Boise Cascade Company (BCC) has reported 102.42 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.02 million, or $0.26 a share in the quarter, compared with $4.95 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 10.64 percent to $974.44 million from $880.70 million in the previous year period. Gross margin for the quarter expanded 48 basis points over the previous year period to 13.10 percent. Total expenses were 97.84 percent of quarterly revenues, down from 98.48 percent for the same period last year. This has led to an improvement of 64 basis points in operating margin to 2.16 percent.
Operating income for the quarter was $21.09 million, compared with $13.40 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $40.47 million compared with $28.84 million in the prior year period. At the same time, adjusted EBITDA margin improved 88 basis points in the quarter to 4.15 percent from 3.27 percent in the last year period.
"We reported another quarter with strong engineered wood products sales growth from the combined capabilities of our manufacturing and distribution businesses. We continue to believe that our expanded manufacturing footprint allows us to support the growth of our customers in both businesses and provides a unique value proposition in the marketplace," commented Tom Corrick, chief executive officer.
Operating cash flow turns negative
Boise Cascade Company has spent $41.09 million cash to meet operating activities during the quarter as against cash inflow of $1.18 million in the last year period.
The company has spent $16.35 million cash to meet investing activities during the quarter as against cash outgo of $230.92 million in the last year period. It has incurred capital expenditure of $16.35 million on net basis during the quarter, up 6.74 percent or $1.03 million from year ago period.
The company has spent $2.97 million cash to carry out financing activities during the quarter as against cash inflow of $126.43 million in the last year period.
Cash and cash equivalents stood at $43.57 million as on Mar. 31, 2017, down 46.34 percent or $37.62 million from $81.19 million on Mar. 31, 2016.
Working capital decreases marginally
Boise Cascade Company has witnessed a decline in the working capital over the last year. It stood at $464.86 million as at Mar. 31, 2017, down 1.75 percent or $8.27 million from $473.14 million on Mar. 31, 2016. Current ratio was at 2.24 as on Mar. 31, 2017, down from 2.37 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 25 days for the quarter from 50 days for the last year period. Days sales outstanding went down to 23 days for the quarter compared with 25 days for the same period last year.
Days inventory outstanding has decreased to 26 days for the quarter compared with 49 days for the previous year period. At the same time, days payable outstanding was almost stable at 24 days for the quarter, when compared with the previous year period.
Debt comes down
Boise Cascade Company has recorded a decline in total debt over the last one year. It stood at $437.90 million as on Mar. 31, 2017, down 7.69 percent or $36.45 million from $474.36 million on Mar. 31, 2016. Boise Cascade Co has recorded a decline in long-term debt over the last one year. It stood at $437.90 million as on Mar. 31, 2017, down 7.69 percent or $36.45 million from $474.36 million on Mar. 31, 2016. Total debt was 28.94 percent of total assets as on Mar. 31, 2017, compared with 32.24 percent on Mar. 31, 2016. Debt to equity ratio was at 0.74 as on Mar. 31, 2017, down from 0.88 as on Mar. 31, 2016. Interest coverage ratio improved to 3.31 for the quarter from 2.31 for the same period last year.
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