ustr_Q205_debttocap

United Stationers Inc. reported a reconciliation of non-GAAP financial measures for debt to total capitalization as of June 30, 2005 and 2004. Total debt and securitization, considered adjusted debt, increased from $154 million to $235.3 million from 2004 to 2005 primarily due to a $91 million increase in accounts receivable sold. Adjusted debt as a percentage of total capitalization increased from 18.2% to 23.1% over this period.