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Essendant Inc (ESND) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Essendant Inc

CIK: 355999 Ticker: ESND

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 THIRD QUARTER 2017 RESULTS

 

DEERFIELD, Ill., October 25, 2017 – Essendant Inc. (NASDAQ: ESND), a leading national wholesale distributor of workplace items, today announced financial results for the third quarter ended September 30, 2017.  Key results for third quarter 2017 were as follows:

 

Third Quarter 2017 Summary

 

Revenue declined 5.5% to $1.3 billion, compared to $1.4 billion in the prior year quarter.

 

GAAP loss per share in the quarter was $(2.23) compared to diluted earnings per share of $0.99 in the prior year quarter. GAAP net loss was $(81.9) million in the quarter, including a goodwill impairment of $(79.5) million, after-tax, and $(265.4) million in the first nine months of 2017.

 

Adjusted diluted earnings per share(1) of $0.03 in the quarter decreased compared to $0.57 in the prior year quarter. Adjusted net income(1) was $1.2 million in the quarter and $20.7 million in the first nine months of 2017.

 

Free cash flow(1) was $68.4 million in the quarter and $180.5 million in the first nine months of 2017.

 

“Challenging industry dynamics and sales declines persisted, particularly in our national accounts channel,” said Ric Phillips, President and Chief Executive Officer of Essendant.  “This year’s sales declines were largely unanticipated and outpaced our ability to reduce costs.  Accordingly, I have worked with our leadership team and our Board to identify and launch the key strategic drivers that will improve our performance: improving efficiency across our distribution network and aligning our cost base, driving sales performance in key growth channels, and developing supplier partnerships that leverage our network and capabilities.  We will act with urgency to execute against these priorities and reset our cost structure.  We are targeting annualized cost savings in excess of $50 million by 2020.  We have launched efforts to achieve these savings and will continue to refine this savings target and provide updates as we develop our detailed plans.”

 

 

 

 

(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, October 25, 2017 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of (loss) Income (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Comprehensive (loss) Income (unaudited)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) - Amounts Reclassified Out Of Aoci Into Income Statement (detail)
Accumulated Other Comprehensive Income (loss) - Change In Accumulated Other Comprehensive Income (loss) (aoci) By Component, Net Of Tax (detail)
Basis Of Presentation
Basis Of Presentation (policies)
Basis Of Presentation - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Schedule Of Long-term Debt Components (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)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Schedule Of Carrying Amount Of Goodwill By Reporting Unit And Impairment Recognized (detail)
Goodwill And Intangible Assets - Summary Of Amortization Expense To Be Incurred In 2017 Through 2021 On Intangible Assets (detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets Of Company By Major Class (detail)
Income Taxes
Income Taxes - Additional Information (detail)
Legal Matters
Legal Matters - Additional Information (detail)
Other Assets And Liabilities
Other Assets And Liabilities - Additional Information (detail)
Pension And Post-retirement Benefit Plans
Pension And Post-retirement Benefit Plans (tables)
Pension And Post-retirement Benefit Plans - Additional Information (detail)
Pension And Post-retirement Benefit Plans - Schedule Of Components Of Net Periodic Pension Cost (detail)
Severance And Restructuring Charges
Severance And Restructuring Charges (tables)
Severance And Restructuring Charges - Additional Information (detail)
Severance And Restructuring Charges - Schedule Of Expenses, Cash Flows, And Accrued Liabilities Associated With Restructuring Actions (detail)
Share-based Compensation
Share-based Compensation - Additional Information (detail)
Ticker: ESND
CIK: 355999
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-020028
Submitted to the SEC: Wed Oct 25 2017 4:45:32 PM EST
Accepted by the SEC: Wed Oct 25 2017
Period: Saturday, September 30, 2017
Industry: Wholesale Paper And Paper Products

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