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BOISE CASCADE REPORTS EARNINGS

 BOISE, Idaho, April 13 /PRNewswire/ -- Boise Cascade Corp. (NYSE: BCC) announced today that in the first quarter of 1993, and for the fourth consecutive quarter, it reduced its losses. Continued weakness in the company's paper business was partly offset by strong results in office products and building products.
 For the first quarter of 1993, the company posted a loss of $12.1 million, or 56 cents per fully diluted share. This compares with a net loss of $43.3 million, or $1.30 per fully diluted share, in the first quarter of 1992, before a charge of $73.5 million after tax, or $1.94 per share, for the mandatory adoption of accounting standards to accrue the cost of postretirement benefits other than pensions. In the fourth quarter of 1992, the company reported a net loss of $29.6 million, or 97 cents per fully diluted share.
 Sales for the first quarter of 1993 increased 3 percent to $984 million from $954 million in the first quarter of 1992. The sales increase was due primarily to rising wood products prices. Company sales were $905 million in the fourth quarter of 1992.
 Paper and Paper Products
 In paper and paper products, segment losses were less than those of the first quarter of 1992 but exceeded losses in the fourth quarter of 1992. Results included a pretax gain of $8.6 million, or 14 cents per share, on the sale of Boise Cascade-owned stock of Specialty Paperboard Inc.
 Prices for Boise Cascade's mix of pulp and paper grades continued to decline on average in the first quarter of 1993, reaching their lowest level yet in this cycle. Weighted average prices per ton were approximately 4 percent lower than in the first quarter of 1992 and slightly lower than in the fourth quarter of 1992.
 Average prices for uncoated free sheet, the company's largest single grade, as well as prices for containerboard and market pulp, were all lower than in the comparison quarters.
 Unit manufacturing costs, excluding depreciation, were down 6 percent from the first quarter 1992 level but were modestly higher than fourth quarter 1992 levels due largely to seasonally high winter energy costs.
 Office Products
 In the office products segment, sales volume on a comparable-unit basis was about flat with year-ago levels. Profitability on a comparable-unit basis was up sharply from that of a year ago, as reduced costs helped expand profit margins. Seasonal strength in the first quarter of 1993 also led to stronger results than those of the fourth quarter of 1992.
 Building Products
 Income in the company's building products segment in the first quarter was sharply higher than that of the first quarter a year ago and more than doubled that of the fourth quarter of 1992. The combination of a shrinking supply of timber available for commercial harvest in the Pacific Northwest and modestly strengthening demand for wood products led to sharply higher lumber and plywood prices than in the comparison quarters.
 Outlook
 Results in the company's building products segment are expected to be lower in the second quarter. Lumber and plywood prices have eased from their first-quarter peaks, as severe weather dampened demand late in the first quarter and inventories came into balance.
 The company's office products distribution business is expected to show increased sales and profits in 1993 relative to those of a year ago, although second quarter 1993 results could be seasonally weaker than first-quarter results.
 As the overall economy gradually improves, the company expects demand for its mix of pulp and paper grades to increase. The increased demand should lead to price improvement, which is beginning to occur now in the company's key grades -- uncoated free sheet and newsprint -- as well as in some other grades. In addition, the cost structure of the company's paper business has been significantly reduced through capital investment and process improvement, which should aid results on a continuing basis. However, this expected trend of gradual improvement may be partially offset in the second quarter of 1993 by a concentration of scheduled downtime associated with annual routine maintenance and capital projects at several of the company's major pulp and paper facilities.
 Boise Cascade Corp. is an integrated paper and forest products company headquartered in Boise with operations located in the United States and Canada. The company manufactures and distributes paper and paper products, office products and building products, and owns and manages timberland to support these operations.
 BOISE CASCADE CORP.
 LOSS SUMMARY
 (Unaudited)
 Three months ended March 31: 1993 1992
 Sales $ 984,040,000 $ 953,930,000
 Loss before cumulative effect
 of accounting change $ (12,100,000) $ (43,320,000)
 Net loss(A) $ (12,100,000) $ (116,770,000)
 Average primary shares 37,948,000 37,944,000
 Net loss per common share(B):
 Primary
 Loss before cumulative
 effect of accounting change $ (0.56) $ (1.30)
 Cumulative effect of
 accounting change, net of tax -- (1.94)
 Net loss per common share $ (0.56) $ (3.24)
 Fully diluted
 Loss before cumulative
 effect of accounting change $ (0.56) $ (1.30)
 Cumulative effect of
 accounting change, net of tax -- (1.94)
 Net loss per common share $ (0.56) $ (3.24)
 (A) Effective as of Jan. 1, 1993, the company adopted new Financial Accounting Standards Board requirements that govern the way deferred taxes are calculated and reported. Adoption of these requirements based on a one-time adjustment had no effect on the company's first-quarter 1993 net loss. Financial statements for prior periods have not been restated.
 During the first quarter of 1993, the company sold its interest in a specialty paper producer at a pretax gain of $8,644,000, or 14 cents per common share after taxes.
 During the fourth quarter of 1992, the company adopted, effective as of Jan. 1, 1992, the Financial Accounting Standards Board's new requirements applicable to accounting for postretirement benefits other than pensions. The company's retiree health care costs that had previously been recorded when paid are now accrued.
 The cumulative present value of costs payable in the future that are attributable to employee service prior to Jan. 1, 1992, was $73,450,000, net of tax. The company's 1992 retiree health care costs increased by $3,000,000 before taxes, or 5 cents per fully diluted common share after taxes, as a result of adoption of the new requirements. Net loss reported for each of the first three quarters of 1992 has been restated to include a proportionate share of these costs.
 Early in the first quarter of 1992, the company completed the sale of essentially all of its wholesale office products distribution operations.
 (B) The computation of fully diluted net loss per common share was antidilutive; therefore, the amounts reported for primary and fully diluted loss are the same.
 -0- 4/13/93
 /CONTACT: Vincent Hannity of Boise Cascade, 208-384-6390, or after hours, 208-345-8141/
 (BCC)


CO: Boise Cascade Corp. ST: Idaho IN: PAP SU: ERN

LM -- SE007 -- 5097 04/13/93 09:28 EDT
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Date:Apr 13, 1993
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