Revenue was $271.1 million, an increase of 12.0% compared with $242.1 million in the first quarter of 2015. -Gross profit was $61.9 million, or 22.9% of revenue, a 12.5% increase compared to $55.1 million, or 22.7% of revenue, in the same period of last year. -Non-GAAP adjusted EBITDA was $12.6 million, reflecting 32.5% growth as compared to $9.5 million in the first quarter of 2015. -GAAP net loss per share was $0.04 and GAAP net loss was $2.1 million, mainly due to an after-tax cash charge of $3.0 million related to the global realignment strategy and a $1.9 million increase in our earnout obligation due to the strong performance of two previously-acquired businesses. Non-GAAP diluted earnings per share were $0.06, an increase of 112.2% compared to $0.03 in the first quarter of 2015.
Midland Paper, Packaging & Supplies (http://www.midlandpaper.com/), one of the nation’s largest independently-owned fine paper and packaging distributors, announced today that it has acquired the San Rafael, CA based multichannel merchant consulting and strategy services firm CohereOne. CohereOne is one of the retail industry’s leading providers of integrated print and digital direct marketing services.
CohereOne provides multi-channel merchants with strategic planning, campaign execution, print and digital integration, and analytics. CohereOne and Midland have been strategic partners for two years, during which time they have collaborated to provide their mutual clients a more extensive set of services. The CohereOne acquisition provides Midland with the capability to expand its service offering of strategic marketing consulting and execution for multi-channel merchants. John Lenser, the CEO of CohereOne, states “over the past two years CohereOne’s relationship with Midland greatly benefited both companies and their clients; this acquisition is the natural evolution of that relationship.”
“CohereOne has an extraordinary team of accomplished marketers; they provide marketing solutions and services in an increasingly complex and competitive environment. By adding these services to Midland’s current suite of paper-related services, Midland becomes a truly differentiated service provider to our critically important catalog, retail, and direct mail customers” noted Jim O’Toole, President of Midland National.
“We are confident and excited about what this acquisition means – to our clients, our employees and to the industry as a whole,” said CohereOne President, Tim Curtis. “Midland is a forward-thinking company. Their insights, scale and resources will strengthen our services, and better position us to continue to grow and compete globally. This acquisition ensures that our consultative insights and agency services provide maximum benefit to our current and future clients.”
CohereOne will maintain its headquarters in San Rafael, CA, and the highly respected team of marketing professionals at CohereOne will continue to serve their clients in the same capacity that has led to CohereOne’s growth and success.