United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of debt-to-total capitalization as of June 30, 2003 and December 31, 2002. Its adjusted debt decreased from $316 million to $288 million over this period as current and long-term debt declined, though accounts receivable sold increased from $105 million to $225 million. As a result, the company's adjusted debt-to-total capitalization ratio improved from 36.1% to 32.5% as its stockholders' equity rose.

1. United Stationers Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(unaudited)
Debt-to-Total Capitalization
($ in thousands)
June 30, 2003 Dec. 31, 2002 Change
Current maturities of long-term debt $ 43 $ 45,904 $ (45,861)
Long-term debt 63,303 165,345 (102,042)
Accounts receivable sold 225,000 105,000 120,000
Adjusted debt 288,346 316,249 (27,903)
Stockholders' equity 598,814 558,884 39,930
Total capitalization $ 887,160 $ 875,133 $ 12,027
Adjusted debt-to-total capitalization 32.5% 36.1% -3.6%
Note: Adjusted debt-to-total capitalization is provided as an additional liquidity measure. Generally Accepted
Accounting Principles require that accounts receivable sold under the company’s receivables securitization program be
reflected as a reduction in accounts receivable and not reported as debt. Internally, the company considers accounts
receivables sold to be a financing mechanism. The company believes it is helpful to provide readers of its financial
statements with a measure that adds accounts receivable sold to debt, and calculates debt-to-total capitalization on the
same basis.