ARC closes out another difficult year with *profitable results for the full-year
From the Press Release just issued by ARC:
“Adjusted net income for 2010 was $1.3 million, or $0.03 per diluted share, *excluding the net effects of the Company's goodwill impairment charge, the amortization impact related to the change in trade name as we consolidate various brands across our operating footprint, and the loss on early extinguishment of debt and interest rate swap related costs.”
“American Reprographics Company (NYSE: ARC) (the "Company"), the nation's leading provider of reprographic services and technology, today reported its financial results for the full year and fourth quarter ended December 31, 2010.”
"Our focus for 2010 was to generate strong cash flows from operations, aggressively reduce costs, and maintain a healthy capital structure. We were successful on all fronts," said K. "Suri" Suriyakumar, Chairman, President and CEO of American Reprographics Company. "While revenue for the year was lower than expected, the economy continues to show signs of recovery and industry opinion seems clear that we are at the bottom of the cycle. However, non-residential construction continues to lag the general economy, and as recently as December, industry spending was at its lowest level in a decade. Therefore, we can expect the road to recovery to be bumpy, especially during the first half of 2011."
"Yet that recovery opens up tremendous opportunities for the company. With a dominant position in the industry, significant operating leverage, strong cash flows and a stable capital structure, we are well-positioned to take advantage of growth in our end markets. In addition, our industry-leading technology solutions combined with the lower cost base we currently enjoy will allow us to augment our EBITDA margins. I remain confident in the health and strength of ARC, and its ability to thrive as the U.S. economy comes back."
| A quick look at ARC’s Sales Results | |||
| and Sales Trend (in millions) | |||
| (source: Google Finance) | | ||
| | | | |
| Total Sales Revenues, by quarter | |||
| Q4 2009 - $ 111.66 | | ||
| Q1 2010 - $ 112.16 | | ||
| Q2 2010 - $ 115.09 | | ||
| Q3 2010 - $ 109.42 | | ||
| Q4 2010 - $ 105.00 | | ||
| | | | |
| Total Sales Revenues, by year | |||
| 2006 - $ 591.84 | | ||
| 2007 - $ 688.35 | | ||
| 2008 - $ 700.99 | | ||
| 2009 - $ 501.55 | | ||
| 2010 - $ 441.60 | | ||
| | | | |
| A quick look at ARC’s Gross Profits | |||
| and Gross Profits Trend (in millions) | |||
| (source: Google Finance) | | ||
| | | | |
| Gross Profits, by quarter | % to Sales | ||
| Q4 2009 - $ 35.92 | 32.17% | ||
| Q1 2010 - $ 36.85 | 32.85% | ||
| Q2 2010 - $ 39.45 | 34.28% | ||
| Q3 2010 - $ 35.02 | 32.01% | ||
| Q4 2010 - $ 31.00 | 29.52% | ||
| | | | |
| Gross Profits, by year | | ||
| 2006 - $ 254.33 | 42.97% | ||
| 2007 - $ 287.04 | 41.70% | ||
| 2008 - $ 285.27 | 40.70% | ||
| 2009 - $ 178.19 | 35.53% | ||
| 2010 - $ 142.33 | 32.23% | ||
| | | | |
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