Feb 22, 2014. /Lesprom Network/. Boise Cascade Company reported financial results for the 4Q and year ended December 31, 2013. Total Company sales in 4Q 2013 were $798.3 million, 15% above the same quarter in 2012, with sales growth of 31% in Wood Products and 11% in Building Materials Distribution (BMD). Boise Cascade sales for the year ended 2013 were $3,273.5 million, up 18% from 2012, with sales growth of 20% in Wood Products and 19% in BMD, as the company said in the press release received by Lesprom Network.

Net income was $9.8 million in the 4Q, or $0.25 per share. For the year, net income was $116.9 million, or $48.3 million, after adjusting for a $68.7 million income tax benefit associated with recording net deferred tax assets upon the Company's conversion from a limited liability company to a corporation in 1Q 2013. Earnings per share and adjusted earnings per share for the year were $2.91 and $1.20, respectively.

The Company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of

$33.1 million in 4Q 2013, up 95% from the $17 million recorded in 4Q 2012.

For the year, total Company EBITDA was $136.4 million, or a 41% increase from 2012 results. Wood

Products annual EBITDA was $106.3 million, up 33% from 2012, and BMD annual EBITDA was $49.2 million, up 50% from the prior year.

Total U.S. housing starts improved 19% in 2013, with single-family starts up 16% from 2012. The

February 2014 Blue Chip consensus forecast for 2014 reflects 1.1 million total U.S. housing starts, a 20% expected increase from 2013 levels. Total housing activity levels remain below the historical average for the last 20 years of approximately 1.4 million starts per year.

“We are pleased by our accomplishments in 2013. Our manufacturing business continued to execute well, capturing the benefit of higher prices and increased engineered wood products sales volumes.

In addition, the two plywood plants we acquired at the end of the 3Q have been successfully integrated and provided incremental volume and earnings consistent with our expectations. Our distribution business managed its way through the volatile commodity pricing in the first half of the year and had a solid second half of the year providing positive cost leverage on the 2013 sales growth. The operational achievements and acquisition, along with our initial public offering in February, made for an exciting 2013,” commented Tom Carlile, CEO.

“In 2014, we look forward to taking further advantage of improvements in construction activity, growing the company, and executing on the strategic initiatives of our existing operations.”

Boise Cascade Company is one of the largest producers of plywood and engineered wood products in North America and a leading U.S. wholesale distributor of building products.