Last $39.14 USD
Change Today -0.60 / -1.51%
Volume 267.7K
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As of 8:10 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).

united stationers inc (USTR) Key Developments

United Stationers Inc. Adopts Amendment to Bylaws

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

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

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 Appoints Professional Business Systems as Reseller

Professional Business Systems has been appointed a partnering distributor with United Stationers. With the new direction and rapidly evolving business market PBS recognizes that it is estimated that 71% of businesses order supplies online. PBS and its new capabilities is generating online solutions that include over 100,000 items all offered seamlessly in one location. PBS now has the ability to offer businesses an e-commerce solution specifically for their business. All with many different levels of security and reporting functions in an easy to use system.

United Stationers Announces Executive Changes

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.

 

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