Boise, Idaho-based Boise Cascade Company reported financial results for the quarter and year ended Dec. 31, 2012.
Fourth Quarter and Year End 2012 Operating Results
Total sales in fourth quarter 2012 were $694.6 million, compared with $547.4 million in fourth quarter 2011. Total sales for the full year improved by 24 percent to $2,779.1 million: growth of 23 percent in the Building Materials Distribution (BMD) segment and 32 percent in the Wood Products segment.
Net income was $1.3 million in fourth quarter 2012, compared with a net loss of $13.8 million in the same period last year. Net income improved to $41.5 million for the full year 2012, compared with a net loss of $46.4 million in 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $17.0 million for the fourth quarter 2012 and $96.6 million for the full year.
U.S. housing starts improved 28 percent to 780,000 in 2012, compared with 609,000 in 2011. Housing start levels remain significantly below the historical average for the last 20 years of approximately 1.4 million units per year. However, as of February 2013, Blue Chip consensus forecast for 2013 is 990,000, a 27 percent increase from 2012 levels.
"We experienced a fourth consecutive quarter of positive income from operations, underscored by strong plywood prices and improved demand for the products we manufacture and distribute. We are pleased with our successful initial public offering (IPO) completed on Feb. 11, 2013. The IPO, together with our debt refinancing in early fourth quarter 2012, provides the Company with a strong liquidity position to take advantage of continued improvement in the markets, execute strategic initiatives within our existing operations, and evaluate growth opportunities," stated Tom Carlile, CEO.
The full release is available on Boise Cascade’s website.