Forward-Looking Statements
This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words and phrases such as "we will need 24 to 36 months," "forecast," "project," "outlook," "put the company back on a growth track," "build value in the future," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
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ARC Document Solutions, Inc. |
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Consolidated Balance Sheets |
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(In thousands, except per share data) |
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(Unaudited) |
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September 30, |
December 31, |
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Current assets: |
2016 |
2015 |
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Cash and cash equivalents |
$ |
19,640 |
$ |
23,963 |
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Accounts receivable, net of allowances for accounts receivable of $2,007 and $2,094 |
61,373 |
60,085 |
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Inventories, net |
19,981 |
16,972 |
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Prepaid expenses |
4,689 |
4,555 |
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Other current assets |
3,485 |
4,131 |
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Total current assets |
109,168 |
109,706 |
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Property and equipment, net of accumulated depreciation of $208,749 and $202,457 |
56,923 |
57,590 |
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Goodwill |
138,688 |
212,608 |
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Other intangible assets, net |
14,393 |
17,946 |
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Deferred income taxes |
74,138 |
74,196 |
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Other assets |
2,255 |
2,492 |
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Total assets |
$ |
395,565 |
$ |
474,538 |
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Current liabilities: |
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Accounts payable |
$ |
22,534 |
$ |
23,989 |
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Accrued payroll and payroll-related expenses |
10,196 |
12,118 |
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Accrued expenses |
16,793 |
19,194 |
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Current portion of long-term debt and capital leases |
12,926 |
14,374 |
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Total current liabilities |
62,449 |
69,675 |
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Long-term debt and capital leases |
145,978 |
157,018 |
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Deferred income taxes |
29,845 |
35,933 |
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Other long-term liabilities |
2,482 |
2,778 |
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Total liabilities |
240,754 |
265,404 |
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Commitments and contingencies |
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Stockholders' equity: |
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ARC Document Solutions, Inc. stockholders' equity: |
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Preferred stock, $0.001 par value, 25,000 shares authorized; 0 shares issued and outstanding |
— |
— |
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Common stock, $0.001 par value, 150,000 shares authorized; 47,415 and 47,130 shares issued and 45,975 and 47,029 shares outstanding |
47 |
47 |
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Additional paid-in capital |
117,264 |
115,089 |
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Retained earnings |
39,198 |
89,687 |
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Accumulated other comprehensive loss |
(2,831) |
(2,097) |
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153,678 |
202,726 |
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Less cost of common stock in treasury, 1,440 and 101 shares |
5,909 |
612 |
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Total ARC Document Solutions, Inc. stockholders' equity |
147,769 |
202,114 |
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Noncontrolling interest |
7,042 |
7,020 |
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Total equity |
154,811 |
209,134 |
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Total liabilities and equity |
$ |
395,565 |
$ |
474,538 |
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