united stationers inc (USTR) Key Developments
United Stationers Board Declares Regular Dividend, Payable on July 15, 2015
May 21 15
United Stationers Inc. announced that on May 20, 2015 its board of directors declared a $0.14 per share dividend payable on July 15, 2015 to stockholders of record at the close of business on June 15, 2015.
United Stationers Inc. Announces Management Changes
May 6 15
United Stationers Inc. announced that its Board of Directors has appointed current Board member Robert B. Aiken Jr., 52, interim president and chief executive officer, effective immediately. Mr. Aiken will succeed P. Cody Phipps, who has resigned as president and chief executive officer and as a director to pursue another opportunity. Mr. Aiken rejoined the United Stationers' board of directors in February 2015 after previously serving as a director from December 2010 to May 2014. Most recently, he was chief executive officer of Feeding America.
United Stationers Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year of 2015
Apr 22 15
United Stationers Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $1,332,375,000 compared to $1,254,139,000 a year ago. Operating income was $6,078,000 compared to $38,234,000 a year ago. Income before income taxes was $1,239,000 compared to $34,860,000 a year ago. Net loss was $3,992,000 or $0.10 per diluted share compared to net income of $21,857,000 or $0.55 per diluted share a year ago. Net cash provided by operating activities was $62,722,000 compared to $1,490,000 a year ago. Capital expenditures were $5,490,000 compared to $6,390,000 a year ago. Adjusted operating income was $36,539,000 compared to $38,234,000 a year ago. Adjusted net income was $19,904,000 compared to $21,857,000 a year ago. Adjusted diluted earnings per share were $0.52 compared to $0.55 a year ago. The increase in net cash provided by operating activities over the prior year was driven by lower accounts receivable balances and improved changes in accounts payable and accrued liabilities. Free cash flow in the quarter was $57 million representing solid progress. Sales growth remained strong as market share grew across most channels. The incremental Office Depot business added just over 300 basis points to the growth rate in the quarter.
The company estimates the 2015 full-year total capital expenditures to be $30 million to $35 million. The company expects to deliver low-single digit EPS growth in 2015. This expected EPS growth reflects investment in a common operating and IT platform, digital services and company rebranding initiative. These actions will deliver enhanced services and improved operating profit and will position to generate total cost savings of $15 million to $20 million per year beginning in 2016.
United Stationers Inc. Appoints Janet Zelenka to Senior Vice President and Chief Information Officer
Apr 17 15
United Stationers Inc. announced that Janet Zelenka has been appointed to senior vice president and chief information officer, effective immediately. Ms. Zelenka joined the company in 2006 as vice president and general auditor and has held several key management positions, including vice president of finance and margin management.
United Stationers Inc. Promotes Timothy P. Connolly to the Position of Chief Operating Officer
Apr 17 15
United Stationers Inc. announced that Timothy P. Connolly has been promoted to the position of chief operating officer, effective immediately. He will continue to report to P. Cody Phipps, president and chief executive officer. He has an outstanding track record of delivering results and has consistently demonstrated strong operating leadership. Tim has effectively overseen initiative to combine these businesses and deliver an improved customer experience and operating cost savings. He has also been an inspirational leader of purpose-driven culture. In his new role, Tim will bring his execution leadership to the entire enterprise and accelerate progress toward the goal of becoming the fastest and most convenient solution for workplace essentials. With Tim driving day-to-day execution, this will allow to focus additional attention on key strategies to win online, drive industrial growth and diversify into higher growth and higher margin channels and categories. Mr. Connolly was most recently the company's president, business transformation and supply chain and, prior to that, had held various managerial positions since his arrival in August 2003. Before joining the company, Tim was regional vice president for Cardinal Health where he directed operations, sales, human resources, finance, and customer service for pharmaceutical division.