Boise Cascade Company Reports Third Quarter 2019 Net Income of $27.2 Million on Sales of $1.3 Billion
Third Quarter 2019 Highlights
3Q 2019 | 3Q 2018 | % change | |||||||||
(in thousands, except per-share data and percentages) | |||||||||||
Consolidated Results | |||||||||||
Sales | $ | 1,269,524 | $ | 1,338,512 | (5 | )% | |||||
Net income | 27,171 | 13,848 | 96 | % | |||||||
Net income per common share - diluted | 0.69 | 0.35 | 97 | % | |||||||
Adjusted EBITDA 1 | 64,054 | 42,721 | 50 | % | |||||||
Segment Results | |||||||||||
Wood Products sales | $ | 325,102 | $ | 402,672 | (19 | )% | |||||
Wood Products income | 15,597 | 13,929 | 12 | % | |||||||
Wood Products EBITDA 1 | 30,849 | 32,656 | (6 | )% | |||||||
Building Materials Distribution sales | 1,145,621 | 1,159,304 | (1 | )% | |||||||
Building Materials Distribution income | 38,665 | 23,504 | 65 | % | |||||||
Building Materials Distribution EBITDA 1 | 43,943 | 28,259 | 56 | % |
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In the third quarter 2019, total U.S. housing starts increased 4% compared to the same period last year. Single-family starts, the primary driver of our sales, also increased 4%, while multi-family starts increased 5%. On a year-to-date basis through
“Despite the lack of growth in residential construction and ongoing weakness in commodity wood products pricing that has persisted this year, both of our businesses continue to execute well. BMD delivered outstanding financial results during the third quarter, with solid growth in general line product sales and gross margins. With the operating footprint changes made during the last year, our favorable performance in EWP is more evident in Wood Products' results. The stability of EWP, together with input cost improvements, mitigated the overall earnings impact of the significant year-over-year decline in plywood pricing,” commented
Wood Products
Wood Products sales, including sales to
Wood Products segment income increased
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
3Q 2019 vs. 3Q 2018 | 3Q 2019 vs. 2Q 2019 | |||||
Average Net Selling Prices | ||||||
LVL | 1 | % | (1 | )% | ||
I-joists | 1 | % | (1 | )% | ||
Plywood | (29 | )% | (7 | )% | ||
Sales Volumes | ||||||
LVL | 4 | % | 1 | % | ||
I-joists | (2 | )% | (1 | )% | ||
Plywood | (7 | )% | — | % |
Building Materials Distribution
BMD's sales decreased
BMD segment income increased
Balance Sheet
On
We adopted the new lease accounting standard on
Dividends
On October 30, 2019, our board of directors declared a quarterly dividend of
Outlook
We expect to experience seasonally slower demand growth for the products we manufacture and distribute in fourth quarter 2019. The
Weak commodity products pricing experienced in the first half of 2019 continued throughout third quarter 2019 as weaker year-to-date residential construction activity and additional industry capacity brought on in 2018 have led to supply and demand imbalances. Commodity product pricing during the remainder of 2019 and into 2020 will be a key driver of our financial results and will be dependent on industry operating rates, net import and export activity, transportation constraints or disruptions, inventory levels in various distribution channels, and seasonal demand patterns. We anticipate that commodity products pricing in the fourth quarter of 2019 will remain at low absolute, although more stable, levels compared to fourth quarter 2018.
We expect our capital spending, excluding acquisitions, to be
We expect fourth quarter 2019 financial results to be improved compared with fourth quarter 2018. Included in Wood Products fourth quarter 2018 results were certain items that negatively affected reported earnings. These items include
About
Webcast and Conference Call
You can join the webcast through the Company's website by going to www.bc.com and clicking on the Event Calendar link under the Investor Relations heading. Please go to the website at least 15 minutes before the start of the webcast to register. To join the conference call, dial 844-795-4410 (international callers should dial 661-378-9637), participant passcode 2990498, at least 10 minutes before the start of the call.
The archived webcast will be available in the Investor Relations section of the Company's website. 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, income 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 or segment income 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, 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 | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Sales | $ | 1,269,524 | $ | 1,338,512 | $ | 1,230,081 | $ | 3,541,691 | $ | 3,929,485 | |||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) | 1,078,924 | 1,163,020 | 1,049,655 | 3,026,401 | 3,366,716 | ||||||||||||||
Depreciation and amortization | 20,969 | 23,881 | 19,454 | 59,640 | 70,288 | ||||||||||||||
Selling and distribution expenses | 106,567 | 93,395 | 98,866 | 292,459 | 273,592 | ||||||||||||||
General and administrative expenses | 18,603 | 16,891 | 16,786 | 52,064 | 52,754 | ||||||||||||||
Other (income) expense, net | (437 | ) | 10,870 | 188 | (557 | ) | 9,820 | ||||||||||||
1,224,626 | 1,308,057 | 1,184,949 | 3,430,007 | 3,773,170 | |||||||||||||||
Income from operations | 44,898 | 30,455 | 45,132 | 111,684 | 156,315 | ||||||||||||||
Foreign currency exchange gain (loss) | (200 | ) | 163 | 248 | 210 | (272 | ) | ||||||||||||
Pension expense (excluding service costs) | (1,613 | ) | (11,778 | ) | (290 | ) | (2,202 | ) | (24,402 | ) | |||||||||
Interest expense | (6,532 | ) | (6,585 | ) | (6,486 | ) | (19,455 | ) | (19,527 | ) | |||||||||
Interest income | 837 | 500 | 416 | 1,745 | 1,001 | ||||||||||||||
Change in fair value of interest rate swaps | (569 | ) | 279 | (1,551 | ) | (3,103 | ) | 2,419 | |||||||||||
(8,077 | ) | (17,421 | ) | (7,663 | ) | (22,805 | ) | (40,781 | ) | ||||||||||
Income before income taxes | 36,821 | 13,034 | 37,469 | 88,879 | 115,534 | ||||||||||||||
Income tax (provision) benefit | (9,650 | ) | 814 | (9,751 | ) | (22,601 | ) | (22,811 | ) | ||||||||||
Net income | $ | 27,171 | $ | 13,848 | $ | 27,718 | $ | 66,278 | $ | 92,723 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic | 39,087 | 38,998 | 39,087 | 39,020 | 38,920 | ||||||||||||||
Diluted | 39,292 | 39,461 | 39,199 | 39,202 | 39,397 | ||||||||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.70 | $ | 0.36 | $ | 0.71 | $ | 1.70 | $ | 2.38 | |||||||||
Diluted | $ | 0.69 | $ | 0.35 | $ | 0.71 | $ | 1.69 | $ | 2.35 | |||||||||
Dividends declared per common share | $ | 0.09 | $ | 1.07 | $ | 0.09 | $ | 0.27 | $ | 1.21 |
See accompanying summary notes to consolidated financial statements and segment information.
Wood Products Segment
Statements of Operations
(in thousands, except percentages)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Segment sales | $ | 325,102 | $ | 402,672 | $ | 334,256 | $ | 978,881 | $ | 1,226,146 | |||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) | 283,354 | 346,361 | 289,545 | 855,929 | 1,045,217 | ||||||||||||||
Depreciation and amortization | 15,252 | 18,727 | 14,092 | 43,082 | 55,724 | ||||||||||||||
Selling and distribution expenses | 7,718 | 7,809 | 7,861 | 23,284 | 25,304 | ||||||||||||||
General and administrative expenses | 3,379 | 5,031 | 3,473 | 10,480 | 13,401 | ||||||||||||||
Other (income) expense, net | (198 | ) | 10,815 | 377 | (29 | ) | 9,968 | ||||||||||||
309,505 | 388,743 | 315,348 | 932,746 | 1,149,614 | |||||||||||||||
Segment income | $ | 15,597 | $ | 13,929 | $ | 18,908 | $ | 46,135 | $ | 76,532 | |||||||||
(percentage of sales) | |||||||||||||||||||
Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) | 87.2 | % | 86.0 | % | 86.6 | % | 87.4 | % | 85.2 | % | |||||||||
Depreciation and amortization | 4.7 | % | 4.7 | % | 4.2 | % | 4.4 | % | 4.5 | % | |||||||||
Selling and distribution expenses | 2.4 | % | 1.9 | % | 2.4 | % | 2.4 | % | 2.1 | % | |||||||||
General and administrative expenses | 1.0 | % | 1.2 | % | 1.0 | % | 1.1 | % | 1.1 | % | |||||||||
Other (income) expense, net | (0.1 | )% | 2.7 | % | 0.1 | % | — | % | 0.8 | % | |||||||||
95.2 | % | 96.5 | % | 94.3 | % | 95.3 | % | 93.8 | % | ||||||||||
Segment income | 4.8 | % | 3.5 | % | 5.7 | % | 4.7 | % | 6.2 | % |
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Segment sales | $ | 1,145,621 | $ | 1,159,304 | $ | 1,097,421 | $ | 3,150,750 | $ | 3,365,468 | |||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) | 996,313 | 1,040,342 | 961,862 | 2,758,375 | 2,982,793 | ||||||||||||||
Depreciation and amortization | 5,278 | 4,755 | 5,028 | 15,438 | 13,374 | ||||||||||||||
Selling and distribution expenses | 98,797 | 85,520 | 90,950 | 269,012 | 248,095 | ||||||||||||||
General and administrative expenses | 6,759 | 5,128 | 5,967 | 18,420 | 17,745 | ||||||||||||||
Other (income) expense, net | (191 | ) | 55 | (186 | ) | (477 | ) | (144 | ) | ||||||||||
1,106,956 | 1,135,800 | 1,063,621 | 3,060,768 | 3,261,863 | |||||||||||||||
Segment income | $ | 38,665 | $ | 23,504 | $ | 33,800 | $ | 89,982 | $ | 103,605 | |||||||||
(percentage of sales) | |||||||||||||||||||
Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Costs and expenses | |||||||||||||||||||
Materials, labor, and other operating expenses (excluding depreciation) | 87.0 | % | 89.7 | % | 87.6 | % | 87.5 | % | 88.6 | % | |||||||||
Depreciation and amortization | 0.5 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.4 | % | |||||||||
Selling and distribution expenses | 8.6 | % | 7.4 | % | 8.3 | % | 8.5 | % | 7.4 | % | |||||||||
General and administrative expenses | 0.6 | % | 0.4 | % | 0.5 | % | 0.6 | % | 0.5 | % | |||||||||
Other (income) expense, net | — | % | — | % | — | % | — | % | — | % | |||||||||
96.6 | % | 98.0 | % | 96.9 | % | 97.1 | % | 96.9 | % | ||||||||||
Segment income | 3.4 | % | 2.0 | % | 3.1 | % | 2.9 | % | 3.1 | % |
Segment Information
(in thousands)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Segment sales | |||||||||||||||||||
Wood Products | $ | 325,102 | $ | 402,672 | $ | 334,256 | $ | 978,881 | $ | 1,226,146 | |||||||||
Building Materials Distribution | 1,145,621 | 1,159,304 | 1,097,421 | 3,150,750 | 3,365,468 | ||||||||||||||
Intersegment eliminations and other | (201,199 | ) | (223,464 | ) | (201,596 | ) | (587,940 | ) | (662,129 | ) | |||||||||
Total net sales | $ | 1,269,524 | $ | 1,338,512 | $ | 1,230,081 | $ | 3,541,691 | $ | 3,929,485 | |||||||||
Segment income | |||||||||||||||||||
Wood Products | $ | 15,597 | $ | 13,929 | $ | 18,908 | $ | 46,135 | $ | 76,532 | |||||||||
Building Materials Distribution | 38,665 | 23,504 | 33,800 | 89,982 | 103,605 | ||||||||||||||
Total segment income | 54,262 | 37,433 | 52,708 | 136,117 | 180,137 | ||||||||||||||
Unallocated corporate | (9,364 | ) | (6,978 | ) | (7,576 | ) | (24,433 | ) | (23,822 | ) | |||||||||
Income from operations | $ | 44,898 | $ | 30,455 | $ | 45,132 | $ | 111,684 | $ | 156,315 | |||||||||
Segment EBITDA (a) | |||||||||||||||||||
Wood Products | $ | 30,849 | $ | 32,656 | $ | 33,000 | $ | 89,217 | $ | 132,256 | |||||||||
Building Materials Distribution | 43,943 | 28,259 | 38,828 | 105,420 | 116,979 |
See accompanying summary notes to consolidated financial statements and segment information.
Consolidated Balance Sheets
(in thousands)
September 30, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current | |||||||
Cash and cash equivalents | $ | 306,443 | $ | 191,671 | |||
Receivables | |||||||
Trade, less allowances of $1,087 and $1,062 | 295,585 | 214,338 | |||||
Related parties | 630 | 436 | |||||
Other | 15,728 | 14,466 | |||||
Inventories | 492,588 | 533,049 | |||||
Prepaid expenses and other | 14,156 | 31,818 | |||||
Total current assets | 1,125,130 | 985,778 | |||||
Property and equipment, net | 464,373 | 487,224 | |||||
Operating lease right-of-use assets | 65,571 | — | |||||
Finance lease right-of-use assets | 22,238 | — | |||||
Timber deposits | 14,043 | 12,568 | |||||
Goodwill | 60,382 | 59,159 | |||||
Intangible assets, net | 18,103 | 16,851 | |||||
Deferred income taxes | 7,962 | 8,211 | |||||
Other assets | 8,121 | 11,457 | |||||
Total assets | $ | 1,785,923 | $ | 1,581,248 |
Consolidated Balance Sheets (continued)
(in thousands, except per-share data)
September 30, 2019 | December 31, 2018 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current | |||||||
Accounts payable | |||||||
Trade | $ | 286,704 | $ | 210,587 | |||
Related parties | 2,349 | 1,070 | |||||
Accrued liabilities | |||||||
Compensation and benefits | 72,901 | 87,911 | |||||
Interest payable | 1,800 | 6,748 | |||||
Other | 80,996 | 63,509 | |||||
Total current liabilities | 444,750 | 369,825 | |||||
Debt | |||||||
Long-term debt | 440,265 | 439,428 | |||||
Other | |||||||
Compensation and benefits | 44,120 | 41,283 | |||||
Operating lease liabilities, net of current portion | 59,591 | — | |||||
Finance lease liabilities, net of current portion | 23,661 | — | |||||
Deferred income taxes | 29,038 | 19,218 | |||||
Other long-term liabilities | 12,932 | 38,904 | |||||
169,342 | 99,405 | ||||||
Commitments and contingent liabilities | |||||||
Stockholders' equity | |||||||
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding | — | — | |||||
Common stock, $0.01 par value per share; 300,000 shares authorized, 44,343 and 44,076 shares issued, respectively | 443 | 441 | |||||
Treasury stock 5,367 shares at cost | (138,909 | ) | (138,909 | ) | |||
Additional paid-in capital | 531,119 | 528,654 | |||||
Accumulated other comprehensive loss | (46,748 | ) | (47,652 | ) | |||
Retained earnings | 385,661 | 330,056 | |||||
Total stockholders' equity | 731,566 | 672,590 | |||||
Total liabilities and stockholders' equity | $ | 1,785,923 | $ | 1,581,248 |
Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended September 30 | |||||||
2019 | 2018 | ||||||
Cash provided by (used for) operations | |||||||
Net income | $ | 66,278 | $ | 92,723 | |||
Items in net income not using (providing) cash | |||||||
Depreciation and amortization, including deferred financing costs and other | 61,340 | 71,832 | |||||
Stock-based compensation | 6,016 | 6,893 | |||||
Pension expense | 2,687 | 25,000 | |||||
Deferred income taxes | 10,008 | 883 | |||||
Change in fair value of interest rate swaps | 3,103 | (2,419 | ) | ||||
Other | (235 | ) | 8,695 | ||||
Decrease (increase) in working capital, net of acquisitions | |||||||
Receivables | (77,811 | ) | (64,261 | ) | |||
Inventories | 45,184 | (88,073 | ) | ||||
Prepaid expenses and other | (3,516 | ) | (2,736 | ) | |||
Accounts payable and accrued liabilities | 66,130 | 83,204 | |||||
Pension contributions | (1,324 | ) | (21,566 | ) | |||
Income taxes payable | 19,109 | 6,991 | |||||
Other | (2,219 | ) | 2,655 | ||||
Net cash provided by operations | 194,750 | 119,821 | |||||
Cash provided by (used for) investment | |||||||
Expenditures for property and equipment | (53,249 | ) | (47,705 | ) | |||
Acquisitions of businesses and facilities | (15,676 | ) | (17,532 | ) | |||
Proceeds from sales of facilities | 2,493 | — | |||||
Proceeds from sales of assets and other | 1,644 | 835 | |||||
Net cash used for investment | (64,788 | ) | (64,402 | ) | |||
Cash provided by (used for) financing | |||||||
Borrowings of long-term debt, including revolving credit facility | 5,500 | 7,500 | |||||
Payments of long-term debt, including revolving credit facility | (5,500 | ) | (7,500 | ) | |||
Dividends paid on common stock | (11,070 | ) | (47,113 | ) | |||
Tax withholding payments on stock-based awards | (3,575 | ) | (5,135 | ) | |||
Other | (545 | ) | 1,031 | ||||
Net cash used for financing | (15,190 | ) | (51,217 | ) | |||
Net increase in cash and cash equivalents | 114,772 | 4,202 | |||||
Balance at beginning of the period | 191,671 | 177,140 | |||||
Balance at end of the period | $ | 306,443 | $ | 181,342 |
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 2018 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 September 30, 2019 and 2018, and June 30, 2019, and the nine months ended September 30, 2019 and 2018:
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Net income | $ | 27,171 | $ | 13,848 | $ | 27,718 | $ | 66,278 | $ | 92,723 | |||||||||
Interest expense | 6,532 | 6,585 | 6,486 | 19,455 | 19,527 | ||||||||||||||
Interest income | (837 | ) | (500 | ) | (416 | ) | (1,745 | ) | (1,001 | ) | |||||||||
Income tax provision (benefit) | 9,650 | (814 | ) | 9,751 | 22,601 | 22,811 | |||||||||||||
Depreciation and amortization | 20,969 | 23,881 | 19,454 | 59,640 | 70,288 | ||||||||||||||
EBITDA | 63,485 | 43,000 | 62,993 | 166,229 | 204,348 | ||||||||||||||
Change in fair value of interest rate swaps | 569 | (279 | ) | 1,551 | 3,103 | (2,419 | ) | ||||||||||||
Adjusted EBITDA | $ | 64,054 | $ | 42,721 | $ | 64,544 | $ | 169,332 | $ | 201,929 |
The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the three months ended September 30, 2019 and 2018, and June 30, 2019, and the nine months ended September 30, 2019 and 2018:
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30 | June 30, 2019 |
September 30 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Wood Products | |||||||||||||||||||
Segment income | $ | 15,597 | $ | 13,929 | $ | 18,908 | $ | 46,135 | $ | 76,532 | |||||||||
Depreciation and amortization | 15,252 | 18,727 | 14,092 | 43,082 | 55,724 | ||||||||||||||
EBITDA | $ | 30,849 | $ | 32,656 | $ | 33,000 | $ | 89,217 | $ | 132,256 | |||||||||
Building Materials Distribution | |||||||||||||||||||
Segment income | $ | 38,665 | $ | 23,504 | $ | 33,800 | $ | 89,982 | $ | 103,605 | |||||||||
Depreciation and amortization | 5,278 | 4,755 | 5,028 | 15,438 | 13,374 | ||||||||||||||
EBITDA | $ | 43,943 | $ | 28,259 | $ | 38,828 | $ | 105,420 | $ | 116,979 | |||||||||
Corporate | |||||||||||||||||||
Unallocated corporate expenses | $ | (9,364 | ) | $ | (6,978 | ) | $ | (7,576 | ) | $ | (24,433 | ) | $ | (23,822 | ) | ||||
Foreign currency exchange gain (loss) | (200 | ) | 163 | 248 | 210 | (272 | ) | ||||||||||||
Pension expense (excluding service costs) | (1,613 | ) | (11,778 | ) | (290 | ) | (2,202 | ) | (24,402 | ) | |||||||||
Change in fair value of interest rate swaps | (569 | ) | 279 | (1,551 | ) | (3,103 | ) | 2,419 | |||||||||||
Depreciation and amortization | 439 | 399 | 334 | 1,120 | 1,190 | ||||||||||||||
EBITDA | (11,307 | ) | (17,915 | ) | (8,835 | ) | (28,408 | ) | (44,887 | ) | |||||||||
Change in fair value of interest rate swaps | 569 | (279 | ) | 1,551 | 3,103 | (2,419 | ) | ||||||||||||
Corporate adjusted EBITDA | $ | (10,738 | ) | $ | (18,194 | ) | $ | (7,284 | ) | $ | (25,305 | ) | $ | (47,306 | ) | ||||
Total company adjusted EBITDA | $ | 64,054 | $ | 42,721 | $ | 64,544 | $ | 169,332 | $ | 201,929 |
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Source: Boise Cascade Company