UNITED STATIONERS REPORTS FIRST QUARTER RESULTS
UNITED STATIONERS REPORTS FIRST QUARTER RESULTS DES PLAINES, Ill., Jan. 6 /PRNewswire/ -- United Stationers Inc.
(NASDAQ: USTR) today reported net sales of $247 million in its first quarter ended Nov. 30, 1991, a 1 percent increase from the $245 million in the comparable year-ago quarter. Net income was $2.8 million, up 6 percent from the $2.6 million in the year-ago quarter. Earnings per share were $.18 on 15,520,665 weighted average shares outstanding, compared to $.17 on 15,513,782 shares for the year-ago quarter.
"The recession continues to affect industry-wide demand for office products. Gross margin declined from 22.2 percent to 22.0 percent, reflecting a shift in our product mix toward more computer related products and promotionally priced items. Operating expenses decreased as a percent to sales from 19.8 percent in the first quarter of fiscal 1991 to 19.6 percent in the first quarter of fiscal 1992, reflecting the positive results of our cost containment efforts," said Joel D. Spungin, chairman of the board. United Stationers Inc. is North America's largest wholesaler of office products to resellers. Through its computer-based distribution system, it makes mroe than 25,000 items available substantially within 24 hours through distribution points in 57 major hub cities. UNITED STATIONERS INC. Condensed Consolidated Statements of Income (Unaudited) (In thousands of dollars, except share data) Three months ended Nov. 30 1991 1990 Net sales $247,256 $245,349 Cost of sales 192,808 190,979 Gross profits on sales 54,448 54,370 Operating expenses 48,415 48,632 Income from opertions 6,033 5,738 Other income (expenses), net (1,292) (1,414) Income before income taxes 4,741 4,324 Income taxes 1,987 1,730 Net income $ 2,754 $ 2,594 Weighted average number of common shares outstanding 15,520,665 15,513,782 Net income per common share $0.18 $0.17 UNITED STATIONERS INC. Balance Sheet Highlights (In thousands of dollars) 11/30/91 8/31/91 (Unaudited) (Audited) Accounts receivable (net) $111,300 $ 98,482 Inventories (LIFO) 132,222 129,258 Current assets 271,163 258,728 Current liabilities 111,901 123,381 Working capital 159,262 135,347 Long-term obligations 88,221 68,867 Stockholders' investment $182,828 $181,584 -0- 1/6/92 /CONTACT: Allen B. Kravis, chief financial officer, or Kathleen S. Dvorak of United Stationers, 708-699-5000/ (USTR) CO: United Stationers Inc. ST: Illinois IN: SU: ERN
GK -- NY040 -- 6892 01/06/92 11:59 EST
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|Date:||Jan 6, 1992|
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