ARC Document Solutions Reports Results for Second Quarter 2016

                                                                            
                                                                            
ARC Document Solutions, Inc.                                                
Consolidated Balance Sheets                                                 
(In thousands, except per share data)                                       
(Unaudited)                                                                 
                                                   June 30,    December 31, 
Current assets:                                      2016          2015     
                                                 ------------  ------------ 
  Cash and cash equivalents                      $     20,452  $     23,963 
  Accounts receivable, net of allowances for                                
   accounts receivable of $1,850 and $2,094            60,933        60,085 
  Inventories, net                                     19,570        16,972 
  Prepaid expenses                                      4,766         4,555 
  Other current assets                                  4,347         4,131 
                                                 ------------  ------------ 
    Total current assets                              110,068       109,706 
Property and equipment, net of accumulated                                  
 depreciation of $206,584 and $202,457                 57,754        57,590 
Goodwill                                              138,688       212,608 
Other intangible assets, net                           15,580        17,946 
Deferred income taxes                                  76,019        74,196 
Other assets                                            2,372         2,492 
                                                 ------------  ------------ 
    Total assets                                 $    400,481  $    474,538 
                                                 ============  ============ 
Current liabilities:                                                        
  Accounts payable                               $     22,148  $     23,989 
  Accrued payroll and payroll-related expenses         11,811        12,118 
  Accrued expenses                                     18,023        19,194 
  Current portion of long-term debt and capital                                         
      leases                                                                                            14,863                14,374  
                                                                                                  ------------    ------------  
        Total  current  liabilities                                                    66,845                69,675  
Long-term  debt  and  capital  leases                                          150,059              157,018  
Deferred  income  taxes                                                                    29,412                35,933  
Other  long-term  liabilities                                                          2,623                  2,778  
                                                                                                  ------------    ------------  
        Total  liabilities                                                                  248,939              265,404  
                                                                                                  ------------    ------------  
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;  47,390  and  47,130  shares  issued                                                            
      and  46,008  and  47,029  shares  outstanding                                47                        47  
    Additional  paid-in  capital                                                    116,494              115,089  
    Retained  earnings                                                                        36,357                89,687  
    Accumulated  other  comprehensive  loss                                  (2,653)              (2,097)
                                                                                                  ------------    ------------  
                                                                                                            150,245              202,726  
    Less  cost  of  common  stock  in  treasury,  1,382                                                            
      and  101  shares                                                                              5,709                      612  
                                                                                                  ------------    ------------  
        Total  ARC  Document  Solutions,  Inc.                                                                            
          stockholders'  equity                                                          144,536              202,114  
Noncontrolling  interest                                                                  7,006                  7,020  
                                                                                                  ------------    ------------  
        Total  equity                                                                            151,542              209,134  
                                                                                                  ------------    ------------  
        Total  liabilities  and  equity                                  $        400,481    $        474,538  
                                                                                                  ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ARC  Document  Solutions,  Inc.                                                                                                
Consolidated  Statements  of  Operations                                                                              
(In  thousands,  except  per  share  data)                                                                              
(Unaudited)                                                                                                                                  
                                                                      Three  Months  Ended        Six  Months  Ended      
                                                                                June  30,                          June  30,              
                                                                      ------------------    --------------------  
                                                                          2016            2015              2016              2015      
                                                                      --------    --------    ---------    ---------  
Service  sales                                            $  92,581    $  99,336    $  183,216    $  192,661  
Equipment  and  supplies  sales                  11,189        14,053          24,104          25,047  
                                                                      --------    --------    ---------    ---------  
    Total  net  sales                                      103,770      113,389        207,320        217,708  
Cost  of  sales                                                67,378        72,530        137,191        140,828  
                                                                      --------    --------    ---------    ---------  
    Gross  profit                                              36,392        40,859          70,129          76,880  
Selling,  general  and                                                                                                                
  administrative  expenses                          25,503        27,132          51,859          54,587  
Amortization  of  intangible  assets          1,232          1,442            2,545            2,931  
Goodwill  impairment                                    73,920                --          73,920                  --  
Restructuring  expense                                          5                11                    7                  85  
                                                                      --------    --------    ---------    ---------  
    (Loss)  income  from  operations          (64,268)      12,274        (58,202)        19,277  
Other  income,  net                                              (15)            (30)              (38)              (56)
Loss  on  extinguishment  of  debt                      44                97                  90                  97  
Interest  expense,  net                                  1,526          1,939            2,972            3,796  
                                                                      --------    --------    ---------    ---------  
    (Loss)  income  before  income  tax                                                                                      
      (benefit)  provision                            (65,823)      10,268        (61,226)        15,440  
Income  tax  (benefit)  provision            (10,015)            811          (8,046)          1,572  
                                                                      --------    --------    ---------    ---------  
    Net  (loss)  income                                  (55,808)        9,457        (53,180)        13,868  
Income  attributable  to  the                                                                                                    
  noncontrolling  interest                                (96)          (200)            (150)            (175)
                                                                      --------    --------    ---------    ---------  
    Net  (loss)  income  attributable                                                                                        
      to  ARC  Document  Solutions,  Inc.                                                                                    
      shareholders                                        $(55,904)  $    9,257    $  (53,330)  $    13,693  
                                                                      ========    ========    =========    =========  
(Loss)  earnings  per  share                                                                                                      
  attributable  to  ARC  Document                                                                                              
  Solutions,  Inc.  shareholders:                                                                                            
    Basic                                                        $    (1.22)  $      0.20    $      (1.15)  $        0.29  
                                                                      ========    ========    =========    =========  
    Diluted                                                    $    (1.22)  $      0.19    $      (1.15)  $        0.29  
                                                                      ========    ========    =========    =========  
Weighted  average  common  shares                                                                                            
  outstanding:                                                                                                                              
    Basic                                                            45,955        46,611          46,285          46,528  
    Diluted                                                        45,955        47,558          46,285          47,634  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ARC  Document  Solutions,  Inc.                                                                                                
Non-GAAP  Measures                                                                                                                      
Reconciliation  of  cash  flows  provided  by  operating  activities  to  EBITDA  and  
  Adjusted  EBITDA                                                                                                                        
(In  thousands)                                                                                                                            
(Unaudited)                                                                                                                                  
                                                                                                                                                        
                                                                          Three  Months  Ended      Six  Months  Ended    
                                                                                    June  30,                        June  30,            
                                                                          ------------------    ------------------  
                                                                              2016            2015            2016            2015      
                                                                          --------    --------    --------    --------  
Cash  flows  provided  by  operating                                                                                        
  activities                                                    $  16,580    $  16,864    $  21,883    $  22,152  
    Changes  in  operating  assets  and                                                                                      
      liabilities,  net  of  effect  of                                                                                        
      business  acquisitions                                    209          2,928          8,018        12,344  
    Non-cash  expenses,  including                                                                                            
      depreciation,  amortization  and                                                                                      
      goodwill  impairment                                (72,597)    (10,335)    (83,081)    (20,628)
    Income  tax  (benefit)  provision            (10,015)            811        (8,046)        1,572  
    Interest  expense,  net                                  1,526          1,939          2,972          3,796  
    Income  attributable  to  the                                                                                                
      noncontrolling  interest                                (96)          (200)          (150)          (175)
    Depreciation  and  amortization                  7,890          8,520        15,880        17,075  
                                                                          --------    --------    --------    --------  
EBITDA                                                                (56,503)      20,527      (42,524)      36,136  
    Loss  on  extinguishment  of  debt                      44                97                90                97  
    Goodwill  impairment                                    73,920                --        73,920                --  
    Trade  secret  litigation  costs(1)                  --                --                --                34  
    Restructuring  expense(2)                                    5                11                  7                85  
    Stock-based  compensation                                651              921          1,423          2,004  
                                                                          --------    --------    --------    --------  
Adjusted  EBITDA                                            $  18,117    $  21,556    $  32,916    $  38,356  
                                                                          ========    ========    ========    ========  
                                                                                                                                                        
 

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »
Featured Video
Jobs
Senior Principal Software Engineer for Autodesk at San Francisco, California
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Principal Engineer for Autodesk at San Francisco, California
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Mechanical Engineer 3 for Lam Research at Fremont, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Upcoming Events
Digital Construction North (DCN) 2024 at Manchester Central. Manchester United Kingdom - Nov 13, 2024
Digital Twins 2024 at the Gaylord National Resort & Convention Center in, MD. National Harbor MD - Dec 9 - 11, 2024
Commercial UAV Expo 2025 at RAI Amsterdam Amsterdam Netherlands - Apr 8 - 11, 2025
Commercial UAV Expo 2025 at Amsterdam Netherlands - Apr 8 - 10, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise