Owens Minor Inc (OMI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Owens Minor Inc

CIK: 75252 Ticker: OMI


FOR IMMEDIATE RELEASE                                
August 7, 2019

Owens & Minor Reports 2nd Quarter 2019 Financial Results

RICHMOND, VA - August 7, 2019 - Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the second quarter ended June 30, 2019, as summarized in the table below.

“Overall, I’m pleased that our financial results showed sequential quarterly revenue growth, operating income growth, and improvement in cash flow and working capital as compared to the first quarter. We continued to improve our service levels in the second quarter and are meeting or exceeding most customer expectations. Finally, we continue to focus on productivity and efficiency initiatives to drive operating improvement,” said Edward A. Pesicka, President & Chief Executive Officer of Owens & Minor. “After my first full quarter, we are making progress, but we cannot underestimate the significant amount of work ahead. We have no intention of letting up on our renewed customer focus.”

Financial Summary
($ in millions, except per share data)
Operating income, GAAP1,2
Adj. Operating income, Non-GAAP1,2
Net income (loss), GAAP1,2
Adj. Net income, Non-GAAP1,2
Net Income (loss) per share, GAAP1,2
Adj. Net Income per share, Non-GAAP1,2
1. 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.
2. Comparisons to prior year results are impacted by the second quarter 2018 goodwill and intangible asset impairment charge
    of $165 million, or $2.73 per share. This charge was classified as a non-GAAP item and, accordingly, did not affect results
    reported on an adjusted basis.

2019 Results
Compared to prior year, quarterly and year-to-date revenues grew 1.1% and 2.4%, respectively (1.4% and 2.7%, respectively, on a constant currency basis).
Revenue growth was driven primarily by Halyard sales and strong Byram sales, partially offset by lower distribution revenues.
The company acquired the Halyard S&IP business on April 30, 2018. Halyard sales from January through April 2019 were $255 million net of $71 million of intercompany sales.
Quarterly and year-to-date operating results also reflect pressure on gross margin, higher transportation costs, and increased expenses for the development of new solutions, primarily Fusion5.
Net income reflects increased interest expense of $9.1 million for the quarter and $28.0 million year-to-date.


The following information was filed by Owens Minor Inc (OMI) on Wednesday, August 7, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Loss) (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail)
Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Income (Loss) By Component (Detail)
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Allocation Of Purchase Price (Details)
Debt - (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Debt (Details)
Derivatives (Tables)
Derivatives - Narrative (Details)
Derivatives - Summary Of The Effect Of Cash Flow Hedge (Details)
Derivatives - Summary Of The Terms And Fair Value Of Our Outstanding Derivative Financial Instruments (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)
Fair Value
Financing Receivables And Payables
Financing Receivables And Payables - Additional Information (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Intangible Assets - Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Annual Payments Under Non-Cancelable Lease Agreements (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Net Loss Per Common Share
Net Loss Per Common Share (Tables)
Net Loss Per Common Share - Summary Of Calculation Of Net Income Per Common Share (Detail)
Recent Accounting Pronouncements
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Components Of Net Periodic Benefit Cost (Detail)
Segment Information
Segment Information (Tables)
Segment Information Consolidated Total Assets (Detail)
Segment Information Financial Information By Segment (Detail)
Segment Information Net Revenue By Geographic Area (Details)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: OMI
CIK: 75252
Form Type: 10-Q Quarterly Report
Accession Number: 0000075252-19-000108
Submitted to the SEC: Wed Aug 07 2019 12:26:02 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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