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Boise Cascade Announces Fourth Quarter and 2001 Financial Results; Fourth-Quarter 2001 Earnings Were 3 Cents Per Share Before Nonroutine Items.

Article Excerpt
BOISE, Idaho -- Boise Cascade Corp. today reported 2001 net income of $46.8 million, or 57 cents per diluted share, before nonroutine items, compared with $121.3 million, or $1.80 per diluted share, before nonroutine items, in 2000. Including nonroutine items, the company recorded a 2001 net loss of $42.5 million, or 96 cents per diluted share, compared with earnings of $178.6 million, or $2.73 per diluted share, in 2000.



Financial Highlights ($ in millions, except per share amounts) 4Q 4Q 3Q 2001 2000 2001 2000 2001 Sales $7,422 $7,807 $1,757 $1,865 $1,874 Before nonroutine items Net income $46.8 $121.3 $5.0 $20.7 $12.2 Net income per diluted share $0.57 $1.80 $0.03 $0.29 $0.16 After nonroutine items Net income (loss) $(42.5) $178.6 $(41.7) $23.4 $15.0 Net income (loss) per diluted share $(0.96) $2.73 $(0.78) $0.34 $0.20

Sales in 2001 were $7.4 billion, compared with $7.8 billion in 2000. The 5% decrease in sales was due primarily to divestitures and a weakening of demand in office products distribution and a decline in product prices in both our paper and building products businesses.

George J. Harad, Boise Cascade's chairman and chief executive officer, said, "Each of our businesses performed well in a weak economy that grew weaker as the year unfolded. Our office products business posted an increase in operating income even as sales declined. Effective cost controls in our paper and building products businesses helped offset...