ARC Document Solutions Meets or Exceeds Revised Financial Guidance for Full Year 2016

About ARC Document Solutions (NYSE: ARC)

ARC Document Solutions distributes Documents and Information to facilitate communication for design, engineering and construction professionals, real estate managers and developers, facilities owners, and a variety of similar disciplines. The Company provides cloud and mobile solutions, professional services, and hardware to help its customers around the world reduce costs and increase efficiency, improve information access and control, and communicate faster, easier, and better. Follow ARC at www.e-arc.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words and phrases such as " plan is on track," "forecast," "expect," "believe," "anticipate," "outlook," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

 

 

ARC Document Solutions, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

December 31,

December 31,

Current assets:

2016

2015

Cash and cash equivalents

$

25,239

 

$

23,963

 

Accounts receivable, net of allowances for accounts receivable of $2,060 and $2,094

59,735

 

60,085

 

Inventories, net

18,184

 

16,972

 

Prepaid expenses

3,861

 

4,555

 

Other current assets

4,785

 

4,131

 

Total current assets

111,804

 

109,706

 

Property and equipment, net of accumulated depreciation of $201,192 and $202,457

60,735

 

57,590

 

Goodwill

138,688

 

212,608

 

Other intangible assets, net

13,202

 

17,946

 

Deferred income taxes

72,963

 

74,196

 

Other assets

2,185

 

2,492

 

Total assets

$

399,577

 

$

474,538

 

Current liabilities:

   

Accounts payable

$

24,782

 

$

23,989

 

Accrued payroll and payroll-related expenses

12,219

 

12,118

 

Accrued expenses

16,138

 

19,194

 

Current portion of long-term debt and capital leases

13,773

 

14,374

 

Total current liabilities

66,912

 

69,675

 

Long-term debt and capital leases

143,400

 

157,018

 

Deferred income taxes

30,296

 

35,933

 

Other long-term liabilities

2,148

 

2,778

 

Total liabilities

242,756

 

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; 47,428 and 47,130 shares issued and 45,988 and 47,029 shares outstanding

47

 

47

 

Additional paid-in capital

117,749

 

115,089

 

Retained earnings

41,822

 

89,687

 

Accumulated other comprehensive loss

(3,793)

 

(2,097)

 
 

155,825

 

202,726

 

Less cost of common stock in treasury, 1,440 and 101 shares

5,909

 

612

 

Total ARC Document Solutions, Inc. stockholders' equity

149,916

 

202,114

 

Noncontrolling interest

6,905

 

7,020

 

Total equity

156,821

 

209,134

 

Total liabilities and equity

$

399,577

 

$

474,538

 

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