SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark one)
[ X ] Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [Fee Required]
For the fiscal year ended December 31, 1993
or
[ ] Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [No Fee Required]
For the transition period from ________________ to _________________
Commission File Number 1-5057
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
BOISE CASCADE CORPORATION
One Jefferson Square
P.O. Box 50
Boise, Idaho 83728-0001
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Boise Cascade Corporation:
We have audited the accompanying combined statements of participants'
equity and net assets available for plan benefits of the Boise Cascade
Corporation Qualified Employee Savings Trust (QUEST) as of December 31, 1993,
1992, and 1991, and the related combined statements of changes in
participants' equity and net assets available for plan benefits for the years
then ended. These financial statements and the schedules referred to below
are the responsibility of Boise Cascade Corporation. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and signi-
ficant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the combined financial position of the
Boise Cascade Corporation Qualified Employee Savings Trust (QUEST) as of
December 31, 1993, 1992, and 1991, and the combined changes in participants'
equity and net assets available for plan benefits for the years then ended
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules I, II,
III, IV, and V are presented for purposes of additional analysis and are not
a required part of the basic financial statements but are supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974 and/or the Securities and Exchange Commission rules and regulations
under the Securities Exchange Act of 1934. Such schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
Boise, Idaho
April 15, 1994 ARTHUR ANDERSEN & CO.
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
COMBINED STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 2)
December 31
1993 1992 1991
Assets
Investments, at current value
(Note 1) $13,555,723 $ 9,838,289 $ 7,063,806
Cash 5,067 323 1,520
Short-term securities at cost,
which approximates market 52,004 23,234 25,000
Dividends receivable 5,712 4,980 2,230
Due from participants 1,371 2,180 1,572
Due from other of the Plan's funds 3,695 1,782 -
Company contributions receivable 423 782 678
Interest receivable 105 36 93
___________ ___________ ___________
13,624,100 9,871,606 7,094,899
___________ ___________ ___________
Liabilities
Due to other of the Plan's funds 3,695 1,782 -
Due to participants 41 164 -
Due to Company - 3,953 -
Accounts payable - - 18,031
Other 4,146 1,986 1,522
___________ ___________ ___________
7,882 7,885 19,553
___________ ___________ ___________
Participants' equity and net assets
available for plan benefits at
end of the year $13,616,218 $ 9,863,721 $ 7,075,346
COMBINED STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 2)
December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 648,321 $ 526,018 $ 383,243
Dividend income and mutual
fund distributions 264,612 53,954 43,752
Contributions
Participants' contributions 2,231,558 1,893,704 1,669,706
Company contributions 992,689 860,618 753,392
Forfeitures (Note 1) (6,904) (24,256) (14,722)
Amounts transferred from other
plans (Note 1) 26,093 - -
Appreciation (depreciation) of
investments, net (Note 1) (11,012) (71,191) 215,311
Payments to participants (Note 1) (392,860) (450,472) (187,514)
___________ ___________ ___________
Increase in participants' equity
and net assets 3,752,497 2,788,375 2,863,168
Participants' equity and net assets
available for plan benefits at
Beginning of the year 9,863,721 7,075,346 4,212,178
___________ ___________ ___________
End of the year $13,616,218 $ 9,863,721 $ 7,075,346
The accompanying notes are an integral part of these Financial Statements.
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PLAN DESCRIPTION. The Boise Cascade Corporation Qualified Employee Savings
Trust (the "Plan") is a defined contribution plan and is administered by
Boise Cascade Corporation. At December 31, 1993, 1,057 U.S. nonunion hourly
employees and 64 former employees at selected locations of Boise Cascade
Corporation, its U.S. subsidiaries, and certain affiliates (collectively the
"Company") were participating in the Plan.
Participants who are employees of the Company may contribute to the Plan in
whole percentages of their compensation for each pay period. The Company's
contributions to the Plan and amounts that may be contributed by participants
vary by covered locations. In addition, amounts that participants may
contribute to the Plan are subject to limitations set forth in the Internal
Revenue Code (the "Code").
The Plan provides that participants may contribute to the Plan in accordance
with Section 401(k) of the Code. These participants defer income taxes by
reducing their current taxable income for federal and most state income tax
purposes by the amount of their contributions. The contributions, including
associated net earnings on investments, become subject to taxation at the time
the participant withdraws them from the Plan (see Note 3). Participants may
also elect to contribute to the Plan without deferring income taxes on amounts
contributed. Taxation of net earnings on such contributions is deferred until
the earnings are distributed from the Plan. Participants may make pretax and
after-tax contributions. Participants' contributions are recorded in either
a "Before-Tax Contribution Account" or an "After-Tax Contribution Account" as
appropriate.
INVESTMENTS. At December 31, 1993, the Plan had investment funds consisting
of: a Fixed Income Fund that invests primarily in bank and insurance
investment contracts that provide a fixed interest rate; a Diversified Common
Stock Fund that invests primarily in mutual funds that invest in common stocks
or securities that are convertible into common stocks; and a Boise Cascade
Corporation Common Stock Fund that invests primarily in the Company's $2.50
par value common stock. Investments in these funds are made in accordance
with guidelines in the Master Trust Agreement for Defined Contribution Plans
between State Street Bank and Trust Company, as trustee, and the Company (the
"Trust") and are apportioned among the funds as directed by each participant.
The Plan also had a Participants' Loan Fund (see Note 2).
The following table sets forth rates of return experienced by each of the
Plan's funds for the years indicated:
Year Ended December 31
1993 1992 1991
Fixed Income Fund 7.42% 8.31% 8.95%
Diversified Common Stock Fund 9.23 (4.32) 50.76
Boise Cascade Corporation
Common Stock Fund 13.59 (2.45) (8.30)
The detail of the investments of each fund is as follows:
Shares Held Current
at the End Cost of Value at End
of the Year Each Item of the Year
1993
Fixed Income Fund
State Street Bank and Trust Company
(Pooled Investments) $9,381,780 $9,381,780
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 50,858 $1,124,715 $1,139,213
Select Fund 28,549 1,139,672 1,126,530
__________ __________
$2,264,387 $2,265,743
Boise Cascade Corporation
Common Stock Fund 38,081 $ 914,428 $ 894,904
Participants' Loan Fund $1,013,296 $1,013,296
1992
Fixed Income Fund
State Street Bank and Trust Company
(Pooled Investments) $7,143,299 $7,143,299
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 27,618 $ 568,603 $ 672,766
Select Fund 17,249 660,552 667,880
__________ __________
$1,229,155 $1,340,646
Boise Cascade Corporation
Common Stock Fund 33,200 $ 805,046 $ 701,350
Participants' Loan Fund $ 652,994 $ 652,994
1991
Fixed Income Fund
State Street Bank and Trust Company
(Pooled Investments) $5,318,065 $5,318,065
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 21,303 $ 383,939 $ 550,248
Select Fund 11,924 444,021 505,559
__________ __________
$ 827,960 $1,055,807
Boise Cascade Corporation
Common Stock Fund 15,729 $ 459,604 $ 349,970
Participants' Loan Fund $ 339,964 $ 339,964
The following schedule sets forth the number of employee participants making
contributions to the Plan's investment funds:
Number of Employee Participants
Making Contributions at December 31
Title of Fund 1993 1992 1991
Fixed Income Fund 545 545 561
Diversified Common Stock Fund 92 64 49
Boise Cascade Corporation Common
Stock Fund 10 10 13
Participants contributing to more
than one fund 298 235 180
_____ _____ _____
Total 945 854 803
FORFEITURES. Contributions that are made by participants are fully vested
at the time they are made. Participants' interest in contributions that the
Company has made on their behalf become vested at the earlier of the time the
participant reaches age 65, or (pursuant to definitions in the Plan) the
participant has made contributions to the Plan for 36 months, or has five
years of credited service with the Company. Vesting also occurs upon the
death of the participant, if termination of employment occurs due to total
disability, or if the Company terminates the Plan. Unvested amounts that have
been forfeited will generally be restored to the participant if reemployment
occurs within a five-year period, as defined by the Plan. Forfeited Company
contributions are used to offset amounts that the Company will contribute to
the Plan in the future.
PAYMENTS TO PARTICIPANTS. The Plan pays amounts due to participants who are
withdrawing part or all of their interest in the Plan approximately 25 days
after the end of the month during which the participant informs the Plan's
administrator of his or her intention to make the withdrawal.
APPRECIATION (DEPRECIATION) OF INVESTMENTS. Appreciation (depreciation) of
investments in the Diversified Common Stock Fund and the Boise Cascade
Corporation Common Stock Fund are recognized based on quoted market prices.
The cost of any investments sold or distributed is based on average cost.
The following table sets forth that portion of the total net appreciation
(depreciation) that was realized through sale or distribution in each of
these funds during the years ended December 31, 1993, 1992, and 1991:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
1993
Current value $221,952 $ 15,112 $237,064
Average cost 204,533 17,580 222,113
________ ________ ________
Net appreciation (depreciation)
realized $ 17,419 $ (2,468) $ 14,951
1992
Current value $355,592 $ 1,058 $356,650
Average cost 315,952 1,471 317,423
________ ________ ________
Net appreciation (depreciation)
realized $ 39,640 $ (413) $ 39,227
1991
Current value $138,743 $ 1,682 $140,425
Average cost 121,771 1,944 123,715
________ ________ ________
Net appreciation (depreciation)
realized $ 16,972 $ (262) $ 16,710
The changes in the unrealized portion of the net appreciation (depreciation) of
investments during the years were as follows:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
Balance at December 31, 1990 $ (18,574) $ (61,814) $ (80,388)
Unrealized net appreciation
(depreciation) 246,421 (47,820) 198,601
_________ _________ _________
Balance at December 31, 1991 227,847 (109,634) 118,213
Unrealized net appreciation
(depreciation) (116,356) 5,938 (110,418)
_________ _________ _________
Balance at December 31, 1992 111,491 (103,696) 7,795
Unrealized net appreciation
(depreciation) (110,135) 84,172 (25,963)
_________ _________ _________
Balance at December 31, 1993 $ 1,356 $ (19,524) $ (18,168)
EXPENSES. The Plan provides that all expenses of administration of the Plan
may be paid out of the assets of the Plan. Expenses not paid by the Plan will
be paid by the Company. In 1993, the Company paid all administration expenses
of the Plan, except for brokerage fees and related taxes on security
transactions. Investment management fees incurred by the investment funds of
the Plan are paid from the assets of the fund to which they relate.
TRANSFERS FROM OTHER PLANS. During the year ended December 31, 1993, certain
participants transferred their account balances from other tax-qualified
profit sharing/401(k) benefit plans sponsored by previous employers into the
Plan.
2. LOANS TO PARTICIPANTS
Participants who have made contributions to the Plan pursuant to Code
Section 401(k) may, subject to the terms of the Plan, apply for loans from
the Plan secured by such contributions. Such loans do not constitute
withdrawals from the Plan. The "Investments, at current value" account in
the Combined Statements of Participants' Equity and Net Assets Available for
Plan Benefits at December 31, 1993, 1992, and 1991, included $1,013,296,
$652,994, and $339,964 of outstanding loans to Plan participants. The
interest rate charged on these loans was 7.5% for 1993, 8% for 1992, and 9%
for 1991. Participant loans are reflected in the Combined Statements of
Changes in Participants' Equity and Net Assets Available for Plan Benefits as
follows:
Year Ended December 31
___________________________________
1993 1992 1991
Loans initiated, net of repayments
and interest $ 326,812 $ 313,780 $ 231,021
Interest income 67,436 43,116 18,345
Payments to participants (33,946) (43,866) (1,658)
__________ __________ __________
Increase in participants' loans 360,302 313,030 247,708
Participants' loans:
Beginning of the period 652,994 339,964 92,256
__________ __________ __________
End of the period $1,013,296 $ 652,994 $ 339,964
3. FEDERAL INCOME TAXES
The Plan obtained its latest determination letter on September 22, 1989, in
which the Internal Revenue Service stated that the Plan, as then designed,
was in compliance with the applicable requirements of the Internal Revenue
Code. As so qualified, the Company is entitled, for federal income tax
purposes, to deduct its contributions to the trust fund up to the maximum
amount permitted by the Code. The Plan has been amended since receiving the
determination letter. The Company believes that the Plan is currently
designed and being operated in compliance with the applicable requirements
of the Internal Revenue Code. Therefore, the Company believes that the Plan
was qualified and the related trust was tax exempt as of the financial
statement date.
Under the Plan, as so qualified, the Company understands that a participant
is not subject to federal income tax on his or her share of employer contri-
butions, the appreciation thereon, or the appreciation on the participant's
contributions until these amounts are paid to the participant.
Schedule I EIN 82-01009
Item 27(a)
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment Including
Name of Issue, Borrower, Maturity Date, Rate of Interest,
Lessor, or Similar Party Collateral, Par, or Maturity Value Cost Current Value
FIXED INCOME FUND
State Street Bank and Trust Company(1) Pooled Investments $9,381,780 $9,381,780
DIVERSIFIED COMMON STOCK FUND
Twentieth Century Investors, Inc. Growth Fund, 50,858 shares $1,124,715 $1,139,213
Select Fund, 28,549 shares 1,139,672 1,126,530
$2,264,387 $2,265,743
BOISE CASCADE CORPORATION COMMON STOCK FUND
Boise Cascade Corporation(1) Boise Cascade Corporation
Common Stock, 38,081 shares $ 914,428 $ 894,904
State Street Bank and Trust Company(1) Short-Term Investment Fund,
due dates and interest rates
variable $ 52,004 $ 52,004
PARTICIPANTS' LOAN FUND
Boise Cascade Corporation(1) Loans to plan participants,
due dates variable,
7.5% interest rate
$1,013,296 $1,013,296
(1)Known party-in-interest.
BOISE CASCADE CORPORATION EIN 82-01009
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
FIXED INCOME FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $9,381,780 $7,143,299 $5,318,065
Cash 4,216 242 -
Due from participants 337 1,581 1,226
Company contributions receivable 161 467 508
__________ __________ __________
9,386,494 7,145,589 5,319,799
__________ __________ __________
Liabilities
Due to other of the Plan's funds 3,695 - -
Due to participants 20 138 -
Due to Company - 2,711 -
Other 4,146 1,986 1,522
__________ __________ __________
7,861 4,835 1,522
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $9,378,633 $7,140,754 $5,318,277
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 579,762 $ 482,036 $ 363,825
Contributions
Participants' contributions 1,636,835 1,412,584 1,335,716
Company contributions 741,866 656,526 610,379
Forfeitures (5,756) (16,853) (11,108)
Amounts transferred from other
plans 13,340 - -
Transfers between funds (163,802) (133,435) (12,871)
Loans initiated, net of repayments
and interest (261,374) (231,759) (195,240)
Payments to participants (302,992) (346,622) (159,272)
__________ __________ __________
Increase in participants' equity
and net assets 2,237,879 1,822,477 1,931,429
Participants' equity and net assets
available for plan benefits at
Beginning of the year 7,140,754 5,318,277 3,386,848
__________ __________ __________
End of the year $9,378,633 $7,140,754 $5,318,277
BOISE CASCADE CORPORATION EIN 82-01009
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
DIVERSIFIED COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $2,265,743 $1,340,646 $1,055,807
Cash 629 81 491
Due from participants 1,014 245 209
Company contributions receivable 257 137 90
Due from other of the Plan's funds 1,848 - -
__________ __________ __________
2,269,491 1,341,109 1,056,597
__________ __________ __________
Liabilities
Due to participants 21 26 -
Due to other of the Plan's funds - 1,782 -
Due to Company - 1,120 -
__________ __________ __________
21 2,928 -
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $2,269,470 $1,338,181 $1,056,597
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Dividend income and mutual
fund distributions $ 243,752 $ 38,498 $ 28,142
Contributions
Participants' contributions 465,240 382,002 232,265
Company contributions 193,417 158,368 96,400
Forfeitures (427) (5,137) (2,156)
Amounts transferred from other
plans 12,425 - -
Appreciation (depreciation) of
investments, net (92,716) (76,716) 263,393
Transfers between funds 164,445 (100,440) 7,731
Loans initiated, net of repayments
and interest (43,292) (71,789) (25,890)
Payments to participants (11,555) (43,202) (17,708)
__________ __________ __________
Increase in participants' equity
and net assets 931,289 281,584 582,177
Participants' equity and net assets
available for plan benefits at
Beginning of the year 1,338,181 1,056,597 474,420
__________ __________ __________
End of the year $2,269,470 $1,338,181 $1,056,597
BOISE CASCADE CORPORATION EIN 82-01009
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
BOISE CASCADE CORPORATION COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $ 894,904 $ 701,350 $ 349,970
Cash 222 - 1,029
Short-term securities at cost,
which approximates market 52,004 23,234 25,000
Dividends receivable 5,712 4,980 2,230
Due from other of the Plan's funds 1,847 1,782 -
Due from participants 20 354 137
Company contributions receivable 5 178 80
Interest receivable 105 36 93
__________ __________ __________
954,819 731,914 378,539
__________ __________ __________
Liabilities
Due to Company - 122 -
Accounts payable - - 18,031
__________ __________ __________
- 122 18,031
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $ 954,819 $ 731,792 $ 360,508
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Dividend income $ 20,860 $ 15,456 $ 15,610
Interest income 1,123 866 1,073
Contributions
Participants' contributions 129,483 99,118 101,725
Company contributions 57,406 45,724 46,613
Forfeitures (721) (2,266) (1,458)
Amounts transferred from other
plans 328 - -
Appreciation (depreciation) of
investments, net 81,704 5,525 (48,082)
Transfers between funds (643) 233,875 5,140
Loans initiated, net of repayments
and interest (22,146) (10,232) (9,891)
Payments to participants (44,367) (16,782) (8,876)
__________ __________ __________
Increase in participants' equity
and net assets 223,027 371,284 101,854
Participants' equity and net assets
available for plan benefits at
Beginning of the year 731,792 360,508 258,654
__________ __________ __________
End of the year $ 954,819 $ 731,792 $ 360,508
Schedule IV EIN 82-01009
Item 27(d)
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Description of Total Expense Current
Asset (Include Total Dollar Incurred Value of
Interest Rate and Number Dollar Value with Asset on
Identity of Maturity in of Trans- Value of of Sales Lease Trans- Cost of Transaction Net Gain
Party Involved Case of Loan) actions Purchases Price Rental action Asset Date or (Loss)
State Street State Street
Bank and Trust Short-Term
Company (1) Investment Fund,
interest rates and
due dates variable 40 $ 284,145 $ - $ - $ - $ 284,145 $ 284,145 $ -
State Street State Street
Bank and Trust Short-Term
Company (1) Investment Fund,
interest rates and
due dates variable 21 - 255,375 - - 255,375 255,375 -
Twentieth Century 27,149 shares of
Investors, Inc. Growth Fund 28 638,879 - - - 638,879 638,879 -
Twentieth Century 3,909 shares of
Investors, Inc. Growth Fund 18 - 93,438 - - 82,767 93,438 10,671
Twentieth Century 14,447 shares of
Investors, Inc. Select Fund 28 600,886 - - - 600,886 600,886 -
Twentieth Century 3,147 shares of
Investors, Inc. Select Fund 18 - 128,514 - - 121,766 128,514 6,748
(1) Known party-in-interest.
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
SCHEDULE V
SCHEDULE OF THE PLAN'S ACTIVITY IN
THE STATE STREET BANK AND TRUST COMPANY
(POOLED INVESTMENTS)
Year Ended
December 31, 1993
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at beginning of the year $ 7,143,299
____________
Investments 2,741,684
Withdrawals (1,092,092)
Proportionate share of the interest income earned
on investments 588,889
____________
2,238,481
____________
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at end of the year $ 9,381,780
The following is a summary of the assets and liabilities of the State Street
Bank and Trust Company (Pooled Investments) and the Plan's proportionate share
in the net assets available:
December 31, 1993
Cash and cash equivalents $ 11,383,916
Fixed income securities 304,503,974
Accrued interest 1,891,890
____________
$317,779,780
Plan's proportionate share in net assets available $ 9,381,780
Changes in assets and liabilities of the State Street Bank and Trust Company
(Pooled Investments) are as follows:
Year Ended
December 31, 1993
Balance at beginning of the year $236,810,280
____________
Amounts purchased by participating plans 82,998,114
Amounts withdrawn by participating plans (23,893,523)
____________
Net amounts purchased by participating plans 59,104,591
Interest income 21,864,909
____________
Balance at end of the year $317,779,780
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOISE CASCADE CORPORATION
QUALIFIED EMPLOYEE SAVINGS TRUST (QUEST)
Date: June 15, 1994 By /s/ J. M. Gwartney
J. M. Gwartney
Chairman of the
Retirement Committee
BOISE CASCADE CORPORATION
INDEX TO EXHIBIT
Filed with the Report
on Form 11-K for the Year Ended
December 31, 1993
Reference Description Page Number (1)
Exhibit A Consent of Independent Public 16
Accountants Dated June 15, 1994
(1) This material appears only in the manually signed original of the report
on Form 11-K.
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incor-
poration of our report dated April 15, 1994, included in this Form 11-K for
the year ended December 31, 1993, into the Company's previously filed
registration statement on Form S-8 (File No. 33-21964).
ARTHUR ANDERSEN & CO.
Boise, Idaho
June 15, 1994
