Total number of MPS locations at the end of the first quarter has grown to approximately 10,270, a net gain of approximately 590 locations over Q1 2017.
Adjusted EBITDA excludes loss on extinguishment and modification of debt and stock-based compensation expense.
|
Sales from Services and Product Lines as a Percentage of Net Sales |
|||
|
Three Months Ended |
|||
|
March 31, |
|||
|
Services and Product Line |
2018 |
2017 |
|
|
CDIM |
53.5% |
51.9% |
|
|
MPS |
32.2% |
32.9% |
|
|
AIM |
3.0% |
3.3% |
|
|
Equipment and supplies sales |
11.3% |
11.9% |
|
Outlook
The outlook for ARC Document Solutions remains unchanged with 2018 fully-diluted annual adjusted earnings per share anticipated to be in the range of $0.10 to $0.16; 2018 annual cash provided by operating activities projected to be in the range of $44 to $50 million; and 2018 annual adjusted EBITDA forecast to be in the range of $48 to $54 million.
Teleconference and Webcast
ARC Document Solutions will hold a conference call with investors and analysts on Tuesday, May 1, 2018, at 2 P.M. Pacific Time (5 P.M. Eastern Time) to discuss results for the Company's 2018 first quarter. To access the live audio call, dial 800-239-9838. International callers may join the conference by dialing +1 323-794-2551. The conference code is 9761261. A live webcast will also be made available on the investor relations page of ARC Document Solution's website at http://ir.e-arc.com. A recording of the webcast will be available for approximately 90 days following the call's conclusion.
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 "return to growth," "making progress," "remain upbeat," "guidance," "expect," "projected," "forecast," "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, 2017, 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) |
||||||
|
March 31, |
December 31, |
|||||
|
Current assets: |
2018 |
2017 |
||||
|
Cash and cash equivalents |
$ |
13,968 |
$ |
28,059 |
||
|
Accounts receivable, net of allowances for accounts receivable of $2,516 and $2,341 |
59,893 |
57,011 |
||||
|
Inventories, net |
19,577 |
19,937 |
||||
|
Prepaid expenses |
5,220 |
4,208 |
||||
|
Other current assets |
4,313 |
5,266 |
||||
|
Total current assets |
102,971 |
114,481 |
||||
|
Property and equipment, net of accumulated depreciation of $199,231 and $198,693 |
63,083 |
64,245 |
||||
|
Goodwill |
121,051 |
121,051 |
||||
|
Other intangible assets, net |
8,078 |
9,068 |
||||
|
Deferred income taxes |
28,043 |
28,029 |
||||
|
Other assets |
2,577 |
2,551 |
||||
|
Total assets |
$ |
325,803 |
$ |
339,425 |
||
|
Current liabilities: |
||||||
|
Accounts payable |
$ |
20,850 |
$ |
24,289 |
||
|
Accrued payroll and payroll-related expenses |
9,552 |
12,617 |
||||
|
Accrued expenses |
14,912 |
17,201 |
||||
|
Current portion of long-term debt and capital leases |
20,198 |
20,791 |
||||
|
Total current liabilities |
65,512 |
74,898 |
||||
|
Long-term debt and capital leases |
117,888 |
123,626 |
||||
|
Other long-term liabilities |
3,279 |
3,290 |
||||
|
Total liabilities |
186,679 |
201,814 |
||||
|
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; 47,936 and 47,913 shares issued and 45,262 and 45,266 shares outstanding |
48 |
48 |
||||
|
Additional paid-in capital |
121,650 |
120,953 |
||||
|
Retained earnings |
21,152 |
20,524 |
||||
|
Accumulated other comprehensive loss |
(1,954) |
(1,998) |
||||
|
140,896 |
139,527 |
|||||
|
Less cost of common stock in treasury, 2,674 and 2,647 shares |
9,350 |
9,290 |
||||
|
Total ARC Document Solutions, Inc. stockholders' equity |
131,546 |
130,237 |
||||
|
Noncontrolling interest |
7,578 |
7,374 |
||||
|
Total equity |
139,124 |
137,611 |
||||
|
Total liabilities and equity |
$ |
325,803 |
$ |
339,425 |
||
