United posts Q4 decline

11 February 2005 – Des Plaines (IL): United Stationers has reported a 12 per cent fall in its Q4 income.

Taking a $7.6 million write-off related to its Canadian division, the wholesaler posted net earnings of $19.2 million, or EPS of $0.57, compared to $21.9 million, or EPS of $0.64, registered 12 months earlier. Sales just broke through the $1 billion barrier from $942.6 million.

In addition, United Stationers revealed that on completion of a review of its Canadian unit, it found evidence of fraud by personnel related to improper transactions. Revenue from sales and buyback transactions totalling $4.6 million were reversed on the company’s books in Q4 of 2004, the company said.