Boise Cascade Company : Boise Cascade Company Reports Financial Results for First Quarter 2013

 Boise Cascade Company : Boise Cascade Company Reports Financial Results for
                              First Quarter 2013

For Immediate Release: April 22, 2013

BOISE, Idaho - Boise Cascade Company (Boise Cascade or Company) (NYSE: BCC)
today reported financial results for its quarter ended March 31, 2013.

First Quarter 2013 Highlights

  oOn February 11, 2013, we issued 13,529,412 shares of common stock in our
    initial public offering. As a result of this initial public offering, we
    received proceeds of $262.7 million, net of underwriting discounts and
    offering expenses.
    
  oFirst quarter sales of $744.9 million were 27% above the same quarter in
    2012. Wood Products first quarter segment sales, including sales to the
    Company's Building Materials Distribution (BMD) segment, were $269.2
    million, an increase of 28% from the year ago quarter. BMD segment sales
    were $581.1million, an increase of 29% from the year ago quarter.
    
  oThe Company reported net income of $80.8 million in the first quarter,
    which included a $68.7million income tax benefit associated with
    recording net deferred tax assets upon our conversion to a corporation in
    February 2013. Net income for the quarter excluding the tax item was
    $12.2 million, or $0.32per share, on 37.6 million weighted average shares
    outstanding. Net income in first quarter 2012 was $1.7million, or $0.06
    per share, on 29.7 million weighted averages shares outstanding. As of
    April 22, the Company had 43.2 million shares outstanding.
    
  oWood Products reported first quarter 2013 segment earnings before
    interest, taxes, depreciation, and amortization (EBITDA) of $27.1 million,
    up 62% from the $16.7 million reported in the same period in 2012.
    
  oBMD reported segment EBITDA of $10.2 million, a sharp improvement from the
    $1.4 million reported in first quarter 2012.

 Total and single-family U.S. housing starts improved approximately 36%
and 28%, respectively, from the same period last year. Housing start levels
remain below the historical average for the last 20 years of approximately
1.4million units per year. The April 2013 Blue Chip consensus forecast for
2013 reflects 1,000,000 U.S. housing starts, a 28% increase from 2012 levels.

 "2013 has started with strong commodity pricing for structural panels
and lumber, which clearly contributed to our financial performance in both
operating segments. Demand improved compared to the prior year quarter
primarily driven by increased new home construction activity. Our businesses
are doing a good job of leveraging the stronger housing-related activity into
higher sales and earnings," commented Tom Carlile, CEO.

                                 1Q 2013     1Q 2012     4Q 2012
                                           (thousands)
Total sales                     $ 744,878   $ 586,986   $ 694,580
Net income                         80,836       1,668       1,278
Adjusted net income^1              12,170       1,668       1,278
Wood Products segment sales       269,216     211,143     230,508
Wood Products segment EBITDA^1     27,061      16,716      13,233
BMD segment sales                 581,129     451,416     553,068
BMD segment EBITDA^1               10,175       1,363       8,055

^1Reconciliations between our results reported in accordance with U.S.
generally accepted accounting principles (GAAP) and adjusted net income and
EBITDA are included in the summary notes at the end of this press release.

Wood Products Segment

 Wood Products segment sales in the first quarter were $269.2
million, up 28% from the same quarter a year ago. The sales increase was
attributable primarily to 24% higher plywood sales prices, 28% higher
laminated veneer lumber (LVL) sales volumes, and 37% higher I-joist sales
volumes. Higher lumber sales volumes and prices, as well as plywood sales
volumes also contributed to segment sales growth. The segment reported
EBITDAof $27.1 million for the quarter, compared with $16.7 million reported
in first quarter 2012. The main factors contributing to the improved
financial performance were improved plywood, lumber, and EWP pricing, offset
partially by higher wood fiber costs.

Building Materials Distribution Segment

 BMD segment sales were $581.1 million in the first quarter, up
29% from the same quarter a year ago. Price changes accounted for
approximately 18% of the sales gain, with shipment volumes up approximately
9%. The largest sales gains were in commodity products and engineered wood
products categories, with lower sales growth in general line products. BMD
reported quarterly EBITDA of $10.2 million compared to $1.4 million in first
quarter 2012. Gross margins at 11.0% were down 0.5% from the 11.5% reported
in first quarter 2012; however, positive sales growth leverage on selling and
distribution expenses, as well as on general and administrative expenses,
contributed to significantly improved earnings in the segment.

Balance Sheet

 Boise Cascade received net IPO proceeds of $262.7 million in
February and ended the first quarter with $233.5 million of cash. At March
31, 2013, the Company had $290.2 million of undrawn committed bank line
availability, for total available liquidity of $523.8 million including cash.
The Company reported $250.0 million of long-term debt, which was down $25.0
million from year-end 2012.

Outlook

 We expect to continue to experience demand below 20-year
average historical levels for the products we manufacture and distribute.
However, the housing industry has shown signs of improvement in the U.S. and
we remain optimistic that the recent improvement in demand for our products
will continue. Commodity wood product prices in first quarter 2013, including
structural panels and lumber, were well above 5-year average historical
levels. Future pricing could be volatile in response to operating rates and
inventory levels in various distribution channels. We expect to manage our
production levels to our sales demand, which will likely result in operating
our engineered wood products facilities below their capacity until demand
improves further.

About Boise Cascade

Boise Cascade Company is one of the largest producers of engineered wood
products and plywood in North America and a leading U.S. wholesale distributor
of building products. For more information, please visit our website at
www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call on Monday, April 22, at
11a.m. Eastern, at which time we will review the company's recent
performance. You can join the webcast through our 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 15minutes before the
start of the webcast to register. To join the conference call, dial
866-277-1184 (international callers should dial 617-597-5360), participant
passcode 76736434, at least 10minutes before the start of the call.

The archived webcast will be available in the Investor Relations section of
our website. A replay of the conference call will be available from Monday,
April 22, at 2p.m. Eastern through Monday, April 29, at 11p.m. Eastern.
Playback numbers are 888-286-8010 for U.S. calls and 617-801-6888 for
international calls, and the passcode will be 85535636.

Basis of Presentation

We present our consolidated financial statements in accordance with GAAP. Our
earnings release also supplements the GAAP presentations by reflecting EBITDA,
a non-GAAP financial measure. EBITDA is defined as income (loss) before
interest (interest expense and interest income), income taxes, and
depreciation and amortization. EBITDA is the primary measure used by our chief
operating decision maker to evaluate segment operating performance and to
decide how to allocate resources to segments. We believe EBITDA is useful to
investors because it provides a means to evaluate the operating performance of
our segments and our company on an ongoing basis using criteria that are used
by our internal decision makers and because it is 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. We believe
EBITDA is a meaningful measure because it presents a transparent view of our
recurring operating performance and allows management to readily view
operating trends, perform analytical comparisons, and identify strategies to
improve operating performance. EBITDA, however, is not a measure of our
liquidity or financial performance under GAAP and should not be considered as
an alternative to net income (loss), income (loss) from operations, or any
other performance measure derived in accordance with GAAP or as an alternative
to cash flow from operating activities as a measure of our liquidity. The use
of EBITDA instead of net income (loss) or segment income (loss) has
limitations as an analytical tool, 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 the limitations of EBITDA by relying on our GAAP results. Our
measure of EBITDA is not necessarily comparable to other similarly titled
captions of other companies due to potential inconsistencies in the methods of
calculation.

Forward-Looking Statements

 This news release contains statements that are "forward looking"
within the Private Securities Litigation Reform Act of 1995. These statements
speak only as of the date of this press release. While they are based on the
current expectations and beliefs of management, they are subject to a number
of uncertainties and assumptions that could cause actual results to differ
from the expectations expressed in this release.

                            Boise Cascade Company
                    Consolidated Statements of Operations
               (unaudited, in thousands, except per-share data)

                                                 Three Months Ended
                                               March31          December31,
                                          2013         2012          2012
Sales
Trade                                  $ 744,878    $ 586,986    $   694,580
Costs and expenses
Materials, labor, and other operating    644,847      510,124        607,589
expenses (excluding depreciation)
Depreciation and amortization              8,477        8,119          8,489
Selling and distribution expenses         57,004       53,814         58,201
General and administrative expenses       10,046        9,048         11,200
Other (income) expense, net                 (134 )       (368 )          496
                                         720,240      580,737        685,975
Income from operations                    24,638        6,249          8,605
Foreign exchange gain (loss)                 (80 )        186            (88 )
Interest expense                          (4,891 )     (4,813 )       (7,286 )
Interest income                               62          107            111
                                          (4,909 )     (4,520 )       (7,263 )
Income before income taxes                19,729        1,729          1,342
Income tax (provision) benefit (a)        61,107          (61 )          (64 )
Net income                             $  80,836    $   1,668    $     1,278
Weighted average common shares
outstanding:
 Basic                                   37,569       29,700         29,700
 Diluted                                 37,569       29,700         29,700
Net income per common share:
 Basic                                $    2.15    $    0.06    $      0.04
 Diluted                              $    2.15    $    0.06    $      0.04

See accompanying summary notes to consolidated financial statements and
segment information.

                            Wood Products Segment
                           Statements of Operations
                          (unaudited, in thousands)

                                                 Three Months Ended
                                               March31           December31,
                                          2013          2012          2012
Sales
Segment                                $ 269,216    $ 211,143     $  230,508
Costs and expenses
Materials, labor, and other operating    233,384      186,396        207,112
expenses (excluding depreciation)
Depreciation and amortization              6,253        5,905          6,262
Selling and distribution expenses          6,693        6,469          6,952
General and administrative expenses        2,131        1,908          2,691
Other (income) expense, net                  (53 )       (346 )          520
                                         248,408      200,332        223,537
Segment income                         $  20,808    $  10,811     $    6,971
                                                (percentage of sales)
Sales
Segment                                    100.0 %      100.0 %        100.0 %
Costs and expenses
Materials, labor, and other operating       86.7 %       88.3 %         89.9 %
expenses (excluding depreciation)
Depreciation and amortization                2.3 %        2.8 %          2.7 %
Selling and distribution expenses            2.5 %        3.1 %          3.0 %
General and administrative expenses          0.8 %        0.9 %          1.2 %
Other (income) expense, net                    - %       (0.2 )%         0.2 %
                                            92.3 %       94.9 %         97.0 %
Segment income                               7.7 %        5.1 %          3.0 %

                   Building Materials Distribution Segment
                           Statements of Operations
                          (unaudited, in thousands)

                                                 Three Months Ended
                                               March31           December31,
                                         2013          2012          2012
Sales
Segment                                $ 581,129    $ 451,416     $  553,068
Costs and expenses
Materials, labor, and other operating    517,002      399,446        489,627
expenses (excluding depreciation)
Depreciation and amortization              2,178        2,182          2,203
Selling and distribution expenses         50,311       47,345         51,249
General and administrative expenses        3,742        3,332          4,193
Other (income) expense, net                 (101 )        (70 )          (56 )
                                         573,132      452,235        547,216
Segment income (loss)                  $   7,997    $    (819 )   $    5,852
                                                    (percentage of sales)
Sales
Segment                                    100.0 %      100.0 %        100.0 %
Costs and expenses
Materials, labor, and other operating       89.0 %       88.5 %         88.5 %
expenses (excluding depreciation)
Depreciation and amortization                0.4 %        0.5 %          0.4 %
Selling and distribution expenses            8.7 %       10.5 %          9.3 %
General and administrative expenses          0.6 %        0.7 %          0.8 %
Other (income) expense, net                    - %          - %            - %
                                            98.6 %      100.2 %         98.9 %
Segment income (loss)                        1.4 %       (0.2 )%         1.1 %

                             Segment Information
                          (unaudited, in thousands)

                                          Three Months Ended
                                        March31          December31,
                                   2013         2012          2012
Segment sales
Wood Products                   $ 269,216    $ 211,143    $  230,508
Building Materials Distribution   581,129      451,416       553,068
Intersegment eliminations        (105,467 )    (75,573 )     (88,996 )
                                $ 744,878    $ 586,986    $  694,580
Segment income (loss)
Wood Products                   $  20,808    $  10,811    $    6,971
Building Materials Distribution     7,997         (819 )       5,852
Corporate and Other                (4,247 )     (3,557 )      (4,306 )
                                   24,558        6,435         8,517
Interest expense                   (4,891 )     (4,813 )      (7,286 )
Interest income                        62          107           111
Income before income taxes      $  19,729    $   1,729    $    1,342
EBITDA (b)
Wood Products                   $  27,061    $  16,716    $   13,233
Building Materials Distribution    10,175        1,363         8,055
Corporate and Other                (4,201 )     (3,525 )      (4,282 )
                                $  33,035    $  14,554    $   17,006

 See accompanying summary notes to consolidated financial
statements and segment information.

                            Boise Cascade Company
                         Consolidated Balance Sheets
                          (unaudited, in thousands)

                                              March31,    December31,
                                                 2013          2012
ASSETS
Current
Cash and cash equivalents                    $   233,547   $    54,507
Receivables
Trade, less allowances of $2,776 and $2,696      205,575       134,743
Related parties                                      430           674
Other                                              3,905         6,204
Inventories                                      387,103       325,806
Deferred income taxes                             19,023             2
Prepaid expenses and other                         8,279         5,521
Total current assets                             857,862       527,457
Property and equipment, net                      261,221       265,924
Timber deposits                                    7,027         6,221
Deferred financing costs                           7,441         7,562
Goodwill                                          12,170        12,170
Intangible assets                                  8,900         8,900
Deferred income taxes                             48,128             -
Other assets                                       7,048         8,164
Total assets                                 $ 1,209,797   $   836,398

                            Boise Cascade Company
                   Consolidated Balance Sheets (continued)
               (unaudited, in thousands, except per-share data)

                                                     March31,    December31,
                                                       2013           2012
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade                                              $   216,388    $  140,192
Related parties                                          2,092         1,950
Accrued liabilities
Compensation and benefits                               42,779        61,814
Interest payable                                         7,160         3,188
Other                                                   32,692        29,043
                                                       301,111       236,187
Debt
Long-term debt                                         250,000       275,000
Other
Compensation and benefits                              195,169       206,668
Other long-term liabilities                             14,084        14,336
                                                       209,253       221,004
Redeemable equity                                            -         6,443
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           432           297
shares authorized, 43,229 and 29,700 shares
issued and outstanding, respectively
Additional paid-in capital                             494,216       256,927
Accumulated other comprehensive loss                  (119,820 )    (121,229 )
Retained earnings (accumulated deficit)                 74,605       (38,231 )
Total stockholders' equity                             449,433        97,764
Total liabilities and stockholders' equity         $ 1,209,797    $  836,398

                            Boise Cascade Company
                    Consolidated Statements of Cash Flows
                          (unaudited, in thousands)

                                                         Three Months Ended
                                                              March31
                                                         2013         2012
Cash provided by (used for) operations
Net income                                            $  80,836    $   1,668
Items in net income not using (providing) cash
Depreciation and amortization, including deferred         8,888        8,720
financing costs and other
Pension expense                                           2,726        3,235
Deferred income taxes                                   (68,018 )          -
Other                                                        11         (428 )
Decrease (increase) in working capital, net of
acquisitions
Receivables                                             (68,635 )    (42,486 )
Inventories                                             (61,297 )    (34,617 )
Prepaid expenses and other                                 (384 )       (196 )
Accounts payable and accrued liabilities                 57,494       58,784
Pension contributions                                    (9,663 )     (3,941 )
Current and deferred income taxes                         6,772           64
Other                                                    (2,472 )       (764 )
Net cash used for operations                            (53,742 )     (9,961 )
Cash provided by (used for) investment
Expenditures for property and equipment                  (5,316 )     (4,727 )
Acquisitions of businesses and facilities                     -       (2,355 )
Proceeds from sales of assets                               489           88
Other                                                        22       (1,059 )
Net cash used for investment                             (4,805 )     (8,053 )
Cash provided by (used for) financing
Net proceeds from issuance of common stock              262,736            -
Issuances of long-term debt                              55,000            -
Payments of long-term debt                              (80,000 )          -
Financing costs                                            (149 )          -
Net cash provided by financing                          237,587            -
Net increase (decrease) in cash and cash equivalents    179,040      (18,014 )
Balance at beginning of the period                       54,507      182,455
Balance at end of the period                          $ 233,547    $ 164,441

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 do not include all Notes to Consolidated
Financial Statements and should be read in conjunction with the company's 2012
Form 10-K and the Company's other filings with the Securities and Exchange
Commission. Net income for all periods presented involved estimates and
accruals.

(a) First quarter 2013 includes $68.7 million of income tax benefit
associated with recording net deferred tax assets upon our conversion from a
limited liability company to a corporation. The following table reconciles
GAAP net income to adjusted non-GAAP net income for the three months ended
March31, 2013 and 2012, and December31, 2012:

                                           Three Months Ended
                                       March31                 December31,
                                 2013              2012             2012
                           (unaudited, in thousands, except per-share amounts)
Net income (GAAP basis)    $      80,836       $     1,668     $      1,278
Impact of deferred tax           (68,666 )               -                -
benefit
Adjusted net income        $      12,170       $     1,668     $      1,278
(non-GAAP basis)
Adjusted net income
(non-GAAP basis), per
share:
 Basic                    $        0.32       $      0.06     $       0.04
 Diluted                  $        0.32       $      0.06     $       0.04

(b)EBITDA represents income before interest (interest expense and interest
income), income taxes, and depreciation and amortization. The following table
reconciles net income to EBITDA for the three months ended March31, 2013 and
2012, and December31, 2012:

                                        Three Months Ended
                                      March31         December31,
                                  2013        2012         2012
                                    (unaudited, in thousands)
Net income                     $ 80,836    $  1,668    $    1,278
Interest expense                  4,891       4,813         7,286
Interest income                     (62 )      (107 )        (111 )
Income tax provision (benefit)  (61,107 )        61            64
Depreciation and amortization     8,477       8,119         8,489
EBITDA                         $ 33,035    $ 14,554    $   17,006

The following table reconciles segment income (loss) to EBITDA for the three
months ended March31, 2013 and 2012, and December31, 2012:

                                          Three Months Ended
                                        March31         December31,
                                    2013        2012         2012
                                      (unaudited, in thousands)
Wood Products
Segment income                   $ 20,808    $ 10,811    $    6,971
Depreciation and amortization       6,253       5,905         6,262
EBITDA                             27,061      16,716        13,233
Building Materials Distribution
Segment income (loss)            $  7,997    $   (819 )  $    5,852
Depreciation and amortization       2,178       2,182         2,203
EBITDA                             10,175       1,363         8,055
Corporate and Other
Segment loss                       (4,247 )    (3,557 )      (4,306 )
Depreciation and amortization          46          32            24
EBITDA                             (4,201 )    (3,525 )      (4,282 )
Total Company EBITDA             $ 33,035    $ 14,554    $   17,006

Investor contact: Wayne Rancourt, 208-384-6073
Media contact: John Sahlberg, 208-384-6451

Source: Boise Cascade Company

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