Veritiv Corporation, a North American leader in business-to-business distribution solutions, announced financial results for the second quarter ended June 30, 2017.

"In the second quarter, we were pleased with our revenue growth in Packaging and Facility Solutions, which was offset by the ongoing secular declines in Print and Publishing," said Mary Laschinger, Chairman and CEO of Veritiv Corporation.

"Investments in our selling activities to drive future growth, along with the incremental supply chain costs from consolidating and integrating multiple warehouses, adversely affected our Consolidated Adjusted EBITDA. Although these planned investments in our growth segments and the strengthening of our foundation have a near-term impact on earnings, we believe they are necessary for the long-term success of Veritiv," said Laschinger.

For the three months ended June 30, 2017, compared to the three months ended June 30, 2016:

• Net sales were $2.0 billion, a decrease of 1.5% from the prior year. Net sales declined 1.2% from the prior year, excluding the negative effect of foreign currency (0.3%) in the second quarter of 2017.

• Net loss was $(9.1) million, compared to net income of $7.9 million in the prior year. Integration and restructuring charges were $30.7 million in the second quarter of 2017 and $5.8 million in the prior year.

• Basic and diluted earnings (loss) per share was $(0.58), compared to $0.49 for both measures in the prior year.

• Adjusted EBITDA was $42.5 million, a decrease of 15.2% from the prior year.

• Adjusted EBITDA as a percentage of net sales was 2.1%, a decrease of 30 basis points from the prior year.

For the six months ended June 30, 2017, compared to the six months ended June 30, 2016:

• Net sales were $4.0 billion, a decrease of 1.4% from the prior year. Net sales declined 1.2% from the prior year, excluding the negative effect of foreign currency (0.2%) in 2017.

• Net loss was $(11.3) million, compared to net income of $11.2 million in the prior year. Integration and restructuring charges were $41.2 million in 2017 and $13.7 million in the prior year.

• Basic and diluted earnings (loss) per share was $(0.72), compared to $0.70 for both measures in the prior year.

• Adjusted EBITDA was $72.3 million, a decrease of 14.9% from the prior year.

• Adjusted EBITDA as a percentage of net sales was 1.8%, a decrease of 30 basis points from the prior year.

"Our integration remains on track, with significant progress being made on information systems and the consolidation of our warehouse footprint," said Stephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation.  "These activities are critical to support our future optimization efforts."