Veritiv Corporation, a North American leader in business-to-business distribution solutions, announced financial results for the fourth quarter and full year ended December 31, 2016.

"Our full year 2016 results were in-line with expectations, despite a fourth quarter that was, as anticipated, challenging," said Mary Laschinger, Chairman and CEO of Veritiv Corporation. "After a few successful years of integration, we look forward to the near completion of that work in 2017, which will set the stage for further financial improvement in 2018 and beyond."

For the three months ended December 31, 2016, compared to the three months ended December 31, 2015:

• Net sales were $2.1 billion, a decrease of 3.7% from the prior year. Net sales declined 1.9% from the prior year, excluding the negative effect of foreign currency (0.2%) and one less shipping day (1.6%) in the fourth quarter of 2016.

• Net income was $4.2 million, compared to $10.1 million in the prior year. Integration and restructuring charges were $11.5 million in the 2016 fourth quarter and $9.0 million in the prior year quarter.

• Basic and diluted earnings per share were $0.26 compared to $0.63 in the prior year quarter.

• Adjusted EBITDA was $50.1 million, a decrease of 4.2% from the prior year.

• Adjusted EBITDA as a percentage of net sales was 2.4%, unchanged from the prior year.

For the year ended December 31, 2016:

• Net sales were $8.3 billion, a decrease of 4.5% from the prior year. Net sales declined 4.4% from the prior year, excluding the negative effect of foreign currency (0.5%) and the positive effect of one more shipping day (0.4%) in 2016.

• Net income was $21.0 million, compared to $26.7 million in the prior year. Integration and restructuring charges were $38.3 million in 2016 and $46.2 million in the prior year.

• Basic and diluted earnings per share were $1.31 and $1.30, respectively, compared to $1.67 for both measures in the prior year.

• Adjusted EBITDA was $192.2 million, an increase of 5.6% from the prior year.

• Adjusted EBITDA as a percentage of net sales was 2.3%, an increase of 20 basis points from the prior year.

"We were able to improve revenue performance throughout 2016, and our full year Adjusted EBITDA came in at the high end of our guidance range, despite a year-over-year decrease in the fourth quarter," said Stephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation.  "Continued success in our integration efforts and strong free cash flow for the year enabled us to achieve synergies and significantly lower our debt levels, leaving us well-positioned for 2017."