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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ARC Document Solutions Inc | NYSE:ARC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.12 | 4.48% | 2.80 | 2.80 | 2.68 | 2.71 | 148,056 | 01:00:00 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Date of Report: April 30, 2015 (Date of earliest event reported) | ||||
ARC Document Solutions, Inc. (Exact name of registrant as specified in its charter) | ||||
CA (State or other jurisdiction of incorporation) | 001-32407 (Commission File Number) | 20-1700361 (IRS Employer Identification Number) | ||
1981 N. Broadway, Walnut Creek, CA (Address of principal executive offices) | 94596 (Zip Code) | |||
(925) 949-5100 (Registrant's telephone number, including area code) | ||||
Not Applicable (Former Name or Former Address, if changed since last report) |
For | Withheld | Broker Non-Votes | ||||||||||
Kumarakulasingam Suriyakumar | 38,312,098 | 968,452 | 4,004,973 | |||||||||
Thomas J. Formolo | 38,767,504 | 513,046 | 4,004,973 | |||||||||
Dewitt Kerry McCluggage | 38,765,674 | 514,876 | 4,004,973 | |||||||||
James F. McNulty | 38,764,613 | 515,937 | 4,004,973 | |||||||||
Mark W. Mealy | 38,767,514 | 513,036 | 4,004,973 | |||||||||
Manuel Perez de la Mesa | 38,770,878 | 509,672 | 4,004,973 | |||||||||
Eriberto R. Scocimara | 38,766,913 | 513,637 | 4,004,973 |
For | Against | Abstain | Broker Non-Votes | |||
43,215,787 | 25,568 | 44,168 | 0 |
For | Against | Abstain | Broker Non-Votes | |||
27,664,351 | 11,356,242 | 259,957 | 4,004,973 |
Dated: May 5, 2015 | ARC DOCUMENT SOLUTIONS, INC. By: /s/ Jorge Avalos Jorge Avalos Chief Financial Officer |
Exhibit Index | |
Exhibit No. | Description |
99.1 | Press Release of ARC Document Solutions, Inc. dated May 5, 2015 |
• | Revenue grew 3.9% year-over-year |
• | Adjusted earnings per share were $0.07 vs. $0.04 in Q1 2014 |
• | Gross margin was 34.5%, a year-over-year increase of 70 basis points |
• | Adjusted cash flow from operations was $6.4 million vs. $8.1 million in Q1 2014; decrease largely due to timing of accounts receivable collections |
• | Adjusted EBITDA of $16.8 million; grew 4% in line with sales despite planned investments in SG&A |
• | Maintains 2015 fully-diluted annual adjusted earnings per share projected to be in the range of $0.37 to $0.41; annual adjusted cash provided by operating activities projected to be in the range of $61 to $66 million; and annual adjusted EBITDA to be in the range of $75 million to $80 million |
Financial Highlights: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(All dollar amounts in millions, except EPS) | 2015 | 2014 | ||||
Net Revenue | $ | 104.3 | $ | 100.4 | ||
Gross Margin | 34.5 | % | 33.8 | % | ||
Net income attributable to ARC | $ | 4.4 | $ | 1.4 | ||
Adjusted Net Income attributable to ARC | $ | 3.2 | $ | 1.8 | ||
Earnings per share - Diluted | $ | 0.09 | $ | 0.03 | ||
Adjusted earnings per share - Diluted | $ | 0.07 | $ | 0.04 | ||
Adjusted EBITDA | $ | 16.8 | $ | 16.1 | ||
Cash provided by operating activities | $ | 5.3 | $ | 7.7 | ||
Adjusted cash provided by operating activities | $ | 6.4 | $ | 8.1 | ||
Capital Expenditures | $ | 3.5 | $ | 3.6 | ||
Debt & Capital Leases (including current) | $ | 200.2 | $ | 216.4 |
Sales from Services and Product Lines as a Percentage of Net Sales | ||||
Three Months Ended | ||||
March 31, | ||||
Services and Product Line | 2015 | 2014 | ||
CDIM | 52.4 | % | 53.1 | % |
MPS | 34.4 | % | 32.9 | % |
AIM | 2.7 | % | 2.6 | % |
Equipment and supplies sales | 10.5 | % | 11.4 | % |
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 | ||||
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 | ||||
Total assets | $ | 410,105 | $ | 414,068 | ||
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 | ||||
Total liabilities | 294,449 | 304,230 | ||||
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 |
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 |
ARC Document Solutions, Inc. Non-GAAP Measures Reconciliation of cash flows provided by operating activities to adjusted cash flows provided by operating activities (In thousands) (Unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Cash flows provided by operating activities | $ | 5,288 | $ | 7,714 | ||
Payments related to trade secret litigation costs | 999 | 119 | ||||
Payments related to restructuring expenses | 118 | 303 | ||||
Adjusted cash flows provided by operating activities | $ | 6,405 | $ | 8,136 |
ARC Document Solutions, Inc. Non-GAAP Measures Reconciliation of net income attributable to ARC to unaudited adjusted net income attributable to ARC (In thousands, except per share data) (Unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Net income attributable to ARC Document Solutions, Inc. | $ | 4,436 | $ | 1,396 | ||
Restructuring expense | 74 | 483 | ||||
Trade secret litigation costs | 34 | 398 | ||||
Income tax benefit related to above items | (42 | ) | (344 | ) | ||
Deferred tax valuation allowance and other discrete tax items | (1,256 | ) | (157 | ) | ||
Unaudited adjusted net income attributable to ARC Document Solutions, Inc. | $ | 3,246 | $ | 1,776 | ||
Actual: | ||||||
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 | ||||
Adjusted: | ||||||
Earnings per share attributable to ARC Document Solutions, Inc. shareholders: | ||||||
Basic | $ | 0.07 | $ | 0.04 | ||
Diluted | $ | 0.07 | $ | 0.04 | ||
Weighted average common shares outstanding: | ||||||
Basic | 46,443 | 45,990 | ||||
Diluted | 47,654 | 46,782 |
ARC Document Solutions, Inc. Non-GAAP Measures Reconciliation of net income attributable to ARC Document Solutions, Inc. shareholders to EBIT, EBITDA and Adjusted EBITDA (In thousands) (Unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Net income attributable to ARC Document Solutions, Inc. shareholders | $ | 4,436 | $ | 1,396 | ||
Interest expense, net | 1,857 | 3,913 | ||||
Income tax provision | 761 | 664 | ||||
EBIT | 7,054 | 5,973 | ||||
Depreciation and amortization | 8,555 | 8,493 | ||||
EBITDA | 15,609 | 14,466 | ||||
Trade secret litigation costs | 34 | 398 | ||||
Restructuring expense | 74 | 483 | ||||
Stock-based compensation | 1,083 | 781 | ||||
Adjusted EBITDA | $ | 16,800 | $ | 16,128 |
ARC Document Solutions, Inc. Net Sales by Product Line (In thousands) (Unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Service Sales | ||||||
CDIM | 54,643 | 53,340 | ||||
MPS | 35,877 | 33,009 | ||||
AIM | 2,805 | 2,582 | ||||
Total service sales | 93,325 | 88,931 | ||||
Equipment and supplies sales | 10,994 | 11,442 | ||||
Total net sales | $ | 104,319 | $ | 100,373 |
ARC Document Solutions, Inc. Net Sales by Product Line 2014 and 2013 by Quarter (In thousands) (Unaudited) | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | 2014 | |||||||||||||||
Service Sales | |||||||||||||||||||
CDIM | $ | 53,340 | $ | 57,542 | $ | 55,352 | $ | 53,530 | $ | 219,764 | |||||||||
MPS | 33,009 | 35,743 | 36,464 | 36,097 | 141,313 | ||||||||||||||
AIM | 2,582 | 2,913 | 2,610 | 2,702 | 10,807 | ||||||||||||||
Total service sales | 88,931 | 96,198 | 94,426 | 92,329 | 371,884 | ||||||||||||||
Equipment and supplies sales | 11,442 | 12,784 | 12,381 | 15,265 | 51,872 | ||||||||||||||
Total net sales | $ | 100,373 | $ | 108,982 | $ | 106,807 | $ | 107,594 | $ | 423,756 | |||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | |||||||||||||||
Service Sales | |||||||||||||||||||
CDIM | $ | 54,645 | $ | 56,485 | $ | 53,430 | $ | 51,745 | $ | 216,305 | |||||||||
MPS | 30,673 | 32,243 | 32,674 | 32,615 | 128,205 | ||||||||||||||
AIM | 2,482 | 2,900 | 2,726 | 2,740 | 10,848 | ||||||||||||||
Total service sales | 87,800 | 91,628 | 88,830 | 87,100 | 355,358 | ||||||||||||||
Equipment and supplies sales | 12,236 | 12,994 | 12,422 | 14,185 | 51,837 | ||||||||||||||
Total net sales | $ | 100,036 | $ | 104,622 | $ | 101,252 | $ | 101,285 | $ | 407,195 |
• | They do not reflect our cash expenditures, or future requirements for capital expenditures and contractual commitments; |
• | They do not reflect changes in, or cash requirements for, our working capital needs; |
• | They do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and |
• | Other companies, including companies in our industry, may calculate these measures differently than we do, limiting their usefulness as comparative measures. |
ARC Document Solutions Consolidated Statements of Cash Flows (In thousands) (Unaudited) | Three Months Ended | |||||
March 31, | ||||||
2015 | 2014 | |||||
Cash flows from operating activities | ||||||
Net income | $ | 4,411 | $ | 1,296 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Allowance for accounts receivable | 26 | 147 | ||||
Depreciation | 7,066 | 6,995 | ||||
Amortization of intangible assets | 1,489 | 1,498 | ||||
Amortization of deferred financing costs | 161 | 183 | ||||
Amortization of discount on long-term debt | — | 225 | ||||
Stock-based compensation | 1,083 | 781 | ||||
Deferred income taxes | 2,176 | 1,893 | ||||
Deferred tax valuation allowance | (1,534 | ) | (1,289 | ) | ||
Restructuring expense, non-cash portion | — | 384 | ||||
Other non-cash items, net | (174 | ) | (170 | ) | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (4,522 | ) | (3,435 | ) | ||
Inventory | (1,093 | ) | (2,014 | ) | ||
Prepaid expenses and other assets | 1,999 | 222 | ||||
Accounts payable and accrued expenses | (5,800 | ) | 998 | |||
Net cash provided by operating activities | 5,288 | 7,714 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (3,501 | ) | (3,565 | ) | ||
Other | 155 | 164 | ||||
Net cash used in investing activities | (3,346 | ) | (3,401 | ) | ||
Cash flows from financing activities | ||||||
Proceeds from stock option exercises | 545 | 441 | ||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 27 | 21 | ||||
Early extinguishment of long-term debt | — | — | ||||
Payments on long-term debt agreements and capital leases | (6,067 | ) | (7,963 | ) | ||
Net (repayments) borrowings under revolving credit facilities | (984 | ) | 402 | |||
Payment of deferred financing costs | (24 | ) | (457 | ) | ||
Payment of hedge premium | (632 | ) | — | |||
Net cash used in financing activities | (7,135 | ) | (7,556 | ) | ||
Effect of foreign currency translation on cash balances | 118 | (126 | ) | |||
Net change in cash and cash equivalents | (5,075 | ) | (3,369 | ) | ||
Cash and cash equivalents at beginning of period | 22,636 | 27,362 | ||||
Cash and cash equivalents at end of period | $ | 17,561 | $ | 23,993 | ||
Supplemental disclosure of cash flow information | ||||||
Noncash investing and financing activities | ||||||
Capital lease obligations incurred | $ | 3,500 | $ | 4,088 | ||
Stock options exercised - unsettled | $ | — | $ | 550 |
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1 Month ARC Document Solutions Chart |
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