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ARC: Generating Copious Free Cash Flow While Waiting for a Market Upturn, Enhanced B/S Flexibility Enables Increased...

February 22nd, 2012

We cannot think of a better testament to the skill and guile of ARC’s current management team than the chart below.  In it we compare ARC’s aggregate free cash flow generation over the past five...

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ARC: Our Revised Estimates

May 4th, 2011

Our Revised EstimatesARC’s 1Q11 results were more or less inline with our expectations after adjusting for accelerated amortization of trade names and costs associated with elimination of the company’s interest rate swaps as a result of the company’s debt refinancing.  Recent...

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ARC: At Long Last Some Cyclical Tailwinds for the Reprographics Industry?

February 22nd, 2011

After slogging through three brutal years of weak demand for non-residential construction services, it appears that ARC might finally start to benefit from a recovery in project activity in 2011. Suddenly signs of life in the commercial real...

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ARP: Checks with Independent Reprographers Confirm Weakness Continued into 3Q, Analyzing ARP's Covenant Compliance

November 1st, 2010

As early as April of this year, we argued that the revenue trends in the reprographics industry were on the cusp of stabilization, if not recovery.  Obviously we have been a little bit early in our call,...

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ARP: Quick Thoughts on ARP's Earnings Results, Our Revised Estimates, ARP's Secular Growth Strategy Starts to Emerge

August 4th, 2010

Obviously this is an earnings call we did not get right. In our preview of the quarter, we argued that ARP was poised to deliver revenue and earnings upside for the second quarter based in large part on...

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Finally a Bottom in the Reprographics Industry? Channel Checks Suggest So, ARP Positioned for a Solid Q2 Beat

July 28th, 2010

In April, we argued that the reprographics industry was showing signs of imminent revenue stabilization, despite what continued to be weakness in the macro-economic data related to non-residential construction...

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Reprographics Industry Slowly Stabilizing, ARP On Track for 2010 FCF of $60MM, More Insights on BIM's Impact

April 8th, 2010

We recently conducted a survey of 30-35 independent reprographers to gain a better understanding of industry-wide trends during 1Q10, their outlook for 2Q10 and the rest of 2010, and how BIM has impacted the...

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EXPI

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