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United Stationers Inc (ESND) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Essendant Inc

CIK: 355999 Ticker: ESND

Exhibit 99.1

 

n e w s  r e l e a s e

 

Executive Offices

 

For Further Information Contact:

One Parkway North Blvd.

 

 

Suite 100

 

 

Deerfield, IL 60015-2559

 

Richard W. Gochnauer

 

 

Chief Executive Officer

 

 

or

 

 

Victoria J. Reich

 

 

Sr. Vice President and Chief Financial Officer

 

 

United Stationers Inc.

 

 

(847) 627-7000

 

UNITED STATIONERS REPORTS RECORD 2010 EARNINGS PER SHARE
AND STRONG FOURTH QUARTER RESULTS

 

DEERFIELD, Ill., Feb. 10, 2011 — United Stationers Inc. (NASDAQ: USTR) reported strong results for its fourth quarter and year ended December 31, 2010, and record high 2010 earnings per share.

 

Fourth Quarter Financial Summary

 

·            Diluted earnings per share were $1.31 for 2010.  Excluding certain items, adjusted diluted earnings per share in 2010 were up 19% to $1.17(1) from $0.98(1) in 2009.

·            Net sales were $1.2 billion, up 0.3% from the prior year’s fourth quarter.

·            Gross margin was $189.5 million, or 16.0% of sales, versus $178.0 million, or 15.1% of sales, in 2009.

·            Operating expenses were $131.4 million in 2010.  Adjusted operating expenses were $136.9 million(1), or 11.5%(1) of sales in 2010, compared with $133.1 million(1), or 11.3%(1) of sales in 2009.

·            Operating income was $58.1 million in 2010.  Adjusted operating income in 2010 was up 17% to $52.6 million(1), or 4.4%(1) of sales, compared with $44.9 million(1), or 3.8%(1) sales, in the prior-year quarter.

·            Net income was $31.1 million in 2010.  Adjusted net income in the fourth quarter of 2010 was up 15% to $27.7 million(1) versus $24.1 million(1) in the prior-year quarter.

 

2010 Financial Summary

 

·            Diluted earnings per share were $4.67 for 2010.  Excluding certain items, adjusted diluted earnings per share in 2010 were up 12% to $4.37(1) from $3.91(1) in 2009.

·            Net sales were up from the prior year by 2.6% to $4.8 billion.

·            Gross margin was $730.6 million, or 15.1% of sales, versus $690.6 million, or 14.7% of sales in 2009.

·            Operating expenses in 2010 were $520.8 million.  Excluding the abovementioned items, adjusted operating expenses were $532.4 million(1), or 11.0%(1) of sales in 2010, compared with $513.6 million(1), or 10.9%(1) of sales in 2009.

·            Operating income was $209.8 million.  Excluding the abovementioned items, adjusted operating income in 2010 was up 12% to $198.2 million(1), or 4.1%(1) of sales, compared with $177.0 million(1), or 3.8%(1) of sales, in the prior year.

·            Net income was $112.8 million in 2010.  Adjusted net income in 2010 was up 12% to $105.6 million(1) versus $94.3 million(1) in the prior year.

·            Net cash provided by operating activities totaled $114.8 million versus $239.4 million last year.

·            Share repurchases totaled 1.96 million shares at a cost of $113.2 million.

 

“We set challenging goals for 2010 to which our associates responded by delivering strong results on behalf of our customers, suppliers, communities and investors,” said Richard W. Gochnauer, chief executive officer of United Stationers.  “Sales growth of 2.6% was largely driven by targeted growth initiatives that overcame lackluster economic conditions.  Disciplined execution enabled higher margins and solid cash flow, which was deployed to invest in growth strategies and returned to investors through share repurchases.  We set the stage for 2011 with investments aimed at advancing our value proposition for customers and suppliers, and are well positioned to accelerate results from our growth initiatives.”

 

-more-


The following information was filed by Essendant Inc (ESND) on Friday, February 11, 2011 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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