DEERFIELD, Ill., Feb. 16,
2015 /PRNewswire/ -- United Stationers Inc. (NASDAQ: USTR), a
leading supplier of workplace essentials, today announced financial
results for the fourth quarter ended December 31, 2014 and plans to improve efficiency
and deliver enhanced customer service to position the business for
long-term success.
Overview
- Fourth quarter earnings per share were $0.67, down 21.2 percent from the prior year
quarter, primarily driven by the previously announced $8.2 million loss on the disposition of MBS
Dev
- Fourth quarter adjusted earnings per share were $0.88(1), up 2.3 percent compared to
the prior year
- Fourth quarter sales increased 8.9% to $1.33 billion when compared to the fourth quarter
of last year
- Fourth quarter gross margin was $212.9
million, or 16.0 percent of sales, consistent with the
fourth quarter of 2013
- Full year reported earnings per share was $3.05, comparable to 2013; on an adjusted basis,
full year earnings per share declined to $3.26(1) from $3.29 in 2013.
"We finished the year with strong sales momentum in the face of
rapidly changing industry dynamics," said Cody Phipps, president and chief executive
officer. "Nonetheless, we are taking decisive actions to
maximize future operating results and deliver enhanced customer
service in the years ahead. Throughout 2015 we will continue to
invest in a common operating/information technology platform and
will be rebranding the company consistent with our vision and
strategy to be the fastest and most convenient solution for
workplace essentials. These actions will result in a charge
to earnings in the first quarter and incremental operating expenses
of approximately $15 million in
2015. These investments are expected to deliver incremental
operating income in 2016, and we are targeting $15 to $20 million in total cost savings annually
thereafter. I am confident these actions will accelerate our
operating performance and be beneficial to our
shareholders."
Fourth Quarter Performance
Fourth quarter 2014 sales increased 8.9%, driven by solid
organic growth and by the acquisitions of MEDCO and CPO in 2014.
Gross margin was 16.0%, comparable to the fourth quarter of
2013.
- Sales of industrial supplies increased 58.6 percent to
$197.2 million, including
$66.6 million from the CPO and MEDCO
acquisitions, from $124.3 million in
2013. Organic industrial supplies sales were up 5.1 percent
over the prior year quarter. Janitorial and breakroom supplies
sales increased 11.4 percent to $371.0
million from $333.0
million. Total office products sales were down 1
percent to $723.4 million from
$730.0 million. This decline
was driven by lower technology products and furniture sales.
- Gross margin included a favorable 20 basis points from
acquisitions. Excluding the acquisitions, gross margin declined due
to a shift in customer and product mix.
- Adjusted operating expense(1) rate, excluding
approximately 30 basis points related to acquisitions, declined
slightly due to lower variable management compensation, offset
partially by increased professional service fees and software
expense.
Full Year Performance
2014 sales increased 4.8% and gross margin declined to 15.2%
compared with 15.5% in 2013, driven primarily by a shift in
customer and product mix and higher freight costs.
- Sales of industrial supplies increased 23.4 percent from
$517.8 million to $638.8 million, including $96.7 million from the CPO and MEDCO
acquisitions. Organic industrial supplies sales were up 4.7
percent over last year. Janitorial and breakroom supplies sales
increased 8.4 percent to $1,448.5
million from $1,336.2
million. Sales in the office products category were
down slightly to $3,078.5 million
from $3,088.6 million. This
decline was driven by a decline in the technology products and
furniture categories, partially offset by increased sales in the
traditional office products category.
- Gross margin included a favorable 10 basis points from
acquisitions. Excluding the acquisitions, gross margin declined due
to a shift in customer and product mix and higher freight
costs.
- Adjusted operating expense(1), excluding 10 basis
points from acquisitions, was comparable to the prior year.
Additional expenses were incurred related to the common
operating/IT platform initiative for the office product,
janitorial, and breakroom businesses, partially offset by a decline
in variable management compensation and employee related healthcare
expenses.
Cash Flow, Debt Trends and Share Repurchases
Net cash provided by operating activities for the year ended
December 31, 2014 was $77.1 million, compared with $74.7 million last year. Current period
cash flow was impacted by higher inventory and a decrease in
accounts payable. Cash flow used in investing activities,
including the acquisitions of CPO and MEDCO, totaled $183.6 million in 2014, compared with
$30.3 million last year.
The company currently has approximately $1.0 billion of total committed debt
capacity. As of December 31, 2014, the company had total
debt outstanding of $713.9 million
compared with $533.7 million as of
December 31, 2013.
Debt-to-total capitalization increased to 45.5 percent at
December 31, 2014 from 39.3 percent at December 31, 2013 related to the MEDCO
acquisition in the fourth quarter. In 2014, the company paid
$50.0 million to acquire
approximately 1.2 million shares and paid cash dividends of
$21.8 million to common shareholders.
Repositioning for Sustained Success
The company is taking decisive actions to reposition the
business, provide enhanced customer service, and create sustained
long-term success. In 2015 the company will:
- Invest an incremental $15.0
million to move to a common operating/IT platform that will
simplify the customer experience and deliver operating cost
savings.
- Record a charge of approximately $9.0
million related to workforce and facility consolidations.
The company expects savings of $6.0
million in 2015 and $10.0
million annually, beginning in 2016.
- Record non-cash charges of approximately $12.0 million for the impairment of intangibles
related to rebranding and $12.0 to $16.0
million related to listing a non-strategic business for
sale.
Conference Call
United Stationers will hold a conference call followed by a
question and answer session on Tuesday,
February 17, 2015, at 7:30 a.m.
CDT, to discuss fourth quarter 2014 results. To participate,
callers within the U.S. should dial (877) 358-2531, callers within
Canada should dial (855) 669-9657,
and international callers should dial (412) 902-6623 approximately
10 minutes before the presentation. The conference ID is
"10058391." To listen to the webcast, participants should
visit the Investors section of the company's website (link:
http://investors.unitedstationers.com), and click on the "Q4-14
Earnings Release" button on the right side of the page, several
minutes before the event is broadcast. Interested
parties can access an archived version of the call, this news
release, a financial slide presentation and other information
related to the call, also located on the Investors section of
United Stationers' website, about two hours after the call
ends.
Forward-Looking Statements
This news release contains forward-looking statements, including
references to goals, plans, strategies, objectives, projected costs
or savings, anticipated future performance, results or events and
other statements that are not strictly historical in
nature. These statements are based on management's current
expectations, forecasts and assumptions. This means they
involve a number of risks and uncertainties that could cause actual
results to differ materially from those expressed or implied
here. These risks and uncertainties include, but are not
limited to the following: United's reliance on key customers,
and the risks inherent in continuing or increased customer
concentration and consolidations; end-user demand for products in
the office, technology, and furniture product categories may
continue to decline; prevailing economic conditions and changes
affecting the business products industry and the general economy;
United's ability to effectively manage its operations and to
implement growth, cost-reduction and margin-enhancement
initiatives; United's reliance on supplier allowances and
promotional incentives; United's reliance on independent resellers
for a significant percentage of its net sales and, therefore, the
importance of the continued independence, viability and success of
these resellers; continuing or increasing competitive activity and
pricing pressures within existing or expanded product categories,
including competition from product manufacturers who sell directly
to United's customers; the impact of supply chain disruptions or
changes in key suppliers' distribution strategies; United's ability
to maintain its existing information technology systems and the
systems and e-commerce services that it provides to customers, and
to successfully procure, develop and implement new systems and
services without business disruption or other unanticipated
difficulties or costs; the creditworthiness of United's customers;
United's ability to manage inventory in order to maximize sales and
supplier allowances while minimizing excess and obsolete inventory;
United's success in effectively identifying, consummating and
integrating acquisitions; the risks and expense associated with
United's obligations to maintain the security of private
information provided by United's customers; the costs and risks
related to compliance with laws, regulations and industry standards
affecting United's business; the availability of financing sources
to meet United's business needs; United's reliance on key
management personnel, both in day-to-day operations and in
execution of new business initiatives; and the effects of
hurricanes, acts of terrorism and other natural or man-made
disruptions.
Shareholders, potential investors and other readers are urged to
consider these risks and uncertainties in evaluating
forward-looking statements and are cautioned not to place undue
reliance on the forward-looking statements. For additional
information about risks and uncertainties that could materially
affect United's results, please see the company's Securities and
Exchange Commission filings. The forward-looking information
in this news release is made as of this date only, and the company
does not undertake to update any forward-looking
statement. Investors are advised to consult any further
disclosure by United regarding the matters discussed in this
release in its filings with the Securities and Exchange
Commission and in other written statements it makes from time to
time. It is not possible to anticipate or foresee all risks
and uncertainties, and investors should not consider any list of
risks and uncertainties to be exhaustive or complete.
Company Overview
United Stationers Inc. is a leading supplier of workplace
essentials, with 2014 net sales of $5.3
billion. The company stocks a broad assortment of over
160,000 items, including technology products, traditional office
products, janitorial and breakroom supplies, office furniture,
industrial supplies, and automotive aftermarket tools. The
Company's network of 77 distribution centers allows it to deliver
these products to approximately 30,000 reseller customers. One of
the Company's wholly owned subsidiaries is an online retailer which
sells direct to end consumers. This network, combined with United's
breadth and depth of inventory, enables the Company to ship most
products overnight to more than ninety percent of the U.S. and
major cities in Mexico and
Canada. For more information,
visit unitedstationers.com.
United Stationers common stock trades on the NASDAQ Global
Select Market under the symbol USTR.
|
(1)
|
This is non-GAAP
information. See the Reconciliation of Non-GAAP Financial Measures
section of this document for more information.
|
|
|
|
Note: All EPS numbers
in this document are diluted unless stated otherwise.
|
For Further Information Contact:
Cody
Phipps
President and Chief Executive
Officer
or
Todd Shelton
Senior Vice
President and Chief Financial Officer
United
Stationers Inc.
(847) 627-7000
|
United Stationers
Inc. and Subsidiaries
Condensed
Consolidated Statements of Income
(in thousands, except
per share data)
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Years
Ended
|
|
December 31,
|
|
|
December 31,
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
Net sales
|
$
|
1,333,082
|
|
|
$
|
1,223,638
|
|
|
$
|
5,327,205
|
|
|
$
|
5,085,293
|
|
|
|
Cost of goods
sold
|
|
1,120,152
|
|
|
|
1,028,182
|
|
|
|
4,516,704
|
|
|
|
4,295,715
|
|
|
|
Gross
profit
|
|
212,930
|
|
|
|
195,456
|
|
|
|
810,501
|
|
|
|
789,578
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehousing, marketing and
administrative expenses
|
|
154,455
|
|
|
|
137,870
|
|
|
|
592,050
|
|
|
|
580,428
|
|
|
|
Loss on disposition of
business
|
|
8,234
|
|
|
|
-
|
|
|
|
8,234
|
|
|
|
-
|
|
|
|
Operating
income
|
|
50,241
|
|
|
|
57,586
|
|
|
|
210,217
|
|
|
|
209,150
|
|
|
|
Interest expense,
net
|
|
4,535
|
|
|
|
2,937
|
|
|
|
15,734
|
|
|
|
11,640
|
|
|
|
Income before income
taxes
|
|
45,706
|
|
|
|
54,649
|
|
|
|
194,483
|
|
|
|
197,510
|
|
|
|
Income tax
expense
|
|
19,865
|
|
|
|
20,524
|
|
|
|
75,285
|
|
|
|
74,340
|
|
|
|
Net income
|
$
|
25,841
|
|
|
$
|
34,125
|
|
|
$
|
119,198
|
|
|
$
|
123,170
|
|
|
|
Net income per share -
diluted
|
$
|
0.67
|
|
|
$
|
0.85
|
|
|
$
|
3.05
|
|
|
$
|
3.06
|
|
|
|
Average number of common
shares outstanding - diluted
|
|
38,806
|
|
|
|
39,915
|
|
|
|
39,130
|
|
|
|
40,236
|
|
|
|
United Stationers
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(dollars in
thousands, except share data)
|
|
|
|
|
|
As of
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
20,812
|
|
|
$
|
22,326
|
|
|
|
Accounts receivable,
less allowance for doubtful accounts of $19,725 in 2014 and $20,608
in 2013
|
|
702,527
|
|
|
|
643,379
|
|
|
|
Inventories
|
|
926,809
|
|
|
|
830,295
|
|
|
|
Other current
assets
|
|
30,042
|
|
|
|
29,255
|
|
|
|
Total current
assets
|
|
1,680,190
|
|
|
|
1,525,255
|
|
|
|
Property, plant and
equipment, at cost
|
|
138,217
|
|
|
|
143,050
|
|
|
|
Intangible assets,
net
|
|
111,958
|
|
|
|
65,502
|
|
|
|
Goodwill
|
|
398,042
|
|
|
|
356,811
|
|
|
|
Other long-term
assets
|
|
41,810
|
|
|
|
25,576
|
|
|
|
Total
assets
|
$
|
2,370,217
|
|
|
$
|
2,116,194
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
485,241
|
|
|
$
|
476,113
|
|
|
|
Accrued
liabilities
|
|
192,792
|
|
|
|
191,531
|
|
|
|
Current maturities of
long-term debt
|
|
851
|
|
|
|
373
|
|
|
|
Total current
liabilities
|
|
678,884
|
|
|
|
668,017
|
|
|
|
Deferred income
taxes
|
|
17,763
|
|
|
|
29,552
|
|
|
|
Long-term
debt
|
|
713,058
|
|
|
|
533,324
|
|
|
|
Other long-term
liabilities
|
|
104,394
|
|
|
|
59,787
|
|
|
|
Total
liabilities
|
|
1,514,099
|
|
|
|
1,290,680
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $0.10
par value; authorized - 100,000,000 shares, issued - 74,435,628
shares in 2014 and 2013
|
|
7,444
|
|
|
|
7,444
|
|
|
|
Additional paid-in
capital
|
|
412,291
|
|
|
|
411,954
|
|
|
|
Treasury stock, at
cost – 35,719,041 shares in 2014 and 34,714,083 shares in
2013
|
|
(1,042,501)
|
|
|
|
(998,234)
|
|
|
|
Retained
earnings
|
|
1,541,675
|
|
|
|
1,444,238
|
|
|
|
Accumulated other
comprehensive loss
|
|
(62,791)
|
|
|
|
(39,888)
|
|
|
|
Total stockholders'
equity
|
|
856,118
|
|
|
|
825,514
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
2,370,217
|
|
|
$
|
2,116,194
|
|
|
|
United Stationers
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
(in
thousands)
|
|
|
Years Ended
December 31,
|
|
2014
|
|
|
2013
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
119,198
|
|
|
$
|
123,170
|
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
32,381
|
|
|
|
32,153
|
|
|
|
Amortization of
intangible assets
|
|
8,623
|
|
|
|
6,985
|
|
|
|
Share-based
compensation
|
|
8,195
|
|
|
|
10,808
|
|
|
|
Loss (gain) on the
disposition of property, plant and equipment
|
|
1,155
|
|
|
|
(57)
|
|
|
|
Amortization of
capitalized financing costs
|
|
859
|
|
|
|
1,021
|
|
|
|
Excess tax benefits
related to share-based compensation
|
|
(1,214)
|
|
|
|
(3,977)
|
|
|
|
Loss on disposition of
business
|
|
8,234
|
|
|
|
-
|
|
|
|
Asset impairment
charge
|
|
-
|
|
|
|
1,183
|
|
|
|
Deferred income
taxes
|
|
(6,367)
|
|
|
|
(3,921)
|
|
|
|
Changes in operating
assets and liabilities (net of acquisitions):
|
|
-
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable, net
|
|
(16,529)
|
|
|
|
14,735
|
|
|
|
Increase in
inventory
|
|
(30,319)
|
|
|
|
(66,627)
|
|
|
|
Increase in other
assets
|
|
(2,898)
|
|
|
|
(4,224)
|
|
|
|
Decrease in accounts
payable
|
|
(42,093)
|
|
|
|
(40,634)
|
|
|
|
Increase in checks
in-transit
|
|
1,368
|
|
|
|
21,348
|
|
|
|
Increase (decrease) in
accrued liabilities
|
|
1,276
|
|
|
|
(3,648)
|
|
|
|
Decrease in other
liabilities
|
|
(4,736)
|
|
|
|
(13,578)
|
|
|
|
Net cash provided by
operating activities
|
|
77,133
|
|
|
|
74,737
|
|
|
|
Cash Flows From
Investing Activities:
|
|
-
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(24,994)
|
|
|
|
(33,789)
|
|
|
|
Proceeds from the
disposition of property, plant and equipment
|
|
2,767
|
|
|
|
3,516
|
|
|
|
Acquisitions, net of
cash acquired
|
|
(161,406)
|
|
|
|
-
|
|
|
|
Net cash used in
investing activities
|
|
(183,633)
|
|
|
|
(30,273)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
-
|
|
|
|
|
|
|
|
Net borrowings
(repayments) under revolving credit facility
|
|
155,911
|
|
|
|
(31,378)
|
|
|
|
Borrowings under
Receivables Securitization Program
|
|
9,300
|
|
|
|
40,700
|
|
|
|
Repayment of
debt
|
|
(135,000)
|
|
|
|
-
|
|
|
|
Proceeds from the
issuance of debt
|
|
150,000
|
|
|
|
-
|
|
|
|
Net (disbursements)
proceeds from share-based compensation arrangements
|
|
(2,863)
|
|
|
|
19,895
|
|
|
|
Acquisition of
treasury stock, at cost
|
|
(49,982)
|
|
|
|
(62,056)
|
|
|
|
Payment of cash
dividends
|
|
(21,789)
|
|
|
|
(22,309)
|
|
|
|
Excess tax benefits
related to share-based compensation
|
|
1,214
|
|
|
|
3,977
|
|
|
|
Payment of debt
issuance costs
|
|
(823)
|
|
|
|
(1,889)
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
105,968
|
|
|
|
(53,060)
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(982)
|
|
|
|
3
|
|
|
|
Net change in cash
and cash equivalents
|
|
(1,514)
|
|
|
|
(8,593)
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
22,326
|
|
|
|
30,919
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
20,812
|
|
|
$
|
22,326
|
|
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United Stationers
Inc. and Subsidiaries
Reconciliation of
Non-GAAP Financial Measures
Adjusted Operating
Income, Net Income, and Diluted Earnings Per Share
(unaudited)
(in thousands, except
per share data)
|
|
|
For the Three
Months Ended December 31,
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
% to
|
|
|
|
|
|
|
% to
|
|
|
Amount
|
|
|
Net Sales
|
|
|
Amount
|
|
|
Net Sales
|
|
|
Net Sales
|
$
|
1,333,082
|
|
|
|
100.0
|
%
|
|
$
|
1,223,638
|
|
|
|
100.0
|
%
|
|
Gross
profit
|
$
|
212,930
|
|
|
|
16.0
|
%
|
|
$
|
195,456
|
|
|
|
16.0
|
%
|
|
Operating
expenses
|
$
|
162,689
|
|
|
|
12.2
|
%
|
|
$
|
137,870
|
|
|
|
11.3
|
%
|
|
Workforce reduction
and facility closure charge
|
|
-
|
|
|
|
0.0
|
%
|
|
|
1,259
|
|
|
|
0.1
|
%
|
|
Asset impairment
charge
|
|
-
|
|
|
|
-
|
|
|
|
(1,183)
|
|
|
|
(0.1%)
|
|
|
Loss on disposition of
business
|
|
(8,234)
|
|
|
|
(0.6%)
|
|
|
|
-
|
|
|
|
-
|
|
|
Adjusted operating
expenses
|
$
|
154,455
|
|
|
|
11.6
|
%
|
|
$
|
137,946
|
|
|
|
11.3
|
%
|
|
Operating
income
|
$
|
50,241
|
|
|
|
3.8
|
%
|
|
$
|
57,586
|
|
|
|
4.7
|
%
|
|
Operating expense item
noted above
|
|
8,234
|
|
|
|
0.6
|
%
|
|
|
(76)
|
|
|
|
0.0
|
%
|
|
Adjusted operating
income
|
$
|
58,475
|
|
|
|
4.4
|
%
|
|
$
|
57,510
|
|
|
|
4.7
|
%
|
|
Net income
|
$
|
25,841
|
|
|
|
|
|
|
$
|
34,125
|
|
|
|
|
|
|
Operating expense item
noted above, net of tax
|
|
8,234
|
|
|
|
|
|
|
|
402
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
34,075
|
|
|
|
|
|
|
$
|
34,527
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.67
|
|
|
|
|
|
|
$
|
0.85
|
|
|
|
|
|
|
Per share operating
expense item noted above
|
|
0.21
|
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
|
0.88
|
|
|
|
|
|
|
$
|
0.86
|
|
|
|
|
|
|
Weighted average
number of common shares - diluted
|
|
38,806
|
|
|
|
|
|
|
|
39,915
|
|
|
|
|
|
Note: Adjusted Operating Expenses, Adjusted Operating Income,
Adjusted Net Income and Adjusted Earnings Per Share in the fourth
quarter of 2014 exclude the effects of an $8.2 million loss on disposition of business. The
fourth quarter 2013 excludes the effects of a $1.3 million reversal of a portion of the
workforce reduction and facility closure charge taken in the first
quarter of 2013, and a $1.2 million
non-deductible asset impairment charge. Generally Accepted
Accounting Principles require that the effects of these items be
included in the Condensed Consolidated Statements of Income.
Management believes that excluding these items is an appropriate
comparison of its ongoing operating results and to the results of
the prior year. It is helpful to provide readers of its financial
statements with a reconciliation of these items to its Condensed
Consolidated Statements of Income reported in accordance with
Generally Accepted Accounting Principles.
|
United Stationers
Inc. and Subsidiaries
Reconciliation of
Non-GAAP Financial Measures
Adjusted Operating
Income, Net Income, and Diluted Earnings Per Share
(unaudited)
(in thousands, except
per share data)
|
|
|
|
For the Years
Ended December 31,
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
% to
|
|
|
|
|
|
|
% to
|
|
|
Amount
|
|
|
Net Sales
|
|
|
Amount
|
|
|
Net Sales
|
|
|
Net Sales
|
$
|
5,327,205
|
|
|
|
100.0
|
%
|
|
$
|
5,085,293
|
|
|
|
100.0
|
%
|
|
Gross
profit
|
$
|
810,501
|
|
|
|
15.2
|
%
|
|
$
|
789,578
|
|
|
|
15.5
|
%
|
|
Operating
expenses
|
$
|
600,284
|
|
|
|
11.3
|
%
|
|
$
|
580,428
|
|
|
|
11.4
|
%
|
|
Workforce reduction
and facility closure charge
|
|
-
|
|
|
|
0.0
|
%
|
|
|
(12,975)
|
|
|
|
(0.3%)
|
|
|
Asset impairment
charge
|
|
-
|
|
|
|
-
|
|
|
|
(1,183)
|
|
|
|
(0.0%)
|
|
|
Loss on disposition of
business
|
|
(8,234)
|
|
|
|
(0.2%)
|
|
|
|
-
|
|
|
|
-
|
|
|
Adjusted operating
expenses
|
$
|
592,050
|
|
|
|
11.1
|
%
|
|
$
|
566,270
|
|
|
|
11.1
|
%
|
|
Operating
income
|
$
|
210,217
|
|
|
|
3.9
|
%
|
|
$
|
209,150
|
|
|
|
4.1
|
%
|
|
Operating expense item
noted above
|
|
8,234
|
|
|
|
0.2
|
%
|
|
|
14,158
|
|
|
|
0.3
|
%
|
|
Adjusted operating
income
|
$
|
218,451
|
|
|
|
4.1
|
%
|
|
$
|
223,308
|
|
|
|
4.4
|
%
|
|
Net income
|
$
|
119,198
|
|
|
|
|
|
|
$
|
123,170
|
|
|
|
|
|
|
Operating expense item
noted above, net of tax
|
|
8,234
|
|
|
|
|
|
|
|
9,227
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
127,432
|
|
|
|
|
|
|
$
|
132,397
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
3.05
|
|
|
|
|
|
|
$
|
3.06
|
|
|
|
|
|
|
Per share operating
expense item noted above
|
|
0.21
|
|
|
|
|
|
|
|
0.23
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
|
3.26
|
|
|
|
|
|
|
$
|
3.29
|
|
|
|
|
|
|
Weighted average
number of common shares - diluted
|
|
39,130
|
|
|
|
|
|
|
|
40,236
|
|
|
|
|
|
Note: Adjusted Operating Expenses, Adjusted Operating Income,
Adjusted Net Income and Adjusted Diluted Earnings Per Share for the
year ended December 31, 2014 exclude
the effects of an $8.2 million loss
on disposition of business; for the year ended December 31, 2013, these measures exclude the
effects of a $13.0 million net charge
related to workforce reduction and facility closures, and a
$1.2 million non-deductible asset
impairment charge. Generally Accepted Accounting Principles require
that the effects of these items be included in the Condensed
Consolidated Statements of Income. Management believes that
excluding these items results in an appropriate comparison of the
Company's ongoing operating results and the results of the prior
year. It is helpful to provide readers of the financial statements
with a reconciliation of these items to the Condensed Consolidated
Statements of Income reported in accordance with Generally Accepted
Accounting Principles.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/united-stationers-reports-fourth-quarter-2014-financial-results-announces-restructuringrepositioning-plan-300036622.html
SOURCE United Stationers Inc.