Exhibit 99.1

 

 

 

 

 

 

 

 

Executive Offices

One Parkway North Blvd.

Suite 100

Deerfield, IL 60015-2559

  

For Further Information Contact:

investorrelations@essendant.com

(847) 627-2900

 

 

 

ESSENDANT REPORTS FOURTH QUARTER AND FULL YEAR 2017 RESULTS

ANNOUNCES DETAILS OF RESTRUCTURING PROGRAM

DEERFIELD, Ill., February 21, 2018 – Essendant Inc. (Nasdaq: ESND), a leading national distributor of workplace items, today announced financial results for the fourth quarter and year ended December 31, 2017. The Company also announced details of a restructuring program to support the execution of its strategic drivers.

 

Fourth Quarter 2017 Summary

 

Revenue decreased 4.5% compared to the fourth quarter last year, to $1.2 billion

 

GAAP loss per share was $(0.04), compared to a loss of $(0.06) per share in the fourth quarter 2016

 

Adjusted diluted income per share(1) was $0.11, compared to adjusted diluted loss per share of $(0.02) in the fourth quarter last year

“We are continuing to implement the strategic drivers that I described last quarter: 1) improving efficiency across our distribution network and reducing our cost base, 2) accelerating sales performance in key channels where we are positioned to grow, and 3) advancing supplier partnerships that leverage our network and capabilities,” said Ric Phillips, President and Chief Executive Officer of Essendant. “I am pleased with our early progress and we continue to build momentum.  We have seen growth in our key JanSan reseller channel and the Industrial reseller channel, though overall sales continued to be significantly pressured by changes in the sourcing strategies of the national resellers, as reflected in our product category sales results.  We also have advanced our inbound freight consolidation consistent with our plans.  Today we are providing details of our restructuring program to consolidate our distribution network, reduce administrative costs, and refine our product assortment.  These actions enable our strategic drivers and will create value over time.”

 

Fourth Quarter Performance

 

Net sales decreased 4.5% compared to the prior year quarter, driven principally by reduced sales in the national reseller channel. The product category results are as follows.

 

JanSan Products:  decreased $31.5 million, or 9.4%, to $304.0 million

 

Technology Products:  decreased $26.6 million, or 8.5%, to $285.0 million

 

Traditional Office Products:  decreased $8.8 million, or 4.8%, to $175.4 million

 

Industrial Supplies:  increased $15.3 million, or 11.0%, to $154.1 million

 

Cut-sheet Paper Products:  decreased $3.3 million, or 3.3%, to $98.2 million

 

Automotive:  increased $9.4 million, or 12.1%, to $87.4 million

 

Office Furniture:  decreased $11.0 million, or 16.4%, to $56.2 million

 

(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, except losses or unless stated otherwise.

-1-


The following information was filed by Essendant Inc (ESND) on Wednesday, February 21, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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