Boise Cascade Company Reports Second Quarter 2023 Results

BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $146.3 million, or $3.67 per share, on sales of $1.8 billion for the second quarter ended June 30, 2023, compared with net income of $218.1 million, or $5.49 per share, on sales of $2.3 billion for the second quarter ended June 30, 2022.

"Both businesses again delivered solid financial performance during the second quarter as we continued to execute our integrated business model in support of our customer and supplier partners. Our associates' consistent focus, grit, and hard work remain key to driving our operating and financial results," stated Nate Jorgensen, CEO. "As we close out the first half of 2023, we are encouraged by the resiliency of market demand despite ongoing economic uncertainties, and our long-term view of the strength of residential construction remains. The focus on working capital performance is a priority as the channel looks to manage inventory risk and reward, and we are uniquely positioned on a national scale to deliver the service levels in support of those efforts. Lastly, our balance sheet remains well positioned for continued investment in our associates, key strategies and growth initiatives in our distribution and EWP businesses, and further shareholder returns."

Second Quarter 2023 Highlights

		2Q 2023			2Q 2022			% change
		(in thousands, except per-share data and percentages)
Consolidated Results
Sales		$	1,815,219		$	2,278,072		(20)%
Net income			146,320			218,111		(33)%
Net income per common share - diluted			3.67			5.49		(33)%
Adjusted EBITDA 1			220,976			317,229		(30)%
Segment Results
Wood Products sales		$	530,273		$	536,030		(1)%
Wood Products income			104,035			154,101		(32)%
Wood Products EBITDA 1			127,040			167,754		(24)%
Building Materials Distribution sales			1,636,538			2,131,200		(23)%
Building Materials Distribution income			98,550			154,308		(36)%
Building Materials Distribution EBITDA 1			105,936			161,036		(34)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In second quarter 2023, total U.S. housing starts and single-family housing starts decreased 11% and 14%, respectively, compared to the same period in 2022. On a year-to-date basis through June 2023, total housing starts decreased 15%, driven by a decrease in single-family housing starts of 21% compared to the same period in 2022. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $5.7 million, or 1%, to $530.3 million for the three months ended June 30, 2023, from $536.0 million for the three months ended June 30, 2022. The decrease in sales was driven by lower plywood sales prices and lower I-joists sales volumes. These decreases were offset partially by higher plywood sales volumes, higher sales prices for LVL and I-joists (collectively referred to as EWP), and higher LVL sales volumes.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

		2Q 2023 vs. 2Q 2022		2Q 2023 vs. 1Q 2023
Average Net Selling Prices
LVL		6%		(3)%
I-joists		1%		(4)%
Plywood		(36)%		(1)%
Sales Volumes
LVL		2%		29%
I-joists		(9)%		63%
Plywood		57%		8%

Wood Products' segment income decreased $50.1 million to $104.0 million for the three months ended June 30, 2023, from $154.1 million for the three months ended June 30, 2022. The decrease in segment income was due primarily to lower plywood sales prices. In addition, segment income was negatively impacted by an increase in depreciation and amortization expense due to the acquisition of two plywood facilities on July 25, 2022. These decreases in segment income were offset partially by higher plywood sales volumes, higher EWP sales prices, as well as lower wood fiber costs.

Building Materials Distribution

BMD's sales decreased $494.7 million, or 23%, to $1,636.5 million for the three months ended June 30, 2023, from $2,131.2 million for the three months ended June 30, 2022. Compared with the same quarter in the prior year, the overall decrease in sales was driven by sales price and sales volume decreases of 22% and 1%, respectively. By product line, commodity sales decreased 36%, general line product sales decreased 8%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 21%.

BMD segment income decreased $55.7 million to $98.6 million for the three months ended June 30, 2023, from $154.3 million in the comparative prior year quarter. The decline in segment income was driven by a gross margin decrease of $49.8 million, resulting from lower margins on EWP and general line products, offset partially by margin improvements on commodity products. In addition, selling and distribution expenses increased $3.9 million.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2023 with $1,080.9 million of cash and cash equivalents and $395.9 million of undrawn committed bank line availability, for total available liquidity of $1,476.8 million. The Company had $444.8 million of outstanding debt at June 30, 2023.

We expect capital expenditures in 2023 to total approximately $120 million to $140 million. Our 2023 capital expenditures range includes funding for greenfield distribution centers in South Carolina and Texas, projects at our mills in the southeast to expand our EWP capacity, and the purchase of property to house an additional door shop assembly operation in Kansas City, Missouri. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

Dividends

On July 27, 2023, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on September 15, 2023, to stockholders of record on September 1, 2023.

Future dividend declarations, including amount per share, record date and payment date, will be made at the discretion of our board of directors and will depend upon, among other things, legal capital requirements and surplus, our future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our asset-based credit facility and the indenture governing our senior notes, applicable laws, and other factors that our board of directors may deem relevant.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is correlated with new residential construction, residential repair-and-remodeling activity and light commercial construction. U.S. housing starts in June 2023 were approximately 1.4 million on a seasonally adjusted annual rate basis, as reported by the U.S. Census Bureau. However, home affordability remains a challenge for consumers, and the Federal Reserve's ongoing actions in response to inflationary data and what impacts these actions have on future mortgage rates and the broader economy will influence the near-term demand environment. As such, the outlook for the back half of 2023 remains uncertain and is reflected in various industry forecasts for 2023 U.S. housing starts that generally range from 1.3 million to 1.4 million units, compared with actual housing starts of 1.55 million in 2022, as reported by the U.S. Census Bureau. Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop for repair-and-remodel spending. However, industry forecasts project continued moderation of year-over-year growth in renovation spending, and economic uncertainty may also negatively impact homeowners' further investment in their residences.

As a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices and rising input costs. Our distribution business purchases and resells a broad mix of commodity products with periods of increasing prices providing the opportunity for higher sales and increased margins, while declining price environments expose us to declines in sales and profitability. Future commodity product pricing and commodity input costs may be volatile in response to economic uncertainties, industry operating rates, transportation constraints or disruptions, net import and export activity, inventory levels in various distribution channels, and seasonal demand patterns. In addition, EWP volumes will continue to be influenced by demand for new residential construction, particularly single-family housing starts, and we expect modest EWP price erosion in the third quarter.

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 the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss second quarter earnings on Tuesday, August 1, 2023, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.

Use of Non-GAAP Financial Measures

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps.

We believe EBITDA and Adjusted EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA and Adjusted EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are 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. EBITDA and Adjusted EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA and Adjusted EBITDA instead of net income (loss) or segment income (loss) have limitations as analytical tools, 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 these limitations by relying on our GAAP results. Our measures of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Forward-Looking Statements

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our outlook. Statements preceded or followed by, or that otherwise include, the words "believes," "expects," "anticipates," "intends," "project," "estimates," "plans," "forecast," "is likely to," and similar expressions or future or conditional verbs such as "will," "may," "would," "should," and "could" are generally forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. We undertake no obligation to revise them in light of new information. Finally, we undertake no obligation to review or confirm analyst expectations or estimates that might be derived from this release.

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
Sales		$	1,815,219			$	2,278,072			$	1,544,329			$	3,359,548			$	4,604,354
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			1,426,436				1,797,948				1,230,635				2,657,071				3,527,844
Depreciation and amortization			30,722				20,694				31,186				61,908				41,237
Selling and distribution expenses			139,205				134,279				128,788				267,993				280,930
General and administrative expenses			30,147				27,701				26,463				56,610				53,753
Other (income) expense, net			(1,266	)			375				(345	)			(1,611	)			(2,113	)
			1,625,244				1,980,997				1,416,727				3,041,971				3,901,651
Income from operations			189,975				297,075				127,602				317,577				702,703
Foreign currency exchange gain (loss)			320				(499	)			(73	)			247				(367	)
Pension expense (excluding service costs)			(41	)			(41	)			(41	)			(82	)			(212	)
Interest expense			(6,339	)			(6,317	)			(6,361	)			(12,700	)			(12,571	)
Interest income			11,519				1,385				9,685				21,204				1,450
Change in fair value of interest rate swaps			333				394				(804	)			(471	)			2,460
			5,792				(5,078	)			2,406				8,198				(9,240	)
Income before income taxes			195,767				291,997				130,008				325,775				693,463
Income tax provision			(49,447	)			(73,886	)			(33,275	)			(82,722	)			(172,752	)
Net income		$	146,320			$	218,111			$	96,733			$	243,053			$	520,711
Weighted average common shares outstanding:
Basic			39,675				39,544				39,593				39,634				39,509
Diluted			39,834				39,763				39,838				39,818				39,762
Net income per common share:
Basic		$	3.69			$	5.52			$	2.44			$	6.13			$	13.18
Diluted		$	3.67			$	5.49			$	2.43			$	6.10			$	13.10
Dividends declared per common share		$	3.15			$	2.62			$	0.15			$	3.30			$	2.74

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
Segment sales		$	530,273			$	536,030			$	437,428			$	967,701			$	1,094,974
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			387,407				351,557				327,739				715,146				695,266
Depreciation and amortization			23,005				13,653				23,790				46,795				27,293
Selling and distribution expenses			11,437				10,349				11,678				23,115				19,579
General and administrative expenses			5,364				5,826				5,178				10,542				10,472
Other (income) expense, net			(975	)			544				(352	)			(1,327	)			(1,853	)
			426,238				381,929				368,033				794,271				750,757
Segment income		$	104,035			$	154,101			$	69,395			$	173,430			$	344,217
		(percentage of sales)
Segment sales			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			73.1	%			65.6	%			74.9	%			73.9	%			63.5	%
Depreciation and amortization			4.3	%			2.5	%			5.4	%			4.8	%			2.5	%
Selling and distribution expenses			2.2	%			1.9	%			2.7	%			2.4	%			1.8	%
General and administrative expenses			1.0	%			1.1	%			1.2	%			1.1	%			1.0	%
Other (income) expense, net			(0.2	%)			0.1	%			(0.1	)%			(0.1	%)			(0.2	%)
			80.4	%			71.3	%			84.1	%			82.1	%			68.6	%
Segment income			19.6	%			28.7	%			15.9	%			17.9	%			31.4	%

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
Segment sales		$	1,636,538			$	2,131,200			$	1,379,242			$	3,015,780			$	4,243,033
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			1,391,015				1,835,845				1,175,550				2,566,565				3,566,648
Depreciation and amortization			7,386				6,728				7,070				14,456				13,304
Selling and distribution expenses			127,786				123,930				117,110				244,896				261,351
General and administrative expenses			12,089				10,558				10,030				22,119				21,784
Other (income) expense, net			(288	)			(169	)			(203	)			(491	)			(254	)
			1,537,988				1,976,892				1,309,557				2,847,545				3,862,833
Segment income		$	98,550			$	154,308			$	69,685			$	168,235			$	380,200
		(percentage of sales)
Segment sales			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			85.0	%			86.1	%			85.2	%			85.1	%			84.1	%
Depreciation and amortization			0.5	%			0.3	%			0.5	%			0.5	%			0.3	%
Selling and distribution expenses			7.8	%			5.8	%			8.5	%			8.1	%			6.2	%
General and administrative expenses			0.7	%			0.5	%			0.7	%			0.7	%			0.5	%
Other (income) expense, net			-	%			-	%			-	%			-	%			-	%
			94.0	%			92.8	%			94.9	%			94.4	%			91.0	%
Segment income			6.0	%			7.2	%			5.1	%			5.6	%			9.0	%

Segment Information
(in thousands) (unaudited)
		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
Segment sales
Wood Products		$	530,273			$	536,030			$	437,428			$	967,701			$	1,094,974
Building Materials Distribution			1,636,538				2,131,200				1,379,242				3,015,780				4,243,033
Intersegment eliminations			(351,592	)			(389,158	)			(272,341	)			(623,933	)			(733,653	)
Total net sales		$	1,815,219			$	2,278,072			$	1,544,329			$	3,359,548			$	4,604,354
Segment income
Wood Products		$	104,035			$	154,101			$	69,395			$	173,430			$	344,217
Building Materials Distribution			98,550				154,308				69,685				168,235				380,200
Total segment income			202,585				308,409				139,080				341,665				724,417
Unallocated corporate costs			(12,610	)			(11,334	)			(11,478	)			(24,088	)			(21,714	)
Income from operations		$	189,975			$	297,075			$	127,602			$	317,577			$	702,703
Segment EBITDA
Wood Products		$	127,040			$	167,754			$	93,185			$	220,225			$	371,510
Building Materials Distribution			105,936				161,036				76,755				182,691				393,504
See accompanying summary notes to consolidated financial statements and segment information.

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
		June 30, 2023			December 31, 2022
ASSETS
Current
Cash and cash equivalents		$	1,080,857		$	998,344
Receivables
Trade, less allowances of $3,212 and $3,264			478,655			297,237
Related parties			174			19
Other			13,244			23,023
Inventories			703,033			697,551
Prepaid expenses and other			22,682			47,878
Total current assets			2,298,645			2,064,052
Property and equipment, net			784,562			770,023
Operating lease right-of-use assets			53,270			55,582
Finance lease right-of-use assets			25,264			26,501
Timber deposits			7,613			7,519
Goodwill			137,958			137,958
Intangible assets, net			152,834			161,433
Deferred income taxes			5,977			6,116
Other assets			10,265			11,330
Total assets		$	3,476,388		$	3,240,514

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
		June 30, 2023				December 31, 2022
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade		$	415,387			$	269,785
Related parties			1,596				1,019
Accrued liabilities
Compensation and benefits			106,980				142,463
Interest payable			9,961				9,955
Other			133,420				122,606
Total current liabilities			667,344				545,828
Debt
Long-term debt			444,836				444,392
Other
Compensation and benefits			35,731				33,226
Operating lease liabilities, net of current portion			46,784				48,668
Finance lease liabilities, net of current portion			29,073				30,022
Deferred income taxes			65,944				63,454
Other long-term liabilities			18,152				16,949
			195,684				192,319
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 shares authorized, 44,983 and 44,827 shares issued, respectively			450				448
Treasury stock, 5,393 and 5,367 shares at cost, respectively			(140,448	)			(138,909	)
Additional paid-in capital			552,805				551,215
Accumulated other comprehensive loss			(507	)			(520	)
Retained earnings			1,756,224				1,645,741
Total stockholders' equity			2,168,524				2,057,975
Total liabilities and stockholders' equity		$	3,476,388			$	3,240,514

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
		Six Months Ended June 30
		2023				2022
Cash provided by (used for) operations
Net income		$	243,053			$	520,711
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other			63,293				42,240
Stock-based compensation			7,518				5,403
Pension expense			82				212
Deferred income taxes			2,749				19,287
Change in fair value of interest rate swaps			471				(2,460	)
Other			(1,798	)			(1,987	)
Decrease (increase) in working capital
Receivables			(171,794	)			(129,993	)
Inventories			(5,482	)			(142,936	)
Prepaid expenses and other			(7,805	)			(7,602	)
Accounts payable and accrued liabilities			124,910				127,935
Pension contributions			(268	)			(794	)
Income taxes payable			33,220				4,507
Other			2,069				1,533
Net cash provided by operations			290,218				436,056
Cash provided by (used for) investment
Expenditures for property and equipment			(68,287	)			(40,808	)
Proceeds from sales of assets and other			1,918				2,864
Net cash used for investment			(66,369	)			(37,944	)
Cash provided by (used for) financing
Dividends paid on common stock			(132,967	)			(109,291	)
Tax withholding payments on stock-based awards			(5,926	)			(3,930	)
Treasury stock purchased			(1,539	)			-
Other			(904	)			(811	)
Net cash used for financing			(141,336	)			(114,032	)
Net increase in cash and cash equivalents			82,513				284,080
Balance at beginning of the period			998,344				748,907
Balance at end of the period		$	1,080,857			$	1,032,987

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 presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company's 2022 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.

EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for (i) the three months ended June 30, 2023 and 2022, (ii) the three months ended March 31, 2023, and (iii) the six months ended June 30, 2023 and 2022:

		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
		(in thousands)
Net income		$	146,320			$	218,111			$	96,733			$	243,053			$	520,711
Interest expense			6,339				6,317				6,361				12,700				12,571
Interest income			(11,519	)			(1,385	)			(9,685	)			(21,204	)			(1,450	)
Income tax provision			49,447				73,886				33,275				82,722				172,752
Depreciation and amortization			30,722				20,694				31,186				61,908				41,237
EBITDA			221,309				317,623				157,870				379,179				745,821
Change in fair value of interest rate swaps			(333	)			(394	)			804				471				(2,460	)
Adjusted EBITDA		$	220,976			$	317,229			$	158,674			$	379,650			$	743,361

The following table reconciles segment income and unallocated corporate costs to EBITDA and adjusted EBITDA for the (i) three months ended June 30, 2023 and 2022, (ii) three months ended March 31, 2023, and (iii) six months ended June 30, 2023 and 2022:

		Three Months Ended												Six Months Ended
		June 30								March 31, 2023				June 30
		2023				2022								2023				2022
		(in thousands)
Wood Products
Segment income		$	104,035			$	154,101			$	69,395			$	173,430			$	344,217
Depreciation and amortization			23,005				13,653				23,790				46,795				27,293
EBITDA		$	127,040			$	167,754			$	93,185			$	220,225			$	371,510
Building Materials Distribution
Segment income		$	98,550			$	154,308			$	69,685			$	168,235			$	380,200
Depreciation and amortization			7,386				6,728				7,070				14,456				13,304
EBITDA		$	105,936			$	161,036			$	76,755			$	182,691			$	393,504
Corporate
Unallocated corporate costs		$	(12,610	)		$	(11,334	)		$	(11,478	)		$	(24,088	)		$	(21,714	)
Foreign currency exchange gain (loss)			320				(499	)			(73	)			247				(367	)
Pension expense (excluding service costs)			(41	)			(41	)			(41	)			(82	)			(212	)
Change in fair value of interest rate swaps			333				394				(804	)			(471	)			2,460
Depreciation and amortization			331				313				326				657				640
EBITDA			(11,667	)			(11,167	)			(12,070	)			(23,737	)			(19,193	)
Change in fair value of interest rate swaps			(333	)			(394	)			804				471				(2,460	)
Corporate adjusted EBITDA		$	(12,000	)		$	(11,561	)		$	(11,266	)		$	(23,266	)		$	(21,653	)
Total Company adjusted EBITDA		$	220,976			$	317,229			$	158,674			$	379,650			$	743,361

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208 384 3638

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208 384 6552