WALNUT CREEK, CA -- (Marketwired) -- 01/30/14 -- ARC Document Solutions, Inc. (ARC), the nation's leading document solutions company for the architecture, engineering, and construction (AEC) industry, today said that it expects to report sales of approximately $407 million for fiscal year 2013, compared to $406.1 million in 2012, after a four percent year-over-year sales increase in the fourth quarter. The company also expects to report adjusted annual earnings per share of approximately eight cents for full year 2013, compared to negative four cents in 2012.
"Our year-over-year sales improvement in the fourth quarter exceeded our expectations and reflects the strength of our newest business lines," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "While we anticipated margin expansion in 2013, our sales gains in the third and fourth quarters were welcome additional improvements. When we also consider our improved capital structure as a result of the new loan, the acquisition of a major MPS account in the fourth quarter, and increasing interest in our AIM offering, we ended the year on high note."
Management said that the company's 2013 annual performance was independent of the refinancing activity completed in the fourth quarter of 2013. On December 20, 2013, the company replaced its 10.5% high yield bonds with a Term B Loan facility at LIBOR plus 5.25%, which will be significantly accretive to future earnings.
ARC executives will be available for comment during the 2013 fourth quarter and year-end earnings call scheduled for February 25, 2014. The earnings call will provide details on the Company's financial and operational performance for 2013, and projections for 2014.