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Exhibit 99.1
Kathleen S. Dvorak
Sr. 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 REPORTS 2001 RESULTS;
ANNOUNCES PROGRESS IN RESTRUCTURING
DES PLAINES, IL, Jan. 31, 2002 -- United Stationers Inc. (NASDAQ: USTR)
reported net sales for the year ended December 31, 2001 of $3.9 billion,
basically flat with the prior year. Net income was $57.0 million, including a
third-quarter pre-tax restructuring charge of $47.6 million ($31.7 million cash
and $15.9 million non-cash), compared with net income of $92.2 million in 2000,
which includes a pre-tax extraordinary charge of $10.7 million for early
retirement of debt. Earnings per share were $1.68 in 2001 including the
restructuring charge of $0.85 per share, compared with 2000 earnings per share
of $2.65, including the extraordinary charge of $0.19 per share. Excluding the
restructuring charge, earnings per share for 2001 were $2.53, compared with
$2.84 in 2000, excluding the extraordinary charge. The company's cash flow from
operations and working capital reached approximately $200 million in 2001.
LOWER SALES AND RESTRUCTURING CHARGE AFFECT FOURTH QUARTER RESULTS
Net sales for the fourth quarter were $936.3 million, down 5.5%
compared with $990.5 million in the prior-year quarter. Excluding the additional
workday in 2001, sales were down 7.0% in the most recent quarter. Net income for
the quarter was $19.5 million, compared with $25.5 million in the same quarter
last year. Earnings per share for the fourth quarter were $0.57, compared with
$0.74 in the prior-year quarter.
The integration of U.S. Office Products into the Corporate Express
business model accounted for approximately 6% of the 7% total sales decline. In
addition, the weak economy affected all business lines in all geographic
regions. The incremental sales from the acquisition of Peerless (janitorial and
sanitation supplies wholesaler) were offset by the sale of Positive ID (bar code
scanning equipment division) in July 2001 and the sale of a portion of
CallCenter Services in November 2001.
During the fourth quarter of 2001, The Order People lost $5.2 million
before interest and taxes. The company had initially anticipated a loss of $3.0
million during the fourth quarter related to The Order People. The loss was
higher than anticipated, primarily due to a provision for an accounts receivable
dispute. The company is aggressively pursuing collection. For the first quarter
ending March 31, 2002, the loss before interest and taxes related to The Order
People is expected to be approximately $2.5 million.
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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page two of seven
Gross margin for the fourth quarter decreased to 15.6%, compared with
17.4% a year ago. This decline primarily reflects a lower level of volume
allowances earned from vendors as the company focused on working capital
management and reduced inventory in line with lower sales. It also reflects a
shift in product mix. Operating expenses totaled $109.1 million, or 11.7% of
sales, in the fourth quarter of 2001, compared with $120.5 million, or 12.2% of
sales, for the same quarter in 2000, due primarily to lower payroll costs and
discretionary costs, such as travel and professional expenses. Operating
expenses for the fourth quarter reflect implementation costs of $2.2 million
associated with the restructuring. These costs included expenses related to
inventory relocation and accelerated depreciation of certain capital assets.
RESTRUCTURING PLAN BENEFITS EXPECTED IN 2002
"In our third quarter earnings release, we outlined restructuring plan
actions that included lowering The Order People's expense base, reducing the
workforce and rationalizing systems and facilities. Our restructuring efforts
are progressing in accordance with our plan. To date, we have achieved about 75%
of the planned net workforce reduction, announced a rationalization of Azerty's
infrastructure, closed our Cincinnati distribution center, made significant
progress in reducing The Order People's expense base and improved our overall
operations. We expect our efforts to result in pre-tax cost savings of $25
million in 2002 and about $40 million in the following year. This will drive a
significant improvement in our return on invested capital," said Randall
Larrimore, president and chief executive officer.
The remaining implementation expenses for the restructuring plan are
currently estimated at $4.5 million. These expenses will be incurred as the
restructuring plan is implemented. The balance sheet includes accrued
liabilities of $17.6 million and long-term liabilities of $9.8 million, which
represent the remaining estimated future payments of the restructuring charge.
SIGNIFICANT IMPROVEMENTS IN WORKING CAPITAL, CASH FLOW AND DEBT
Reductions in net working capital contributed to strong cash flow and
lower debt in 2001. Core elements of net working capital improved by $95 million
compared with 2000. Accounts receivable - before sales of receivables under the
company's securitization program - were $44 million lower. Inventory dropped by
$107 million, while accounts payable declined $56 million.
The working capital reductions contributed to the decline of
approximately $163 million in financing requirements during 2001. Total debt
declined by $138 million. In addition, the company decided to sell only $125
million of receivables under its securitization program, compared with the sale
of $150 million at year-end 2000. This $25 million reduction minimized the
accumulation of excess cash balances.
"We have heightened our focus on working capital and cash flow with
excellent results. Our efficiency initiatives and focused management paid off,
with cash generated from operations and working capital of approximately $200
million. As a result, our balance sheet is extremely strong, providing us with
significant financial flexibility," added Larrimore.
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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page three of seven
CAPITAL EXPENDITURES REMAIN LOW
Capital expenditures for 2001 were $28.6 million versus $39.3 million
in 2000. The company anticipates that its 2002 capital spending will be
approximately $35 million, which includes $17 million in restructuring-related
expenditures.
STRONGER PERFORMANCE EXPECTED IN 2002
"Three critical factors focused our attention on our cost structure,"
Larrimore said. "First, we were faced with the reality that the economy may not
improve for some time. Second, we could not afford to carry the infrastructure
associated with The Order People without the corresponding revenue. And finally,
we needed to increase efficiencies to create a sustainable competitive
advantage. We have developed and have begun to implement a number of actions
that are intended to revitalize the company and provide the infrastructure to
support continued profitable growth."
"In order to better serve our customers and to achieve greater
operational and financial synergies, we are moving toward an integrated system
from which to operate both our Supply Division and Azerty business units,"
continued Larrimore. "We expect this systems conversion to be in place during
the second quarter of 2002. Servicing Azerty customers out of the Supply
Division facilities will enable us to close the four dedicated Azerty
distribution centers in the United States. Our goal is to develop a single
operating platform, which will allow us to package office supplies and computer
consumables into the same box. By combining product availability, operational
excellence, simplified purchasing and billing and competitive pricing, we will
provide our customers with the best of all worlds."
"We are working diligently to align our costs with current business
conditions. With the sales downturn resulting from the current macroeconomic
conditions, and uncertainty between quarters as to when we will realize certain
savings from the restructuring plan, it is difficult for us to provide quarterly
guidance. Sales are down approximately 8% to date in January. This primarily
reflects the loss of sales volume as Corporate Express moves the U.S. Office
Products business into its own purchasing model. Excluding that, sales would be
down 2%. Our sales growth rate also will be affected by having one fewer workday
in the first quarter of 2002 than 2001," Larrimore added.
"While we have yet to see any improvement in the macroeconomic
environment, we are confident the actions we are taking will position us to
capitalize on future market opportunities as the economy recovers. First, our
streamlined organizational structure - which eliminated several layers of
management and improved best-practice sharing throughout the company - already
is producing results. More decisions are being made in the field, which brings
us closer to the customer," Larrimore continued. "We also have energized a new
set of managers who are determined to implement new ideas. We are taking
significant steps to reduce costs, enhance productivity, and generate higher
returns on our invested capital. Our focus in 2002 is to successfully complete
the restructuring plan and the initiatives I previously mentioned."
"We believe our aggressive restructuring efforts will position United
Stationers for solid earnings growth in 2002 and beyond. We are working to
strengthen our competitive position and increase efficiencies while maintaining
the highest levels of customer service in the industry," Larrimore concluded.
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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page four of seven
NAMED IN FORBES PLATINUM 400
In recognition of the company's results, United Stationers was included
in FORBES Magazine's "Platinum 400" list of best performing companies. Published
on January 7, 2002, the list includes "the best big companies in America" --
those "that are better than their competitors, with outstanding profitability
and growth." Of companies in the business supplies sector, United Stationers
posted the highest five-year earnings per share growth rate.
CONFERENCE CALL
United Stationers will host a conference call on Friday, February 1, at
9:00 a.m. Central Time to discuss its year-end results. To participate, callers
within the U.S. and Canada should dial (888) 405-9176 and International callers
should dial (773) 756-4706 approximately ten minutes before the time of the
presentation. The passcode is "United Stationers Year End". To listen to a
Webcast via the Internet, participants should visit the investor relations
section of the company's Website at WWW.UNITEDSTATIONERS.COM at least 15 minutes
prior to the event's broadcast. Then, follow the instructions provided to assure
that the necessary audio application is downloaded and installed. Windows Media
Player is required to listen to this Webcast. This program can be obtained at no
charge to the user. In addition, interested parties can access an archived
version of the call, which will also be located on the investor relations
section of United Stationers' Website approximately two hours after the
conclusion of the call.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, including
references to plans, objectives, anticipated future performance or events and
other statements that are not strictly historical in nature. These
forward-looking statements involve a number of risks, uncertainties, assumptions
and other factors that could cause actual results to differ materially from
those expressed or implied by the forward-looking statements. These include, but
are not limited to, uncertainties relating to: the company's restructuring plan,
including its ability to realize expected cost savings from facility
rationalization, systems integration and other initiatives and the timing of
those savings; the company's ability to streamline its organization and
operation, successfully integrate acquired companies and implement general
cost-reduction initiatives, including timely reduction of expenses associated
with The Order People; the company's reliance on key suppliers and the impact of
fluctuations in their pricing and variability in vendor allowances based on
sales volume; the company's ability to anticipate and respond to changes in
end-user demand; competitive activity and the resulting impact on pricing and
product offerings and mix; reliance on key management personnel; and economic
conditions and changes affecting the business products industry and the general
economy. For a more detailed description of these and other factors, please
refer to the reports filed by the company with the Securities and Exchange
Commission. The forward-looking information in this news release is given as of
this date only, and the company undertakes no obligation to revise or update
this information.
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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page five of seven
COMPANY OVERVIEW
United Stationers Inc., with annual sales of $3.9 billion, is North
America's largest wholesale 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 provide same-day or next-day delivery through its 37 United
Stationers Supply Co. regional distribution centers, 24 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 shared mega-distribution
center. 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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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page six of seven
UNITED STATIONERS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
<Table>
<Caption>
(Unaudited) (Audited)
For the Three Months Ended For the Year Ended
December 31, December 31,
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2001 2000 2001 2000
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Net sales $ 936,298 $ 990,515 $ 3,925,936 $ 3,944,862
Cost of goods sold 790,034 818,112 3,306,143 3,301,018
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Gross profit 146,264 172,403 619,793 643,844
Operating expenses:
Warehousing, marketing and
administrative expenses 109,128 120,508 450,135 441,298
Restructuring charge -- -- 47,603 --
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Total operating expenses 109,128 120,508 497,738 441,298
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Income from operations 37,136 51,895 122,055 202,546
Interest expense, net 4,495 7,403 23,793 27,229
Other expense, net 1,288 2,986 4,621 11,201
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Income before income taxes
and extraordinary item 31,353 41,506 93,641 164,116
Income tax expense 11,885 15,982 36,663 65,473
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Income before extraordinary item 19,468 25,524 56,978 98,643
Extraordinary item -- loss on early
retirement of debt, net of tax
benefit of $4,248 -- -- -- 6,476
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Net income $ 19,468 $ 25,524 $ 56,978 $ 92,167
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Net income per common share --
assuming dilution:
Income before extraordinary item $ 0.57 $ 0.74 $ 1.68 $ 2.84
Extraordinary item -- -- -- (0.19)
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Net income per share $ 0.57 $ 0.74 $ 1.68 $ 2.65
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Average number of common shares
(in thousands) 34,096 34,445 33,928 34,775
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United Stationers Reports 2001 Results;
Announces Progress in Restructuring
Page seven of seven
UNITED STATIONERS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
(Audited)
<Table>
<Caption>
December 31,
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2001 2000
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ASSETS
Current assets:
Cash and cash equivalents $ 28,814 $ 19,784
Accounts receivable, net * 311,047 329,934
Inventories 581,705 688,926
Other current assets 28,532 15,843
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Total current assets 950,098 1,054,487
Property, plant and equipment, net 189,012 189,787
Goodwill, net 180,117 181,923
Other 20,360 20,830
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Total assets $ 1,339,587 $ 1,447,027
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 336,722 $ 392,789
Accrued liabilities 147,640 125,969
Current maturities of long-term debt 52,970 40,273
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Total current liabilities 537,332 559,031
Deferred income taxes 18,228 22,703
Long-term debt 218,735 369,594
Other long-term liabilities 26,611 17,260
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Total liabilities 800,906 968,588
Stockholders' equity:
Common stock, $0.10 par value; authorized -- 100,000,000 shares,
issued -- 37,217,814 in 2001 and 37,213,207 in 2000 3,722 3,721
Additional paid-in capital 306,954 301,121
Treasury stock, at cost -- 3,613,954 shares in 2001 and
3,767,907 shares in 2000 (69,402) (66,832)
Retained earnings 297,407 240,429
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Total stockholders' equity 538,681 478,439
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Total liabilities and stockholders' equity $ 1,339,587 $ 1,447,027
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* Reflects the sale of $125.0 million in 2001 and $150.0 million in 2000 of
certain trade accounts receivable through an asset-backed securitization
program.
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