ARC Document Solutions Reports Results for First Quarter 2015

                                                                            
ARC Document Solutions, Inc.                                                
Consolidated Balance Sheets                                                 
(In thousands, except per share data)                                       
(Unaudited)                                                                 
                                                   March 31,   December 31, 
Current assets:                                      2015          2014     
                                                 ------------  ------------ 
  Cash and cash equivalents                      $     17,561  $     22,636 
  Accounts receivable, net of allowances for                                
   accounts receivable of $2,371 and $2,413            66,046        62,045 
  Inventories, net                                     17,354        16,251 
  Deferred income taxes                                   277           278 
  Prepaid expenses                                      5,247         4,767 
  Other current assets                                  3,913         6,080 
                                                 ------------  ------------ 
    Total current assets                              110,398       112,057 
Property and equipment, net of accumulated                                  
 depreciation of $218,850 and $214,697                 58,897        59,520 
Goodwill                                              212,608       212,608 
Other intangible assets, net                           22,228        23,841 
Deferred financing fees, net                            2,296         2,440 
Deferred income taxes                                     992         1,110 
Other assets                                            2,686         2,492 
                                                 ------------  ------------ 
    Total assets                                 $    410,105  $    414,068 
                                                 ============  ============ 
Current liabilities:                                                        
  Accounts payable                               $     23,701  $     26,866 
  Accrued payroll and payroll-related expenses         11,788        13,765 
  Accrued expenses                                     21,253        22,793 
  Current portion of long-term debt  and  capital                                                          
      leases                                                                                            28,303                27,969  
                                                                                                  ------------    ------------  
        Total  current  liabilities                                                    85,045                91,393  
Long-term  debt  and  capital  leases                                          171,890              175,916  
Deferred  income  taxes                                                                    34,050                33,463  
Other  long-term  liabilities                                                          3,464                  3,458  
                                                                                                  ------------    ------------  
        Total  liabilities                                                                  294,449              304,230  
                                                                                                  ------------    ------------  
Commitments  and  contingencies                                                                                              
Stockholders'  equity:                                                                                                              
ARC  Document  Solutions,  Inc.  stockholders'                                                                    
  equity:                                                                                                                                        
    Preferred  stock,  $0.001  par  value,  25,000                                                                  
      shares  authorized;  0  shares  issued  and                                                                      
      outstanding                                                                                          --                        --  
    Common  stock,  $0.001  par  value,  150,000  shares                                                        
      authorized;  47,039  and  46,800  shares  issued                                                            
      and  46,962  and  46,723  shares  outstanding                                47                        47  
    Additional  paid-in  capital                                                    112,573              110,650  
    Retained  deficit                                                                          (2,917)              (7,353)
    Accumulated  other  comprehensive  loss                                      (678)                  (161)
                                                                                                  ------------    ------------  
                                                                                                            109,025              103,183  
    Less  cost  of  common  stock  in  treasury,  77  and                                                          
      77  shares                                                                                            408                      408  
                                                                                                  ------------    ------------  
        Total  ARC  Document  Solutions,  Inc.                                                                            
          stockholders'  equity                                                          108,617              102,775  
Noncontrolling  interest                                                                  7,039                  7,063  
                                                                                                  ------------    ------------  
        Total  equity                                                                            115,656              109,838  
                                                                                                  ------------    ------------  
        Total  liabilities  and  equity                                  $        410,105    $        414,068  
                                                                                                  ============    ============  
                                                                                                                                                        
                                                                                                                                                        
ARC  Document  Solutions,  Inc.                                                                                                
Consolidated  Statements  of  Operations                                                                              
(In  thousands,  except  per  share  data)                                                                              
(Unaudited)                                                                                      Three  Months  Ended        
                                                                                                                      March  31,                
                                                                                                      ------------------------  
                                                                                                              2015                  2014        
                                                                                                      -----------    -----------  
Service  sales                                                                            $        93,325    $        88,931  
Equipment  and  supplies  sales                                                        10,994              11,442  
                                                                                                      -----------    -----------  
    Total  net  sales                                                                            104,319            100,373  
Cost  of  sales                                                                                      68,298              66,439  
                                                                                                      -----------    -----------  
    Gross  profit                                                                                    36,021              33,934  
Selling,  general  and  administrative  expenses                        27,455              26,106  
Amortization  of  intangible  assets                                                1,489                1,498  
Restructuring  expense                                                                              74                    483  
                                                                                                      -----------    -----------  
    Income  from  operations                                                                  7,003                5,847  
Other  income,  net                                                                                    (26)                  (26)
Interest  expense,  net                                                                        1,857                3,913  
                                                                                                      -----------    -----------  
    Income  before  income  tax  provision                                          5,172                1,960  
Income  tax  provision                                                                              761                    664  
                                                                                                      -----------    -----------  
    Net  income                                                                                          4,411                1,296  
Loss  attributable  to  noncontrolling  interest                                25                    100  
                                                                                                      -----------    -----------  
    Net  income  attributable  to  ARC  Document                                                                      
      Solutions,  Inc.  shareholders                                        $          4,436    $          1,396  
                                                                                                      ===========    ===========  
Earnings  per  share  attributable  to  ARC  Document                                                          
  Solutions,  Inc.  shareholders:                                                                                            
    Basic                                                                                        $            0.10    $            0.03  
                                                                                                      ===========    ===========  
    Diluted                                                                                    $            0.09    $            0.03  
                                                                                                      ===========    ===========  
Weighted  average  common  shares  outstanding:                                                                  
    Basic                                                                                                  46,443              45,990  
    Diluted                                                                                              47,654              46,782  
                                                                                                                                                        
                                                                                                                                                        
ARC  Document  Solutions,  Inc.                                                                                                
Non-GAAP  Measures                                                                                                                      
Reconciliation  of  cash  flows  provided  by  operating  activities  to  EBIT,            
  EBITDA  and  Adjusted  EBITDA                                                                                                  
(In  thousands)                                                                                                                            
(Unaudited)                                                                                                                                  
                                                                                                            Three  Months  Ended        
                                                                                                                      March  31,                
                                                                                                      ------------------------  
                                                                                                              2015                  2014        
                                                                                                      -----------    -----------  
Cash  flows  provided  by  operating  activities                $          5,288    $          7,714  
    Changes  in  operating  assets  and  liabilities,  net                                                    
      of  effect  of  business  acquisitions                                        9,416                4,229  
    Non-cash  expenses,  including  depreciation,                                                                
      amortization  and  restructuring                                            (10,293)          (10,647)
    Income  tax  provision                                                                          761                    664  
    Interest  expense,  net                                                                    1,857                3,913  
    Loss  attributable  to  the  noncontrolling  interest                    25                    100  
                                                                                                      -----------    -----------  
EBIT                                                                                                          7,054                5,973  
    Depreciation  and  amortization                                                    8,555                8,493  
                                                                                                      -----------    -----------  
EBITDA                                                                                                    15,609              14,466  
    Trade  secret  litigation  costs(1)                                                    34                    398  
    Restructuring  expense                                                                          74                    483  
    Stock-based  compensation                                                              1,083                    781  
                                                                                                      -----------    -----------  
Adjusted  EBITDA                                                                        $        16,800    $        16,128  
                                                                                                      ===========    ===========  
                                                                                                                                                        
 

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