(PRNewswire) — 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 third quarter ended September 30, 2016.
2016 Third Quarter Business Highlights:
- Net sales of $100.4 million vs. $106.4 million in Q3 2015
- Diluted earnings per share were $0.06 vs. $1.69 in Q3 2015; adjusted diluted EPS were $0.07 vs. $0.09 in Q3 2015
- Net income attributable to ARC of $2.8 million, adjusted net income attributable to ARC of $3.0 million
- YTD Cash flow from operations of $34.0 million vs. $43.1 million in 2015
- EBITDA of $14.4 million or 14.4%; adjusted EBITDA of $15.1 million or 15.1%
- Uses of cash in the third quarter included additional $7 million in additional senior debt repayment
- Management maintains 2016 forecast 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 in the range of $59 million to $63 million.
|
Financial Highlights: |
|||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||
|
September 30, |
September 30, |
||||||||||||
|
(All dollar amounts in millions, except EPS) |
2016 |
2015 |
2016 |
2015 |
|||||||||
|
Net Sales |
$ |
100.4 |
$ |
106.4 |
$ |
307.8 |
$ |
324.1 |
|||||
|
Gross Margin |
32.6 |
% |
33.8 |
% |
33.4 |
% |
34.8 |
% |
|||||
|
Net income (loss) attributable to ARC |
$ |
2.8 |
$ |
80.3 |
$ |
(50.5) |
$ |
94.0 |
|||||
|
Adjusted Net Income attributable to ARC |
$ |
3.0 |
$ |
4.2 |
$ |
10.5 |
$ |
13.6 |
|||||
|
Earnings (loss) per share - Diluted |
$ |
0.06 |
$ |
1.69 |
$ |
(1.10) |
$ |
1.98 |
|||||
|
Adjusted earnings per share - Diluted |
$ |
0.07 |
$ |
0.09 |
$ |
0.23 |
$ |
0.29 |
|||||
|
Cash provided by operating activities |
$ |
12.2 |
$ |
21.0 |
$ |
34.0 |
$ |
43.1 |
|||||
|
EBITDA |
$ |
14.4 |
$ |
17.0 |
$ |
(28.1) |
$ |
53.2 |
|||||
|
Adjusted EBITDA |
$ |
15.1 |
$ |
17.9 |
$ |
48.1 |
$ |
56.2 |
|||||
|
Capital Expenditures |
$ |
2.4 |
$ |
3.9 |
$ |
7.6 |
$ |
11.5 |
|||||
|
Debt & Capital Leases (including current), net of unamortized deferred financing fees |
$ |
158.9 |
$ |
178.6 |
|||||||||
