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United Stationers Inc (ESND) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Essendant Inc

CIK: 355999 Ticker: ESND

Exhibit 99.1

 

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

UNITED STATIONERS REPORTS RECORD REVENUE AND EARNINGS PER SHARE

DEERFIELD, Illinois, February 14, 2013 – United Stationers Inc. (NASDAQ: USTR) reported record revenue and earnings per share for both the fourth quarter and year ended December 31, 2012. It also announced a workforce reduction and facility closure program to reduce costs while allowing continued investment in growth initiatives. The company intends to record a pre-tax charge in the first quarter of 2013 for expenses related to this program.

Fourth Quarter Financial Summary

 

   

Diluted earnings per share for the quarter were up 25% to $0.81.

 

   

Net sales increased 3.6% from the prior-year period to $1.24 billion.

 

   

Gross margin reached $201.7 million, or 16.2% of sales.

 

   

Operating expenses were $146.3 million, or 11.8% of sales.

 

   

Operating income increased by 21% to $55.4 million or 4.4% of sales.

 

   

Net income rose by 18% to $32.9 million.

 

   

The company completed the acquisition of O.K.I. Supply Co. (OKI) during the quarter.

2012 Financial Summary

 

   

Diluted earnings per share were $2.73, compared with $2.42 in 2011. Adjusted earnings per share in 2012 grew 12% to $2.82(1) from $2.51(1).

 

   

Net sales rose 1.9% from the prior year to $5.1 billion, after adjusting for one fewer selling day in 2012.

 

   

Gross margin was $774.6 million or 15.2% of sales.

 

   

Operating expenses were $573.7 million or 11.3% of sales. Adjusted operating expenses were $567.4 million(1) or 11.2%(1) of sales.

 

   

Operating income was $200.9 million or 4.0% of sales. Adjusted operating income reached $207.2 million(1) or 4.1%(1) of sales.

 

   

Net cash provided by operating activities totaled $189.8 million.

 

   

2.5 million shares were repurchased at a cost of $69.9 million.

“Our fourth quarter results showed progress on many fronts,” said Cody Phipps, president and chief executive officer. “Benefiting from our recent acquisition, United’s industrial platform is expected to contribute 12% of total revenues and is well positioned for future growth. Our other businesses also continued to show sales and profit growth. This reflected the success of our cost control and value-adding initiatives, and our continued focus on building capabilities that help customers and suppliers capitalize on opportunities in this evolving market. As a result, we generated record revenue, EPS growth and strong cash flow.”

 

 

(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 to financial results are presented in accordance with U.S. Generally Accepted Accounting Principles.

 

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The following information was filed by Essendant Inc (ESND) on Thursday, February 14, 2013 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
Valuation And Qualifying Accounts (detail)
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 Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Schedule Of Accumulated Other Comprehensive Loss (detail)
Basis Of Presentation
Basis Of Presentation (tables)
Basis Of Presentation - Additional Information (detail)
Basis Of Presentation - Purchase Price Allocation (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Schedule Of Debt Maturities (detail)
Debt - Schedule Of Long-term Debt Components (detail)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Derivative Financial Instruments - Schedule Of Effect Of Derivative Instruments On Income Statement (detail)
Derivative Financial Instruments - Schedule Of Interest Rate Swap Agreements, Cash Flow Hedges (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Schedule Of Financial Instruments Measured At Fair Value (detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Schedule Of Estimated Fair Value Of Financial Instruments (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Summary Of Amortization Expense Expected To Be Incurred Over Next Five Years On Intangible Assets (detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets Of Company By Major Class (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Effective Income Tax Rates Varied From Statutory Federal Income Tax Rate (detail)
Income Taxes - Schedule Of Provision For Income Taxes (detail)
Income Taxes - Schedule Of Unrecognized Tax Benefits (detail)
Leases, Contractual Obligations And Contingencies
Leases, Contractual Obligations And Contingencies (tables)
Leases, Contractual Obligations And Contingencies - Additional Information (detail)
Leases, Contractual Obligations And Contingencies - Schedule Of Future Minimum Lease Payments Under Operating Leases (detail)
Other (income) Expense, Net
Other (income) Expense, Net - Additional Information (detail)
Other Assets And Liabilities
Other Assets And Liabilities (tables)
Other Assets And Liabilities - Schedule Of Other Assets And Liabilities (detail)
Other Assets And Liabilities - Schedule Of Other Assets And Liabilities (parenthetical) (detail)
Pension Plans And Defined Contribution Plan
Pension Plans And Defined Contribution Plan (tables)
Pension Plans And Defined Contribution Plan - Additional Information (detail)
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 (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Amounts Recognized In Consolidated Balance Sheets (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Change In Plan Assets (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Components Of Net Periodic Benefit Cost (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Estimated Future Benefit Payments (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Fair Values Of Pension Plan Assets (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Fair Values Of Pension Plan Assets (parenthetical) (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Pension Plan Investment Allocations (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Plan Funded Status (detail)
Pension Plans And Defined Contribution Plan - Schedule Of Reconciliation Of Changes In Projected Benefit Obligation (detail)
Postretirement Health Benefits
Postretirement Health Benefits (tables)
Postretirement Health Benefits - Additional Information (detail)
Postretirement Health Benefits - Schedule Of Change In Accrued Postretirement Benefit Obligation (detail)
Postretirement Health Benefits - Schedule Of Net Periodic Postretirement Benefit Cost (detail)
Postretirement Health Benefits - Schedule Of Weighted-average Assumptions Used For Retiree Medical Plan (detail)
Preferred Stock
Preferred Stock - Additional Information (detail)
Quarterly Financial Data - Schedule Of Quarterly Financial Data (detail)
Quarterly Financial Data - Schedule Of Quarterly Financial Data (parenthetical) (detail)
Quarterly Financial Data-unaudited
Quarterly Financial Data-unaudited (tables)
Schedule Ii Valuation And Qualifying Accounts
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Schedule Of Net Sales By Product Category (detail)
Severance And Restructuring Charges
Severance And Restructuring Charges - Additional Information (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Schedule Of Intrinsic Value Of Options Exercised (detail)
Share-based Compensation - Schedule Of Intrinsic Value Of Options Outstanding, Exercisable (detail)
Share-based Compensation - Schedule Of Intrinsic Value Of Restricted Shares Outstanding (detail)
Share-based Compensation - Schedule Of Intrinsic Value Of Restricted Shares Vested (detail)
Share-based Compensation - Schedule Of Outstanding And Exercisable Options Granted (detail)
Share-based Compensation - Schedule Of Restricted Stock And Rsu Grants And Changes (detail)
Share-based Compensation - Schedule Of Share-based Compensation Expense (detail)
Share-based Compensation - Schedule Of Stock Options (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Capitalized Software Included In Property, Plant And Equipment (detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (tables)
Supplemental Cash Flow Information - Schedule Of Supplemental Disclosures Of Cash Flow Information (detail)
Ticker: ESND
CIK: 355999
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-071543
Submitted to the SEC: Fri Feb 22 2013 4:20:19 PM EST
Accepted by the SEC: Fri Feb 22 2013
Period: Monday, December 31, 2012
Industry: Wholesale Paper And Paper Products

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