united stationers inc (USTR) Key Developments
United Stationers Enters Agreement for $150 Million Debt Private Placement
Nov 25 13
United Stationers Inc. announced that it has entered into an agreement to issue $150 million of senior secured notes to a group of investors. The sale of the notes is scheduled to close on January 15, 2014. The annual interest rate on the notes will be 3.75% and the notes will mature on January 15, 2021. The company intends to use the proceeds to retire $135 million of existing senior secured notes due October 2014, as well as to reduce bank borrowings. At the time United Stationers priced the notes, it terminated a swap transaction it had entered into on June 11, 2013. Taking into account the gain realized on the termination of the swap, the effective per annum interest rate on the notes will be 3.66%.
United Stationers Mulls Acquisitions
Oct 25 13
United Stationers Inc. (NasdaqGS:USTR) mulls acquisitions. "At this point, Greg, we don't plan to change our capital allocation. It will remain balanced with share repurchase, our dividend and as I have said in previous calls we are looking to expand our portfolio so we are constantly looking at attractive adjacencies and potential acquisitions. So we don't see change in the capital allocation strategy at this point," said Cody Phipps - United Stationers Inc., President and Chief Executive Officer.
United Stationers Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Oct 24 13
United Stationers Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net sales were $1,336.7 million against $1,288.67 million a year ago. Operating income was $67.4 million against $63.64 million a year ago. Income before income taxes was $64.66 million against $58.93 million a year ago. Net income was $40.5 million or $1.01 diluted per share against $36.76 million or $0.91 diluted per share a year ago.
For the nine months, the company reported net sales were $3,861.66 million against $3,836.03 million a year ago. This increase was due to growth in industrial supplies of 32.5%, which reflects the benefit of the O.K.I. Supply acquisition in the fourth quarter of 2012. Operating income was $151.56 million against $145.56 million a year ago. Income before income taxes was $142.86 million against $126.6 million a year ago. Net income was $89.04 million or $2.21 diluted per share against $78.9 million or $1.91 diluted per share a year ago. Net cash provided by operating activities was $79.44 million against $155.7 million a year ago. The year-over-year decline in operating cash flow was attributable primarily to higher inventory related to the O.K.I. Supply acquisition and strategic inventory purchases. Capital expenditures were $22.82 million against $20.32 million a year ago. Adjusted operating income was $166 million against $151.8 million a year ago. Adjusted net income was $97.99 million against $82.78 million a year ago. Adjusted diluted earnings per share were $2.43 against $2.01 a year ago.
United Stationers Inc. Declares Dividend, Payable on January 15, 2014
Oct 17 13
United Stationers Inc. announced that its board of directors declared a $0.14 per share dividend payable on January 15, 2014 to stockholders of record at the close of business on December 13, 2013.
United Stationers Inc. Announces Executive Changes
Aug 16 13
United Stationers Inc. announced that Fareed Khan, senior vice president and chief financial officer, has decided to leave the company to accept a position with another firm. The company further announced that Todd Shelton has been appointed to senior vice president and chief financial officer of United Stationers Inc., effective immediately. Mr. Shelton is currently president of United Stationers Supply and has held several key business and financial leadership roles during his 12 years at United Stationers.