- Net sales were up 1.5% to $1.28 billion compared with $1.26 billion in the prior-year quarter.
- Diluted earnings per share were $0.66 versus $0.54 in the prior-year quarter. Current period earnings per share were up 12% versus adjusted earnings per share in the prior-year quarter of $0.59 (1).
- Second quarter gross margin was $188.3 million, or 14.8% of sales, compared with $184.2 million, or 14.7% of sales, in the prior-year quarter.
- Operating expenses were $137.9 million, or 10.8% of sales, compared with $136.4 million, or 10.9% of sales in the prior-year quarter. Excluding a non-cash pre-tax equity compensation charge related to the former CEO’s retirement, second quarter 2011 adjusted operating expenses were $132.0 million (1) or 10.5% (1) of sales.
- Operating margin was $50.3 million, or 3.9% of sales, versus $47.8 million, or 3.8% of sales, in the prior-year quarter. Excluding the item noted above, adjusted operating margin in the prior-year quarter was $52.2 million (1) or 4.2% (1) of sales.
- Net income was $27.0 million compared with $24.8 million in the prior-year quarter. Excluding the non-cash item, adjusted net income in the prior-year quarter was $27.5 million (1).
- Net cash provided by operating activities for the six months ended June 30, 2012 totaled $48.3 million versus $73.3 million in the prior-year period.
- Cash paid for share repurchases totaled $54.3 million for approximately 1.8 million shares during the six months ended June 30, 2012.
United Stationers Reports Second Quarter 2012 Earnings
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