ARC Document Solutions Reports Results for First Quarter 2017

WALNUT CREEK, Calif., May 2, 2017 — (PRNewswire) —  ARC Document Solutions, Inc. (NYSE: ARC), a leading document solutions provider to design, engineering, construction, and facilities management professionals, today reported its financial results for the first quarter ended March 31, 2017.

 

Financial Highlights:

 

Three Months Ended

 

March 31,

(All dollar amounts in millions, except EPS)

2017

2016

Net Sales

$

98.7

 

$

103.6

 

Gross Margin

31.2

%

32.6

%

Net income attributable to ARC

$

1.8

 

$

2.6

 

Adjusted net income attributable to ARC

$

1.9

 

$

2.7

 

Earnings per share - Diluted

$

0.04

 

$

0.05

 

Adjusted earnings per share - Diluted

$

0.04

 

$

0.06

 

Cash provided by operating activities

$

6.9

 

$

5.3

 

EBITDA

$

12.8

 

$

14.0

 

Adjusted EBITDA

$

13.6

 

$

14.8

 

Capital Expenditures

$

2.0

 

$

2.5

 

Debt & Capital Leases (including current), net of unamortized deferred financing fees

$

154.3

 

$

167.0

 

Management Commentary

"As we stated earlier in the year, our transformation effort is progressing," said K. "Suri" Suriyakumar, Chairman, CEO and President of ARC Document Solutions. "We continue to protect our print revenues while working to accelerate our sales in technology services. We expect these efforts will continue throughout the year. Despite the disruptions caused by our sales team reconfiguration that started in the second half of last year, and shrinking print volumes, we generated strong cash flows and accelerated the reduction of our senior debt."

"We are maintaining our forecast for 2017, continuing to take into account that the first half of the year will likely remain muted and prudent investments in both print and technology are necessary to drive new growth. Stability in cash generation remains a priority, and the company's financial health remains sound. We are very confident that our strong cash flows and conservative capital structure will sustain us through our transition," Mr. Suriyakumar said.

"Sales performance during the period was similar to what we generated in 2016, but we increased cash flows from operations by $1.6 million on a year-over-year basis," said Jorge Avalos, Chief Financial Officer of ARC Document Solutions. "As such, we used $7 million in excess cash to reduce our senior debt and maintain a healthy leverage ratio of 2.5x. As previously noted, I expect our cash generation performance to remain strong for the remainder of the year."

2017 First Quarter Supplemental Information:

Net sales were $98.7 million, a 4.7% decrease compared to the first quarter of 2016.

Days sales outstanding in Q1 2017 were 54, compared to 53 days in Q1 2016.

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