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

 

 

ARC Document Solutions, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

 

December 31,

December 31,

 

2016

2015

2016

2015

Service sales

$

85,947

 

$

91,593

 

$

358,341

 

$

378,638

 

Equipment and supplies sales

12,611

 

12,946

 

47,980

 

50,027

 

Total net sales

98,558

 

104,539

 

406,321

 

428,665

 

Cost of sales

68,174

 

69,238

 

273,078

 

280,541

 

Gross profit

30,384

 

35,301

 

133,243

 

148,124

 

Selling, general and administrative expenses

23,462

 

26,877

 

100,214

 

107,280

 

Amortization of intangible assets

1,128

 

1,336

 

4,833

 

5,642

 

Goodwill impairment

 

 

73,920

 

 

Restructuring expense

 

 

7

 

89

 

Income from operations

5,794

 

7,088

 

(45,731)

 

35,113

 

Other income, net

(18)

 

(18)

 

(72)

 

(99)

 

Loss on extinguishment of debt

52

 

89

 

208

 

282

 

Interest expense, net

1,461

 

1,499

 

5,996

 

6,974

 

Income (loss) before income tax provision (benefit)

4,299

 

5,518

 

(51,863)

 

27,956

 

Income tax provision (benefit)

1,520

 

2,334

 

(4,364)

 

(69,432)

 

Net income (loss)

2,779

 

3,184

 

(47,499)

 

97,388

 

Income attributable to noncontrolling interest

(155)

 

(123)

 

(366)

 

(348)

 

Net income (loss) attributable to ARC Document Solutions, Inc. shareholders

$

2,624

 

$

3,061

 

$

(47,865)

 

$

97,040

 

Earnings (loss) per share attributable to ARC Document Solutions, Inc. shareholders:

       

Basic

$

0.06

 

$

0.07

 

$

(1.04)

 

$

2.08

 

Diluted

$

0.06

 

$

0.06

 

$

(1.04)

 

$

2.04

 

Weighted average common shares outstanding:

       

Basic

45,567

 

46,722

 

45,932

 

46,631

 

Diluted

46,274

 

47,400

 

45,932

 

47,532

 

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