Veritiv Announces Second Quarter 2014 Financial Results
Thursday, August 14, 2014
ATLANTA and LOVELAND, Ohio - Veritiv Corporation (NYSE:VRTV) today announced limited consolidated pro forma financial results for its second fiscal quarter ended June 30, 2014.
For the three months ended June 30, 2014 (on a pro forma basis):
- Net sales were $2.3 billion, a decrease of 4.2% from the prior year.
- Net loss was ($3.3) million.
- Diluted net loss per share was ($0.21).
- Adjusted EBITDA was $37.8 million, a decrease of 10.8% from the prior year.
For the six months ended June 30, 2014 (on a pro forma basis):
- Net sales were $4.5 billion, a decrease of 4.8% from the prior year.
- Net earnings were $6.1 million, compared to a net loss of ($7.0) million from the prior year.
- Diluted net earnings per share was $0.38.
- Adjusted EBITDA was $61.9 million, a decrease of 4.8% from the prior year.
Because Veritiv’s registration as a public reporting company became effective in the second quarter and the spin-off and merger transactions were not consummated until the third quarter, Veritiv will report full second quarter results for the legacy xpedx business of International Paper Company in its Quarterly Report on Form 10-Q for the period ended June 30, 2014, expected to be filed on August 14, 2014. Beginning with the quarterly period ending September 30, 2014, Veritiv will report consolidated financial results for the combined company.
“From the start, Veritiv made a commitment to work our integration plan with much diligence, while continuing to focus on supporting our customers. I’m proud to say we are on track with both of these imperatives, and our work is resonating positively with our customers, suppliers and employees,” said Mary Laschinger, Chairman and CEO of Veritiv Corporation.
Management reaffirms that it expects 2014 consolidated pro forma adjusted EBITDA for Veritiv Corporation of approximately $135 million to $145 million.
Important information regarding operating results and related reconciliations of non-GAAP financial measures to the most comparable GAAP measures can be found in the schedules and related footnotes to this press release, which should be thoroughly reviewed.