WALNUT CREEK, CA -- (Marketwired) -- Aug 02, 2016 -- ARC Document Solutions, Inc. (NYSE: ARC), a leading document solutions provider to design, engineering, construction, and facilities management professionals, today reported its financial results for the second quarter ended June 30, 2016.
2016 Second Quarter Business Highlights:
- Net sales of $103.8 million vs. $113.4 million in Q2 2015
- Adjusted diluted earnings per share were $0.10 vs. $0.13 in Q2 2015
- Gross margin of 35.1% vs. 36.0% in Q2 2015 due to lower sales volume
- Cash flow from operations of $16.6 million vs. $16.9 million in Q2 2015
- Adjusted EBITDA of $18.1 million or 17.5%
- Approximately 581,000 shares of ARC common stock repurchased in the open market
- Revised 2016 forecast is for annual adjusted earnings per share to be in the range of $0.24 to $0.28; annual cash flow from operations to be in the range of $48 million to $52 million; and annual adjusted EBITDA is expected to be in the range of $59 million to $63 million.
Financial Highlights:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
(All dollar amounts in millions,
except EPS) 2016 2015 2016 2015
-------- -------- -------- --------
Net Sales $ 103.8 $ 113.4 $ 207.3 $ 217.7
Gross Margin 35.1% 36.0% 33.8% 35.3%
Net (loss) income attributable to
ARC $ (55.9) $ 9.3 $ (53.3) $ 13.7
Adjusted Net Income attributable to
ARC $ 4.8 $ 6.2 $ 7.5 $ 9.4
(Loss) earnings per share - Diluted $ (1.22) $ 0.19 $ (1.15) $ 0.29
Adjusted earnings per share -
Diluted $ 0.10 $ 0.13 $ 0.16 $ 0.20
Adjusted EBITDA $ 18.1 $ 21.6 $ 32.9 $ 38.4
Cash provided by operating
activities $ 16.6 $ 16.9 $ 21.9 $ 22.2
Capital Expenditures $ 2.6 $ 4.1 $ 5.2 $ 7.6
Debt & Capital Leases (including
current), net of unamortized
deferred financing fees $ 164.9 $ 187.0
