This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

United Stationers Reports Strong Second Quarter 2011 Sales And Adjusted Earnings

United Stationers Inc. (NASDAQ: USTR) reported second quarter 2011 results.

Second Quarter Financial Summary

  • Net sales were up 2.9% to $1.26 billion compared with $1.22 billion in the prior-year quarter.
  • Diluted earnings per share were $0.54 versus $0.55 in the prior-year quarter. Excluding non-cash items described below, adjusted earnings per share were $0.59 (1), up 16% compared with $0.51 (1) in the prior-year period. More information on these non-cash items is presented at the end of this news release.
  • Second quarter gross margin was $184.2 million, or 14.7% of sales, compared with $179.2 million, or 14.7% of sales, in the prior-year quarter.
  • Operating expenses were $136.4 million, or 10.9% of sales, compared with $128.9 million, or 10.6% of sales in the prior-year quarter. Excluding the non-cash items, second quarter 2011 adjusted operating expenses were $132.0 million (1) or 10.5% (1) of sales, compared with $131.7 million (1) or 10.8% (1) of sales.
  • Operating margin was $47.8 million, or 3.8% of sales, versus $50.3 million, or 4.1% of sales, in the prior-year quarter. Excluding the non-cash items, adjusted operating margin was up 9.8% to $52.2 million (1) or 4.2% (1) of sales, compared with $47.6 million (1) or 3.9% (1) of sales.
  • Net income was $24.8 million compared with $27.0 million in the prior-year quarter. Excluding the non-cash items, adjusted net income was up 8.7% to $27.5 million (1), compared with $25.3 million (1).
  • Net cash provided by operating activities for the six months ended June 30, 2011 totaled $73.3 million versus $54.7 million in the prior-year period.
  • Cash paid for share repurchases totaled $69.9 million for approximately 2.1 million shares during the six months ended June 30, 2011. On July 14, 2011, the company’s board of directors approved and authorized the purchase of up to an additional $100 million of common stock. In addition, the board of directors approved a quarterly cash dividend of $0.13 per share payable on October 14, 2011 to stockholders of record as of the close of business on September 15, 2011.

“While we experienced strong results from our growth strategies, we felt the same economic headwinds, including lingering unemployment, as many others and saw a deceleration in our overall growth rate during the quarter,” said Cody Phipps, president and chief executive officer. “We made progress towards our long-term operating margin expansion goals while investing in important skills and systems to support our strategies. Working capital discipline enabled solid cash flow and a strong financial position to fund our capital deployment priorities including growth initiatives, share repurchases and dividends.”

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs