ARC Document Solutions Reports Results for Third Quarter 2017

About ARC Document Solutions (NYSE: ARC)

ARC Document Solutions distributes Documents and Information to facilitate communication for design, engineering and construction professionals, real estate managers and developers, facilities owners, and a variety of similar disciplines. The Company provides cloud and mobile solutions, professional services, and hardware to help its customers around the world reduce costs and increase efficiency, improve information access and control, and communicate faster, easier, and better. Follow ARC at www.e-arc.com.

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 "building momentum," "guidance," "expect," "believe," "forecast," "outlook," 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, 2016, 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.

 

ARC Document Solutions, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

September 30,

December 31,

Current assets:

2017

2016

Cash and cash equivalents

$

26,363

 

$

25,239

 

Accounts receivable, net of allowances for accounts receivable of $2,495 and $2,060

59,006

 

59,735

 

Inventories, net

19,095

 

18,184

 

Prepaid expenses

5,008

 

3,861

 

Other current assets

5,034

 

4,785

 

Total current assets

114,506

 

111,804

 

Property and equipment, net of accumulated depreciation of $205,435 and $201,192

65,645

 

60,735

 

Goodwill

121,051

 

138,688

 

Other intangible assets, net

10,087

 

13,202

 

Deferred income taxes

41,364

 

42,667

 

Other assets

2,590

 

2,185

 

Total assets

$

355,243

 

$

369,281

 

Current liabilities:

   

Accounts payable

$

25,027

 

$

24,782

 

Accrued payroll and payroll-related expenses

10,908

 

12,219

 

Accrued expenses

15,041

 

16,138

 

Current portion of long-term debt and capital leases

20,268

 

13,773

 

Total current liabilities

71,244

 

66,912

 

Long-term debt and capital leases

128,917

 

143,400

 

Other long-term liabilities

3,329

 

2,148

 

Total liabilities

203,490

 

212,460

 

Commitments and contingencies

   

Stockholders' equity:

   

ARC Document Solutions, Inc. stockholders' equity:

   

Preferred stock, $0.001 par value, 25,000 shares authorized; 0 shares issued and outstanding

 

 

Common stock, $0.001 par value, 150,000 shares authorized; 47,891 and 47,428 shares issued and 46,451 and 45,988 shares outstanding

48

 

47

 

   Additional paid-in capital

120,204

 

117,749

 

   Retained earnings

32,681

 

41,822

 

   Accumulated other comprehensive loss

(2,545)

 

(3,793)

 
 

150,388

 

155,825

 

Less cost of common stock in treasury, 1,440 shares

5,909

 

5,909

 

Total ARC Document Solutions, Inc. stockholders' equity

144,479

 

149,916

 

Noncontrolling interest

7,274

 

6,905

 

Total equity

151,753

 

156,821

 

Total liabilities and equity

$

355,243

 

$

369,281

 

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