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 FIRST QUARTER 2018 RESULTS

 

DEERFIELD, Ill., April 25, 2018 – Essendant Inc. (NASDAQ: ESND), a leading national distributor of workplace items, today announced financial results for the first quarter ended March 31, 2018 as follows:

 

First Quarter 2018 Summary

 

Net sales declined 2.3% to $1.2 billion, compared to $1.3 billion in the prior year quarter.

 

GAAP loss per share in the quarter was $(1.40) compared to $(5.15) in the prior year quarter. GAAP net loss was $(51.4) million in the quarter, including restructuring actions of $(44.0) million, after-tax.

 

Adjusted diluted loss per share(1) in the quarter was $(0.12), compared to adjusted diluted earnings per share of $0.25 in the prior year quarter. Adjusted net loss (1) was $(4.3) million in the quarter compared to adjusted net income of $9.2 million in the first quarter of 2017.

 

Free cash flow(1) was $(29.2) million in the quarter as compared to free cash flow of $44.7 million in the first quarter of 2017.

 

“The first quarter’s results reflect the anticipated year over year sales declines in our national reseller channel. Our cost improvement efforts will take time to scale through 2018 and are inclusive of the restructuring program we announced last quarter. We are confident we will deliver more than half of our expected cost savings in 2018, building to a run rate of more than $50 million by 2020. We expect stronger earnings performance in the second half as we fully execute against the strategic drivers we’ve outlined,” said Ric Phillips, President and Chief Executive Officer of Essendant.

 

“Our progress is on track with our expectations for the three strategic drivers: 1) improving efficiency across the distribution network and reducing the cost base, 2) accelerating sales performance in key customer channels and 3) advancing supplier partnerships that leverage our network and capabilities. We’re excited to accelerate our strategic drivers with the announced agreement to combine with S.P. Richards, which will form a stronger, more competitive national business products distributor. We are focused on significantly improving the value of our business for our shareholders, as we help our customers succeed in the face of a rapidly evolving market.”

 

 

 

 

 

(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, April 25, 2018 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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