ABD News ACCO Brands Corporation Updates Fiscal 2006 Outlook
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--ACCO Brands Corporation (NYSE:ABD) today announced that it did not see
the previously expected increase of office products sales in the fourth
quarter, ahead of its January 1, 2007 price increase. Principally as a
result of this, the company now expects adjusted EBITDA(1) for the full
year ended December 31, 2006 to be between $196 million and $198
million. The company previously expected adjusted EBITDA to be roughly
comparable to the 2005 pro forma level of $212.5 million.
ACCO Brands Corporation will report fourth quarter 2006 results before
the market opens on February 7, 2007. ACCO Brands will host a conference
call at 8:30 a.m. ET on that day to discuss the company’s
fourth quarter results. The call will be broadcast live via webcast. The
webcast can be accessed through the Investor Relations section of www.accobrands.com.
The webcast will be in listen-only mode and will be available for replay
for one month following the event.
(1) adjusted EBITDA = Earnings before interest, taxes, depreciation and
amortization, excluding restructuring, restructuring-related
non-recurring and other one-time items. Refer to the company’s
prior earnings releases for a full reconciliation of adjusted EBITDA to
GAAP net income. ACCO Brands believes adjusted EBITDA provides
management and investors a consistent measurement for evaluating the
operating activities of the company’s business
from year to year. Adjusted EBITDA is not intended to represent and
should not be considered more meaningful than, or an alternative to, net
income (loss), cash flow from operations or other measures of
performance in accordance with generally accepted accounting principles.
About ACCO Brands Corporation
ACCO Brands Corporation is a world leader in select categories of
branded office products, with annual revenues of nearly $2 billion. Its
industry-leading brands include Day-Timer®,
Swingline®, Kensington®,
Quartet®, GBC®, Rexel®,
and Wilson Jones®, among others. Under the
GBC brand, the company is also a leader in the professional print
finishing market.
Forward-Looking Statements
This press release contains statements which may constitute
"forward-looking" statements as that term is defined in the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to certain risks and
uncertainties, are made as of the date hereof and the company assumes no
obligation to update them. ACCO Brands' ability to predict results or
the actual effect of future plans or strategies is inherently uncertain
and actual results may differ from those predicted depending on a
variety of factors, including but not limited to fluctuations in cost
and availability of raw materials; competition within the markets in
which the company operates; the effects of both general and
extraordinary economic, political and social conditions; the dependence
of the company on certain suppliers of manufactured products; the effect
of consolidation in the office products industry; the risk that
businesses that have been combined into the company as a result of the
merger with General Binding Corporation will not be integrated
successfully; the risk that targeted cost savings and synergies from the
aforesaid merger and other previous business combinations may not be
fully realized or take longer to realize than expected; disruption from
business combinations making it more difficult to maintain relationships
with the company's customers, employees or suppliers; foreign exchange
rate fluctuations; the development, introduction and acceptance of new
products; the degree to which higher raw material costs, and freight and
distribution costs, can be passed on to customers through selling price
increases and the effect on sales volumes as a result thereof; increases
in health care, pension and other employee welfare costs; as well as
other risks and uncertainties detailed from time to time in the
company's SEC filings.
