*NEWS*U.STATIONERS POSTS RECORD Q1 SALES

  • 2toner1-2
  • Print
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • facebook-tonernews-12-08-2016
  • 536716a_green_sweep_web_banner_902x17712
  • toner-news-big-banner-nov-8
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • big-banner-ad_2-sean
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 161213_banner_futorag_902x177px
  • futor_902x177v7-tonernew
  • 4toner4
Share

*NEWS*U.STATIONERS POSTS RECORD Q1 SALES

 user 2007-05-24 at 10:24:00 am Views: 40
  • #18167

    United Stationers posts record Q1 sales
    May
    2007 — Deerfield (IL): United Stationers has reported record Q1 net
    sales of $1.2 billion, up 3.9 percent from $1.1 billion in the same
    period last year. Diluted EPS rose to a record high of $0.90, up 61
    percent from the prior-year’s EPS of $0.56. Sales of Jan/San supplies
    and cut sheet paper were the strongest contributors to growth.

    President
    and CEO Dick Gochnauer said: “We began the year with record first
    quarter sales and a significant improvement in operating margin.
    Favourable results from our investment in enhancing margin management,
    combined with holding the line on costs, contributed to our strong
    financial performance. We are in the process of developing detailed
    plans and strategies to remove approximately $100 million in annual
    costs over the five-year period beginning in 2007. These actions,
    combined with our value drivers, should allow us to achieve United’s
    long-term financial objective of increasing earnings per share by 12
    percent to 15 percent per year.”Operating income for Q1 was $50.9
    million, up from $37.9 million in 2006. Diluted EPS from continuing
    operations were $0.90, versus $0.65 in the prior-year quarter.During
    the quarter, the company repurchased approximately 1.8 million shares
    of its common stock for $101.4 million.Gochnauer continued: “We are in
    the process of reviewing financing alternatives that will give us the
    flexibility to continue our share repurchase programme. We view share
    repurchases as an excellent way to return value to our shareholders.”We
    believe the company is well positioned to deliver strong financial
    results in 2007. Following our record sales in the first quarter, sales
    growth for the second quarter continues to trend in the low single
    digits over last year.”Significant progress is being made in our
    efforts to deliver profitable sales growth, drive out waste, expand our
    private brands, optimise our assets, leverage the potential of our
    Sweet Paper acquisition, and enhance our marketing capabilities. The
    success of these six key value drivers is important to our overall
    strategy,” he added.”Our goal is to achieve solid financial performance
    this year through focused efforts on increasing sales, managing gross
    margins, controlling costs and improving cash flow. These collective
    efforts should lead to enhanced shareholder value.