BOISE, Idaho, April 20 /PRNewswire-FirstCall/ -- Boise Cascade Corporation
(NYSE: BCC) today reported first quarter 2004 net income of $63.5 million, or
66 cents per diluted share, compared with a net loss of $27.5 million, or
53 cents per diluted share, in first quarter 2003. Fourth quarter 2003 net
income was $6.9 million, or 5 cents per diluted share.
The quarter's results include a pretax gain of $59.9 million, or 40 cents
per diluted share, from the sale of 79,000 acres of timberland in Louisiana.
Before this special item, the company posted first quarter 2004 net income of
$26.9 million, or 26 cents per diluted share.
FINANCIAL HIGHLIGHTS
($ in millions, except per-share amounts)
1Q 1Q 4Q
2004 2003 2003
Sales $3,530 $1,853 $2,352
Net income (loss) $63.5 $(27.5) $6.9
Net income (loss) per diluted share $0.66 $(0.53) $0.05
BEFORE SPECIAL ITEMS
Net income (loss) $26.9 $(12.6) $15.9
Net income (loss) per diluted share $0.26 $(0.27) $0.18
Sales in first quarter 2004 nearly doubled to $3.5 billion, compared with
$1.9 billion in the first quarter a year ago. Sales in fourth quarter 2003
were $2.4 billion. Sales increased primarily because of the acquisition of
OfficeMax in December 2003 but were also aided by strong product prices in
Boise Building Solutions.
REVIEW OF OPERATIONS
Boise Office Solutions
($ in millions)
1Q 1Q 4Q
2004 2003 2003
Sales $2,341 $938 $1,248
Operating income $58.4 $20.7 $40.0
Operating margin 2.5% 2.2% 3.2%
BEFORE SPECIAL ITEM
Operating income $58.4 $29.9 $40.0
Operating margin 2.5% 3.2% 3.2%
On December 9, 2003, Boise acquired OfficeMax, Inc. Following that
acquisition, the company began reporting two operating segments, Contract and
Retail, within Boise Office Solutions, its office products distribution
business. Taken together, the two operating segments make up the company's
Boise Office Solutions business.
For first quarter 2004, Boise Office Solutions sales increased 150% to
$2.3 billion, compared with the same quarter a year ago. Sales for locations
operating in both periods, including OfficeMax locations on a pro forma basis,
increased 5%. Total pro forma sales of office supplies and paper increased
4%, sales of technology products increased 5%, and sales of furniture were up
4%. Boise's office papers sold through Boise Office Solutions increased 16%
to 167,000 tons, compared with a year ago.
Boise Office Solutions operating income was $58.4 million, up from
$20.7 million in first quarter 2003 and $40.0 million in fourth quarter 2003.
The results increased, relative to comparison periods, due to the OfficeMax
acquisition. The operating margin was 2.5%, compared with 3.2%, before a
special item, in first quarter 2003 and 3.2% in fourth quarter 2003.
In first quarter 2004, Boise Office Solutions achieved $12.6 million of
the $80 million in integration synergies expected for the year. Integration
costs of $8.9 million occurred primarily in the contract segment, as the
business began to consolidate delivery warehouses, customer service centers,
and administrative staffing. Boise Office Solutions also recorded
acquisition-related step-up costs of $4.5 million.
Below is the review of operations for the Boise Office Solutions Contract
and Retail segments.
Boise Office Solutions, Contract Segment
($ in millions)
1Q 1Q 4Q
2004 2003 2003
Sales $1,120 $938 $965
Operating income $34.4 $20.7 $33.9
Operating margin 3.1% 2.2% 3.5%
BEFORE SPECIAL ITEM
Operating income $34.4 $29.9 $33.9
Operating margin 3.1% 3.2% 3.5%
Boise Office Solutions, Contract, sales of $1.1 billion in first quarter
2004 were 19% higher than sales in first quarter 2003 and 16% higher than in
fourth quarter 2003. Excluding foreign exchange gains, sales rose 15%. Year-
over-year same-location sales, excluding foreign exchange gains, in the first
quarter rose 4%.
This segment reported first quarter 2004 operating income of
$34.4 million, compared with $29.9 million, before a special item, in first
quarter 2003 and $33.9 million in fourth quarter 2003. The operating margin
was 3.1%, compared with 3.2% before a special item, in first quarter 2003 and
3.5% in fourth quarter 2003.
Boise Office Solutions, Retail Segment
($ in millions)
1Q 4Q
2004 2003
Sales $1,220 $283
Operating income $24.0 $6.1
Operating margin 2.0% 2.2%
Boise began reporting its Boise Office Solutions, Retail, segment on
December 10, 2003. In first quarter 2004, segment sales of $1.2 billion were
1% higher, and same-store sales were 3% higher, than pro forma sales in first
quarter 2003. Boise Office Solutions, Retail, reported operating income of
$24.0 million and an operating margin of 2.0% in first quarter 2004.
Boise Building Solutions
($ in millions)
1Q 1Q 4Q
2004 2003 2003
Sales $852 $575 $776
Operating income (loss) $68.4 $(8.5) $37.6
BEFORE SPECIAL ITEM
Operating income (loss) $68.4 $(8.5) $52.3
Boise Building Solutions reported record operating income, before special
items, of $68.4 million in first quarter 2004, compared with an operating loss
of $8.5 million in the same quarter a year ago and operating income of
$52.3 million, before a special item, in fourth quarter 2003. Results were
higher than comparison quarters due to very strong plywood, lumber, and
engineered wood products markets.
Relative to first quarter 2003, average plywood prices increased 48%, and
average lumber prices rose 26%. Year over year, unit sales volumes for
plywood and lumber volume declined because of the sale of our Yakima,
Washington, wood products facilities in February 2004. Building materials
distribution sales increased 58%, compared with first quarter 2003. Sales of
engineered wood products grew 33%.
Relative to fourth quarter 2003, average lumber prices increased 11%,
while average plywood prices decreased 2%. Unit sales volumes were 4% higher
in plywood and lumber.
Boise Paper Solutions
($ in millions)
1Q 1Q 4Q
2004 2003 2003
Sales $475 $468 $451
Operating income (loss) $27.8 $(0.7) $(14.4)
BEFORE SPECIAL ITEMS
Operating loss $(32.1) $(0.5) $(14.4)
Boise Paper Solutions reported an operating loss of $32.1 million in the
first quarter before a pretax gain of $59.9 million on the previously
announced sale of 79,000 acres of Louisiana timberland. By comparison, the
business lost $700,000 in first quarter 2003 and $14.4 million in fourth
quarter 2003. A reduction in linerboard and newsprint production during a
major boiler rebuilding project in DeRidder, Louisiana, operating difficulties
associated with adverse weather conditions, and other production issues all
contributed to the loss in first quarter 2004.
Average net selling prices for Boise's mix of paper products were down 5%
from first quarter 2003 levels and up 1% from fourth-quarter levels.
OUTLOOK
"For Boise overall, we continue to expect significantly higher sales and
income for full year 2004, relative to 2003, both as the result of the
acquisition of OfficeMax and strong or improving performance in all of our
businesses," said George J. Harad, chairman and chief executive officer.
"In Boise Office Solutions, the second quarter of the year is always
seasonally weak, for both the Contract and Retail segments. We expect sales
to decline sequentially and operating income to be substantially lower than in
the first quarter. However, we are pleased with the progress we are making in
integrating OfficeMax into our operations and continue to expect to meet our
targets for the full year of $80 million in integration synergies, same-store
sales growth of 4% to 6%, and an operating margin of 2.4% to 2.6%.
"In Boise Building Solutions, we expect this year's building season to
continue to be robust and markets for wood products to remain strong through
the summer," Harad said.
"In Boise Paper Solutions, we have announced and are implementing price
increases in our key grades, and our mills have returned to normal production
levels," he said. "Boise Paper Solutions should return to profitability in
the second quarter."
About Boise Cascade Corporation
Boise, headquartered in Boise, Idaho, provides solutions to help customers
work more efficiently, build more effectively, and create new ways to meet
business challenges. We own or control more than 2 million acres of
timberland, primarily in the United States, to support our manufacturing
operations. Boise had sales of $8.2 billion in 2003.
Boise Office Solutions, headquartered in Itasca, Illinois, is a division
of Boise and a premier multinational contract and retail distributor under the
OfficeMax brand of office supplies and paper, technology products, and office
furniture. Boise Office Solutions had 2003 sales of $4.0 billion.
Boise Building Solutions, headquartered in Boise, Idaho, is a division of
Boise and manufactures plywood, lumber, particleboard, and engineered wood
products. The business also operates 27 facilities that distribute a broad
line of building materials, including wood products manufactured by Boise.
Boise Building Solutions posted manufacturing sales of $824 million and
distribution sales of $2.0 billion in 2003.
Boise Paper Solutions, headquartered in Boise, Idaho, is a division of
Boise and a manufacturer of office papers, a majority of which are sold
through Boise Office Solutions. Boise Paper Solutions also manufactures
printing, forms, and converting papers; value-added papers; newsprint;
containerboard and corrugated containers; and market pulp. The division had
2003 sales of $1.9 billion. Visit the Boise website at http://www.bc.com.
WEBCAST AND CONFERENCE CALL
Boise will host an audiovisual webcast and conference call on Tuesday,
April 20, 2004, at noon Eastern Daylight Time, at which we will review the
company's recent performance and discuss the outlook for our businesses. You
can join the webcast through the Boise website. Go to http://www.bc.com, and click on
Investor Relations to find the link to the webcast. Please go to the website
at least 15 minutes before the start of the webcast to register and to
download and install any necessary audio software. To join the conference
call, dial 800-374-0165 at least 10 minutes before the start of the call. The
archived webcast will be available on the Presentations page of the Investor
Relations section of Boise's website.
FORWARD-LOOKING STATEMENTS
The Outlook section of this release includes projections of our financial
performance in 2004. These are forward-looking statements, and they are
subject to a number of risks and uncertainties that could cause our actual
results to differ materially from those we have projected. Our projections
for Boise Office Solutions depend greatly on our ability to successfully
integrate OfficeMax and Boise Office Solutions. The integration process
involves many complex operational and personnel-related challenges. Any
costs, difficulties, or delays in the integration may negatively impact the
financial performance of Boise Office Solutions. The relationship between the
supply and demand of paper and wood products heavily influences our financial
performance in Boise Building Solutions and Boise Paper Solutions. Weak
demand, excess supply, changes in manufacturing capacity, or changes in our
cost structures could cause our financial performance in these segments to
differ materially from what we have projected. All of our businesses operate
in highly competitive markets. Changes in the economy, both domestically and
abroad, and changes in interest rates, employment rates, and even weather can
change the competitive dynamics and financial performance of our businesses.
In July 2003, we announced that we would evaluate strategic alternatives for
our paper and forest products businesses. The timing, outcome, and
implementation of that evaluation may significantly affect the company, its
financial results, and its business prospects. For further information about
the risks that could cause our actual results to differ from those we project
here, please refer to our 2003 annual report on Form 10-K.
BOISE CASCADE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(thousands, except per-share amounts)
Three Months Ended
March 31 December 31,
2004 2003 2003
Sales $3,529,654 $1,853,243 $2,352,318
Costs and expenses
Materials, labor, and other operating
expenses 2,762,453 1,515,189 1,863,666
Depreciation, amortization, and
cost of company timber harvested 98,349 75,582 81,001
Selling and distribution expenses 506,432 214,162 294,090
General and administrative expenses 72,889 35,373 49,540
Other (income) expense, net (46,661) 11,152 21,666
3,393,462 1,851,458 2,309,963
Equity in net income (loss) of
affiliates 5,067 (59) 4,369
Income from operations 141,259 1,726 46,724
Interest expense (40,652) (32,191) (37,634)
Interest income 484 114 533
Foreign exchange gain (loss) 180 956 (118)
(39,988) (31,121) (37,219)
Income (loss) before income taxes,
minority interest, and cumulative effect
of accounting changes 101,271 (29,395) 9,505
Income tax (provision) benefit (36,964) 10,652 (2,637)
Income (loss) before minority interest
and cumulative effect of accounting
changes 64,307 (18,743) 6,868
Minority interest, net of income tax (842) - -
Income (loss) before cumulative effect
of accounting changes 63,465 (18,743) 6,868
Cumulative effect of accounting changes,
net of income tax - (8,803) -
Net income (loss) 63,465 (27,546) 6,868
Preferred dividends (3,366) (3,266) (3,317)
Net income (loss) applicable to common
shareholders $60,099 $(30,812) $3,551
Net income (loss) per common share
Basic before cumulative effect
of accounting changes $0.70 $(0.38) $0.05
Cumulative effect of accounting changes - (0.15) -
Basic $0.70 $(0.53) $0.05
Diluted before cumulative effect
of accounting changes $0.66 $(0.38) $0.05
Cumulative effect of accounting changes - (0.15) -
Diluted $0.66 $(0.53) $0.05
SEGMENT INFORMATION
Three Months Ended
March 31 December 31,
2004 2003 2003
(unaudited, thousands)
Segment sales
Boise Office Solutions, Contract $1,120,107 $938,279 $964,655
Boise Office Solutions, Retail 1,220,992 - 283,153
2,341,099 938,279 1,247,808
Boise Building Solutions 851,539 574,644 776,324
Boise Paper Solutions 475,472 468,213 450,868
Intersegment eliminations and other (138,456) (127,893) (122,682)
$3,529,654 $1,853,243 $2,352,318
Segment income (loss)
Boise Office Solutions, Contract $34,382 $20,672 $33,857
Boise Office Solutions, Retail 24,032 - 6,125
58,414 20,672 39,982
Boise Building Solutions 68,422 (8,453) 37,630
Boise Paper Solutions 27,800 (685) (14,408)
Corporate and Other (12,713) (8,738) (16,065)
141,923 2,796 47,139
Interest expense (40,652) (32,191) (37,634)
Income (loss) before income taxes,
minority interest, and cumulative
effect of accounting changes $101,271 $(29,395) $9,505
Before special items
Segment income (loss)
Boise Office Solutions, Contract $34,382 $29,895 $33,857
Boise Office Solutions, Retail 24,032 - 6,125
58,414 29,895 39,982
Boise Building Solutions 68,422 (8,453) 52,329
Boise Paper Solutions (32,115) (484) (14,408)
Corporate and Other (12,713) (8,048) (16,065)
82,008 12,910 61,838
Interest expense (40,652) (32,191) (37,634)
Income (loss) before income taxes,
minority interest, and cumulative
effect of accounting changes $41,356 $(19,281) $24,204
(1) Financial Information
The Consolidated Statements of Income (Loss) and Segment Information are
unaudited statements, which do not include all Notes to Consolidated
Financial Statements, and should be read in conjunction with the
company's 2003 Annual Report on Form 10-K. Net income (loss) for the
three months ended March 31, 2004 and 2003, and December 31, 2003,
involved estimates and accruals.
Certain amounts in prior years' financial statements have been
reclassified to conform with the current year's presentation. These
reclassifications did not affect net income (loss).
(2) Reconciliation of Net Income (Loss) and Diluted Income (Loss) Per
Share Before Special Items and the Cumulative Effect of Accounting
Changes
We evaluate our results of operations both before and after special gains
and losses. We believe our presentation of financial measures before
special items enhances our investors' overall understanding of our
recurring operational performance. Specifically, we believe the results
before special items provide useful information to both investors and
management by excluding gains and losses that are not indicative of our
core operating results.
In the following tables, we reconcile our financial measures before
special items to our reported financial results for the three months
ended March 31, 2004 and 2003, and December 31, 2003 (see Notes 4, 5, and
6).
Three Months Ended
March 31, 2004 March 31, 2003
Before Before
As Special Special As Special Special
Reported Items (a) Items Reported Items (b) Items (c)
(millions, except per-share amounts)
Boise
Office
Solutions,
Contract $34.4 $- $34.4 $20.7 $9.2 $29.9
Boise
Office
Solutions,
Retail 24.0 - 24.0 - - -
58.4 - 58.4 20.7 9.2 29.9
Boise Building
Solutions 68.4 - 68.4 (8.5) - (8.5)
Boise Paper
Solutions 27.8 (59.9) (32.1) (0.7) 0.2 (0.5)
Corporate
and Other (12.7) - (12.7) (8.7) 0.7 (8.0)
141.9 (59.9) 82.0 2.8 10.1 12.9
Interest
expense (40.6) - (40.6) (32.2) - (32.2)
Income (loss)
before income
taxes,
minority
interest, and
cumulative
effect of
accounting
changes 101.3 (59.9) 41.4 (29.4) 10.1 (19.3)
Income tax
(provision)
benefit (37.0) 23.3 (13.7) 10.7 (4.0) 6.7
Income (loss)
before
minority
interest and
cumulative
effect
of accounting
changes 64.3 (36.6) 27.7 (18.7) 6.1 (12.6)
Minority
interest,
net of
income tax (0.8) - (0.8) - - -
Income (loss)
before
cumulative
effect of
accounting
changes 63.5 (36.6) 26.9 (18.7) 6.1 (12.6)
Cumulative
effect of
accounting
changes, net of
income tax - - - (8.8) 8.8 -
Net income
(loss) $63.5 $(36.6) $26.9 $(27.5) $14.9 $(12.6)
Net income
(loss) per
common share (d)
Diluted before
cumulative
effect of
accounting
changes $0.66 $(0.40) $0.26 $(0.38) $0.11 $(0.27)
Cumulative
effect of
accounting
changes - - - (0.15) 0.15 -
Diluted $0.66 $(0.40) $0.26 $(0.53) $0.26 $(0.27)
(a) See Note 4 for a discussion of this special item.
(b) See Notes 5 and Note 8 for a discussion of these special items.
(c) Boise Office Solutions, Contract, operating margin of 3.2%, before
the special item, was calculated based on $29.9 million of segment
income.
(d) Calculated using 91.3 million and 58.3 million average diluted
shares outstanding for the three months ended March 31, 2004 and
2003 (see Note 9).
Three Months Ended
December 31, 2003
Before
As Special Special
Reported Items (a) Items
(millions, except per-share amounts)
Boise Office Solutions, Contract $33.9 $- $33.9
Boise Office Solutions, Retail 6.1 - 6.1
40.0 - 40.0
Boise Building Solutions 37.6 14.7 52.3
Boise Paper Solutions (14.4) - (14.4)
Corporate and Other (16.1) - (16.1)
47.1 14.7 61.8
Interest expense (37.6) - (37.6)
Income before income taxes 9.5 14.7 24.2
Income tax provision (2.6) (5.7) (8.3)
Net income $6.9 $9.0 $15.9
Net income per common share (b)
Diluted $0.05 $0.13 $0.18
(a) See Note 6 for a discussion of this special item.
(b) Calculated using 70.2 million average diluted shares outstanding.
(3) Acquisition of OfficeMax
On December 9, 2003, we acquired OfficeMax, Inc. OfficeMax is a
subsidiary of Boise Cascade Corporation, and the results of OfficeMax
operations after December 9, 2003, are included in our consolidated
financial statements. We paid OfficeMax shareholders $1.3 billion for
the acquisition, paying 60% of the purchase price in Boise common stock
and 40% in cash. The $1.3 billion paid to OfficeMax shareholders
consisted of $486.7 million in cash and the issuance of 27.3 million of
Boise common shares valued at $808.2 million. The value of the common
shares issued was determined based on the average market price of our
common shares over a ten-day trading period before the acquisition closed
on December 9, 2003.
(4) First Quarter 2004
On March 31, 2004, we sold approximately 79,000 acres of timberland
located in western Louisiana for $84 million. We recorded a
$59.9 million gain in "Other income (expense)" in our Boise Paper
Solutions segment. This item increased net income $36.6 million after
taxes.
(5) First Quarter 2003
In first quarter 2003, we announced the termination of approximately
550 employees and recorded a pretax charge of $10.1 million for employee-
related costs in "Other (income) expense, net" in our Consolidated
Statement of Loss. We recorded these costs in accordance with the
provisions of Statement of Financial Accounting Standards (SFAS) No. 112,
Employers' Accounting for Postemployment Benefits. We recorded
$9.2 million in the Boise Office Solutions, Contract, segment;
$0.2 million in the Boise Paper Solutions segment; and $0.7 million in
our Corporate and Other segment. Employee-related costs are primarily
for severance payments, most of which were paid in 2003 with the
remainder to be paid in 2004. This item increased our net loss
$6.1 million for the three months ended March 31, 2003.
(6) Fourth Quarter 2003
In December 2003, we recorded a $14.7 million pretax charge for the
write-down of impaired assets at our plywood and lumber operations in
Yakima, Washington. We also recorded $5.7 million of tax benefits
associated with the write-down. The write-down resulted from our
internal review of the operations and indications of current market
value. We recorded the write-down in our Boise Building Solutions
segment in "Other (income) expense, net," and the tax benefits are
included in "Income tax (provision) benefit" in the Consolidated
Statements of Income for the three months ended December 31, 2003. This
item decreased net income $9.0 million after taxes for the three months
ended December 31, 2003.
During first quarter 2004, we sold our plywood and lumber operations in
Yakima, Washington. The sale did not have a material impact on our
financial position or results of operations.
(7) Income Taxes
Our estimated effective tax provision rate for the three months ended
March 31, 2004, was 36.5%, compared with an effective tax benefit rate of
36.2% for the three months ended March 31, 2003. Our annual tax
provision rate was 11.5% in 2003. Before the special items discussed in
Notes 5 and 6 above, our annual tax provision rate was 34%. The
difference between the estimated tax rates before special items was due
to the sensitivity of the rate to changing income levels and the mix of
domestic and foreign sources of income.
(8) Cumulative Effect of Accounting Changes
Effective January 1, 2003, we adopted the provisions of SFAS No. 143,
Accounting for Asset Retirement Obligations, which affects the way we
account for landfill closure costs. This statement requires us to record
an asset and a liability (discounted) for the estimated closure and
closed-site monitoring costs and to depreciate the asset over the
landfill's expected useful life. Previously, we accrued for the closure
costs over the life of the landfill and expensed monitoring costs as
incurred. Effective, January 1, 2003, we recorded a one-time after-tax
charge of $4.1 million, or 7 cents per share, as a cumulative-effect
adjustment for the difference between the amounts recognized in our
consolidated financial statements prior to the adoption of this statement
and the amount recognized after adopting the provisions of SFAS No. 143.
Effective January 1, 2003, we adopted an accounting change for vendor
allowances to comply with the guidelines issued by the Financial
Accounting Standards Board's Emerging Issues Task Force (EITF) 02-16,
Accounting by a Customer (Including a Reseller) for Certain Consideration
Received From a Vendor. Under the new guidance, vendor allowances reside
in inventory with the product and are recognized when the product is
sold, changing the timing of our recognition of these items. This change
resulted in a one-time, noncash, cumulative-effect adjustment of
$4.7 million, or 8 cents per share.
(9) Net Income (Loss) Per Common Share
Net income (loss) per common share was determined by dividing net income
(loss), as adjusted, by weighted average shares outstanding. For the
three months ended March 31, 2003, the computation of diluted loss per
share was antidilutive; therefore, amounts reported for basic and diluted
loss were the same.
Three Months Ended
March 31 December 31,
2004 2003 2003
(Unaudited)
(thousands, except per-share amounts)
BASIC
Income (loss) before cumulative effect
of accounting changes $63,465 $(18,743) $6,868
Preferred dividends (a) (3,366) (3,266) (3,317)
Basic income (loss) before
cumulative effect of accounting changes 60,099 (22,009) 3,551
Cumulative effect of accounting changes,
net of income tax - (8,803) -
Basic income (loss) $60,099 $(30,812) $3,551
Average shares used to determine basic
income (loss) per common share 86,075 58,289 65,313
Basic income (loss) per common share
before cumulative effect of
accounting changes $0.70 $(0.38) $0.05
Cumulative effect of accounting changes,
net of income tax - (0.15) -
Basic income (loss) per common share $0.70 $(0.53) $0.05
DILUTED
Basic income (loss) before cumulative
effect of accounting changes $60,099 $(22,009) $3,551
Preferred dividends eliminated 3,366 - 3,317
Supplemental ESOP contribution (3,063) - (3,007)
Diluted income (loss) before cumulative
effect of accounting changes 60,402 (22,009) 3,861
Cumulative effect of accounting changes,
net of income tax - (8,803) -
Diluted income (loss) $60,402 $(30,812) $3,861
Average shares used to determine basic
income (loss) per common share 86,075 58,289 65,313
Restricted stock, stock options, and
other 1,883 - 1,582
Series D Convertible Preferred Stock 3,309 - 3,310
Average shares used to determine diluted
income (loss) per common share 91,267 58,289 70,205
Diluted income (loss) per common share
before cumulative effect of
accounting changes $0.66 $(0.38) $0.05
Cumulative effect of accounting changes,
net of income tax - (0.15) -
Diluted income (loss) per common share $0.66 $(0.53) $0.05
(a) Dividend attributable to our Series D Convertible Preferred Stock
held by our ESOP (employee stock ownership plan) is net of a tax benefit.
SOURCE Boise Cascade Corporation
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Related links:
http://www.bc.com
CONTACT:
Media, Ralph Poore, +1-208-384-7294, or home,
+1-208-331-2023, or Investor, Vincent Hannity, Office,
+1-208-384-6390, or Cell, +1-208-890-6385, both of Boise Cascade
Corporation
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