United Stationers Inc. Adopts Amendment to Bylaws
Jul 24 14
On July 17, 2014, the board of directors of United Stationers Inc. adopted an amendment to the company’s Bylaws, adding a new Section 9.14. Section 9.14 provides that, unless the company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain actions involving the company or its directors, officers, stockholders, employees or agents.
United Stationers Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Capex Guidance for the Full Year of 2014
Jul 23 14
United Stationers Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $1,320,037,000 compared to $1,274,494,000 a year ago. Operating income was $57,274,000 compared to $58,927,000 a year ago. Income before income taxes was $53,441,000 compared to $56,071,000 a year ago. Net income was $33,331,000 or $0.85 per diluted share compared to $34,670,000 or $0.86 per diluted share a year ago.
For the six months period, the company reported net sales of $2,574,176,000 compared to $2,524,979,000 a year ago. Operating income was $95,508,000 compared to $84,168,000 a year ago. Income before income taxes was $88,301,000 compared to $78,199,000 a year ago. Net income was $55,188,000 or $1.40 per diluted share compared to $48,544,000 or $1.20 per diluted share a year ago. Net cash provided by operating activities was $78,889,000 compared to $45,250,000 a year ago. Capital expenditures were $10,335,000 compared to $17,044,000 a year ago. Adjusted operating income was $95,508,000 compared to $98,600,000 a year ago. Adjusted net income was $55,188,000 or $1.40 per diluted share compared to $57,492,000 or $1.42 per diluted share a year ago. Current period cash flow was positively impacted by a reduction in inventory levels from December 31, 2013 and increased net income, partially offset by higher accounts receivables.
The company anticipate full year CapEx will be approximately $25 million to $30 million in line with prior years.
United Stationers Board Declares Regular Dividend, Payable on October 15, 2014
Jul 17 14
United Stationers Inc. announced that its board of directors declared a $0.14 per share dividend payable on October 15, 2014 to stockholders of record at the close of business on September 15, 2014.
United Stationers Announces Executive Changes
Jun 4 14
United Stationers announced that Christine S. Ieuter will join the company as vice president, controller and chief accounting officer, effective July 14. Ieuter replaces Kenneth M. Nickel who announced in March that he was leaving the company. After leaving her 7-year career in public accounting, which included working at Ernst & Young LLP and Price Waterhouse LLP, Ieuter was the director of SEC reporting, as well as the director of investor relations at The Allstate Corporation before serving in her current position as director of corporate finance.