Posted July 26, 2017

Essendant revenues decline by 6.9 percent

Essendant Inc. reported a 6.9 percent decline in revenue to $1.3 billion, compared to $1.4 billion in the prior year quarter.

Net income of $5.1 million, or 14 cents per share, compared to income of $12.9 million, or 35 cents, in the same period last year.

"We made good progress advancing our merchandising and pricing initiatives, and our industrial products category delivered growth for the second quarter in a row. However, this was offset by top line pressure that is reflective of persistent industry challenges," said Ric Phillips, interim president and chief executive officer of Essendant. "In light of this pressure, we will continue to advance our transformation initiatives, and we will look to build on and accelerate our transformation in the second half of 2017."

Industrial Products revenues of $145.6 million increased 1.7%, due to growth initiatives and energy market recovery.