Essendant Inc. (NASDAQ:ESND) Q4 2015 Earnings Conference Call - Preliminary Transcript
Feb 17, 2016 • 08:30 am ET
Good morning ladies and gentleman, and welcome to the fourth quarter and full year 2015 earnings conference call for Essendant. My name is Kane, and I will be conference coordinator for today. Please note, this event is being recorded.
I will now like to turn the conference over to Mr. Kaveh Bakhtiari, Please go ahead.
Thank you, kane. Good morning everyone. Joining me on the call are Bob Aiken, Essendant's President and Chief Executive Officer; and Earl Shanks, Senior Vice President and Chief Financial Officer. Yesterday, we issued our our earning release and this morning we issued our earning presentation, both are available on our website at investor.essendant.com. Following the remark made by management, we will open the call for Q&A. This conference call is being webcast live on our website and replay will be made available after the call.
Before, I turn the call over to Bob, let me remained you that today's call may contain forward looking statements and the cautionary language regarding forward looking statements and our SEC fillings of [Indecipherable] remarks made today. Our forward looking statements are faced upon information currently available for this company and a number of factors could cause actual results to different materially from the current expectations. These documents are available on our website as a reconciliation any non-GAAP measures discuss on today's call.
With that, I turn it over to Bob.
Thank you, Kaveh and good morning everyone, thanks for joining us today. Like to start by hearing my perspective on 2015 followed by some of our goals for 2016 and how we plan to archive them. Our Our new CFO, Earl
Shanks will provide a more detailed review of the financials in a few minutes. Earl joined Essendant in November. He's a highly experienced
Public company CFO and brings a set of skills and perspectives that will be a real asset to our company going forward. It's great to have Earl in board.
Moving on to our 2015 results. Last year, we took significant steps to position the company for profitable sales growth and increasing shareholder value. And our results are beginning to demonstrate that we are on the right path.
In 2015, we renewed the focus on our core office product and JanSan businesses lowered our cost structure rebranded to ascendance, exited a low margin business in Mexico, and bought Nestor sales, a bolt-on acquisition to our automotive aftermarket business. We also completed about half of our planned facility transitions as we convert to a common operating an IT platform. We remain confident that the common platform project will add significant long term value to ascendance by increasing our cross sell opportunities, while lowering our costs.
The team successfully executed all of these actions in 2015 and exited the year with solid momentum, adjusted EPS was even with last year at $3.08, despite the significant economic headwinds that affected our ORS industrial business.
To achieve adjusted EPS of $3.08 eight for the year, we delivered a $0.03 increase in