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Owens Minor Inc (OMI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Owens Minor Inc

CIK: 75252 Ticker: OMI

Exhibit 99.1

FOR IMMEDIATE RELEASE

February 17, 2015

Owens & Minor Reports 4th Quarter & Full-Year 2014

Financial Results

RICHMOND, VA….Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the fourth quarter and full-year ended December 31, 2014, including the following highlights:

 

  Consolidated revenue grew 7.5% for the fourth quarter and 4.1% for the year

 

  Adjusted consolidated net income was $0.49 per diluted share for the fourth quarter and $1.76 per diluted share for 2014

 

  Owens & Minor completed two acquisitions in the fourth quarter, complementing its surgical kitting capabilities and unitized delivery services in the U.S. and Europe

For the quarter ended December 31, 2014, the company reported consolidated quarterly revenues of $2.49 billion, an increase of 7.5% when compared to the fourth quarter of 2013. Excluding the impact of $46.9 million in revenue from the two acquisitions completed in the fourth quarter of 2014, consolidated quarterly revenues grew 5.5%. Quarterly net income was $14.0 million, or $0.22 per diluted share. For the fourth quarter, adjusted net income (non-GAAP) was $30.9 million, or $0.49 per diluted share. A table providing a reconciliation of reported results to adjusted (non-GAAP) measures is included below.

“Revenue growth in the fourth quarter and for the year exceeded our original expectations, which we view as an endorsement of our approach to serving the healthcare market,” said James L. Bierman, President & Chief Executive Officer of Owens & Minor. “During the fourth quarter we completed the acquisitions of two surgical kitting companies, one in the U.S. and one in Europe. The integrations of these two acquisitions are well underway. With all that we accomplished in 2014, we believe we have set the stage for 2015.”

Consolidated operating earnings for the fourth quarter of 2014, were $40.8 million, a decline of $10.1 million when compared to operating earnings for the same period last year. Adjusted consolidated operating earnings (non-GAAP) for the fourth quarter of 2014 were $59.0 million, or 2.37% of revenues, increased slightly in comparison to last year’s fourth quarter results.

2014 Annual Results

For the year ended December 31, 2014, consolidated revenues were $9.44 billion, an increase of $369 million, or 4.1%, when compared to 2013 revenues. Excluding the impact of $46.9 million in revenue from the two acquired companies, consolidated revenues grew 3.5% for the year. Net income for 2014 was $66.5 million, or $1.06 per diluted share. For the year, adjusted net income (non-GAAP), was $110 million, or $1.76 per diluted share.

Consolidated operating earnings for 2014 were $159.5 million, or 1.69% of revenues, compared to operating earnings of $198.1 million, or 2.18% of revenues, for the same period of 2013. Operating earnings for the full year include a $5.3 million recovery from the settlement of a direct purchaser, anti-trust class-action lawsuit related to the purchases of medical devices and a gain from the sale of an investment. These gains were mostly offset by increased legal fees related to ongoing litigation. Adjusted consolidated operating earnings (non-GAAP) for the full year were $203 million, or 2.15% of revenues.

 

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The following information was filed by Owens Minor Inc (OMI) on Wednesday, February 18, 2015 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)
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 - 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: 0001628280-15-000917
Submitted to the SEC: Mon Feb 23 2015 2:42:07 PM EST
Accepted by the SEC: Mon Feb 23 2015
Period: Wednesday, December 31, 2014
Industry: Wholesale Medical Dental And Hospital Equipment And Supplies

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