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Acco Brands Corp (ACCO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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ACCO Quarterly Reports

Acco Brands Corp

CIK: 712034 Ticker: ACCO
Exhibit 99.1


accobrandslogo.jpgNews Release




FOR IMMEDIATE RELEASE

ACCO BRANDS POSTS FIRST QUARTER EPS OF $0.08 VERSUS $(0.01); ADJUSTED EPS OF $0.07 VERSUS $0.08;
NORTH AMERICA SALES UP 5 PERCENT


LAKE ZURICH, ILLINOIS, May 4, 2020 - ACCO Brands Corporation (NYSE: ACCO), today announced its first quarter earnings for the period ended March 31, 2020.

1Q EPS of $0.08 versus $(0.01) in prior year
Adjusted 1Q EPS of $0.07 versus $0.08 in 2019
1Q net sales $384.1 million, down 3 percent
North America sales grew 5 percent
Declared dividend of $0.065 per share
Amended bank covenant to provide increased financial flexibility
Initiated broad incremental cost reduction actions

"Thanks to the hard work and sacrifices of the global ACCO Brands team, we delivered quarterly results that met our expectations despite the COVID-19-related disruptions. Moving forward, we are facing an uncertain environment with limited visibility due to government and business actions being taken in response to the pandemic. As a result, we have initiated many incremental cost reduction initiatives that will benefit our second quarter and beyond. While the near-term is challenging, we are well-positioned for the long term," said Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands.

"Looking at the second quarter, our back-to-school orders have remained solid while our commercial orders are very soft. Based on what we have seen thus far, we expect our second quarter sales and profits to be down significantly compared with last year. However, our balance sheet remains strong, we have good liquidity, and no debt maturities until May 2024. We also amended our bank debt maintenance covenant to give us additional financial flexibility to deal with the impact of COVID-19. We expect to continue to generate strong cash flow for the full year," Elisman added.

First Quarter Results

Net sales decreased 2.5 percent to $384.1 million from $393.9 million in 2019 due to adverse foreign exchange of $10.6 million, or 2.7 percent. The Foroni acquisition added $14.4 million. Comparable sales decreased 3.5 percent driven by weakness in the EMEA and International segments,

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The following information was filed by Acco Brands Corp (ACCO) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Acco Brands Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Loss (Unaudited)
Consolidated Statements Of Comprehensive Loss (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Stockholders??? Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Rollforward) (Details)
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Purchase Price Allocation To The Fair Value Of Assets Acquired And Liabilities Assumed) (Details)
Acquisitions (Tables)
Basis Of Presentation
Basis Of Presentation Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies Narrative (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Effect Of Derivative Instruments) (Details)
Derivative Financial Instruments (Fair Value Of Derivative Instruments) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments Narrative (Details)
Fair Value Of Financial Instruments Schedule Of Fair Value Assets And Liabilities Measured On A Recurring Basis (Details)
Goodwill And Identifiable Intangibles
Goodwill And Identifiable Intangibles (Acquired Finite-Lived Intangibles) (Details)
Goodwill And Identifiable Intangibles (Estimated Amortization Expense) (Details)
Goodwill And Identifiable Intangibles (Goodwill) (Details)
Goodwill And Identifiable Intangibles (Intangible Assets) (Details)
Goodwill And Identifiable Intangibles (Narrative) (Details)
Goodwill And Identifiable Intangibles (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Information On Business Segments
Information On Business Segments (Net Sales By Segment) (Details)
Information On Business Segments (Operating Income By Segment) (Details)
Information On Business Segments (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Future Minimum Lease Payments) (Details)
Leases (Lease Expense) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Long-Term Debt And Short-Term Borrowings
Long-Term Debt And Short-Term Borrowings (Narrative) (Details)
Long-Term Debt And Short-Term Borrowings (Notes Payable And Long-Term Debt) (Details)
Long-Term Debt And Short-Term Borrowings (Tables)
Pension And Other Retiree Benefits
Pension And Other Retiree Benefits (Net Periodic Benefit Expense) (Details)
Pension And Other Retiree Benefits (Tables)
Recent Accounting Pronouncements
Restructuring
Restructuring (Restructuring Charges And Reconciliation) (Details)
Restructuring (Tables)
Revenue Recognition
Revenue Recognition (Schedule Of Disaggregation Of Revenue) (Details)
Revenue Recognition (Tables)
Revenue Recognition (Unearned Revenue) (Details)
Revenue Recognition Service Or Extended Maintenance Agreements (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Share-Based Compensation Expense) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Unrecognized Compensation Expense) (Details)
Subsequent Event
Subsequent Event Subsequent Events (Details)
Ticker: ACCO
CIK: 712034
Form Type: 10-Q Quarterly Report
Accession Number: 0000712034-20-000069
Submitted to the SEC: Tue May 05 2020 1:19:31 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Blankbooks Looseleaf Binders And Bookbindg And Relatd Work

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