 |
|
|
53 |
% |
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In the first quarter 2020, total
Wood Products
Wood Products sales, including sales to
Wood Products segment income decreased
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
|
|
1Q 2020 vs. 1Q 2019 |
|
1Q 2020 vs. 4Q 2019 |
|
|
|
|
|
Average Net Selling Prices |
|
|
|
|
LVL |
|
(2)% |
|
—% |
I-joists |
|
1% |
|
1% |
Plywood |
|
(7)% |
|
6% |
Sales Volumes |
|
|
|
|
LVL |
|
8% |
|
8% |
I-joists |
|
14% |
|
10% |
Plywood |
|
(5)% |
|
1% |
On
Building Materials Distribution
BMD's sales increased
BMD segment income increased
Balance Sheet and Liquidity
Boise Cascade ended first quarter 2020 with
On
In response to the impacts of COVID-19, we have reduced our planned capital spending for 2020 from our previously expected range of
Although significant uncertainty remains regarding the impact of COVID-19 on our 2020 operating results and cash flows, we believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to fund debt service requirements and provide cash, as required, to support our ongoing operations, capital expenditures, funding of acquisitions, lease obligations, working capital, pension contributions, and to pay cash dividends to holders of our common stock over the next 12 months. We expect to fund our seasonal and intra-month working capital requirements in 2020 from cash on hand and, if necessary, borrowings under our revolving credit facility.
Dividends
On
Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, contractual restrictions, and other factors that our board of directors may deem relevant.
Outlook
The full impacts of the global emergence of COVID-19 on our business and financial results are currently unknown. We are conducting business with modifications to our manufacturing production levels, mill and distribution center housekeeping and cleanliness protocols, employee travel, employee work locations, and virtualization or cancellation of certain sales and marketing events, among other modifications. We have observed other companies as well as various governmental agencies taking precautionary and preemptive actions to address COVID-19, and further actions may yet be taken that alter our normal business operations as well as those in our industry. The
Given the current outlook and with sufficient inventory on hand, our Wood Products segment has implemented changes to reduce the volume of EWP and plywood it will produce. In
Demand for the products we manufacture, as well as the products we purchase and distribute, is closely correlated with new residential construction in the
Although we believe that current
Robust construction activity in the first two months of 2020, as evidenced by seasonally adjusted annual rates of housing starts around 1.6 million, drove sharp increases in commodity products pricing that peaked in mid-March. However, concerns and uncertainty about the impacts of COVID-19 since then have negatively impacted residential construction activity and building products demand, resulting in curtailments of production across the industry and a sharp decline in commodity prices. Current composite panel and lumber prices are approximately 15% below the peaks of
About Boise Cascade
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss first quarter earnings, and our continued response to the COVID-19 situation on
To participate in the conference call, dial 844-795-4410 and use participant passcode 6587475 (international callers should dial 661-378-9637). To join the webcast, go to the Investor Relations section at www.bc.com and select the Event Calendar link.
A replay of the conference call will be available from
Use of Non-GAAP Financial Measures
We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in
We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are 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. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income (loss) or segment income (loss) have limitations as analytical tools, 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, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
Forward-Looking Statements
This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, the effect of COVID-19, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the
Consolidated Statements of Operations (in thousands, except per-share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
|
|
|
|
|
|
||||||
Sales |
$ |
1,170,534 |
|
|
$ |
1,042,086 |
|
|
$ |
1,101,713 |
|
|
|
|
|
|
|
||||||
Costs and expenses |
|
|
|
|
|
||||||
Materials, labor, and other operating expenses (excluding depreciation) |
992,270 |
|
|
897,822 |
|
|
939,375 |
|
|||
Depreciation and amortization |
35,332 |
|
|
19,217 |
|
|
20,501 |
|
|||
Selling and distribution expenses |
99,463 |
|
|
87,026 |
|
|
98,280 |
|
|||
General and administrative expenses |
16,084 |
|
|
16,675 |
|
|
19,008 |
|
|||
Loss on curtailment of facility |
1,669 |
|
|
— |
|
|
— |
|
|||
Other (income) expense, net |
169 |
|
|
(308 |
) |
|
(226 |
) |
|||
|
1,144,987 |
|
|
1,020,432 |
|
|
1,076,938 |
|
|||
|
|
|
|
|
|
||||||
Income from operations |
25,547 |
|
|
21,654 |
|
|
24,775 |
|
|||
|
|
|
|
|
|
||||||
Foreign currency exchange gain (loss) |
(873 |
) |
|
162 |
|
|
239 |
|
|||
Pension expense (excluding service costs) |
(387 |
) |
|
(299 |
) |
|
(272 |
) |
|||
Interest expense |
(6,421 |
) |
|
(6,437 |
) |
|
(6,596 |
) |
|||
Interest income |
655 |
|
|
492 |
|
|
1,066 |
|
|||
Change in fair value of interest rate swaps |
(2,314 |
) |
|
(983 |
) |
|
140 |
|
|||
|
(9,340 |
) |
|
(7,065 |
) |
|
(5,423 |
) |
|||
|
|
|
|
|
|
||||||
Income before income taxes |
16,207 |
|
|
14,589 |
|
|
19,352 |
|
|||
Income tax provision |
(4,007 |
) |
|
(3,200 |
) |
|
(4,705 |
) |
|||
Net income |
$ |
12,200 |
|
|
$ |
11,389 |
|
|
$ |
14,647 |
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding: |
|
|
|
|
|
||||||
Basic |
39,163 |
|
|
38,884 |
|
|
39,093 |
|
|||
Diluted |
39,405 |
|
|
39,203 |
|
|
39,418 |
|
|||
|
|
|
|
|
|
||||||
Net income per common share: |
|
|
|
|
|
||||||
Basic |
$ |
0.31 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
Diluted |
$ |
0.31 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
||||||
Dividends declared per common share |
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
1.10 |
|
See accompanying summary notes to consolidated financial statements and segment information.
Wood Products Segment Statements of Operations (in thousands, except percentages) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
|
|
|
|
|
|
||||||
Segment sales |
$ |
320,061 |
|
|
$ |
319,523 |
|
|
$ |
296,286 |
|
|
|
|
|
|
|
||||||
Costs and expenses |
|
|
|
|
|
||||||
Materials, labor, and other operating expenses (excluding depreciation) |
274,034 |
|
|
283,030 |
|
|
261,611 |
|
|||
Depreciation and amortization |
29,603 |
|
|
13,738 |
|
|
14,589 |
|
|||
Selling and distribution expenses |
7,984 |
|
|
7,705 |
|
|
8,201 |
|
|||
General and administrative expenses |
3,012 |
|
|
3,628 |
|
|
3,962 |
|
|||
Loss on curtailment of facility |
1,669 |
|
|
— |
|
|
— |
|
|||
Other (income) expense, net |
(4 |
) |
|
(208 |
) |
|
(139 |
) |
|||
|
316,298 |
|
|
307,893 |
|
|
288,224 |
|
|||
|
|
|
|
|
|
||||||
Segment income |
$ |
3,763 |
|
|
$ |
11,630 |
|
|
$ |
8,062 |
|
|
|
|
|
|
|
||||||
|
(percentage of sales) |
||||||||||
|
|
|
|
|
|
||||||
Segment sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|||
|
|
|
|
|
|
||||||
Costs and expenses |
|
|
|
|
|
||||||
Materials, labor, and other operating expenses (excluding depreciation) |
85.6 |
% |
|
88.6 |
% |
|
88.3 |
% |
|||
Depreciation and amortization |
9.2 |
% |
|
4.3 |
% |
|
4.9 |
% |
|||
Selling and distribution expenses |
2.5 |
% |
|
2.4 |
% |
|
2.8 |
% |
|||
General and administrative expenses |
0.9 |
% |
|
1.1 |
% |
|
1.3 |
% |
|||
Loss on curtailment of facility |
0.5 |
% |
|
— |
% |
|
— |
% |
|||
Other (income) expense, net |
— |
% |
|
(0.1 |
%) |
|
— |
% |
|||
|
98.8 |
% |
|
96.4 |
% |
|
97.3 |
% |
|||
|
|
|
|
|
|
||||||
Segment income |
1.2 |
% |
|
3.6 |
% |
|
2.7 |
% |
Building Materials Distribution Segment Statements of Operations (in thousands, except percentages) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
|
|
|
|
|
|
||||||
Segment sales |
$ |
1,049,997 |
|
|
$ |
907,708 |
|
|
$ |
986,969 |
|
|
|
|
|
|
|
||||||
Costs and expenses |
|
|
|
|
|
||||||
Materials, labor, and other operating expenses (excluding depreciation) |
917,841 |
|
|
800,200 |
|
|
859,102 |
|
|||
Depreciation and amortization |
5,344 |
|
|
5,132 |
|
|
5,331 |
|
|||
Selling and distribution expenses |
91,423 |
|
|
79,265 |
|
|
90,027 |
|
|||
General and administrative expenses |
6,135 |
|
|
5,694 |
|
|
6,365 |
|
|||
Other (income) expense, net |
(48 |
) |
|
(100 |
) |
|
(110 |
) |
|||
|
1,020,695 |
|
|
890,191 |
|
|
960,715 |
|
|||
|
|
|
|
|
|
||||||
Segment income |
$ |
29,302 |
|
|
$ |
17,517 |
|
|
$ |
26,254 |
|
|
|
|
|
|
|
||||||
|
(percentage of sales) |
||||||||||
|
|
|
|
|
|
||||||
Segment sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|||
|
|
|
|
|
|
||||||
Costs and expenses |
|
|
|
|
|
||||||
Materials, labor, and other operating expenses (excluding depreciation) |
87.4 |
% |
|
88.2 |
% |
|
87.0 |
% |
|||
Depreciation and amortization |
0.5 |
% |
|
0.6 |
% |
|
0.5 |
% |
|||
Selling and distribution expenses |
8.7 |
% |
|
8.7 |
% |
|
9.1 |
% |
|||
General and administrative expenses |
0.6 |
% |
|
0.6 |
% |
|
0.6 |
% |
|||
Other (income) expense, net |
— |
% |
|
— |
% |
|
— |
% |
|||
|
97.2 |
% |
|
98.1 |
% |
|
97.3 |
% |
|||
|
|
|
|
|
|
||||||
Segment income |
2.8 |
% |
|
1.9 |
% |
|
2.7 |
% |
Segment Information (in thousands) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
Segment sales |
|
|
|
|
|
||||||
Wood Products |
$ |
320,061 |
|
|
$ |
319,523 |
|
|
$ |
296,286 |
|
Building Materials Distribution |
1,049,997 |
|
|
907,708 |
|
|
986,969 |
|
|||
Intersegment eliminations |
(199,524 |
) |
|
(185,145 |
) |
|
(181,542 |
) |
|||
Total net sales |
$ |
1,170,534 |
|
|
$ |
1,042,086 |
|
|
$ |
1,101,713 |
|
|
|
|
|
|
|
||||||
Segment income |
|
|
|
|
|
||||||
Wood Products |
$ |
3,763 |
|
|
$ |
11,630 |
|
|
$ |
8,062 |
|
Building Materials Distribution |
29,302 |
|
|
17,517 |
|
|
26,254 |
|
|||
Total segment income |
33,065 |
|
|
29,147 |
|
|
34,316 |
|
|||
Unallocated corporate costs |
(7,518 |
) |
|
(7,493 |
) |
|
(9,541 |
) |
|||
Income from operations |
$ |
25,547 |
|
|
$ |
21,654 |
|
|
$ |
24,775 |
|
|
|
|
|
|
|
||||||
Segment EBITDA (a) |
|
|
|
|
|
||||||
Wood Products |
$ |
33,366 |
|
|
$ |
25,368 |
|
|
$ |
22,651 |
|
Building Materials Distribution |
34,646 |
|
|
22,649 |
|
|
31,585 |
|
See accompanying summary notes to consolidated financial statements and segment information.
Consolidated Balance Sheets (in thousands) |
|||||||
|
|
|
|
||||
|
|
||||||
ASSETS |
|
|
|
||||
|
|
|
|
||||
Current |
|
|
|
||||
Cash and cash equivalents |
$ |
214,992 |
|
|
$ |
285,237 |
|
Receivables |
|
|
|
||||
Trade, less allowances of |
327,254 |
|
|
215,894 |
|
||
Related parties |
585 |
|
|
568 |
|
||
Other |
12,288 |
|
|
15,184 |
|
||
Inventories |
536,314 |
|
|
497,596 |
|
||
Prepaid expenses and other |
13,957 |
|
|
8,285 |
|
||
Total current assets |
1,105,390 |
|
|
1,022,764 |
|
||
|
|
|
|
||||
Property and equipment, net |
455,506 |
|
|
476,949 |
|
||
Operating lease right-of-use assets |
64,496 |
|
|
64,228 |
|
||
Finance lease right-of-use assets |
22,325 |
|
|
21,798 |
|
||
Timber deposits |
14,658 |
|
|
12,287 |
|
||
|
60,382 |
|
|
60,382 |
|
||
Intangible assets, net |
17,492 |
|
|
17,797 |
|
||
Deferred income taxes |
7,509 |
|
|
7,952 |
|
||
Other assets |
7,609 |
|
|
9,194 |
|
||
Total assets |
$ |
1,755,367 |
|
|
$ |
1,693,351 |
|
Consolidated Balance Sheets (continued) (in thousands, except per-share data) |
|||||||
|
|
|
|
||||
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
|
|
|
|
||||
Current |
|
|
|
||||
Accounts payable |
|
|
|
||||
Trade |
$ |
307,224 |
|
|
$ |
222,930 |
|
Related parties |
2,431 |
|
|
1,624 |
|
||
Accrued liabilities |
|
|
|
||||
Compensation and benefits |
56,379 |
|
|
83,943 |
|
||
Interest payable |
1,782 |
|
|
6,723 |
|
||
Other |
71,120 |
|
|
69,772 |
|
||
Total current liabilities |
438,936 |
|
|
384,992 |
|
||
|
|
|
|
||||
Debt |
|
|
|
||||
Long-term debt |
439,915 |
|
|
440,544 |
|
||
|
|
|
|
||||
Other |
|
|
|
||||
Compensation and benefits |
41,953 |
|
|
45,586 |
|
||
Operating lease liabilities, net of current portion |
58,367 |
|
|
58,029 |
|
||
Finance lease liabilities, net of current portion |
23,919 |
|
|
23,419 |
|
||
Deferred income taxes |
28,128 |
|
|
26,694 |
|
||
Other long-term liabilities |
15,878 |
|
|
12,757 |
|
||
|
168,245 |
|
|
166,485 |
|
||
|
|
|
|
||||
Commitments and contingent liabilities |
|
|
|
||||
|
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Preferred stock, |
— |
|
|
— |
|
||
Common stock, |
446 |
|
|
444 |
|
||
|
(138,909 |
) |
|
(138,909 |
) |
||
Additional paid-in capital |
531,735 |
|
|
533,345 |
|
||
Accumulated other comprehensive loss |
(50,033 |
) |
|
(50,248 |
) |
||
Retained earnings |
365,032 |
|
|
356,698 |
|
||
Total stockholders' equity |
708,271 |
|
|
701,330 |
|
||
Total liabilities and stockholders' equity |
$ |
1,755,367 |
|
|
$ |
1,693,351 |
|
Consolidated Statements of Cash Flows (in thousands) |
|||||||
|
Three Months Ended |
||||||
|
2020 |
|
2019 |
||||
Cash provided by (used for) operations |
|
|
|
||||
Net income |
$ |
12,200 |
|
|
$ |
11,389 |
|
Items in net income not using (providing) cash |
|
|
|
||||
Depreciation and amortization, including deferred financing costs and other |
35,859 |
|
|
19,788 |
|
||
Stock-based compensation |
1,674 |
|
|
2,200 |
|
||
Pension expense |
555 |
|
|
460 |
|
||
Deferred income taxes |
1,197 |
|
|
1,313 |
|
||
Change in fair value of interest rate swaps |
2,314 |
|
|
983 |
|
||
Loss on curtailment of facility (excluding severance) |
1,438 |
|
|
— |
|
||
Other |
155 |
|
|
(49 |
) |
||
Decrease (increase) in working capital |
|
|
|
||||
Receivables |
(108,229 |
) |
|
(75,606 |
) |
||
Inventories |
(39,045 |
) |
|
(39,483 |
) |
||
Prepaid expenses and other |
(3,205 |
) |
|
(1,883 |
) |
||
Accounts payable and accrued liabilities |
55,629 |
|
|
29,810 |
|
||
Pension contributions |
(726 |
) |
|
(469 |
) |
||
Income taxes payable |
(2,111 |
) |
|
12,753 |
|
||
Other |
(172 |
) |
|
1,835 |
|
||
Net cash used for operations |
(42,467 |
) |
|
(36,959 |
) |
||
|
|
|
|
||||
Cash provided by (used for) investment |
|
|
|
||||
Expenditures for property and equipment |
(18,563 |
) |
|
(14,347 |
) |
||
Proceeds from sales of facilities |
— |
|
|
2,493 |
|
||
Proceeds from sales of assets and other |
103 |
|
|
1,149 |
|
||
Net cash used for investment |
(18,460 |
) |
|
(10,705 |
) |
||
|
|
|
|
||||
Cash provided by (used for) financing |
|
|
|
||||
Dividends paid on common stock |
(4,645 |
) |
|
(4,053 |
) |
||
Tax withholding payments on stock-based awards |
(3,309 |
) |
|
(3,569 |
) |
||
Other |
(1,364 |
) |
|
(181 |
) |
||
Net cash used for financing |
(9,318 |
) |
|
(7,803 |
) |
||
|
|
|
|
||||
Net decrease in cash and cash equivalents |
(70,245 |
) |
|
(55,467 |
) |
||
|
|
|
|
||||
Balance at beginning of the period |
285,237 |
|
|
191,671 |
|
||
|
|
|
|
||||
Balance at end of the period |
$ |
214,992 |
|
|
$ |
136,204 |
|
Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2019 Form 10-K and the Company's other filings with the
(a) |
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended |
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
|
(in thousands) |
||||||||||
Net income |
$ |
12,200 |
|
|
$ |
11,389 |
|
|
$ |
14,647 |
|
Interest expense |
6,421 |
|
|
6,437 |
|
|
6,596 |
|
|||
Interest income |
(655 |
) |
|
(492 |
) |
|
(1,066 |
) |
|||
Income tax provision |
4,007 |
|
|
3,200 |
|
|
4,705 |
|
|||
Depreciation and amortization |
35,332 |
|
|
19,217 |
|
|
20,501 |
|
|||
EBITDA |
57,305 |
|
|
39,751 |
|
|
45,383 |
|
|||
Change in fair value of interest rate swaps |
2,314 |
|
|
983 |
|
|
(140 |
) |
|||
Adjusted EBITDA |
$ |
59,619 |
|
|
$ |
40,734 |
|
|
$ |
45,243 |
|
The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
2020 |
|
2019 |
|
|||||||
|
(in thousands) |
||||||||||
Wood Products |
|
|
|
|
|
||||||
Segment income |
$ |
3,763 |
|
|
$ |
11,630 |
|
|
$ |
8,062 |
|
Depreciation and amortization |
29,603 |
|
|
13,738 |
|
|
14,589 |
|
|||
EBITDA |
$ |
33,366 |
|
|
$ |
25,368 |
|
|
$ |
22,651 |
|
|
|
|
|
|
|
||||||
Building Materials Distribution |
|
|
|
|
|
||||||
Segment income |
$ |
29,302 |
|
|
$ |
17,517 |
|
|
$ |
26,254 |
|
Depreciation and amortization |
5,344 |
|
|
5,132 |
|
|
5,331 |
|
|||
EBITDA |
$ |
34,646 |
|
|
$ |
22,649 |
|
|
$ |
31,585 |
|
|
|
|
|
|
|
||||||
Corporate |
|
|
|
|
|
||||||
Unallocated corporate costs |
$ |
(7,518 |
) |
|
$ |
(7,493 |
) |
|
$ |
(9,541 |
) |
Foreign currency exchange gain (loss) |
(873 |
) |
|
162 |
|
|
239 |
|
|||
Pension expense (excluding service costs) |
(387 |
) |
|
(299 |
) |
|
(272 |
) |
|||
Change in fair value of interest rate swaps |
(2,314 |
) |
|
(983 |
) |
|
140 |
|
|||
Depreciation and amortization |
385 |
|
|
347 |
|
|
581 |
|
|||
EBITDA |
(10,707 |
) |
|
(8,266 |
) |
|
(8,853 |
) |
|||
Change in fair value of interest rate swaps |
2,314 |
|
|
983 |
|
|
(140 |
) |
|||
Corporate adjusted EBITDA |
$ |
(8,393 |
) |
|
$ |
(7,283 |
) |
|
$ |
(8,993 |
) |
|
|
|
|
|
|
||||||
Total company adjusted EBITDA |
$ |
59,619 |
|
|
$ |
40,734 |
|
|
$ |
45,243 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005816/en/
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