BOISE, Idaho, Oct. 19 /PRNewswire-FirstCall/ -- Boise Cascade Corporation
(NYSE: BCC) today reported third-quarter net income of $61.1 million, or
63 cents per diluted share.
The results included a $13.1 million pretax gain on the sale of certain
Idaho timberlands recorded in our Boise Building Solutions segment;
$8.8 million of costs related to the announced sale of our forest products
assets in Corporate and Other; and $5.8 million of costs and lost income in
Boise Office Solutions, Retail, and Boise Paper Solutions related to
disruption from hurricanes in the southeastern United States.
By comparison, Boise reported net income of $32.9 million, or 48 cents per
diluted share, in third quarter 2003 and $50.4 million, or 52 cents per
diluted share, in second quarter 2004. Before special items, Boise earned
$30.0 million, or 43 cents per diluted share, in third quarter 2003 and
$22.0 million, or 21 cents per diluted share, in second quarter 2004.
FINANCIAL HIGHLIGHTS
($ in millions, except per-share amounts)
3Q 3Q 2Q
2004 2003 2004
Sales $3,651 $2,111 $3,401
Net income $61.1 $32.9 $50.4
Net income per diluted share $0.63 $0.48 $0.52
BEFORE SPECIAL ITEMS
Net income $61.1 $30.0 $22.0
Net income per diluted share $0.63 $0.43 $0.21
Sales in third quarter 2004 increased 73% to $3.65 billion, compared with
$2.11 billion in third quarter a year ago and $3.40 billion in second quarter
2004. Year-over-year sales increased primarily because of our acquisition of
OfficeMax in December 2003. Sales were also aided by strong product prices in
Boise Building Solutions and improving product prices in Boise Paper
Solutions.
Boise Office Solutions
($ in millions)
3Q 3Q 2Q
2004 2003 2004
Sales $2,235 $934 $2,005
Operating income $56.5 $31.0 $16.0
Operating margin 2.5% 3.3% 0.8%
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.
In third quarter 2004, Boise Office Solutions sales increased 139% to
$2.235 billion, compared with $934 million in the same quarter a year ago.
Sales for locations operating in both periods, including OfficeMax retail
store locations on a pro forma basis, increased 4%. Pro forma sales of office
supplies and paper, technology products, and furniture each increased 3%.
Boise's office papers sold through Boise Office Solutions increased 26% to
178,000 tons, compared with last year.
Boise Office Solutions operating income in the third quarter was
$56.5 million, up from $31.0 million in the same quarter a year ago and $16.0
million in second quarter. Segment sales, income, and operating margin
increased sequentially in the third quarter. The operating margin was 2.5% in
third quarter 2004, compared with 3.3% in the third quarter a year ago and
0.8% in second quarter 2004.
In third quarter 2004, Boise Office Solutions achieved $30.8 million of
integration synergies related to its acquisition of OfficeMax and recorded
integration costs of $6.9 million. In the first nine months of 2004,
synergies totaled $75.2 million of the $80 million expected for the year, and
integration costs reached $24.1 million.
Below is the review of operations for the Contract and Retail office
products segments.
Boise Office Solutions, Contract Segment
($ in millions)
3Q 3Q 2Q
2004 2003 2004
Sales $1,096 $934 $1,038
Operating income $31.4 $31.0 $21.4
Operating margin 2.9% 3.3% 2.1%
Boise Office Solutions, Contract, sales of $1.096 billion in third quarter
2004 were 17% higher than sales in third quarter 2003 and 6% higher than in
second quarter 2004. Year-over-year same-location sales on a pro forma basis
rose 7% in the third quarter.
This segment reported third quarter 2004 operating income of $31.4
million, compared with $31.0 million in third quarter 2003 and $21.4 million
in second quarter 2004. The operating margin was 2.9%, compared with 3.3% in
third quarter a year ago and 2.1% in second quarter 2004. The Contract
segment includes the former OfficeMax direct business, which is supported by
excess warehouse capacity and recorded losses in the first, second, and third
quarters of 2004.
Boise Office Solutions, Retail Segment
($ in millions)
3Q 2Q
2004 2004
Sales $1,138 $967
Operating income (loss) $25.1 $(5.4)
Operating margin 2.2% (0.6)%
Boise began reporting its Boise Office Solutions, Retail, segment on
December 10, 2003. In third quarter 2004, segment sales of $1.138 billion
were 1% lower than OfficeMax retail sales on a pro forma basis in third
quarter 2003 and 18% higher than sales in second quarter 2004. In first
quarter 2004, the company closed 45 retail stores. Same-store pro forma sales
were 1% higher than the year-ago third quarter.
The Retail segment reported operating income of $25.1 million in third
quarter 2004, compared with a loss of $5.4 million in second quarter 2004, and
an operating margin of 2.2%, compared with (0.6)% in second quarter 2004.
Third quarter 2004 results were hampered by hurricanes in the southeastern
United States, which caused temporary retail store closures, lost sales, and
an estimated $3.0 million in lost income.
Boise Building Solutions
($ in millions)
3Q 3Q 2Q
2004 2003 2004
Sales $1,051 $828 $1,055
Operating income $94.6 $56.4 $126.7
BEFORE SPECIAL ITEM
Operating income $94.6 $56.4 $80.2
Boise Building Solutions reported operating income of $94.6 million in
third quarter 2004, compared with $56.4 million in third quarter 2003 and
$80.2 million in second quarter 2004 before a special item. Third quarter
2004 results were aided by a pretax gain of $13.1 million on the sale of
certain Idaho timberlands.
Relative to third quarter 2003, average plywood prices increased 14%, and
lumber prices jumped 29%. Sales of engineered wood products grew 36%,
compared with third quarter 2003. Building materials distribution sales
increased 34% year over year.
Relative to second quarter 2004, average plywood prices decreased 9%,
while lumber prices increased 2% on average. Engineered wood products sales
increased 12% from the previous quarter. Building materials distribution
sales increased 1%.
Boise Paper Solutions
($ in millions)
3Q 3Q 2Q
2004 2003 2004
Sales $531 $474 $494
Operating income (loss) $20.8 $0.2 $(1.0)
Operating income in Boise Paper Solutions was $20.8 million in third
quarter 2004, compared with $200,000 in third quarter 2003 and an operating
loss of $1.0 million in second quarter 2004. A September hurricane cost the
business approximately $2.8 million due to timber and mill damage and lost
production at our pulp and paper mill in Jackson, Alabama.
Results were higher than those of a year ago because of higher average
paper prices (up 7%) and higher unit sales volume (up 3%). Relative to second
quarter 2004, average paper prices increased 6%.
OUTLOOK
In July 2004, Boise Cascade Corporation announced the sale of its paper,
forest products, and timberland assets for approximately $3.7 billion to
affiliates of Boise Cascade, LLC, a new company formed by Madison Dearborn
Partners LLC (MDP). The targeted completion date for this transaction is
October 29.
In connection with this transaction, Boise announced on October 5, 2004,
that it is offering to pay up to $800 million to repurchase all or a portion
of certain outstanding debt securities. In addition, the company is making a
simultaneous offer to pay up to $177 million to redeem its senior floating
rate debentures.
When the transaction with MDP closes, Boise Cascade Corporation will
change its name to OfficeMax Incorporated. It will continue to operate the
office products distribution business as its principal business. OfficeMax
will trade on the New York Stock Exchange under the ticker symbol OMX, and its
corporate headquarters will be in Itasca, Illinois.
Privately held Boise Cascade, LLC, will operate from its headquarters in
Boise, Idaho.
WEBCAST AND CONFERENCE CALL
Boise will host an audiovisual webcast and conference call on Tuesday,
October 19, 2004, at noon Eastern Daylight Time, at which time we will review
the company's recent performance and discuss the outlook for our office
products business. 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 -- international callers should dial
(706) 634-0995 -- 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 press release contains forward-looking
statements about the announced sale of our paper, forest products, and
timberland assets, and the associated offer to repurchase some of our
outstanding debt securities. These statements involve inherent risks and
uncertainties that could cause actual results to differ materially from those
projected. The proposed asset disposition is subject to several conditions.
There is no assurance we will be able to complete the sale at all or complete
it on the terms and conditions we have reported here and elsewhere. If we
cannot complete the sale, we will not be able to repay debt within the
timeframes we currently anticipate. In addition, other intervening or
unexpected events, changes in our debt structure, or unanticipated cash
requirements could disrupt our plans for the use of proceeds from the asset
sale. Forward-looking statements speak only as of the date of this release.
We undertake no obligation to update them in light of new information.
BOISE CASCADE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(thousands, except per-share amounts)
Three Months Ended
September 30 June 30,
2004 2003 2004
Sales $3,650,930 $2,110,601 $3,401,189
Costs and expenses
Materials, labor and
other operating expenses 2,835,024 1,695,809 2,673,447
Depreciation, amortization and
cost of company timber harvested 102,130 78,019 100,693
Selling and distribution expenses 496,229 224,405 478,015
General and administrative expenses 77,745 38,576 73,739
Other (income) expense, net (1,161) 1,133 (43,946)
3,509,967 2,037,942 3,281,948
Equity in net income of affiliates -- 4,038 1,244
Income from operations 140,963 76,697 120,485
Interest expense (39,945) (31,657) (40,432)
Interest income 455 221 450
Foreign exchange gain (loss) 1,072 133 (524)
(38,418) (31,303) (40,506)
Income before income taxes
and minority interest 102,545 45,394 79,979
Income tax provision (40,267) (12,510) (29,192)
Income before minority interest 62,278 32,884 50,787
Minority interest, net of income tax (1,145) -- (406)
Net income 61,133 32,884 50,381
Preferred dividends (3,242) (3,191) (3,168)
Net income applicable to common
shareholders $57,891 $29,693 $47,213
Net income per common share
Basic $0.67 $0.51 $0.54
Diluted $0.63 $0.48 $0.52
SEGMENT INFORMATION
Three Months Ended
September 30 June 30,
2004 2003 2004
(unaudited, thousands)
Segment sales
Boise Office Solutions,
Contract $1,096,192 $934,050 $1,038,112
Boise Office Solutions,
Retail 1,138,461 -- 966,668
2,234,653 934,050 2,004,780
Boise Building Solutions 1,051,240 828,097 1,055,267
Boise Paper Solutions 531,137 474,167 494,226
Intersegment eliminations
and other (166,100) (125,713) (153,084)
$3,650,930 $2,110,601 $3,401,189
Segment income (loss)
Boise Office Solutions, Contract $31,442 $30,961 $21,410
Boise Office Solutions, Retail 25,102 -- (5,365)
56,544 30,961 16,045
Boise Building Solutions 94,647 56,445 126,659
Boise Paper Solutions 20,765 191 (958)
Corporate and Other (29,466) (10,546) (21,335)
142,490 77,051 120,411
Interest expense (39,945) (31,657) (40,432)
Income before income taxes
and minority interest $102,545 $45,394 $79,979
Before special items
Segment income (loss)
Boise Office Solutions, Contract $31,442 $30,961 $21,410
Boise Office Solutions, Retail 25,102 -- (5,365)
56,544 30,961 16,045
Boise Building Solutions 94,647 56,445 80,161
Boise Paper Solutions 20,765 191 (958)
Corporate and Other (29,466) (10,546) (21,335)
142,490 77,051 73,913
Interest expense (39,945) (31,657) (40,432)
Income before income taxes
and minority interest $102,545 $45,394 $33,481
BOISE CASCADE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(thousands, except per-share amounts)
Nine Months Ended September 30
2004 2003
Sales $10,581,773 $5,892,828
Costs and expenses
Materials, labor and other operating expenses 8,270,924 4,789,443
Depreciation, amortization and
cost of company timber harvested 301,172 227,331
Selling and distribution expenses 1,480,676 656,039
General and administrative expenses 224,373
109,246
Other (income) expense, net (91,768) 14,121
10,185,377 5,796,180
Equity in net income of affiliates 6,311 4,453
Income from operations 402,707 101,101
Interest expense (121,029) (94,911)
Interest income 1,389 653
Foreign exchange gain 728 2,949
(118,912) (91,309)
Income before income taxes, minority interest
and cumulative effect of accounting changes 283,795 9,792
Income tax (provision) benefit (106,423) 415
Income before minority interest and
cumulative effect of accounting changes 177,372 10,207
Minority interest, net of income tax (2,393) --
Income before cumulative effect
of accounting changes 174,979 10,207
Cumulative effect of accounting changes,
net of income tax -- (8,803)
Net income 174,979 1,404
Preferred dividends (9,776) (9,744)
Net income (loss) applicable to
common shareholders $165,203 $(8,340)
Net income (loss) per common share
Basic before cumulative effect of
accounting changes $1.91 $0.01
Cumulative effect of accounting changes,
net of income tax -- (0.15)
Basic $1.91 $(0.14)
Diluted before cumulative effect of
accounting changes $1.81 $0.01
Cumulative effect of accounting changes,
net of income tax -- (0.15)
Diluted $1.81 $(0.14)
SEGMENT INFORMATION
Nine Months Ended September 30
2004 2003
(unaudited, thousands)
Segment sales
Boise Office Solutions, Contract $3,254,411 $2,777,258
Boise Office Solutions, Retail 3,326,121 --
6,580,532 2,777,258
Boise Building Solutions 2,958,046 2,095,584
Boise Paper Solutions 1,500,835 1,401,756
Intersegment eliminations and other (457,640) (381,770)
$10,581,773 $5,892,828
Segment income (loss)
Boise Office Solutions, Contract $87,234 $75,516
Boise Office Solutions, Retail 43,769 --
131,003 75,516
Boise Building Solutions 289,728 57,812
Boise Paper Solutions 47,607 529
Corporate and Other (63,514) (29,154)
404,824 104,703
Interest expense (121,029) (94,911)
Income before income taxes, minority interest
and cumulative effect of accounting changes $283,795 $9,792
Before special items
Segment income (loss)
Boise Office Solutions, Contract $87,234 $84,739
Boise Office Solutions, Retail 43,769 --
131,003 84,739
Boise Building Solutions 243,230 57,812
Boise Paper Solutions (12,308) 730
Corporate and Other (63,514) (28,464)
298,411 114,817
Interest expense (121,029) (94,911)
Income before income taxes, minority interest
and cumulative effect of accounting changes $177,382 $19,906
(1) Financial Information
The Consolidated Statements of Income 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. In all periods presented, net
income 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.
(2) Reconciliation of Net Income 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 and the cumulative effect of accounting changes to our
reported financial results for the three months ended June 30, 2004, and
September 30, 2003, and the nine months ended September 30, 2004 and 2003
(see Notes 4-7 and Note 9). There were no special items during the
three months ended September 30, 2004.
Three Months Ended
June 30, 2004 September 30, 2003
Before Before
As Special Special As Special Special
Reported Items (a) Items Reported Items (b) Items
(millions, except per-share amounts)
Boise Office
Solutions,
Contract $21.4 $-- $21.4 $31.0 $-- $31.0
Boise Office
Solutions
Retail (5.4) -- (5.4) -- -- --
16.0 -- 16.0 31.0 -- 31.0
Boise Building
Solutions 126.7 (46.5) 80.2 56.4 -- 56.4
Boise Paper
Solutions (1.0) -- (1.0) 0.2 -- 0.2
Corporate and
Other (21.3) -- (21.3) (10.5) -- (10.5)
120.4 (46.5) 73.9 77.1 -- 77.1
Interest
expense (40.4) -- (40.4) (31.7) -- (31.7)
Income before
income taxes
and minority
interest 80.0 (46.5) 33.5 45.4 -- 45.4
Income tax
provision (29.2) 18.1 (11.1) (12.5) (2.9) (15.4)
Income before
minority
interest 50.8 (28.4) 22.4 32.9 (2.9) 30.0
Minority
interest,
net of
income tax (0.4) -- (0.4) -- -- --
Net income $50.4 $(28.4) $22.0 $32.9 $(2.9) $30.0
Net income
per common
share (c)
Diluted $0.52 $(0.31) $0.21 $0.48 $(0.05) $0.43
(a) See Note 5 for a discussion of this special item.
(b) See Note 7 for a discussion of this special item.
(c) Calculated using 91.7 million and 62.7 million average diluted shares
outstanding for the three months ended June 30, 2004, and
September 30, 2003 (see Note 10).
Nine Months Ended
September 30, 2004 September 30, 2003
Before Before
As Special Special As Special Special
Reported Items (a) Items Reported Items (b) Items
(millions, except per-share amounts)
Boise Office
Solutions,
Contract $87.2 $-- $87.2 $75.5 $9.2 $84.7
Boise Office
Solutions,
Retail 43.8 -- 43.8 -- -- --
131.0 -- 131.0 75.5 9.2 84.7
Boise Building
Solutions 289.7 (46.5) 243.2 57.8 -- 57.8
Boise Paper
Solutions 47.6 (59.9) (12.3) 0.5 0.2 0.7
Corporate and
Other (63.5) -- (63.5) (29.1) 0.7 (28.4)
404.8 (106.4) 298.4 104.7 10.1 114.8
Interest
expense (121.0) -- (121.0) (94.9) -- (94.9)
Income before
income taxes,
minority
interest and
cumulative
effect of
accounting
changes 283.8 (106.4) 177.4 9.8 10.1 19.9
Income tax
(provision)
benefit (106.4) 41.4 (65.0) 0.4 (6.8) (6.4)
Income before
minority
interest and
cumulative
effect of
accounting
changes 177.4 (65.0) 112.4 10.2 3.3 13.5
Minority
interest,
net of
income tax (2.4) -- (2.4) -- -- --
Income before
cumulative
effect of
accounting
changes 175.0 (65.0) 110.0 10.2 3.3 13.5
Cumulative
effect of
accounting
changes, net
of income tax -- -- -- (8.8) 8.8 --
Net income $175.0 $(65.0) $110.0 $1.4 $12.1 $13.5
Net income
(loss)
per common
share (c)
Diluted before
cumulative
effect of
accounting
changes $1.81 $(0.71) $1.10 $0.01 $0.06 $0.07
Cumulative effect
of accounting
changes,
net of
income tax -- -- -- (0.15) 0.15 --
Diluted $1.81 $(0.71) $1.10 $(0.14) $0.21 $0.07
(a) See Notes 4 and 5 for a discussion of these special items.
(b) See Notes 6, 7, and 9 for a discussion of these special items.
(c) Calculated using 91.7 million and 58.3 million average diluted shares
outstanding for the nine months ended September 30, 2004, and
September 30, 2003 (see Note 10).
(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 Boise Office
Solutions, Contract and Retail segments. For more information about the
acquisition, see Note 2, OfficeMax Acquisition, in "Item 8. Financial
Statements and Supplementary Data" in our 2003 Annual Report on
Form 10-K.
(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 for the nine months ended September 30, 2004.
(5) Second Quarter 2004
In May 2004, we sold our 47% interest in Voyageur Panel to Ainsworth
Lumber Co. Ltd. for $91.2 million of cash. We recorded a $46.5 million
gain in "Other income (expense)" in our Boise Building Solutions segment.
This item increased net income $28.4 million after taxes for the three
months ended June 30, 2004, and the nine months ended September 30, 2004.
Prior to the sale, we accounted for the joint venture under the equity
method. Accordingly, segment results do not include the joint venture's
sales but do include $1.2 million and $4.0 million of equity in earnings
during the three months ended June 30, 2004, and September 30, 2003.
The nine months ended September 30, 2004 and 2003, include $6.3 million
and $4.4 million of equity in earnings.
(6) 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." 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
decreased our net income $6.1 million for the nine months ended
September 30, 2003.
(7) Third Quarter 2003
During third quarter 2003, we recorded a net $2.9 million gain, which
included a one-time tax benefit related to a favorable tax ruling, net of
changes in other tax items.
(8) Income Taxes
Our estimated effective tax provision rate for the nine months ended
September 30, 2004, was 37.5%, compared with an effective tax benefit
rate of 4.2% for the nine months ended September 30, 2003. Before the
special items discussed in Notes 4 through 7 above, our estimated tax
provision rate for the nine months ended September 30, 2004, was 36.7%,
compared with a 32.4% tax benefit rate for the nine months ended
September 30, 2003. Changes in estimated tax rates are due to the
sensitivity of the rates to changing income levels and the mix of
domestic and foreign sources of income.
(9) 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.
(10) 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
nine months ended September 30, 2003, the computation of diluted loss per
share was antidilutive; therefore, amounts reported for basic and diluted
loss were the same.
Three Months Ended
September 30 June 30,
2004 2003 2004
(unaudited)
(thousands, except per-share amounts)
BASIC
Net income $61,133 $32,884 $50,381
Preferred dividends (3,242) (3,191) (3,168)
Basic income $57,891 $29,693 $47,213
Average shares used to determine
basic income per common share 86,864 58,411 86,474
Basic income per common share $0.67 $0.51 $0.54
DILUTED
Basic income $57,891 $29,693 $47,213
Preferred dividends eliminated 3,242 3,191 3,168
Supplemental ESOP contribution (2,971) (2,891) (2,869)
Diluted income $58,162 $29,993 $47,512
Average shares used to determine
basic income per common share 86,864 58,411 86,474
Restricted stock, stock options
and other 1,982 956 1,976
Series D Convertible Preferred Stock 3,170 3,330 3,252
Average shares used to determine
diluted income per common share 92,016 62,697 91,702
Diluted income per common share $0.63 $0.48 $0.52
Nine Months Ended September 30
2004 2003
(unaudited)
(thousands, except per-share amounts)
BASIC
Income before cumulative effect
of accounting changes $174,979 $10,207
Preferred dividends (a) (9,776) (9,744)
Basic income before
cumulative effect of accounting changes 165,203 463
Cumulative effect of accounting changes,
net of income tax -- (8,803)
Basic income (loss) $165,203 $(8,340)
Average shares used to determine basic
income (loss) per common share 86,472 58,334
Basic income per common share
before cumulative effect of
accounting changes $1.91 $0.01
Cumulative effect of accounting changes,
net of income tax -- (0.15)
Basic income (loss) per common share $1.91 $(0.14)
DILUTED
Basic income before cumulative effect
of accounting changes $165,203 $463
Preferred dividends eliminated 9,776 --
Supplemental ESOP contribution (8,903) --
Diluted income before
cumulative effect of accounting changes 166,076 463
Cumulative effect of accounting changes,
net of income tax -- (8,803)
Diluted income (loss) $166,076 $(8,340)
Average shares used to determine basic
income (loss) per common share 86,472 58,334
Restricted stock, stock options, and other 1,947 --
Series D Convertible Preferred Stock 3,244 --
Average shares used to determine diluted
income (loss) per common share 91,663 58,334
Diluted income per common share
before cumulative effect of
accounting changes $1.81 $0.01
Cumulative effect of accounting changes,
net of income tax -- (0.15)
Diluted income (loss) per common share $1.81 $(0.14)
(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 investors, Vincent Hannity, cell
+1-208-890-6385, both of Boise Cascade Corporation
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