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EXHIBIT 99.1
Kathleen S. Dvorak
Senior Vice President and
Chief Financial Officer
or
Randall W. Larrimore
President and Chief Executive Officer
United Stationers Inc.
(847) 699-5000
FOR IMMEDIATE RELEASE
UNITED STATIONERS PROVIDES THIRD QUARTER GUIDANCE;
ANNOUNCES RESTRUCTURING PLAN AND CHANGE IN CFO POSITION
DES PLAINES, Ill., Oct. 3, 2001 -- United Stationers Inc. (NASDAQ:
USTR) today reported preliminary sales and earnings for the three months ended
September 30, 2001. The company also announced that its board of directors has
approved a restructuring plan. In addition, Kathleen S. Dvorak has been named
senior vice president and chief financial officer, replacing Timothy J.
Feeheley.
PRELIMINARY THIRD QUARTER RESULTS
Preliminary sales for the third quarter ended September 30, 2001, are
expected to be in the range of $950 million to $960 million, compared with $1.0
billion in the third quarter of 2000. The lower sales results reflect weakness
in the economy, the impact of the tragic events of September 11th which created
additional uncertainty about future economic growth, and the sale of Positive ID
(the company's bar code scanning equipment division) in July 2001. This decline
affected all business lines in all geographic regions.
The company will record a pre-tax restructuring charge of approximately
$52 million in the third quarter ended September 30, 2001. There will be two
components to the charge: a $34 million cash charge and an $18 million non-cash
charge. As a result, United Stationers now plans to report a loss per share for
the third quarter in the range of $0.26 to $0.29. Excluding the restructuring
charge of approximately $0.92 per share, earnings per share are expected to be
in the range of $0.63 to $0.66, compared with $0.76 in the third quarter of
2000. The third quarter of 2001 will include severance expense of approximately
$3.1 million, or $0.05 per share, that is not directly related to the
restructuring and an estimated loss before interest and taxes related to THE
ORDER PEOPLE of approximately $4 million, or $0.07 per share, compared with the
$5.6 million loss from the second quarter of 2001. For the three months ending
December 31, 2001, the loss before interest and taxes related to THE ORDER
PEOPLE is expected to be approximately $3 million.
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United Stationers Provides Third Quarter Guidance
Announces Restructuring Plan and Change in CFO Position
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RESTRUCTURING PLAN
The restructuring plan was approved by the board of directors late in
the third quarter. This plan includes reducing THE ORDER PEOPLE'S expense base,
as well as a company-wide restructuring, including a workforce reduction,
facility rationalization and systems integration. Beginning in 2003, the plan is
expected to produce ongoing pre-tax cost savings of approximately $40 million
annually with additional benefits in subsequent years and a 300 basis point
improvement in return on invested capital.
In addition to the third quarter charge, the company estimates that the
cost of implementing the restructuring plan (primarily charges related to
relocating inventory and accelerating depreciation of certain capital assets)
will be approximately $6.7 million, of which about $1.6 million will be recorded
in the fourth quarter ending December 31, 2001. The balance of the charges will
be incurred as the restructuring plan rolls out.
"As part of its restructuring plan, the company will be eliminating
layers of management and creating an organizational structure that will push
decision-making even closer to the customer," said Randall W. Larrimore,
president and chief executive officer. "In addition, United Stationers has
initiated a search for a chief operating officer who will drive synergies across
business units, lead our growth initiatives, and champion our continuing focus
on customer service."
"We are working diligently to further align our costs with current
business conditions. With the sales downturn resulting from the current
macroeconomic conditions and uncertainty concerning the exact timing as to when
we will realize savings from the restructuring plan, it is difficult for us to
provide guidance on the fourth quarter. However, our aggressive restructuring
efforts will position United Stationers for solid earnings growth in 2002 and
beyond. While we are working to strengthen our competitive position, increase
efficiencies, and improve return on invested capital, we are committed to
maintaining the highest levels of customer service," continued Larrimore.
DVORAK NAMED CFO
"With regret I accepted the resignation of Tim Feeheley, our recently
appointed chief financial officer and chairman of Lagasse," Larrimore added.
"After holding these positions for a short time, Tim realized he preferred the
operational to the financial side of the business, and will be leaving United
Stationers to pursue other opportunities. He has our thanks for his
contributions and our best wishes. We continue to have strong leadership at
Lagasse, our fastest growing operation, under its current president, Steve
Schultz."
"We are fortunate to be able to promote Kathy Dvorak to senior vice
president and chief financial officer," Larrimore continued. "Her background in
finance, experience in communicating with investors and financial institutions,
and 19 years at United Stationers give Kathy the depth and breadth of experience
and continuity we need in this position."
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United Stationers Provides Third Quarter Guidance;
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Dvorak, 45, has been senior vice president, investor relations and
financial administration, and assistant secretary since 2000. In this capacity,
she served as United Stationers' liaison with the financial community and was
responsible for various financial functions. For the three years prior to this,
Dvorak was vice president, investor relations, and assistant secretary. She has
held a number of financial posts since joining the company in 1982. Dvorak
received her B.A. from Northern Illinois University and her M.B.A. from DePaul
University. Dvorak, her husband and two children, live in a western Chicago
suburb.
SHARE REPURCHASE
The board of directors has reinstated a previously authorized share
repurchase program of up to $50 million of the company's common stock. The
company has used approximately $26 million of the funds available under the
authorization. Purchases will be made from time-to-time in the open market or in
privately negotiated transactions. The company currently has 33.9 million shares
outstanding.
"We continuously evaluate the best use of our capital," Larrimore said.
"Given the company's strong free cash flow, we believe our stock is an extremely
attractive investment."
PRE-RECORDED MESSAGE
A pre-recorded message commenting on today's release will be available
on Thursday, October 4 at 8:00 a.m. CDT through midnight on Monday, October 8.
To listen to the message, United States/Canada participants should dial (800)
642-1687 and International/local participants can call (706) 645-9291. The
Conference ID number is 1996986.
THIRD QUARTER CONFERENCE CALL
United Stationers will report its financial results for the third
quarter ended September 30, 2001 on Monday, October 29. This will be followed by
a conference call with a question and answer session on Tuesday, October 30 at
9:00 a.m. CST to provide further details of its restructuring plan and to
discuss third quarter performance. To listen to the conference call, visit the
investor relations section of the company's Website at WWW.UNITEDSTATIONERS.COM
at least 15 minutes before the call, and follow the instructions provided to
ensure that the necessary audio application is downloaded and installed. This
program is provided at no charge to the user. In addition, interested parties
can access an archived version of the call, which also will be located on the
investor relations section of United Stationers' Website, about two hours after
the call ends and for the following week.
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United Stationers Provides Third Quarter Guidance;
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FORWARD-LOOKING STATEMENTS
With the exception of statements about historical matters, the
information presented in this news release contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are not guarantees of future
performance or events, and they involve a number of risks, uncertainties and
assumptions. These include, but are not limited to, uncertainties related to the
restructuring plan, the company's ability to realize the expected cost savings
and the timing of those savings related to facility closures and other
restructuring initiatives, and the company's ability to streamline its
organization and operations, implement its cost-cutting initiatives, quickly
reduce expenses associated with THE ORDER PEOPLE, operate in a highly
competitive environment, rely on key management personnel, anticipate changes in
end-users' traditional demands for business products, and rely on certain key
suppliers and the fluctuations in their pricing and respond to economic
conditions. A description of these and other factors that could affect the
company's business are included in certain of United's filings with the
Securities and Exchange Commission.
COMPANY OVERVIEW
United Stationers Inc., with trailing 12 months sales of $4.0 billion,
is North America's largest distributor of business products and a provider of
marketing and logistics services to resellers. Its integrated computer-based
distribution system makes more than 40,000 items available to 20,000 resellers.
United is able to ship products within 24 hours of order placement because of
its 38 United Stationers Supply Co. regional distribution centers, 25 Lagasse
distribution centers that serve the janitorial and sanitation industry, six
Azerty distribution centers that serve computer supply resellers, two
distribution centers that serve the Canadian marketplace and a distribution
center primarily serving clients of THE ORDER PEOPLE. Its focus on fulfillment
excellence has given the company a 98% order fill rate, a 99.5% order accuracy
rate, and a 99% on-time delivery rate. For more information, visit
WWW.UNITEDSTATIONERS.COM.
The company's common stock trades on the Nasdaq National Market System
under the symbol USTR and is included in the S&P SmallCap 600 Index.
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