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Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Owens Minor Inc

CIK: 75252 Ticker: OMI

Exhibit 99.1

FOR IMMEDIATE RELEASE

February 10, 2014

Owens & Minor Reports 4th Quarter & Full-Year 2013

Financial Results

RICHMOND, VA….Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the fourth quarter and full-year ended December 31, 2013, including the following highlights:

 

    Consolidated annual revenue growth and adjusted EPS met targeted guidance for 2013

 

    Adjusted consolidated net income was $1.90 per diluted share for 2013 and $0.52 for the quarter

 

    4Q 2013 adjusted consolidated operating earnings (non-GAAP) improved by more than $11 million

 

    The Domestic segment achieved revenue growth for the second consecutive quarter

 

    The International segment reported positive fourth quarter operating earnings

For the quarter ended December 31, 2013, the company reported consolidated quarterly revenues of $2.32 billion, an increase of 1.1% when compared to the fourth quarter of 2012. For the fourth quarter of 2013, net income increased 12% to $27.9 million, or $0.44 per diluted share, when compared to the same period last year. For the fourth quarter, adjusted net income (non-GAAP), which excludes after-tax charges of $5.0 million for acquisition-related and exit and realignment activities, was $33.0 million, or $0.52 per diluted share, an increase of 26% when compared to the fourth quarter of 2012.

Consolidated operating earnings for the fourth quarter of 2013, were $50.9 million, improved by $5.9 million, or 13.1%, when compared to operating earnings for the same period last year. Adjusted consolidated operating earnings (non-GAAP) for the fourth quarter of 2013 were $58.0 million, or 2.50% of revenues, increased $11.2 million, in comparison to last year’s fourth quarter results. Since the fourth quarter of 2012, quarterly adjusted operating earnings (non-GAAP) have improved sequentially in each of the four consecutive quarters.

“During 2013, our teams in the U.S., Europe and Asia collaborated to achieve a successful outcome for the year,” said Craig R. Smith, chairman & chief executive officer of Owens & Minor. “Our teammates are creating a faster, more flexible Owens & Minor that is well-equipped to pursue emerging opportunities. Looking ahead, we intend to capitalize on the investments we have made in the company to capture new market opportunities, operate more efficiently and provide our healthcare customers with the best logistics’ solutions in healthcare.”

In completing a year-end review of customer contracts in the International segment, the company has revised the presentation of a portion of its International segment revenues from a gross to a net basis, after determining that this presentation is more representative of the customer arrangement. This change resulted in reductions of gross revenues of approximately $30 million to $35 million per quarter for the fourth quarter of 2012 and each of the first three quarters of 2013. As a result of this revised classification, International segment revenues were $105 million for the fourth quarter of 2013 compared to $96.3 million for the same period last year, and were $384 million for 2013 compared to $137 million for 2012. This change did not affect gross margin, operating earnings or net income, and had an immaterial impact on consolidated revenues reported for 2012 and the first three quarters of 2013. The International segment consists of Movianto, a leading European healthcare logistics provider, which was acquired by Owens & Minor on August 31, 2012.

 

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The following information was filed by Owens Minor Inc (OMI) on Tuesday, February 11, 2014 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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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)
Acquisition
Acquisition (tables)
Acquisition - Additional Information (detail)
Acquisition - 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 (tables)
Condensed Consolidating Financial Information Condensed Consolidating Financial Information (details)
Debt
Debt (detail)
Debt (parenthetical) (detail)
Debt (tables)
Debt - Additional Information (detail)
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
Financing Receivables - Additional Information (detail)
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 - Additional Information (detail)
Segment Information - Financial Information By Segment (detail)
Segment Information Segment Information - Consolidated Total Assets (details)
Segment Information Segment Information - Financial Information By Geographical Area (details)
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 - Stock Option Groups (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: 0001445305-14-000570
Submitted to the SEC: Mon Feb 24 2014 5:33:05 PM EST
Accepted by the SEC: Tue Feb 25 2014
Period: Tuesday, December 31, 2013
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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