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Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

SEC Filings

Owens Minor Inc

CIK: 75252 Ticker: OMI



Exhibit 99.1

FOR IMMEDIATE RELEASE                        
February 14, 2018

Owens & Minor Reports 4th Quarter & Full-Year 2017
Financial Results

Diluted EPS for the year was $1.20, while adjusted diluted EPS was $1.61
Pre-closing activities for the Halyard Health S&IP acquisition continue according to plan

RICHMOND, VA - February 14, 2018 - Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the year ended December 31, 2017, including consolidated revenues of $9.32 billion compared to the prior year’s revenues of $9.72 billion. Consolidated operating earnings for 2017 were $89.3 million versus $200 million last year. Adjusted consolidated operating earnings (non-GAAP) for 2017 were $180 million compared to adjusted operating earnings of $234 million for the same period last year. Net income for the year was $72.8 million, or $1.20 per share, versus $109 million, or $1.76 per share, for the same period last year. Adjusted net income (non-GAAP) was $97.5 million, or $1.61 per share, compared to $134 million, or $2.17 per share, in 2016. Excluded from adjusted net income, was a benefit of $0.58 per share associated with recently enacted tax reform legislation. Reconciliations of the differences between the non-GAAP financial measures presented in this news release and their most directly comparable GAAP financial measures are included in the financial tables below.

While the company focused on executing the transformation strategy it launched in 2017, a number of external factors and market forces continued to affect overall performance throughout the year. Revenue shortfalls, ongoing margin pressure in the domestic distribution business, and increased costs to support new business in Europe negatively affected operating earnings. Partially offsetting these factors were benefits derived from expense control and productivity initiatives, as well as positive contributions from Byram Healthcare, which the company acquired on August 1, 2017.

“2017 was a very challenging year for Owens & Minor,” said Phipps. “In order to deal with these challenges in 2018, we are taking aggressive steps to accelerate the transformation of our business toward a new future. We are reducing certain expenses while improving operational efficiency. At the same time, our teams are focused on serving our customers across our expanding geographic network. We are pleased with the contributions from our Byram Healthcare team, and we are all working intently to close the Halyard Health S&IP transaction. We believe that both of these transactions will strengthen and diversify our business model and will improve profitability.”

Fourth Quarter 2017 Results
For the fourth quarter of 2017, consolidated revenues were $2.39 billion, compared to revenues of $2.37 billion in the fourth quarter of 2016. Quarterly net income was $23.0 million, or $0.38 per diluted share. Adjusted net income (non-GAAP) for the quarter was $21.0 million, or $0.35 per diluted share. Adjusted net income excludes the benefit of the recently enacted tax reform act of $0.58 per share.

For the fourth quarter of 2017, Owens & Minor reported a consolidated operating loss of $8.8 million compared to operating earnings of $49.0 million in the same period last year. Adjusted consolidated operating earnings (non-GAAP) for the fourth quarter of 2017 were $42.2 million, compared to $56.2 million in the prior year. Performance during the fourth quarter of 2017 was affected by increased price and margin compression, longer than expected sales cycles for the company’s fee-for-service businesses, and, more recently, product supply issues with certain larger manufacturers.

Asset Management
The balance of cash and cash equivalents was $105 million at December 31, 2017, compared to $185 million at December 31, 2016. For the year, the company reported operating cash flow of $56.8 million, compared to $188 million in the prior year. The decrease was driven primarily by changes in working capital. As of year-end, asset management

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The following information was filed by Owens Minor Inc (OMI) on Wednesday, February 14, 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-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)
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: 0000075252-18-000042
Submitted to the SEC: Fri Feb 23 2018 4:28:07 PM EST
Accepted by the SEC: Fri Feb 23 2018
Period: Sunday, December 31, 2017
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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