SAN FRANCISCO (Thomson Financial) - United Stationers Inc. late Thursday
reported first-quarter net earnings of $21.3 million, or 88 cents a share, a
penny above the 97-cent mean estimate of three analysts polled by Thomson
Reuters.
In the same period a year-ago, the company posted a net profit of $27.2
million, or 90 cents a share.
Sales for the first quarter ended March 31 were $1.25 billion, up 5% from
$1.19 billion a year ago. The acquisition of ORS Nasco in December of 2007 added
$74 million to 2008 first quarter sales.
"We are taking action to help offset the effects of a weaker economy that
adversely affected sales, particularly in higher margin discretionary products,"
said Richard Gochnauer, president and chief executive, in a statement. "We
reduced product purchases and are managing inventory levels consistent with the
sales environment."
Shares of the Deerfield, Ill.-based office products company closed at
$45.72.
Gabriel Madway
gm
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