ARC Document Solutions Reports Results for Third Quarter 2017

 

ARC Document Solutions, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

2017

2016

2017

2016

Service sales

$

85,625

 

$

89,178

 

$

262,459

 

$

272,394

 

Equipment and supplies sales

10,833

 

11,265

 

35,010

 

35,369

 

Total net sales

96,458

 

100,443

 

297,469

 

307,763

 

Cost of sales

67,231

 

67,713

 

202,918

 

204,904

 

Gross profit

29,227

 

32,730

 

94,551

 

102,859

 

Selling, general and administrative expenses

25,843

 

24,893

 

76,540

 

76,752

 

Amortization of intangible assets

1,053

 

1,160

 

3,250

 

3,705

 

Goodwill impairment

17,637

 

 

17,637

 

73,920

 

Restructuring expense

 

 

 

7

 

(Loss) income from operations

(15,306)

 

6,677

 

(2,876)

 

(51,525)

 

Other income, net

(19)

 

(16)

 

(60)

 

(54)

 

Loss on extinguishment and modification of debt

124

 

66

 

230

 

156

 

Interest expense, net

1,530

 

1,563

 

4,679

 

4,535

 

(Loss) income before income tax (benefit) provision

(16,941)

 

5,064

 

(7,725)

 

(56,162)

 

Income tax (benefit) provision

(2,174)

 

2,162

 

1,574

 

(5,884)

 

Net (loss) income

(14,767)

 

2,902

 

(9,299)

 

(50,278)

 

Income attributable to the noncontrolling interest

(7)

 

(61)

 

(55)

 

(211)

 

Net (loss) income attributable to ARC Document  Solutions, Inc. shareholders

$

(14,774)

 

$

2,841

 

$

(9,354)

 

$

(50,489)

 

(Loss) earnings per share attributable to ARC Document Solutions, Inc.  shareholders:

       

Basic

$

(0.32)

 

$

0.06

 

$

(0.20)

 

$

(1.10)

 

Diluted

$

(0.32)

 

$

0.06

 

$

(0.20)

 

$

(1.10)

 

Weighted average common shares outstanding:

       

Basic

45,834

 

45,599

 

45,756

 

46,055

 

Diluted

45,834

 

46,189

 

45,756

 

46,055

 

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