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Article Excerpt
ACCO Brands Corporation (NYSE:ABD), a world leader in select categories of branded office products, reported its second quarter and six month results for the period ended June 30, 2009.
"Sales continue to be negatively impacted by the global economic environment," said Robert J. Keller, chairman and chief executive officer. "Nevertheless, we maintained our profitability on an adjusted basis and improved our cash flow through aggressive cost and working capital management. We continue to win new business that we expect will begin to improve our top and bottom lines in the second half of 2009 and into 2010. We also sold a non-performing asset, our commercial print finishing business." Second Quarter Results Net sales decreased 27%, to $303.8 million from $414.0 million in the prior-year quarter. Excluding the effect of currency translation, sales declined 19%. The company reported a second quarter loss from continuing operations of $116.7 million, or $2.14 per diluted share, compared to a...
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