ARC Reports $106.2 Million Revenue for Q2 2012
Wednesday, August 08, 2012
Press release from the issuing company
ARC, the nation's leading document solutions company for the architecture, engineering, and construction (AEC) industry, today reported its financial results for the second quarter ended June 30, 2012.
"Macroeconomic conditions remain difficult in our traditional markets, and unfortunately, we don't expect improvement through the end of the year," Mr. Suriyakumar continued. "In the meantime we are aggressively investing in positioning the company for a recovery while maintaining the operating cash flows required to comfortably meet our financial obligations."
CFO John Toth commented, "We see opportunity for significant future returns on investments made today in our non-traditional business lines. We continue to closely manage our business as evidenced by our stable adjusted EBITDA margins -- 15.8% for the first six months of the year vs. 15.3% for the same period last year -- our EPS performance in Q2, and the zero balance of our senior secured revolver. With the increased investment in our business combined with the uncertain macroeconomic outlook for the balance of the year, we think it is prudent to revise downward our EPS and cash flow from operations forecasts."
Due to the volatility and overall uncertainty in the macroeconomic forecast for the rest of 2012, ARC management revised its expectation of the private non-residential construction activity for the remainder of the year. It now forecasts continued hesitation in the funding and execution of new construction projects.
As a result, ARC is revising its projection of adjusted earnings per share for 2012 to be in the range of ($0.03) to $0.03 on a fully-diluted basis from its previous forecast of a range of $0.05 to $0.10, and annual cash flow from operating activities to be in the range of $35 million to $45 million, down from a range of $40 million to $50 million.
ARC will host a conference call and audio webcast today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time) to discuss results for the Company's second quarter of 2012. The conference call can be accessed by dialing (855) 812-4355. The conference ID number is 11387625.
A live Webcast will also be made available on the investor relations page of ARC's website at www.e-arc.com.
A replay will be available approximately one hour after the call for seven days following the call's conclusion. To access the replay, dial (855) 859-2056. The conference ID number to access the replay is 11387625. A Web archive will be made available at http://www.e-arc.com for approximately 90 days following the call's conclusion.
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