Last10K.com

Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Owens Minor Inc

CIK: 75252 Ticker: OMI


Exhibit 99.1

FOR IMMEDIATE RELEASE                        
February 8, 2016


Owens & Minor Reports 4th Quarter & Full-Year 2015
Financial Results

Company achieved record annual adjusted earnings of $2.00 per share for 2015
Consolidated annual revenues increased 3.5% to $9.77 billion
International segment operating earnings improved $10.6 million compared to 2014

RICHMOND, VA…Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the year ended December 31, 2015, including consolidated revenues of $9.77 billion, which improved 3.5% over the prior year. Net income for 2015 was $103.4 million, or $1.65 per diluted share. Adjusted net income (non-GAAP) was $125.3 million, or $2.00 per diluted share, the strongest earnings result ever reported by the company. The increase of $0.24 in adjusted earnings per diluted share resulted from continued progress in repositioning the International segment, improving performance from the two 2014 acquisitions, benefits derived from the global sourcing strategy, and early progress associated with implementation of the company’s transformation agenda. A reconciliation of reported results to adjusted (non-GAAP) measures is included below.

Consolidated operating earnings for 2015 were $200.4 million, or 2.05% of revenues, representing an improvement of $40.8 million when compared to last year’s operating earnings. Adjusted consolidated operating earnings (non-GAAP) for the full year improved 12.2% to $227.3 million, or 2.33% of revenues.

“I am pleased with the performance of our teams in the U.S., Europe, and Asia, who worked in concert to close out 2015 on a strong note by achieving solid revenue and record earnings results,” said P. Cody Phipps, president & chief executive officer of Owens & Minor. “We are making solid progress on our transformation agenda, which contributed to our positive results for 2015. Looking ahead, we have a clear path, a newly energized leadership team, and specific plans for creating efficiencies throughout our global business platform. Our focus remains on demonstrating consistent earnings growth, while we reposition the company for long term success.”

Fourth Quarter 2015 Results
For the fourth quarter of 2015, consolidated net revenues were $2.49 billion, representing a slight decline when compared to revenues in the fourth quarter of 2014. Quarterly revenue results reflected the previously discussed exit of certain healthcare customers in the Domestic and International segments. Quarterly net income was $32.1 million, or $0.51 per diluted share. Adjusted net income (non-GAAP) for the quarter was $35.1 million, or $0.56 per diluted share.

Consolidated operating earnings for the fourth quarter of 2015 increased $17.2 million to $58.0 million, when compared to the same period last year. Adjusted consolidated operating earnings (non-GAAP) for the fourth quarter of 2015 were $63.1 million, an improvement of $4.1 million over last year. The quarterly improvements were derived from the same factors highlighted in the annual results.

Asset Management
The balance of cash and cash equivalents was $161 million at December 31, 2015. For the year, the company reported $270 million of cash provided by operating activities, compared to cash used for operating activities of $3.8 million in the prior year. The increase in operating cash flow was driven primarily by improved net income and the recovery from the temporarily unfavorable timing of vendor payments in 2014. Asset management metrics, as of the end of the year, included consolidated days sales outstanding (DSO) of 21.0, compared to DSO of 22.1 days last year; as well as consolidated inventory turns of 9.4 compared to 10.1 for 2014.


Segment Results
For the full year of 2015, Domestic segment revenue increased 4.5% to $9.36 billion, when compared to the prior year. Domestic segment revenues for the fourth quarter of 2015 were $2.38 billion, representing an increase of 1.3% when compared to last

1

The following information was filed by Owens Minor Inc (OMI) on Tuesday, February 9, 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.

View differences made from one year to another to evaluate Owens Minor Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Owens Minor Inc.

Continue

Assess how Owens Minor Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Owens Minor Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Accounts And Notes Receivable, Net
Accounts And Notes Receivable, Net - Additional Information (detail)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Estimated Fair Value Of Assets Acquired And Liabilities Assumed (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Annual Payments Under Non-cancelable Lease Agreements (detail)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (condensed Consolidating Balance Sheet) (detail)
Condensed Consolidating Financial Information (condensed Consolidating Statements Of Cash Flows) (detail)
Condensed Consolidating Financial Information (condensed Consolidating Statements Of Income) (detail)
Condensed Consolidating Financial Information (details)
Condensed Consolidating Financial Information (tables)
Debt
Debt (detail)
Debt (tables)
Debt - Additional Information (detail)
Debt - Future Capital Lease Payments (details)
Derivative Financial Instruments
Derivative Financial Instruments - Additional Information (detail)
Exit And Realignment Costs
Exit And Realignment Costs (tables)
Exit And Realignment Costs - Accrual For Exit And Realignment Costs (detail)
Exit And Realignment Costs - Additional Information (detail)
Financing Receivables And Payables
Financing Receivables And Payables (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Goodwill Rollforward (details)
Goodwill And Intangible Assets - Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Income (loss) Before Income Taxes (detail)
Income Taxes - Income Tax Provision (detail)
Income Taxes - Reconciliation Of Changes In Unrecognized Tax Benefits (detail)
Income Taxes - Reconciliation Of Federal Statutory Rate To Effective Income Tax Rate (detail)
Income Taxes - Tax Effects On Deferred Tax Assets And Deferred Tax Liabilities (detail)
Legal Proceedings
Merchandise Inventories
Merchandise Inventories - Additional Information (detail)
Net Income Per Common Share
Net Income Per Common Share (tables)
Net Income Per Common Share - Summary Of Calculation Of Net Income Per Share (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Retirement Plans
Retirement Plans (tables)
Retirement Plans - Additional Information (detail)
Retirement Plans - Amounts Recognized As Component Of Accumulated Other Comprehensive Loss, Domestic (detail)
Retirement Plans - Components Of Net Periodic Benefit Cost For Domestic Retirement Plans (detail)
Retirement Plans - Domestic Retirement Plan's Financial Status And Amounts Recognized In Consolidated Balance Sheets (detail)
Retirement Plans - Expected Benefit Payments Required For Domestic Retirement Plan (detail)
Segment Information
Segment Information (tables)
Segment Information - Consolidated Total Assets (details)
Segment Information - Financial Information By Geographical Area (details)
Segment Information - Financial Information By Segment (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Activity And Value Of Nonvested Restricted Stock And Performance Share Awards (detail)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Summary Of Activity And Terms Of Outstanding Options (detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (detail)
Significant Risks And Uncertainties
Significant Risks And Uncertainties - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Ticker: OMI
CIK: 75252
Form Type: 10-K Annual Report
Accession Number: 0000075252-16-000137
Submitted to the SEC: Thu Feb 25 2016 4:26:54 PM EST
Accepted by the SEC: Thu Feb 25 2016
Period: Thursday, December 31, 2015
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/omi/0000075252-16-000137.htm