RICHMOND, Va.–(BUSINESS WIRE)–Oct 31, 2018–Owens & Minor, Inc. (NYSE: OMI) today appear banking after-effects for the third division concluded September 30, 2018, including circumscribed revenues of $2.46 billion, apery an admission of 5.6% back compared to revenues of $2.33 billion in the third division of 2017. Annual acquirement advance included contributions from Byram Healthcare of $61 actor and the aboriginal abounding division of acquirement accession from Halyard of $240 actor (before intercompany sales eliminations of $52 million).
For the third quarter, circumscribed operating assets on a GAAP base was $21.4 million, compared to $29.7 actor in 2017, while adapted circumscribed operating assets (non-GAAP) was $48.8 actor compared to $48.5 actor for the aforementioned aeon aftermost year. For the quarter, net assets (loss) on a GAAP base was ($565 thousand), or ($0.01) per share, against $10.9 million, or $0.18 per share, for the aforementioned aeon aftermost year. Adapted net assets (non-GAAP) was $19.5 million, or $0.32 per share. This compares to adapted net assets (non-GAAP) for the aforementioned aeon aftermost year of $24.3 million, or $0.40. A adaptation of appear after-effects to adapted (non-GAAP) measures is included below.
“Our teams are alive agilely to accommodate the Halyard S&IP business and to abode the continuing challenges we are adverse in our calm administration business,” said P. Cody Phipps, Chairman, President & Chief Executive Officer. “The cardinal moves we accept fabricated into adorable alternating sites of affliction with Byram, and in advisedly architecture our own cast artefact portfolio with Halyard, accept adequate and adapted our business. These new businesses are allowance to account the connected pressures we face in our calm administration business.”
For the nine months concluded September 30, 2018, circumscribed revenues were $7.30 billion, an admission of 5.3% back compared to revenues of $6.93 billion aftermost year. On a GAAP basis, the year-to-date operating after-effects were decidedly afflicted by a non-cash asset crime allegation recorded in the additional division accompanying to amicableness and affluence of $165 million, or $2.73 per share. Consequently, on a GAAP basis, circumscribed operating assets (loss) for the nine months of 2018 was ($126) million, compared to $98.0 actor for the aforementioned aeon aftermost year. On a year-to-date basis, adapted circumscribed operating assets (non-GAAP) was $143 actor compared to $138 actor in 2017. Year-to-date net assets (loss) was ($175) million, or ($2.92) per share, compared to $0.82 per allotment for the aboriginal three abode of aftermost year. Adapted net assets (non-GAAP) was $65.1 million, or $1.06 per share, compared to $1.26 per allotment for the aboriginal nine months of 2017.
Owens & Minor operates beneath two Cardinal Business Units (SBUs)—Global Solutions and All-around Products—reflecting the company’s focus areas. After-effects for these two segments accommodate the following:
The All-around Solutions SBU is comprised of the aloft Calm and All-embracing segments, which includes our U.S. and European distribution, acumen and value-added casework business, as able-bodied as Byram Healthcare. Revenues for the third division of 2018 were $2.24 billion compared to $2.29 billion a year ago. Byram Healthcare, acquired in August 2017, connected to accomplish absolute contributions. All-around Solutions’ operating assets was $24.2 actor compared to $37.6 actor a year ago. The abatement resulted primarily from connected allowance pressure, added LIFO expense, barn inefficiencies in assertive facilities, and added costs incurred for the development of new chump solutions.
The All-around Articles SBU is comprised of the aloft Proprietary Articles segment, which includes All-around Sourcing, Analytic & Procedural Solutions (CPS); as able-bodied as the afresh acquired Halyard business. Revenues in the third division of 2018 were $350 actor compared to $125 actor for the aforementioned aeon aftermost year. All-around Products’ after-effects reflect the aboriginal abounding division of contributions from Halyard revenues, or $240 million, as the accretion was completed on April 30, 2018. All-around Products’ annual operating assets was $27.6 actor compared to $10.5 actor in the above-mentioned year quarter, as a aftereffect of contributions from the Halyard business.
The aggregation additionally appear that its lath of admiral declared a fourth division 2018 allotment of $0.075 per share. The allotment is payable on January 2, 2019, to shareholders of almanac on December 17, 2018. The bulk of the allotment represents a abridgement of $0.185 per allotment from the antecedent quarter’s dividend.
“The new fourth division allotment bulk achieves a added counterbalanced basic allocation strategy,” said Phipps. “By right-sizing the dividend, we can abide to accommodate a reasonable acknowledgment of basic to shareholders as we transform the business.”
Based on expectations for the of the year, as able-bodied as year-to-date banking results, Owens & Minor now expects adapted net assets per adulterated allotment for 2018 to be in a ambit of $1.20 to $1.25.
“For 2018, our revised advice ambit reflects lower year-to-date after-effects and bargain expectations for our All-around Solutions SBU,” said Phipps. “In addition, we apprehend All-around Products’ assembly costs to be college in the fourth division than in the third quarter. In ablaze of this revised advice ambit for 2018, we are re-evaluating our above-mentioned angle for 2019 and ahead arising advice for 2019 in the aboriginal division of aing year. We abide focused on convalescent our operating achievement and on active our action to strengthen our aggregation for the future.”
Although the aggregation does accommodate advice for adapted antithesis per allotment (which is a non-GAAP banking measure), it is not able to anticipation the best anon commensurable admeasurement affected and presented in accordance with GAAP after absurd effort. Certain elements of the agreement of the GAAP amounts are not predictable, authoritative it absurd for the aggregation to forecast. Such elements include, but are not bound to restructuring and accretion charges. As a result, no GAAP advice or adaptation of the company’s adapted antithesis per allotment advice is provided. For the aforementioned reasons, the aggregation is clumsy to appraise the apparent acceptation of the bare information, which could accept a potentially cogent appulse on its approaching GAAP banking results. The angle is based on assertive assumptions that are accountable to the accident factors discussed in the company’s filings with the Securities and Exchange Commission (“SEC”).
Upcoming Broker Events
Owens & Minor affairs to participate in the afterward broker conferences in the fourth division of 2018, and the aggregation will column webcasts of academic presentations on its accumulated website:
Credit Suisse Healthcare Conference; Scottsdale; November 14Bank of America Chicago Healthcare Day; Chicago; December 12
Investors Appointment Alarm & Added Material
Conference Call: Owens & Minor’s administration aggregation will conduct a appointment alarm for investors on Wednesday, October 31, 2018, at 8:30 a.m. EDT. The admission cipher for the appointment call, all-embracing dial-in and epitomize is #7399333. Participants may admission the alarm at 866-393-1604. The all-embracing dial-in cardinal is 224-357-2191. Replay: A epitomize of the alarm will be attainable for one anniversary by dialing 855-859-2056. Webcast: A listen-only webcast of the call, alternating with added information, will be attainable on www.owens-minor.com beneath the Broker Relations section.
Safe Harbor Statement
This absolution is advised to be acknowledgment through methods analytic advised to accommodate broad, non-exclusionary administration to the attainable in acquiescence with the SEC’s Fair Acknowledgment Regulation. This absolution contains assertive ”forward-looking” statements fabricated pursuant to the Safe Harbor accoutrement of the Private Securities Litigation Reform Act of 1995. These statements include, but are not bound to, the statements in this absolution apropos our expectations with account to our 2018 and 2019 banking performance, as able-bodied as added statements accompanying to the company’s expectations apropos the achievement of its business, growth, advance of operational performance, and the achievement of and synergies from the afresh acquired Byram Healthcare and Halyard businesses. Advanced statements absorb accustomed and alien risks and uncertainties that may account our absolute after-effects in approaching periods to alter materially from those projected or advised in the advanced statements. Investors should accredit to Owens & Minor’s Annual Report on Form 10-K for the year concluded December 31, 2017, filed with the SEC including the sections captioned “Cautionary Note Apropos Forward-Looking Statements” and “Item 1A. Accident Factors,” and consecutive annual letters on Form 10-Q and accustomed letters on Form 8-K filed with or furnished to the SEC, for a altercation of assertive accustomed accident factors that could account the company’s absolute after-effects to alter materially from its accustomed estimates. These filings are attainable at www.owens-minor.com. Given these risks and uncertainties, Owens & Minor can accord no affirmation that any advanced statements will, in fact, arise and, therefore, cautions investors not to abode disproportionate assurance on them. Owens & Minor accurately disclaims any obligation to amend or alter any advanced statements, whether as a aftereffect of new information, approaching developments or otherwise.
Owens & Minor uses its web site, www.owens-minor.com, as a approach of administration for actual aggregation information, including account releases, broker presentations and banking information. This advice is commonly acquaint and attainable beneath the Broker Relations section.
Included with the columnist absolution banking tables are reconciliations of the differences amid the actual non-GAAP banking measures presented in this account release, which exclude acquisition-related and avenue and alteration charges, and their best anon commensurable GAAP banking measures.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a all-around healthcare solutions aggregation with chip technologies, products, and casework accumbent to bear cogent and sustained bulk for healthcare providers and manufacturers beyond the continuum of care. With 17,000 committed teammates confined healthcare industry barter in 90 countries, Owens & Minor helps to abate absolute costs beyond the accumulation alternation by optimizing adventure and point-of-care performance, absolution up basic and analytic resources, and managing affairs to optimize banking performance. A FORTUNE 500 company, Owens & Minor has annualized revenues of about $10 billion, including contributions from Halyard Health S&IP. Founded in 1882, Owens & Minor has operated continuously from its Richmond, Virginia, headquarters. Today, the aggregation now has distribution, production, chump account and sales accessories amid beyond Asia, Europe, Latin America, and the U.S. For added advice about Owens & Minor, appointment owens-minor.com, chase @Owens—Minor on Twitter, and affix on LinkedIn at www.linkedin.com/company/owens-&-minor.
The afterward items accept been afar in our non-GAAP banking measures:
(1) Acquisition-related abstract acquittal includes acquittal of assertive abstract assets accustomed during acquirement accounting for business combinations. These amounts are awful abased on the admeasurement and abundance of acquisitions and are actuality afar to acquiesce for a added constant allegory with forecasted, accustomed and actual after-effects and the after-effects of our peers.
(2) Includes $149 actor in amicableness and $16.5 actor in abstract assets crime accuse in our All-around Articles segment. The accuse resulted from our additional division amicableness crime testing performed as a aftereffect of lower than projected banking after-effects of assertive advertisement units due to chump losses and operational inefficiencies, which accept acquired us to alter our expectations with attention to approaching achievement and a abatement in bazaar assets of the Company.
(3) Acquisition-related charges, pre-tax, were $5.7 actor and $41.0 actor for the three and nine months concluded September 30, 2018, compared to $4.3 actor and $6.3 actor for the aforementioned periods of 2017. Accretion accompanying costs in 2018 consisted primarily of alteration and transaction costs for the Halyard S&IP acquisition. Costs in 2017 consisted primarily of transaction costs for Byram.
Exit and alteration charges, pre-tax, were $2.0 actor and $6.4 actor for the three and nine months concluded September 30, 2018. Amounts in 2018 were associated with enactment of our applicant assurance centers. Avenue and alteration accuse were $5.0 actor and $14.8 actor for the three and nine months concluded September 30, 2017. Accuse in 2017 were associated with the write-down of advice arrangement assets which are no best acclimated and severance accuse from abridgement in force and added agent costs associated with the enactment of our new applicant assurance center.
(4) The additional and third abode of 2018 includes an incremental allegation to bulk of appurtenances awash from acquirement accounting impacts accompanying to the auction of acquired account that was accounting up to fair bulk in affiliation with the Halyard S&IP acquisition.
(5) Software as a Account (SaaS) accomplishing costs associated with cogent all-around IT platforms in affiliation with the redesign of our all-around advice arrangement strategy.
(6) These accuse accept been tax accomplished in the above-mentioned table by free the assets tax bulk depending on the bulk of accuse incurred in altered tax jurisdictions and the deductibility of those accuse for assets tax purposes.
(7) Includes tax adjustments primarily associated with the estimated allowances beneath the Tax Cuts and Jobs Act.
Use of Non-GAAP Measures
This antithesis absolution contains banking measures that are not affected in accordance with U.S. about accustomed accounting attempt (“GAAP”). In general, the measures exclude items and accuse that (i) administration does not accept reflect Owens & Minor, Inc.’s (the “Company”) amount business and chronicle added to strategic, multi-year accumulated activities; or (ii) chronicle to activities or accomplishments that may accept occurred over assorted or in above-mentioned periods after anticipated trends. Administration uses these non-GAAP banking measures internally to appraise the Company’s performance, appraise the antithesis sheet, appoint in banking and operational planning and actuate allurement compensation.
Management provides these non-GAAP banking measures to investors as added metrics to abetment readers in assessing the furnishings of items and contest on its banking and operating after-effects and in comparing the Company’s achievement to that of its competitors. However, the non-GAAP banking measures acclimated by the Aggregation may be affected abnormally from, and accordingly may not be commensurable to, analogously blue-blooded measures acclimated by added companies.
The non-GAAP banking measures appear by the Aggregation should not be advised a acting for, or aloft to, banking measures affected in accordance with GAAP, and the banking after-effects affected in accordance with GAAP and reconciliations to those banking statements set alternating aloft should be anxiously evaluated.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20181031005192/en/
CONTACT: Owens & Minor, Inc.
Truitt Allcott, 804-723-7555
Director, Broker & Media Relations
Chuck Graves, 804-723-7556
Director, Finance & Broker Relations
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PRACTICE MANAGEMENT HEALTH
SOURCE: Owens & Minor, Inc.
Copyright Business Wire 2018.
PUB: 10/31/2018 06:40 AM/DISC: 10/31/2018 06:40 AM
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