Exhibit

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $41.8 million, or $1.06 per share, on sales of $1.4 billion for the second quarter ended June 30, 2018. Second quarter results include $9.0 million of net after-tax losses, or $0.23 per share, from non-cash pension settlement charges.



	2Q 2018		2Q 2017		% change

	(in thousands, except per-share data and percentages)

Consolidated Results
Sales	$	1,408,132	$	1,138,939	24	%
Net income	41,825		22,154		89	%
Net income per common share - diluted	1.06		0.57		86	%
Adjusted EBITDA ¹	85,800		62,063		38	%

Segment Results
Wood Products sales	$	425,483	$	350,277	21	%
Wood Products income	36,482		15,395		137	%
Wood Products EBITDA ¹	55,935		30,659		82	%

Building Materials Distribution sales	1,213,783		980,706		24	%
Building Materials Distribution income	47,713		34,509		38	%
Building Materials Distribution EBITDA ¹	52,160		38,365		36	%

"Both of our businesses delivered outstanding results in the second quarter. Wood Products made very good progress on engineered wood products pricing and took advantage of exceptionally strong plywood markets. BMD executed well and captured market opportunities at both the local and national level," commented Tom Corrick, CEO. "I am very pleased that we further strengthened our nationwide distribution capabilities with the acquisitions in Nashville, Tennessee, and Medford, Oregon. Similar acquisitions remain a priority. As reflected by these acquisitions and our board’s decision to declare an additional dividend of $1.00 per share this quarter, we continue to have a strong focus on deploying capital to create shareholder value."

Wood Products sales, including sales to Building Materials Distribution (BMD), increased $75.2 million, or 21%, to $425.5 million for the three months ended June 30, 2018, from $350.3 million for the three months ended June 30, 2017. The increase in sales was driven primarily by higher sales prices for plywood, I-joists and LVL (I-joists and LVL are collectively referred to as EWP). In addition, increases in EWP sales volumes contributed to improved sales. Sales volumes for plywood were relatively flat compared with the same period in the prior year.

Wood Products segment income increased $21.1 million to $36.5 million for the three months ended June 30, 2018, from $15.4 million for the three months ended June 30, 2017. The improvement in segment income was due primarily to higher sales prices of plywood and EWP. These improvements were offset partially by higher log costs, as well as oriented strand board (OSB) costs used in the manufacture of I-joists. In addition, depreciation and amortization expense increased $4.2 million compared to the prior year quarter.

BMD's sales increased $233.1 million, or 24%, to $1,213.8 million for the three months ended June 30, 2018, from $980.7 million for the three months ended June 30, 2017. Compared with the same quarter in the prior year, the overall increase in sales was driven by sales price and sales volume increases of 15% and 9%, respectively. By product line, commodity sales increased 33%, general line product sales increased 15%, and sales of EWP (substantially all of which is sourced through our Wood Products segment) increased 18%.

BMD segment income increased $13.2 million to $47.7 million for the three months ended June 30, 2018, from $34.5 million in the comparative prior year quarter, driven primarily by a higher gross margin of $27.8 million generated from a sales increase of 24%. The increase in gross margin was offset partially by higher selling and distribution expenses of $12.7 million.

In second quarter 2018, BMD completed the acquisition of wholesale building material distribution locations in Nashville, Tennessee and Medford, Oregon (collectively, the "Acquisitions"). The company funded the Acquisitions with cash on hand. These distribution locations add to our existing distribution business and strengthen our nationwide presence. In addition, we believe we will be able to broaden our product and service offerings within these markets following the Acquisitions.

On December 22, 2017, the Tax Cuts and Jobs Act was enacted by the U.S. government. The most significant impact to our financial statements is the reduction of the corporate federal income tax rate from 35% to 21%. For the three months ended June 30, 2018 and 2017, we recorded $13.8 million and $13.1 million, respectively, of income tax expense and had an effective rate of 24.9% and 37.2%, respectively.

On April 25, 2018, Boise Cascade transferred $151.8 million of its pension plan assets to The Prudential Insurance Company of America (Prudential) for the purchase of a group annuity contract. Under the arrangement, Prudential assumed ongoing responsibility for administration and benefit payments for approximately one-third of Boise Cascade’s U.S. qualified pension plan projected benefit obligations. As a result of the transaction, the Company recognized a non-cash pension settlement charge of $12.0 million before tax in the second quarter of 2018.

On August 3, 2018, we entered into a commitment letter with Prudential to purchase another group annuity contract, in which Prudential will assume ongoing responsibility for administration and benefit payments for approximately 40 percent, or $122 million, of Boise Cascade’s then remaining U.S. qualified pension plan projected benefit obligations. As a result, we expect to recognize a non-cash pension settlement charge of approximately $10 million before tax in the third quarter of 2018. In conjunction with the transaction, we also plan to make a discretionary pension contribution of $20 million in third quarter 2018, for which we will receive a tax deduction at the 2017 federal income tax rate.

As in recent years, we expect to continue to experience modest demand growth for the products we manufacture and distribute in 2018. The July 2018 Blue Chip consensus forecast for 2018 reflects 1.32 million total U.S. housing starts, a 10% expected increase from 2017 levels. We remain optimistic that the improvement in demand for our products will continue as household formation rates and residential construction continue to recover. Future commodity product pricing and commodity input costs could be volatile in response to industry operating rates, net import and export activity, transportation constraints or disruptions, inventory levels in various distribution channels, and seasonal demand patterns. Commodity product pricing is currently above historical levels; however, prices have trended downward since the middle of June 2018. As a wholesale distributor of a broad mix of commodity products and a manufacturer of certain commodity products, we have sales and profitability exposure to declines in commodity product prices.

You can join the webcast through the Company's website by going to www.bc.com and clicking on the Event Calendar link under the Investor Relations heading. Please go to the website at least 15 minutes before the start of the webcast to register. To join the conference call, dial 844-795-4410 (international callers should dial 661-378-9637), participant passcode 6886808, at least 10 minutes before the start of the call.

The archived webcast will be available in the Investor Relations section of the Company's website. A replay of the conference call will be available from Monday, August 6, at 2 p.m. Eastern through Monday, August 13, at 2 p.m. Eastern. Replay numbers are 855-859-2056 for U.S. callers and 404-537-3406 for international callers, and the passcode will be 6886808.

We refer to the terms EBITDA and Adjusted EBITDA in this earnings release 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 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 and loss on extinguishment of debt.

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, income 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 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.

This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, 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



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017						2018			2017

Sales	$	1,408,132		$	1,138,939		$	1,182,841		$	2,590,973		$	2,113,382

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,193,918			980,210			1,009,778			2,203,696			1,826,969
Depreciation and amortization	24,296			19,601			22,111			46,407			38,945
Selling and distribution expenses	96,841			82,308			83,356			180,197			155,988
General and administrative expenses	19,977			15,559			15,886			35,863			29,129
Other (income) expense, net	(956		)	(1,238		)	(94		)	(1,050		)	(1,273		)
	1,334,076			1,096,440			1,131,037			2,465,113			2,049,758

Income from operations	74,056			42,499			51,804			125,860			63,624

Foreign currency exchange gain (loss)	(172		)	13			(263		)	(435		)	41
Pension expense (excluding service costs)	(12,380		)	(50		)	(244		)	(12,624		)	(81		)
Interest expense	(6,580		)	(6,491		)	(6,362		)	(12,942		)	(12,855		)
Interest income	237			54			264			501			87
Change in fair value of interest rate swaps	499			(724		)	1,641			2,140			(429		)
	(18,396		)	(7,198		)	(4,964		)	(23,360		)	(13,237		)

Income before income taxes	55,660			35,301			46,840			102,500			50,387
Income tax provision	(13,835		)	(13,147		)	(9,790		)	(23,625		)	(18,213		)
Net income	$	41,825		$	22,154		$	37,050		$	78,875		$	32,174

Weighted average common shares outstanding:
Basic	38,981			38,643			38,778			38,880			38,572
Diluted	39,403			39,002			39,396			39,384			38,931

Net income per common share:
Basic	$	1.07		$	0.57		$	0.96		$	2.03		$	0.83
Diluted	$	1.06		$	0.57		$	0.94		$	2.00		$	0.83



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017						2018			2017

Segment sales	$	425,483		$	350,277		$	397,991		$	823,474		$	675,934

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	356,297			309,876			342,559			698,856			602,336
Depreciation and amortization	19,453			15,264			17,544			36,997			30,415
Selling and distribution expenses	9,382			7,563			8,113			17,495			15,299
General and administrative expenses	4,678			3,213			3,692			8,370			6,083
Other (income) expense, net	(809		)	(1,034		)	(38		)	(847		)	(982		)
	389,001			334,882			371,870			760,871			653,151

Segment income	$	36,482		$	15,395		$	26,121		$	62,603		$	22,783

	(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)	83.7		%	88.5		%	86.1		%	84.9		%	89.1		%
Depreciation and amortization	4.6		%	4.4		%	4.4		%	4.5		%	4.5		%
Selling and distribution expenses	2.2		%	2.2		%	2.0		%	2.1		%	2.3		%
General and administrative expenses	1.1		%	0.9		%	0.9		%	1.0		%	0.9		%
Other (income) expense, net	(0.2		)%	(0.3		%)	—		%	(0.1		)%	(0.1		%)
	91.4		%	95.6		%	93.4		%	92.4		%	96.6		%

Segment income	8.6		%	4.4		%	6.6		%	7.6		%	3.4		%



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017						2018			2017

Segment sales	$	1,213,783		$	980,706		$	992,381		$	2,206,164		$	1,796,389

Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)	1,067,592			862,349			874,859			1,942,451			1,583,648
Depreciation and amortization	4,447			3,856			4,172			8,619			7,582
Selling and distribution expenses	87,394			74,648			75,181			162,575			140,496
General and administrative expenses	6,787			5,548			5,830			12,617			10,541
Other (income) expense, net	(150		)	(204		)	(49		)	(199		)	(352		)
	1,166,070			946,197			959,993			2,126,063			1,741,915

Segment income	$	47,713		$	34,509		$	32,388		$	80,101		$	54,474

	(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)	88.0		%	87.9		%	88.2		%	88.0		%	88.2		%
Depreciation and amortization	0.4		%	0.4		%	0.4		%	0.4		%	0.4		%
Selling and distribution expenses	7.2		%	7.6		%	7.6		%	7.4		%	7.8		%
General and administrative expenses	0.6		%	0.6		%	0.6		%	0.6		%	0.6		%
Other (income) expense, net	—		%	—		%	—		%	—		%	—		%
	96.1		%	96.5		%	96.7		%	96.4		%	97.0		%

Segment income	3.9		%	3.5		%	3.3		%	3.6		%	3.0		%



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017			March 31, 2018			2018			2017
Segment sales
Wood Products	$	425,483		$	350,277		$	397,991		$	823,474		$	675,934
Building Materials Distribution	1,213,783			980,706			992,381			2,206,164			1,796,389
Intersegment eliminations and other	(231,134		)	(192,044		)	(207,531		)	(438,665		)	(358,941		)
Total net sales	$	1,408,132		$	1,138,939		$	1,182,841		$	2,590,973		$	2,113,382

Segment income
Wood Products	$	36,482		$	15,395		$	26,121		$	62,603		$	22,783
Building Materials Distribution	47,713			34,509			32,388			80,101			54,474
Total segment income	84,195			49,904			58,509			142,704			77,257
Unallocated corporate	(10,139		)	(7,405		)	(6,705		)	(16,844		)	(13,633		)
Income from operations	$	74,056		$	42,499		$	51,804		$	125,860		$	63,624

Segment EBITDA (a)
Wood Products	$	55,935		$	30,659		$	43,665		$	99,600		$	53,198
Building Materials Distribution	52,160			38,365			36,560			88,720			62,056



	June 30, 2018		December 31, 2017
ASSETS

Current
Cash and cash equivalents	$	210,011	$	177,140
Receivables
Trade, less allowances of $904 and $945	360,765		246,452
Related parties	506		345
Other	13,913		9,380
Inventories	572,606		476,673
Prepaid expenses and other	13,385		22,582
Total current assets	1,171,186		932,572

Property and equipment, net	562,025		565,792
Timber deposits	15,687		13,503
Goodwill	60,454		55,433
Intangible assets, net	17,357		15,066
Deferred income taxes	8,739		9,064
Other assets	15,004		15,763
Total assets	$	1,850,452	$	1,607,193



	June 30, 2018			December 31, 2017
LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable
Trade	$	349,648		$	233,562
Related parties	2,017			1,225
Accrued liabilities
Compensation and benefits	81,147			84,246
Interest payable	6,742			6,742
Other	80,306			55,786
Total current liabilities	519,860			381,561

Debt
Long-term debt	438,870			438,312

Other
Compensation and benefits	64,143			75,439
Deferred income taxes	23,150			16,454
Other long-term liabilities	36,241			20,878
	123,534			112,771

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, 44,058 and 43,748 shares issued, respectively	441			437
Treasury stock, 5,167 shares at cost	(133,979		)	(133,979		)
Additional paid-in capital	524,099			523,550
Accumulated other comprehensive loss	(56,907		)	(76,702		)
Retained earnings	434,534			361,243
Total stockholders' equity	768,188			674,549
Total liabilities and stockholders' equity	$	1,850,452		$	1,607,193

(in thousands)



	Six Months Ended June 30
	2018			2017
Cash provided by (used for) operations
Net income	$	78,875		$	32,174
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other	47,416			39,929
Stock-based compensation	4,731			4,443
Pension expense	13,026			683
Deferred income taxes	(1,092		)	4,542
Change in fair value of interest rate swaps	(2,140		)	429
Other	(1,051		)	(1,259		)
Decrease (increase) in working capital, net of acquisitions
Receivables	(111,068		)	(107,781		)
Inventories	(89,051		)	(57,260		)
Prepaid expenses and other	(4,361		)	(3,960		)
Accounts payable and accrued liabilities	134,498			114,908
Pension contributions	(1,042		)	(1,145		)
Income taxes payable	18,586			7,063
Other	1,009			(1,288		)
Net cash provided by operations	88,336			31,478

Cash provided by (used for) investment
Expenditures for property and equipment	(28,327		)	(29,551		)
Acquisitions of businesses and facilities	(17,577		)	—
Proceeds from sales of assets and other	321			1,840
Net cash used for investment	(45,583		)	(27,711		)

Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility	7,500			366,400
Payments of long-term debt, including revolving credit facility	(7,500		)	(366,400		)
Tax withholding payments on stock-based awards	(5,120		)	(2,901		)
Dividends paid on common stock	(5,481		)	—
Proceeds from exercise of stock options	942			22
Other	(223		)	(153		)
Net cash used for financing	(9,882		)	(3,032		)

Net increase in cash and cash equivalents	32,871			735

Balance at beginning of the period	177,140			103,978

Balance at end of the period	$	210,011		$	104,713

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 2017 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.



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017			March 31, 2018			2018			2017
	(in thousands)
Net income	$	41,825		$	22,154		$	37,050		$	78,875		$	32,174
Interest expense	6,580			6,491			6,362			12,942			12,855
Interest income	(237		)	(54		)	(264		)	(501		)	(87		)
Income tax provision	13,835			13,147			9,790			23,625			18,213
Depreciation and amortization	24,296			19,601			22,111			46,407			38,945
EBITDA	86,299			61,339			75,049			161,348			102,100
Change in fair value of interest rate swaps	(499		)	724			(1,641		)	(2,140		)	429
Adjusted EBITDA	$	85,800		$	62,063		$	73,408		$	159,208		$	102,529



	Three Months Ended									Six Months Ended
	June 30						March 31, 2018			June 30
	2018			2017			March 31, 2018			2018			2017

	(in thousands)
Wood Products
Segment income	$	36,482		$	15,395		$	26,121		$	62,603		$	22,783
Depreciation and amortization	19,453			15,264			17,544			36,997			30,415
EBITDA	$	55,935		$	30,659		$	43,665		$	99,600		$	53,198

Building Materials Distribution
Segment income	$	47,713		$	34,509		$	32,388		$	80,101		$	54,474
Depreciation and amortization	4,447			3,856			4,172			8,619			7,582
EBITDA	$	52,160		$	38,365		$	36,560		$	88,720		$	62,056

Corporate
Unallocated corporate expenses	$	(10,139	)	$	(7,405	)	$	(6,705	)	$	(16,844	)	$	(13,633	)
Foreign currency exchange gain (loss)	(172		)	13			(263		)	(435		)	41
Pension expense (excluding service costs)	(12,380		)	(50		)	(244		)	(12,624		)	(81		)
Change in fair value of interest rate swaps	499			(724		)	1,641			2,140			(429		)
Depreciation and amortization	396			481			395			791			948
EBITDA	(21,796		)	(7,685		)	(5,176		)	(26,972		)	(13,154		)
Change in fair value of interest rate swaps	(499		)	724			(1,641		)	(2,140		)	429
Corporate adjusted EBITDA	$	(22,295	)	$	(6,961	)	$	(6,817	)	$	(29,112	)	$	(12,725	)

Total company adjusted EBITDA	$	85,800		$	62,063		$	73,408		$	159,208		$	102,529



Boise Cascade		Exhibit 99.1
1111 West Jefferson Street Ste 300 PO Box 50 Boise, ID 83728



Investor Relations Contact - Wayne Rancourt 208 384 6073		Media Contact - John Sahlberg 208 384 6451



	2Q 2018 vs. 2Q 2017	2Q 2018 vs. 1Q 2018

Average Net Selling Prices
LVL	10%	5%
I-joists	12%	3%
Plywood	26%	6%
Sales Volumes
LVL	3%	—%
I-joists	5%	9%
Plywood	—%	2%



News Release