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American Reprographics CEO Discusses Q4 2010 Results - Earnings Call Transcript

Please bear in mind that such statements are only predictions and actual results may differ materially as a result of risks and uncertainties that pertain to our business. These risks are highlighted in our quarterly and annual SEC filings. The forward-looking statements contained in this call are based on information as of today, February 22, 2011, and except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements.

Finally, this call will contain references to certain non-GAAP measures. The reconciliation of these non-GAAP measures is set forth in today’s press release and in our Form 8-K filing. With that as a background for the call, I’ll introduce our Chairman, President and CEO, Suri Suriyakumar. Suri?

Suri Suriyakumar

Thank you, David and good afternoon everyone. Well, we have completed another tough year in this unprecedented downturn of our times. The company reported 2010 annual revenue of $441.6 million, adjusted annual earnings per share of $0.03 and annual cash flow from operations amounted to $53.9 million.

Revenue for the fourth quarter of 2010 was $105 million. We recorded a fourth quarter loss in adjusted earnings per share of $0.03, and cash from operations for the quarter was $15.9 million. While our results may not have met our expectations on all fronts, given the difficult circumstances, I’m proud of our performance. If you recall, earlier last year we expected 2010 to be a year of recovery. Although we did feel that the first half of the year was likely to be weak, we certainly expected the markets to begin to recover during the second half. Unfortunately, that was not the case.

The second half of the year turned out to be much lighter from a revenue perspective. The only consolation was the fact that the daily sales were stabilizing month-over-month. What was conspicuously absent were new projects, which are a primary driver of strong sales and healthy profit margins.

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