Acco Brands 2nd quarter net income falls

Acco Brands 2nd quarter net income falls, company lowers guidance

Associated Press

LAKE ZURICH, Ill. (AP) -- Acco Brands, which makes office products, reported second-quarter results Wednesday showing net income that dropped on restructuring costs but adjusted results that matched expectations.

The company lowered its full-year guidance due to weakness in its computer products division and its shares fell 6 percent in afternoon trading.

The company, which makes Swingline staplers, Day-Timer planners and other products, said for the three months ended June 30, net income totaled $9.5 million, or 8 cents per share. That compares with net income of $94.2 million, or $1 per share last year. Excluding restructuring and other costs, net income totaled 19 cents per share, matching analyst expectations, according to FactSet.

Revenue rose less than 1 percent to $440.2 million from $438.7 million. Analysts expected $458.8 million. North America revenue rose 3 percent to $286.9 million while international revenue rose 2 percent to $116.1 million.

Computer products revenue fell 17 percent to $37.2 million.

For 2013, Acco expects net income of 90 cents to 95 cents per share, from a prior range of 95 cents to $1.05 per share, excluding one-time items. It expects revenue to fall 3 percent to 6 percent, implying revenue of $1.65 billion to $1.7 billion.

Analysts had been expecting net income of 93 cents per share on revenue of $1.87 billion.

Acco's stock was off 42 cents at $6.84.

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