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Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Owens Minor Inc

CIK: 75252 Ticker: OMI


Exhibit 99.1

FOR IMMEDIATE RELEASE                        
February 14, 2017


Owens & Minor Reports 4th Quarter & Full-Year 2016
Financial Results

Consolidated annual revenues were $9.72 billion
Operating earnings for 2016 were $200 million; adjusted operating earnings were $224 million
Diluted EPS for the year was $1.76, while adjusted diluted EPS was $2.05
Company provides long-range financial outlook

RICHMOND, VA…Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the year ended December 31, 2016, including consolidated revenues of $9.72 billion, which declined 0.5% when compared to the prior year. Net income for 2016 improved nearly $5.4 million to $109 million, or $1.76 per diluted share. Adjusted net income (non-GAAP) was $127 million, or $2.05 per diluted share. Continued progress with transformation agenda initiatives, including on-going cost reduction efforts, contributed positively to results, largely offsetting the negative impact of the previously discussed transition of a large customer during the third quarter, as well as continuing margin pressure. A reconciliation of reported results to adjusted (non-GAAP) measures is included below.

Consolidated operating earnings for 2016 were $200 million, or 2.05% of revenues, essentially unchanged when compared to last year’s operating earnings. Adjusted consolidated operating earnings (non-GAAP) for the full year were $224 million, or 2.31% of revenues, representing a decline of 1.3%, when compared to the prior year period.

“We had a solid year in 2016, driven by focused execution and the dedication of our teammates against a backdrop of challenging industry dynamics,” said Cody Phipps, president & chief executive officer of Owens & Minor. “As we have discussed, we will continue to face headwinds throughout 2017. Our focus now is on executing our strategic plan to reposition our company for long-term success.”

Fourth Quarter 2016 Results
For the fourth quarter of 2016, consolidated revenues were $2.37 billion, representing a decline of 4.8%, when compared to revenues in the fourth quarter of 2015. The revenue decline reflects the previously discussed exit of a large West Coast customer during the third quarter. In addition, there was one less selling day in the fourth quarter of 2016 than in the prior year fourth quarter. Quarterly net income was $27.1 million, or $0.45 per diluted share. Adjusted net income (non-GAAP) for the quarter was $31.6 million, or $0.52 per diluted share.

Consolidated operating earnings for the fourth quarter of 2016 declined $8.9 million to $49.0 million, when compared to the same period last year. Adjusted consolidated operating earnings (non-GAAP) for the fourth quarter of 2016 were $53.7 million, a decrease of $9.4 million compared to last year. The quarterly changes resulted from the same factors that affected the annual results.

Asset Management
The balance of cash and cash equivalents was $185 million at December 31, 2016, compared to cash of $161 million at December 31, 2015. For the year, the company reported operating cash flow of $187 million, compared to $270 million in the prior year. The decrease was driven primarily by changes in working capital. Asset management metrics, as of the end of the year, included consolidated days sales outstanding (DSO) of 23.1 compared to 21.0 days for 2015; consolidated inventory turns were 9.2 for 2016, compared to 9.4 for 2015.

Segment Results
For the full year of 2016, Domestic segment revenue increased slightly by 0.2% to $9.19 billion, when compared to the prior year. Fourth quarter Domestic segment revenues were $2.24 billion, representing a decrease of 3.8% from

1

The following information was filed by Owens Minor Inc (OMI) on Wednesday, February 15, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Owens Minor Inc's 10-K Annual Report:

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: 0000075252-17-000037
Submitted to the SEC: Fri Feb 17 2017 4:35:27 PM EST
Accepted by the SEC: Fri Feb 17 2017
Period: Saturday, December 31, 2016
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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