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United Stationers Inc (ESND) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Essendant Inc

CIK: 355999 Ticker: ESND

Exhibit 99.1

 

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Executive Offices    For Further Information Contact:
One Parkway North Blvd.   
Suite 100    Cody Phipps
Deerfield, IL 60015-2559    President and Chief Executive Officer
                       or
   Fareed Khan
   Sr. Vice President and Chief Financial Officer
   United Stationers Inc.
   (847) 627-7000

UNITED STATIONERS REPORTS RECORD EPS FOR 2011 AND

SOLID FOURTH QUARTER PERFORMANCE

DEERFIELD, Illinois, February 13, 2012 – United Stationers Inc. (NASDAQ: USTR) reported solid results for its fourth quarter and record revenues and earnings per share for the year ended December 31, 2011. In addition, the company announced a distribution network optimization and targeted cost reduction program.

Fourth Quarter Financial Summary

 

   

Diluted earnings per share for the fourth quarter of 2011 were $0.65, flat compared with the prior-year quarter. However, adjusted earnings per share were up 10% to $0.64(1) from $0.58(1) in 2010. Fourth quarter 2011 results were adjusted down by $0.01 per share for a partial reversal of a workforce realignment charge and the prior-year quarter was adjusted down by $0.07 per share for employee-related items, respectively.

 

   

Net sales increased 1.3% from the prior-year period to $1.2 billion.

 

   

Gross margin was $173.7 million or 14.5% of sales, compared with $189.6 million or 16.0% of sales a year ago.

 

   

Adjusted operating expenses were $128.6 million(1) or 10.7%(1) of sales in the quarter, down from $137.0 million(1) or 11.5%(1) of sales in the prior-year quarter.

 

   

Operating income for the fourth quarter of 2011 was $45.9 million or 3.8% of sales. Adjusted operating income was $45.2 million(1) or 3.8 %(1) of sales, compared with $52.6 million(1) or 4.4%(1) of sales in the prior-year quarter.

2011 Financial Summary

 

   

Diluted earnings per share for 2011 were $2.42, compared with $2.34 in 2010. Adjusted earnings per share in 2011 grew 15% to $2.51(1) from $2.19(1) in 2010. Earnings per share in 2011 were adjusted up by $0.09 per share to remove the impact of an equity compensation charge, an asset impairment charge and an employee-related item. For 2010, earnings per share were adjusted down by $0.15 to exclude employee-related items.

 

   

Net sales rose 3.6% from the prior year to $5.0 billion.

 

   

Gross margin was $740.1 million or 14.8% of sales, versus $730.6 million or 15.1% of sales in 2010.

 

   

Adjusted operating expenses were $536.4 million(1) or 10.7%(1) of sales in 2011, compared with $532.4 million(1) or 11.0%(1) of sales in 2010.

 

   

Operating income for 2011 was $198.3 million or 4.0% of sales. Adjusted operating income increased 3% to $203.6 million(1) or 4.1%(1) of sales, compared with $198.2 million(1) or 4.1%(1) of sales in the prior year.

 

   

Net cash provided by operating activities totaled $130.4 million versus $114.8 million last year.

 

   

5.1 million shares were repurchased at a cost of $162.7 million.

“We had record results in 2011, with outstanding performance in our growth initiatives helping to offset a more challenging office products environment,” said Cody Phipps, president and chief executive officer. “This performance reinforces the effectiveness of our strategy for long-term growth delivered by our team of associates. We are taking action to accelerate our growth efforts in the industrial and janitorial & breakroom businesses, optimize our distribution network for the future, and drive targeted cost reductions to support margins.”

 

(1) 

This is non-GAAP information. A reconciliation of these items to the most comparable GAAP measures is presented at the end of this news release. Except as noted, all references within this news release to financial results are presented in accordance with U.S. Generally Accepted Accounting Principles.

 

-more-


The following information was filed by Essendant Inc (ESND) on Monday, February 13, 2012 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (schedule Of Accumulated Other Comprehensive Loss) (details)
Accumulated Other Comprehensive Loss (tables)
Basis Of Presentation
Basis Of Presentation (narrative) (details)
Basis Of Presentation (past Or Future Cash Dividends) (details)
Basis Of Presentation (tables)
Derivative Financial Instruments
Derivative Financial Instruments (narrative) (details)
Derivative Financial Instruments (schedule Of Effect Of Derivative Instrument On Income Statement) (details)
Derivative Financial Instruments (schedule Of Interest Rate Swap Agreements, Cash Flow Hedges) (details)
Derivative Financial Instruments (tables)
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (schedule Of Computation Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (narrative) (details)
Fair Value Measurements (schedule Of Financial Instrument Measured At Fair Value) (details)
Fair Value Measurements (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (schedule Of Estimated Fair Value Of Financial Instruments) (details)
Fair Value Of Financial Instruments (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (narrative) (details)
Goodwill And Intangible Assets (summary Of Amortization Expense Expected To Be Incurred Over The Next Five Years On Intangible Assets) (details)
Goodwill And Intangible Assets (summary Of Intangible Assets Of Company By Major Class) (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rates Varied From The Statutory Federal Income Tax Rate) (details)
Income Taxes (schedule Of Provision For Income Taxes) (details)
Income Taxes (schedule Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Leases, Contractual Obligations And Contingencies
Leases, Contractual Obligations And Contingencies (details)
Leases, Contractual Obligations And Contingencies (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Debt Maturities) (details)
Long-term Debt (schedule Of Long-term Debt Components) (details)
Long-term Debt (tables)
Off-balance Sheet Financing
Off-balance Sheet Financing (details)
Other (income) Expense, Net
Other (income) Expense, Net (narrative) (details)
Other (income) Expense, Net (schedule Of Components Of Other Expense) (details)
Other (income) Expense, Net (tables)
Other Assets And Liabilities
Other Assets And Liabilities (schedule Of Other Assets And Liabilities) (details)
Other Assets And Liabilities (tables)
Pension Plans And Defined Contribution Plan
Pension Plans And Defined Contribution Plan (narrative) (details)
Pension Plans And Defined Contribution Plan (schedule Of Actuarial Assumptions For Discount Rates, Expected Long-term Rates Of Return On Plan Assets, And Rates Of Increase In Compensation And Healthcare Costs) (details)
Pension Plans And Defined Contribution Plan (schedule Of Amounts Recognized In Consolidated Balance Sheets) (details)
Pension Plans And Defined Contribution Plan (schedule Of Change In Plan Assets) (details)
Pension Plans And Defined Contribution Plan (schedule Of Components Of Net Periodic Benefit Cost) (details)
Pension Plans And Defined Contribution Plan (schedule Of Estimated Future Benefit Payments) (details)
Pension Plans And Defined Contribution Plan (schedule Of Fair Values Of Pension Plan Assets) (details)
Pension Plans And Defined Contribution Plan (schedule Of Pension Plan Investment Allocations) (details)
Pension Plans And Defined Contribution Plan (schedule Of Plan Funded Status) (details)
Pension Plans And Defined Contribution Plan (schedule Of Reconciliation Of Changes In Projected Benefit Obligation) (details)
Pension Plans And Defined Contribution Plan (tables)
Postretirement Health Benefits
Postretirement Health Benefits (narrative) (details)
Postretirement Health Benefits (schedule Of Change In Accrued Postretirement Benefit Obligation) (details)
Postretirement Health Benefits (schedule Of Change In Plan Assets) (details)
Postretirement Health Benefits (schedule Of Net Periodic Postretirement Benefit Cost) (details)
Postretirement Health Benefits (schedule Of Plan Funded Status) (details)
Postretirement Health Benefits (schedule Of Weighted-average Assumptions Used For The Retiree Medical Plan) (details)
Postretirement Health Benefits (tables)
Preferred Stock
Preferred Stock (details)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Net Sales By Product Category) (details)
Segment Information (tables)
Severance And Restructuring Charges
Severance And Restructuring Charges (details)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Intrinsic Value Of Options Exercised) (details)
Share-based Compensation (schedule Of Intrinsic Value Of Options Outstanding, Exercisable) (details)
Share-based Compensation (schedule Of Intrinsic Value Of Restricted Shares Outstanding) (details)
Share-based Compensation (schedule Of Intrinsic Value Of Restricted Shares Vested) (details)
Share-based Compensation (schedule Of Outstanding And Exercisable Options Granted) (details)
Share-based Compensation (schedule Of Restricted Stock And Rsu Grants And Changes) (details)
Share-based Compensation (schedule Of Share-based Compensation Expense) (details)
Share-based Compensation (schedule Of Stock Options) (details)
Share-based Compensation (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Capitalized Software Included In Property, Plant And Equipment) (details)
Summary Of Significant Accounting Policies (schedule Of Cash And Short-term Investments) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (schedule Of Supplemental Disclosures Of Cash Flow Information) (details)
Supplemental Cash Flow Information (tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Ticker: ESND
CIK: 355999
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-082027
Submitted to the SEC: Mon Feb 27 2012 5:22:51 PM EST
Accepted by the SEC: Mon Feb 27 2012
Period: Saturday, December 31, 2011
Industry: Wholesale Paper And Paper Products

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