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Essendant Inc (ESND) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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 2018 RESULTS

 

DEERFIELD, Ill., October 25, 2018 – Essendant Inc. (NASDAQ: ESND), a leading national distributor of workplace items, today announced financial results for the third quarter ended September 30, 2018, as follows:

 

Third Quarter 2018 Summary

 

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

 

Loss per share in the quarter was $(0.12) compared to $(2.23) in the prior year quarter. Net loss was $(4.5) million in the quarter compared to $(81.9) million in the prior year quarter.

 

Adjusted diluted earnings per share(1) in the quarter was $0.14, compared to $0.03 in the prior year quarter. Adjusted net income (1) was $5.4 million in the quarter compared to $1.2 million in the third quarter of 2017.

 

Free cash flow(1) was $23.0 million in the nine months ended September 30, 2018, including transaction costs of $13.1 million year-to-date.

 

“Essendant’s results in the third quarter were in line with our expectations, reflecting the team’s execution of our strategic drivers,” said Ric Phillips, President and Chief Executive Officer of Essendant.  “We continue to expect the Staples transaction to close in the fourth quarter of this year and are confident in the clear benefits the transaction will enable us to deliver to our customers and the definitive value it provides our shareholders.”

 

Third Quarter Performance

 

Net sales decreased 1.2% compared to the prior year quarter, driven by reduced sales in the national reseller channel being partially offset by higher sales in the industrial and automotive customer channels. Net sales by product category were:

 

JanSan Products: decreased $0.5 million or 0.2% to $353.1 million.

 

Technology Products:  decreased $13.6 million or 4.1% to $317.2 million.

 

Traditional Office Products:  decreased $14.5 million or 6.9% to $194.9 million.

 

Industrial Supplies:  increased $17.2 million or 12.0% to $160.6 million.

 

Cut-sheet Paper Products:  increased $6.3 million or 5.5% to $120.1 million.

 

Automotive Products:  increased $2.2 million or 2.8% to $77.9 million.

 

Office Furniture:  decreased $9.7 million or 13.0% to $64.7 million.

 

 

(1)

This is non-GAAP information. See the Reconciliation of Non-GAAP Financial Measures section of this document for more information.

 

 

-1-


The following information was filed by Essendant Inc (ESND) on Thursday, October 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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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 Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Amounts Reclassified Out Of Aoci Into Income Statement (Detail)
Accumulated Other Comprehensive 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 - 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 - Summary Of Amortization Expense To Be Incurred In 2018 Through 2022 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)
Independent Reseller Channel Investments
Independent Reseller Channel Investments - Additional Information (Detail)
Legal Matters
Legal Matters - Additional Information (Detail)
Other Assets And Liabilities
Other Assets And Liabilities - Additional Information (Detail)
Pending Transaction Activity
Pending Transaction Activity - 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)
Pension And Post-Retirement Benefit Plans - Summary Of Retrospective Presentation Of Periodic Pension Cost In Condensed Consolidated Statement Of Operations (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Detail)
Revenue Recognition - Schedule Of Disaggregated Revenue (Detail)
Revenue Recognition - Schedule Of Prepaid Customer Rebates Future Amortization (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 Liabilities Associated With Restructuring Actions (Detail)
Share-Based Compensation
Share-Based Compensation - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

Essendant Inc provided additional information to their SEC Filing as exhibits

Ticker: ESND
CIK: 355999
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025148
Submitted to the SEC: Thu Oct 25 2018 4:46:27 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Wholesale Paper And Paper Products

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