ARC Document Solutions Reports Results for Second Quarter 2016

WALNUT CREEK, CA -- (Marketwired) -- Aug 02, 2016 -- 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 second quarter ended June 30, 2016.

2016 Second Quarter Business Highlights:

  • Net sales of $103.8 million vs. $113.4 million in Q2 2015
  • Adjusted diluted earnings per share were $0.10 vs. $0.13 in Q2 2015
  • Gross margin of 35.1% vs. 36.0% in Q2 2015 due to lower sales volume
  • Cash flow from operations of $16.6 million vs. $16.9 million in Q2 2015
  • Adjusted EBITDA of $18.1 million or 17.5%
  • Approximately 581,000 shares of ARC common stock repurchased in the open market
  • Revised 2016 forecast is for annual adjusted earnings per share to be in the range of $0.24 to $0.28; annual cash flow from operations to be in the range of $48 million to $52 million; and annual adjusted EBITDA is expected to be in the range of $59 million to $63 million.
                                                                            
Financial Highlights:                                                       
                                                                            
                                     Three Months Ended   Six Months Ended  
                                          June 30,            June 30,      
                                     ------------------  ------------------ 
(All dollar amounts in millions,                                            
 except EPS)                           2016      2015      2016      2015   
                                     --------  --------  --------  -------- 
Net Sales                            $  103.8  $  113.4  $  207.3  $  217.7 
Gross Margin                             35.1%     36.0%     33.8%     35.3%
Net (loss) income attributable to                                           
 ARC                                 $  (55.9) $    9.3  $  (53.3) $   13.7 
Adjusted Net Income attributable to                                         
 ARC                                 $    4.8  $    6.2  $    7.5  $    9.4 
(Loss) earnings per share - Diluted  $  (1.22) $   0.19  $  (1.15) $   0.29 
Adjusted earnings per share -                                               
 Diluted                             $   0.10  $   0.13  $   0.16  $   0.20 
Adjusted EBITDA                      $   18.1  $   21.6  $   32.9  $   38.4 
Cash provided by operating                                                  
 activities                          $   16.6  $   16.9  $   21.9  $   22.2 
Capital Expenditures                 $    2.6  $    4.1  $    5.2  $    7.6 
Debt & Capital Leases (including                                            
 current), net of unamortized                                               
 deferred financing fees                                 $  164.9  $  187.0 
                                                                                                   
 

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