ARC Document Solutions, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
March 31, December 31,
Current assets: 2015 2014
------------ ------------
Cash and cash equivalents $ 17,561 $ 22,636
Accounts receivable, net of allowances for
accounts receivable of $2,371 and $2,413 66,046 62,045
Inventories, net 17,354 16,251
Deferred income taxes 277 278
Prepaid expenses 5,247 4,767
Other current assets 3,913 6,080
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Total current assets 110,398 112,057
Property and equipment, net of accumulated
depreciation of $218,850 and $214,697 58,897 59,520
Goodwill 212,608 212,608
Other intangible assets, net 22,228 23,841
Deferred financing fees, net 2,296 2,440
Deferred income taxes 992 1,110
Other assets 2,686 2,492
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Total assets $ 410,105 $ 414,068
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Current liabilities:
Accounts payable $ 23,701 $ 26,866
Accrued payroll and payroll-related expenses 11,788 13,765
Accrued expenses 21,253 22,793
Current portion of long-term debt and capital
leases 28,303 27,969
------------ ------------
Total current liabilities 85,045 91,393
Long-term debt and capital leases 171,890 175,916
Deferred income taxes 34,050 33,463
Other long-term liabilities 3,464 3,458
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Total liabilities 294,449 304,230
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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; 47,039 and 46,800 shares issued
and 46,962 and 46,723 shares outstanding 47 47
Additional paid-in capital 112,573 110,650
Retained deficit (2,917) (7,353)
Accumulated other comprehensive loss (678) (161)
------------ ------------
109,025 103,183
Less cost of common stock in treasury, 77 and
77 shares 408 408
------------ ------------
Total ARC Document Solutions, Inc.
stockholders' equity 108,617 102,775
Noncontrolling interest 7,039 7,063
------------ ------------
Total equity 115,656 109,838
------------ ------------
Total liabilities and equity $ 410,105 $ 414,068
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ARC Document Solutions, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited) Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
Service sales $ 93,325 $ 88,931
Equipment and supplies sales 10,994 11,442
----------- -----------
Total net sales 104,319 100,373
Cost of sales 68,298 66,439
----------- -----------
Gross profit 36,021 33,934
Selling, general and administrative expenses 27,455 26,106
Amortization of intangible assets 1,489 1,498
Restructuring expense 74 483
----------- -----------
Income from operations 7,003 5,847
Other income, net (26) (26)
Interest expense, net 1,857 3,913
----------- -----------
Income before income tax provision 5,172 1,960
Income tax provision 761 664
----------- -----------
Net income 4,411 1,296
Loss attributable to noncontrolling interest 25 100
----------- -----------
Net income attributable to ARC Document
Solutions, Inc. shareholders $ 4,436 $ 1,396
=========== ===========
Earnings per share attributable to ARC Document
Solutions, Inc. shareholders:
Basic $ 0.10 $ 0.03
=========== ===========
Diluted $ 0.09 $ 0.03
=========== ===========
Weighted average common shares outstanding:
Basic 46,443 45,990
Diluted 47,654 46,782
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows provided by operating activities to EBIT,
EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
Cash flows provided by operating activities $ 5,288 $ 7,714
Changes in operating assets and liabilities, net
of effect of business acquisitions 9,416 4,229
Non-cash expenses, including depreciation,
amortization and restructuring (10,293) (10,647)
Income tax provision 761 664
Interest expense, net 1,857 3,913
Loss attributable to the noncontrolling interest 25 100
----------- -----------
EBIT 7,054 5,973
Depreciation and amortization 8,555 8,493
----------- -----------
EBITDA 15,609 14,466
Trade secret litigation costs(1) 34 398
Restructuring expense 74 483
Stock-based compensation 1,083 781
----------- -----------
Adjusted EBITDA $ 16,800 $ 16,128
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ARC Document Solutions Reports Results for First Quarter 2015
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