Essendant Reports Full-Year and Fourth Quarter 2015 Results

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Exhibit 99.1

 

 

 

 

 

  

news release

 

 

 

 

 

 

Executive Offices

One Parkway North Blvd.

Suite 100

Deerfield, IL 60015-2559

  

For Further Information Contact:

Kaveh Bakhtiari

investorrelations@essendant.com

(847) 627-2900

 

 

ESSENDANT REPORTS FULL-YEAR AND FOURTH QUARTER 2015 RESULTS

 

DEERFIELD, Ill., February 16, 2016 – Essendant Inc. (NASDAQ: ESND), a leading supplier of workplace essentials, today announced financial results for the fourth quarter and year ended December 31, 2015.  Key results were as follows:

 

 

·

FY 2015 adjusted earnings per share of $3.08 (1)

 

·

Q4 2015 adjusted earnings per share increased three cents to $0.81(1) year-over-year

 

·

FY 2015 sales increased 0.7% year-over-year

 

·

Q4 2015 sales declined 2.7% year-over-year

 

·

FY 2015 GAAP net income (loss) declined to $(1.18) per share from $2.87 per share in 2014 due principally to goodwill impairments and restructuring actions

 

·

Restructuring charges and industrial asset impairment drove Q4 2015 GAAP net loss of $95.8 million

 

·

FY 2015 free cash flow increased by $79.7 million to $134.6 million

 

·

Reached agreement with Staples to acquire more than $550 million in wholesale corporate contract business contingent on the Office Depot merger

“In 2015 we took a series of actions to position the company for success, including renewing the focus on our core Office Product and JanSan businesses, lowering our cost structure and rebranding to Essendant,” said Robert B. Aiken, Jr., president and chief executive officer of Essendant. “The impact of our actions was reflected in our fourth quarter as the team executed well – delivering strong earnings per share in the face of macroeconomic headwinds.  As we look ahead, we are well-positioned to continue implementing our strategic initiatives and deliver revenue and earnings growth in 2016 consistent with our previous guidance.”

 

 

 

 

 

(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 unless stated otherwise.

 

-1-


The following information was filed by Essendant Inc (ESND) on Wednesday, February 17, 2016 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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