ACCO Brands Corp. (ABD) announced that it would participate in the Barrington Research Consumer and Business Services Conference in Chicago today, and at the Bank of America Merrill Lynch 2009 Credit Conference in New York City on December 3.
As part of the presentations, the company plans to reaffirm its business outlook as expressed in the third quarter. The company still expects the rate of the year-over-year sales decline to be lower in the second half of 2009, with a sales decline in the low teens. Trailing-twelve-month EBITDA is still expected to show improvement as of December 31, 2009 over the June 30, 2009 and September 30, 2009 levels. Targeted cash flow for debt reduction is expected to be $40-$50 million.
Looking forward to 2010, the company currently anticipates sales to be flat or to show modest improvement, and operating profit improvement to be greater than the top line as a result of the flow-through of permanent cost reductions implemented in 2009, more favorable commodity costs, and favorable foreign exchange translation.
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