Last $9.17 USD
Change Today -0.40 / -4.18%
Volume 301.4K
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arc document solutions inc (ARC) Key Developments

ARC Document Solutions, Inc. Announces Executive Changes

ARC Document Solutions, Inc. announced the appointment of Jorge Avalos to succeed John Toth in the role of Chief Financial Officer of ARC at the end of January. Mr. Toth, the company's current CFO, is leaving the company to pursue other business interests. Jorge Avalos has been ARC's Chief Accounting Officer and Vice President of Finance since April 2011, having joined the company in June 2006 as the Company's Director of Finance. He became the company's Corporate Controller in December 2006, and Vice President, Corporate Controller in December 2010. Prior to joining the company Mr. Avalos was the controller of Vendare Media Group, an online network and social media company, and spent seven years in a variety of auditing and management roles for PricewaterhouseCoopers LLP.

ARC Document Solutions, Inc. Launches SKYSITE

ARC Document Solutions, Inc. announced the release of SKYSITE, its cloud-based, enterprise-level, document management solution for the construction industry. With the SKYSITE solution, users can view, manage, distribute, and collaborate on construction documents in real time with secure access available on any mobile or desktop device. SKYSITE was designed from the ground up for the AEC industry. ARC's developers have more than three decades of industry experience and intimate knowledge of construction workflow. ARC's 200 offices throughout the country can also provide a variety of support services to assist their customers in managing their documents so they can build quickly, accurately, and on budget. boldKey features of SKYSITE include: boldSingle source file sharing. Eliminate the redundancy and confusion often caused by documents stored on multiple sites and with different applications. boldRobust document synchronization. Enable real-time sync of specific documents or entire folders/directories to speed access and manage limited storage of mobile devices. boldComprehensive access and connectivity. Download folders and files at will or automatically; access files independent of internet connectivity. boldPowerful search. Index content to your requirements and generate accurate document retrieval. boldReal time mark-up. Capture and share real-time changes; collaborate on latest documents anywhere and anytime over mobile and desktop devices. boldStrong security. Multi-layered password option to distinguish from common confidential folders and projects. boldIntegration with ARC Service Centers. End-to-end document management, digital to hard copy conversion, file management and uploading services, and more. boldActivity tracking. Provide oversight for document collaboration and sharing activities within the project.

ARC Document Solutions, Inc. Announces Enters into a New $205 Million Credit Facility

ARC Document Solutions, Inc. announced that it has entered into a new $205 million Credit Facility that consists of a Term A loan facility in the amount of $175 million, and a revolving line of credit in the amount of $30 million. The proceeds of the new term loan were used to repay the company's former Term B Loan Facility in full, and the new revolving line of credit replaces the company's previously undrawn revolving line of credit in the amount of $40 million. The new Credit Facility bears interest at per annum floating rates that are adjusted quarterly based on the company's leverage ratio. Based on ARC's leverage ratio at the closing, the Company's interest rate effective November 20, 2014, will be LIBOR plus 250 basis points. The Credit Facility was syndicated to a group of lenders consisting primarily of commercial banks and has a term of five years that matures in November 2019. With this transaction, the company expects to save more than $5 million in annual cash interest payments relative to its previous Term B Loan Facility. Additional interest rate protection costs associated with the new term loan facility have yet to be determined. Wells Fargo Securities, GE Capital Markets, and J.P. Morgan Securities served as Joint Bookrunners and Joint Lead Arrangers on the transaction.

ARC Document Solutions, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Earnings Guidance for 2014

ARC Document Solutions, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net sales of $106,807,000 compared to $101,252,000 for the same period of last year. Income from operations was $8,384,000 compared to $6,594,000 for the same period of last year. Income before income tax provision was $4,279,000 compared to $462,000 for the same period of last year. Net income attributable to the company's shareholders was $3,661,000 or $0.08 per basic and diluted share compared to net loss attributable to the company's shareholders of $450,000 or $0.01 per basic and diluted share for the same period of last year. Cash flows provided by operating activities were $15,311,000 compared to $20,019,000 for the same period of last year. EBIT was $8,100,000 compared to $6,235,000 for the same period of last year. EBITDA was $16,636,000 compared to $14,904,000 for the same period of last year. Adjusted EBITDA was $18,256,000 compared to $16,551,000 for the same period of last year. Capital expenditures were $3,430,000 compared to $4,814,000 for the same period of last year. Adjusted net income attributable to the company was $2,895,000 or $0.06 per basic and diluted share compared to $795,000 or $0.02 per basic and diluted share for the same period of last year. For the nine months, total net sales were $316,162,000 compared to $305,910,000 for the same period of last year. Income from operations was $23,381,000 compared to $21,366,000 for the same period of last year. Income before income tax provision was $11,468,000 compared to $3,178,000 for the same period of last year. Net income attributable to the company's shareholders was $9,602,000 or $0.20 per diluted share compared to $687,000 or $0.01 per diluted share for the same period of last year. Cash flows provided by operating activities were $37,049,000 compared to $40,010,000 for the same period of last year. EBIT was $23,169,000 compared to $20,645,000 for the same period of last year. EBITDA was $48,730,000 compared to $46,735,000 for the same period of last year. Adjusted EBITDA was $55,247,000 compared to $50,811,000 for the same period of last year. Adjusted net income attributable to the company was $9,184,000 or $0.20 per basic and diluted share compared to $2,997,000 or $0.07 per basic and diluted share for the same period of last year. Capital expenditures were $10,027,000 compared to $14,856,000 for the same period of last year. The company has revised its outlook upward for annual adjusted earnings per share in 2014 from $0.19 to $0.23 to be in the range of $0.24 to $0.27 on a fully diluted basis. The outlook for annual cash flow from operations has been narrowed from $51 million to $56 million to be in the range of $52 million to $54 million. The outlook for annual adjusted EBITDA has been revised upward from $69 million to $73 million to be in the range of $71 million to $74 million.

ARC Document Solutions, Inc. Presents at Southwest IDEAS Investor Conference 2014, Nov-20-2014 11:20 AM

ARC Document Solutions, Inc. Presents at Southwest IDEAS Investor Conference 2014, Nov-20-2014 11:20 AM. Venue: Marriott Quorom, 14901 Dallas Parkway, Addison, TX 75254, United States.

 

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