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Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

SEC Filings

Owens Minor Inc

CIK: 75252 Ticker: OMI
 

Exhibit 99.1


FOR IMMEDIATE RELEASE                        
February 19, 2019

Owens & Minor Reports 4th Quarter & Full-Year 2018 Financial Results

RICHMOND, VA – February 19, 2019 – Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the fourth quarter and the year ended December 31, 2018, as summarized in the table shown below.

“2018 was a year of change for Owens & Minor, and, although we faced challenges, we achieved our expectations for the fourth quarter adjusted results, excluding costs associated with the exit of our former chief executive officer,” said Robert C. Sledd, chairman and interim president & chief executive officer. “We are encouraged by the opportunities we see in the future and are aggressively addressing challenges in our distribution business. We have made progress in returning our distribution and logistics services to the Owens & Minor standard, but we still have work to do in 2019. We are focused on selling more proprietary and preferred vendor products to our extensive healthcare customer base, as we work to win and retain customers. In combination with positive momentum from Halyard and Byram Healthcare and investments that will support our future efforts, we believe we have the right tools, the right team, and the right strategy to realize a bright, long-term future.”

Financial Summary
 
 
 
 
 
 
 
($ in millions, except per share data)
 
 
 
 
 
 
 
 
4Q18
 
4Q17
 
FY2018
 
FY2017
Revenue
$2,543
 
$2,390
 
$9,839
 
$9,318
% yoy growth
6.4%
 
 
 
5.6%
 
 
 
 
 
 
 
 
 
 
Operating income (loss), GAAP1
$(266)
 
$(8.8)
 
$(392)
 
$89.3
Adj. Operating income (loss), Non-GAAP2
$33.7
 
$42.2
 
$177
 
$180
 
 
 
 
 
 
 
 
Net income (loss), GAAP1
$(262)
 
$23.0
 
$(437)
 
$72.8
Adj. Net income (loss), Non-GAAP2
$5.3
 
$21.0
 
$70.4
 
$97.5
 
 
 
 
 
 
 
 
Net Income (loss) per share, GAAP1
$(4.37)
 
$0.38
 
$(7.28)
 
$1.20
Adj. Net Income per share, Non-GAAP2
$0.09
 
$0.35
 
$1.15
 
$1.61
 
 
 
 
 
 
 
 
1. Includes impairment charge for 4Q18 and full year 2018 of $274 million and $440 million, respectively.
 
2. 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.





Discussion of 2018 Results

When compared to prior year, quarterly revenue growth benefited from Halyard contributions of $196 million (after intercompany eliminations). Annual revenue growth benefited from Halyard contributions of $518 million (after intercompany eliminations) and revenue growth from Byram Healthcare of $340 million.
On a GAAP basis, fourth quarter and annual results were significantly affected by non-cash goodwill and other intangible impairment charges of $274 million ($4.08 per share) and $440 million ($6.81 per share), respectively.
Quarterly and annual results were affected by lower distribution revenues, continued pressure on distribution margins, warehouse inefficiencies in certain facilities, and increased expenses incurred for the development of new solutions, which were partially offset by positive contributions from Byram Healthcare and Halyard.

1


The following information was filed by Owens Minor Inc (OMI) on Wednesday, February 20, 2019 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 (Loss)
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income (Loss)
Accounts Receivable, Net
Accounts 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)
Acquisitions Acquisitions - Pro Forma Information (Details)
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)
Derivatives
Derivatives (Details)
Derivatives (Tables)
Derivatives - Gain (Loss) Included In Accumulated Other Comprehensive Loss (Details)
Derivatives - Outstanding Hedges (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)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Significant Risks And Uncertainties
Significant Risks And Uncertainties - Additional Information (Detail)
Subsequent Events (Details)
Subsequent Events (Notes)
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: 0000075252-19-000037
Submitted to the SEC: Wed Mar 06 2019 4:06:22 AM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Monday, December 31, 2018
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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