8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  October 30, 2009 (October 29, 2009)

UNITED STATIONERS INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	0-10653	36-3141189
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
Of Incorporation)		Identification No.)

One Parkway North Boulevard
Suite 100
Deerfield, Illinois	60015-2559
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:  (847) 627-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

United Stationers Inc.

Item 2.02Results of Operations and Financial Condition.

The following information, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” hereunder for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On October 29, 2009, the Registrant issued a press release announcing its financial results for the three- and nine- month periods ended September 30, 2009. A copy of the Registrant’s press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, a slide presentation summarizing earnings and financial results is attached as Exhibit 99.2 hereto and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.	Description
99.1*	Press Release, dated October 29, 2009, announcing financial results for the three- and nine- month periods ended September 30, 2009.
99.2*	Earnings Presentation, a slide presentation summarizing earnings and financial results.

* — Included herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	UNITED STATIONERS INC.
	(Registrant)
Dated:  October 30, 2009	/s/ Victoria J. Reich
	Victoria J. Reich
	Senior Vice President and Chief Financial Officer

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EXHIBIT INDEX

(d) Exhibits

Exhibit No.	Description
99.1*	Press Release, dated October 29, 2009, announcing financial results for the three- and nine- month periods ended September 30, 2009.
99.2*	Earnings Presentation, a slide presentation summarizing earnings and financial results.

* — Included herewith.

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EX-99.1

Exhibit 99.1

news release

Executive Offices	For Further Information Contact:
One Parkway North Blvd.
Suite 100
Deerfield, IL  60015-2559	Richard W. Gochnauer
	President and Chief Executive Officer
	or
	Victoria J. Reich
	Sr. Vice President and Chief Financial Officer
	United Stationers Inc.
	(847) 627-7000

UNITED STATIONERS REPORTS THIRD QUARTER 2009 RESULTS

DEERFIELD, Ill., Oct. 29, 2009 — United Stationers Inc. (NASDAQ: USTR), a leading North American wholesale distributor of business products, today reported its third quarter 2009 results.

Third Quarter Financial Highlights

·GAAP diluted earnings per share were $1.38, versus $1.39 a year ago.  Excluding a year-ago gain on selling two distribution centers, 2009 earnings per share rose nearly 10% from an adjusted $1.26(1).

·Year-to-date net cash provided by operating activities totaled $294.5 million, versus $65.4 million last year.  Excluding accounts receivable sold, net cash provided by operating cash activities was $317.5 million(1) versus $91.4 million(1) last year.

·Sales for the third quarter declined 6.8% to $1.25 billion.

·Gross margin was 14.8% of sales, flat with last year’s third quarter.

·Operating expenses were $126.3 million, or 10.1% of sales, compared with $136.1 million, or 10.2% of sales in the 2008 quarter.  Excluding the gain on selling two distribution centers, adjusted operating expenses were $141.2 million(1) or 10.6%(1) of sales last year.

·Operating income was $58.6 million, or 4.7% of sales, versus $61.8 million, or 4.6% of sales, in the prior-year quarter.  Excluding the gain mentioned above, adjusted 2008 operating income was $56.7 million(1) or 4.2%(1) of sales.

·Net income was $33.5 million versus $33.1 million in the prior-year quarter.  Excluding the 2008 gain, year-ago net income was $29.9 million(1).

“While market conditions remained difficult, United’s sales results showed modest sequential improvement from the second quarter,” said Richard W. Gochnauer, president and chief executive officer. “This reflected the progress we made on our growth initiatives and continued high demand for flu-related jan/san products. Our strong execution of diligent cost management and working capital controls helped us counter the effects of lower sales compared with last year.  Cash flow generation continued at a record pace, enhancing our financial strength and flexibility.  We have achieved these results, in this difficult economy, through the hard work and leadership of our associates.”

Third Quarter Performance

Sales in the third quarter of 2009 declined by 6.8% to $1.25 billion, compared with last year’s $1.34 billion.  Revenue for the quarter was negatively affected by weak economic conditions across all product categories.  However, the year-over-year rate of decline within the office products and furniture categories slowed marginally in the third quarter compared with the second quarter, while the janitorial/breakroom category experienced slightly greater growth from flu-related product demand and growth initiatives. The technology supplies category saw a slightly greater decline from the second quarter, reflecting timing shifts versus the prior year.  Sales within the industrial supplies category continued to be negatively affected by distributor destocking and the current weakness in U.S. manufacturing, oil and gas pipeline, and commercial construction spending.

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Gross margin in the most recent quarter reached $184.9 million, compared with $197.9 million for the same quarter a year ago. Gross margin as a percent of sales was 14.8%, matching the prior-year quarter.  During the third quarter of 2009, gross margin was affected by downward pressure from a lower margin sales mix and a significant decline in the year-over-year effect of inflation.  These pressures were offset by continued cost reduction strategies, lower fuel costs, reduced inventory obsolescence and lower LIFO inventory reserve requirements.

Operating expenses for the latest quarter were $126.3 million, or 10.1% of sales, compared with $136.1 million, or 10.2% of sales, in the same quarter last year.  During the 2008 quarter, the company sold two distribution centers, resulting in a pre-tax gain of approximately $5.1 million.  Operating expenses in the 2009 quarter reflected the cost containment actions within payroll and payroll-related areas, as well as other discretionary items.  In addition, year-over-year bad debt expense declined as the need to increase accounts receivable reserves slowed.

Operating income for the latest quarter was $58.6 million, or 4.7% of sales, compared with $61.8 million, or 4.6% of sales, a year ago.  After adjusting for the gain mentioned earlier, operating income for the 2008 quarter was $56.7 million(1) or 4.2%(1) of sales.

Net income for the quarter was $33.5 million, compared with $33.1 million in the same period last year.  In addition to the factors mentioned above, third quarter 2009 net income was positively affected by lower charges related to the receivables securitization facility due to significantly lower funding needs and a lower effective tax rate from favorable income tax resolutions.

Diluted earnings per share for the 2009 quarter were $1.38, down slightly from $1.39 in the prior-year quarter.  Adjusted for the item previously noted, earnings per share for the 2008 quarter were $1.26(1).

Nine-month Results

Net sales for the nine months ended September 30, 2009 declined by a workday-adjusted 7.7% to $3.5 billion, compared with $3.8 billion, with one fewer selling day in 2009.  GAAP diluted earnings per share for the year-to-date were $2.85, compared with $3.18 in the prior year.  Adjusted to exclude items previously disclosed, diluted earnings per share for the latest nine months were $2.94(1) compared to $3.10(1) for the same period in 2008.

Cash Flow and Debt Trends

Net cash provided by operating activities totaled $294.5 million for the latest nine-month period, versus cash provided of $65.4 million a year ago.  Excluding the effects of accounts receivable sold, net cash provided by operating activities for the period ending September 30, 2009 was $317.5 million(1), compared with $91.4 million(1) in the prior year.  Cash flow used in investing activities totaled $8.8 million in 2009, down from $20.6 million last year.  Capital spending through the nine months was $8.9 million and is expected to be approximately $15 million for the full year.

Outstanding debt totaled $441.8 million at September 30, 2009.  Outstanding debt plus securitization financing was down $272.0 million(1) during the past 12 months.

“Strong cash flow generation is a hallmark of United’s business model and is further magnified in a declining sales environment when working capital contracts,” said Gochnauer. “We effectively reduced inventories and increased inventory turnover during the quarter and year-to-date, while supporting our customers with high service levels. United’s strong balance sheet and access to cost-effective liquidity, puts the company in a good position to weather the recession and support working capital needs when sales recover.”

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Outlook

“Our markets showed some signs of stabilization during the third quarter, although further deterioration in unemployment trends and weak manufacturing activity are concerning as we look forward,” Gochnauer stated. “October sales are tracking about even with last year.  Sequentially, sales are benefitting from prior-year timing shifts and a sales decrease in last year’s fourth quarter when economic activity dropped off.  We also continue to see a positive impact from our internal initiatives and sales of flu-related products.”

“The current rate of product price inflation is low in contrast with last year’s unusually high inflation, which is expected to depress margins in the near term. Given the fragile economic outlook, we will remain focused on keeping costs and working capital aligned with sales.  We expect some cost headwinds as we begin to rollback temporary cost reductions and continue investing in innovation of our core distribution and marketing capabilities.  We are confident that our unique distribution and marketing services can help our suppliers and customers navigate these challenging times and will enable United to emerge from the recession in a stronger position,” concluded Gochnauer.

Conference Call

United Stationers will hold a conference call, including a question and answer session on Friday, October 30, 2009 at 10:00 a.m. CT, to discuss third quarter results. To participate, callers within the U.S. should dial (800) 762-8779 and international callers should dial (480) 629-9771 about 10 minutes before the presentation. Provide the operator with the conference call title “Q3 2009 United Stationers Earnings Conference Call.” To listen to the webcast, participants should visit the Investor Information section of the company’s Web site at www.unitedstationers.com several minutes before the event is broadcast and follow the instructions provided to ensure that the necessary audio application is downloaded and installed.  This program is provided at no charge to the user.  In addition, interested parties can access an archived version of the call, also located on the Investor Information section of United Stationers’ Web site, about two hours after the call ends.  This news release, along with a financial slide presentation and other information relating to the call, also will be available on United’s Web site.

Forward-Looking Statements

This news release contains forward-looking statements, including references to goals, plans, strategies, objectives, projected costs or savings, anticipated future performance, results or events and other statements that are not strictly historical in nature. These statements are based on management’s current expectations, forecasts and assumptions. This means they involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied here. These risks and uncertainties include, but are not limited to the following: United’s ability to effectively manage its operations and to implement general cost-reduction and margin-enhancement initiatives; United’s reliance on key customers, and the business, credit and other risks inherent in continuing or increased customer concentration; United’s reliance on independent dealers for a significant percentage of its net sales and therefore the importance of the continued independence, viability and success of these dealers; continuing or increasing competitive activity and pricing pressures within existing or expanded product categories, including competition from product manufacturers who sell directly to United’s customers; prevailing economic conditions and changes affecting the business products industry and the general economy; United’s reliance on key suppliers; the impact of variability in supplier pricing, allowance programs, promotional incentives and other terms, conditions and policies; the impact of variability in customer and end-user demand patterns on United’s product offerings and sales mix and, in turn, on customer rebates payable and supplier allowances earned by United; United’s ability to maintain its existing information technology systems and to successfully procure and implement new systems without business disruption or other unanticipated difficulties or costs; United’s ability to effectively identify, consummate and integrate acquisitions; United’s reliance on key management personnel, both in day-to-day operations and in execution of new business initiatives; and the effects of hurricanes, acts of terrorism and other natural or man-made disruptions.  It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or complete.

Shareholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For additional information about risks and uncertainties that could materially affect United’s results, please see the company’s Securities and Exchange Commission filings.  The forward-looking information in this news release is made as of this date only, and the company does not undertake to update any forward-looking statement.  Investors are advised to consult any further disclosure by United regarding the matters discussed inthis release in its filings with the Securities and Exchange Commission and in other written statements it makes from time to time.

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Company Overview

United Stationers Inc. is a leading wholesale distributor of business products, with net sales for 2008 of approximately $5.0 billion.  The company stocks over 100,000 items, including technology products, traditional office products, janitorial and breakroom supplies, office furniture, and industrial supplies.  A network of 65 distribution centers allows it to deliver these products to approximately 30,000 reseller customers.  This network, combined with United’s depth and breadth of inventory, enables the company to ship most products overnight to more than 90% of the U.S. and major cities in Mexico. For more information, visit www.unitedstationers.com.

United Stationers’ common stock trades on the NASDAQ Global Select Market under the symbol USTR.

(1)This is non-GAAP information.  A reconciliation of these items to the most comparable GAAP measures is presented at the end of this news release.  Except as noted, all references within this news release to financial results are presented in accordance with U.S. Generally Accepted Accounting Principles.

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4

United Stationers Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Net sales	$	1,246,743	$	1,337,855	$	3,527,245	$	3,841,664
Cost of goods sold	1,061,847		1,139,995		3,014,600		3,277,480
Gross profit	184,896		197,860		512,645		564,184
Operating expenses:
Warehousing, marketing and administrative expenses	126,282		136,055		383,907		414,756
Operating income	58,614		61,805		128,738		149,428
Interest expense, net	6,645		6,380		20,774		20,123
Other expense, net	—		2,063		204		6,296
Income before income taxes	51,969		53,362		107,760		123,009
Income tax expense	18,501		20,293		39,613		47,150
Net income	$	33,468	$	33,069	$	68,147	$	75,859
Net income per share - diluted	$	1.38	$	1.39	$	2.85	$	3.18
Weighted average number of common shares - diluted	24,218		23,721		23,935		23,883

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United Stationers Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands, except share data)

	As of September 30,						As of
	2009			2008			Dec. 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	75,209		$	41,804		$	10,662
Accounts receivable, net*	645,704			531,323			610,210
Inventories	533,894			691,258			680,516
Other current assets	32,497			35,692			33,857
Total current assets	1,287,304			1,300,077			1,335,245
Property, plant and equipment, net	136,872			156,327			153,014
Intangible assets, net	64,172			68,937			67,982
Goodwill, net	314,429			317,025			314,441
Other long-term assets	14,488			12,751			10,834
Total assets	$	1,817,265		$	1,855,117		$	1,881,516
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	431,814		$	503,530		$	341,084
Accrued liabilities	177,726			190,714			186,530
Total current liabilities	609,540			694,244			527,614
Deferred income taxes	—			27,244			—
Long-term debt	441,800			491,800			663,100
Other long-term liabilities	110,753			50,644			125,164
Total liabilities	1,162,093			1,263,932			1,315,878
Stockholders’ equity:
Common stock, $0.10 par value; authorized - 100,000,000 shares, issued — 37,217,814 shares in 2009 and 2008	3,722			3,722			3,722
Additional paid-in capital	383,353			380,112			382,721
Treasury stock, at cost — 13,336,966 and 13,679,430 shares at September 30, 2009 and 2008,  respectively, and 13,687,843 shares at December 31, 2008	(703,262		)	(712,716		)	(712,944		)
Retained earnings	1,025,236			934,534			957,089
Accumulated other comprehensive loss	(53,877		)	(14,467		)	(64,950		)
Total stockholders’ equity	655,172			591,185			565,638
Total liabilities and stockholders’ equity	$	1,817,265		$	1,855,117		$	1,881,516

*The September 30, 2008 and December 31, 2008 accounts receivable balances do not include $222.0 million and $23.0 million of accounts receivable sold through a securitization program, which qualified for off-balance sheet treatment.  Retained interest in accounts receivable sold was $442.3 million at September 30, 2009, $191.6 million at September 30, 2008, and $327.9 million at December 31, 2008.

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United Stationers Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

	For the Nine Months Ended Sept. 30,
	2009			2008
Cash Flows From Operating Activities:
Net income	$	68,147		$	75,859
Adjustments to reconcile net income to net cash provided byoperating activities:
Depreciation and amortization	30,994			32,954
Share-based compensation	9,716			6,714
Asset impairment charge	—			6,735
Loss (gain) on the disposition of plant, property and equipment	17			(9,832		)
Amortization of capitalized financing costs	707			720
Excess tax benefits related to share-based compensation	(208		)	(87		)
Deferred income taxes	(14,316		)	(3,673		)
Changes in operating assets and liabilities:
Increase in accounts receivable and retained interestin receivables sold, net	(35,690		)	(105,934		)
Decrease in inventory	146,590			29,302
Decrease in other assets	5,461			3,334
Increase in accounts payable	94,936			84,832
Decrease in checks in-transit	(4,184		)	(29,752		)
Decrease in accrued liabilities	(9,296		)	(12,558		)
Increase (decrease) in other liabilities	1,588			(13,218		)
Net cash provided by operating activities	294,462			65,396
Cash Flows From Investing Activities:
Capital expenditures	(8,875		)	(25,798		)
Proceeds from the disposition of property, plant and equipment	95			18,170
Acquisitions	—			(12,944		)
Net cash used in investing activities	(8,780		)	(20,572		)
Cash Flows From Financing Activities:
Net (repayments) borrowings under Revolving Credit Facility	(221,300		)	40,800
Net proceeds from share-based compensation arrangements	865			1,898
Acquisition of treasury stock, at cost	—			(67,505		)
Excess tax benefits related to share-based compensation	208			87
Payment of debt issuance costs	(897		)	(256		)
Net cash used in financing activities	(221,124		)	(24,976		)
Effect of exchange rate changes on cash and cash equivalents	(11		)	(1		)
Net change in cash and cash equivalents	64,547			19,847
Cash and cash equivalents, beginning of period	10,662			21,957
Cash and cash equivalents, end of period	$	75,209		$	41,804

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7

United Stationers Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Debt-to-Total Capitalization

(dollars in thousands)

	As of September 30,
	2009			2008			Change
Long-term debt	$	441,800		$	491,800		$	(50,000	)
Accounts receivable sold	—			222,000			(222,000		)
Total debt and securitization (adjusted debt)	441,800			713,800			(272,000		)
Stockholders’ equity	655,172			591,185			63,987
Total capitalization	$	1,096,972		$	1,304,985		$	(208,013	)
Adjusted debt-to-total capitalization	40.3		%	54.7		%	(14.4		)%

Note: Adjusted debt-to-total capitalization is provided as an additional liquidity measure. During the first quarter of 2009, the company entered into a new accounts receivable securitization program that was structured to maintain accounts receivable on its balance sheet.  In contrast, the prior securitization facility was structured for off-balance sheet treatment.  Generally Accepted Accounting Principles require that accounts receivable sold under the company’s prior receivables securitization program be reflected as a reduction in accounts receivable and not reported as debt.  Internally, the company considers these 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 these accounts receivable sold to debt, and calculates debt-to-total capitalization on that basis.

Adjusted Cash Flow

(in thousands)

	For the Nine Months EndedSeptember 30,
	2009			2008
Cash Flows From Operating Activities:
Net cash provided by operating activities	$	294,462		$	65,396
Excluding the change in accounts receivable sold	23,000			26,000
Net cash provided by operating activities excluding the effects of accounts receivable sold	$	317,462		$	91,396
Cash Flows From Financing Activities:
Net cash used in financing activities	$	(221,124	)	$	(24,976	)
Including the change in accounts receivable sold	(23,000		)	(26,000		)
Net cash used in financing activities including the effects of accounts receivable sold	$	(244,124	)	$	(50,976	)

Note: Net cash provided by operating activities, excluding the effects of receivables sold is presented as an additional liquidity measure. During the first quarter of 2009, the company entered into a new accounts receivable securitization program that was structured to maintain accounts receivable on its balance sheet.  In contrast, the prior securitization facility was structured for off-balance sheet treatment.  Generally Accepted Accounting Principles require that the cash flow effects of changes in the amount of accounts receivable sold under the company’s prior receivables securitization program be reflected within operating cash flows. Internally, the company considers these accounts receivable sold to be a financing mechanism and not a source of cash flow related to operations.  The company believes it is helpful to provide readers of its financial statements with operating cash flows adjusted for the effects of changes in these accounts receivable sold.

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8

United Stationers Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income, Net Income and Earnings Per Share

(in millions, except per share data)

	For the Three Months Ended September 30,
	2009				2008
			% to					% to
	Amount		Net Sales		Amount			Net Sales
Net Sales	$	1,246.7	100.00	%	$	1,337.9		100.00	%
Gross profit	$	184.9	14.83	%	$	197.9		14.79	%
Operating expenses	$	126.3	10.13	%	$	136.1		10.17	%
Gain on sale of distribution centers	—		—		5.1			0.38	%
Adjusted operating expenses	$	126.3	10.13	%	$	141.2		10.55	%
Operating income	$	58.6	4.70	%	$	61.8		4.62	%
Operating expense item noted above	—		—		(5.1		)	(0.38	)%
Adjusted operating income	$	58.6	4.70	%	$	56.7		4.24	%
Net Income	$	33.5	2.69	%	$	33.1		2.47	%
Operating expense item noted above, net of tax	—		—		(3.2		)	(0.24	)%
Adjusted net income	$	33.5	2.69	%	$	29.9		2.23	%
Net income per share — diluted	$	1.38			$	1.39
Per share operating expense item noted above	—				(0.13		)
Adjusted net income per share — diluted	$	1.38			$	1.26
Weighted average number of common shares — diluted	24.2				23.7

Note: Adjusted Operating Income, Net Income and Earnings Per Share exclude the effects of a gain on the sale of two distribution centers.  Generally Accepted Accounting Principles require that the effects of this item be included in the Condensed Consolidated Statements of Income.  The company believes that excluding this item is an appropriate comparison of its ongoing operating results to last year and that it is helpful to provide readers of its financial statements with a reconciliation of these items to its Condensed Consolidated Statements of Income reported in accordance with Generally Accepted Accounting Principles.

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9

United Stationers Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income, Net Income and Earnings Per Share

(in millions, except per share data)

	For the Nine Months Ended September 30,
	2009					2008
				% to					% to
	Amount			Net Sales		Amount			Net Sales
Net Sales	$	3,527.2		100.00	%	$	3,841.7		100.00	%
Gross profit	$	512.6		14.53	%	$	564.2		14.69	%
Operating expenses	$	383.9		10.88	%	$	414.8		10.80	%
Asset impairment charge	—			—		(6.7		)	(0.17	)%
Gain on sale of distribution centers	—			—		5.1			0.13	%
Gain on sale of former corporate headquarters	—			—		4.7			0.12	%
Restructuring charge related to workforce reduction	(3.4		)	(0.09	)%	—			—
Adjusted operating expenses	$	380.5		10.79	%	$	417.9		10.88	%
Operating income	$	128.7		3.65	%	$	149.4		3.89	%
Operating expense item noted above	3.4			0.09	%	(3.1		)	(0.08	)%
Adjusted operating income	$	132.1		3.74	%	$	146.3		3.81	%
Net Income	$	68.1		1.93	%	$	75.9		1.98	%
Operating expense item noted above, net of tax	2.1			0.06	%	(1.9		)	(0.05	)%
Adjusted net income	$	70.2		1.99	%	$	74.0		1.93	%
Net income per share — diluted	$	2.85				$	3.18
Per share operating expense item noted above	0.09					(0.08		)
Adjusted net income per share — diluted	$	2.94				$	3.10
Weighted average number of common shares — diluted	23.9					23.9

Note: Adjusted Operating Income, Net Income and Earnings Per Share exclude the effects of a gain on the sale of the company’s former headquarters and two distribution centers, an asset impairment charge related to capitalized software development costs and a severance charge.  Generally Accepted Accounting Principles require that the effects of these items be included in the Condensed Consolidated Statements of Income.  The company believes that excluding these items is an appropriate comparison of its ongoing operating results to last year and that it is helpful to provide readers of its financial statements with a reconciliation of these items to its Condensed Consolidated Statements of Income reported in accordance with Generally Accepted Accounting Principles.

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10

EX-99.2

Exhibit 99.2

1 October 30, 2009 United Stationers Inc. Earnings Presentation Third Quarter 2009 

2 October 30, 2009 Forward Looking Statements and Non-GAAP Measures This presentation contains forward-looking statements, including references to goals, plans, strategies, objectives, anticipated future performance, results or events and other statements that are not strictly historical in nature. These statements are based on management’s current expectations, forecasts and assumptions. This means they involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied here. These risks and uncertainties include, but are not limited to, the following: United’s ability to manage its operations and respond effectively to prevailing economic conditions and changes affecting the business products industry and the general economy; United’s success in implementing general cost-reduction and margin-enhancement initiatives; United’s reliance on key customers, and the business, credit and other risks inherent in continuing or increased customer concentration; the availability of financing sources to meet United’s business needs; United’s reliance on key suppliers and the supplier allowances and promotional incentives they provide; United’s reliance on independent dealers for a significant percentage of its net sales and therefore the importance of the continued independence, viability and success of these dealers; continuing or increasing competitive activity and pricing pressures within existing or expanded product categories, including competition from product manufacturers who sell directly to United’s customers; the impact of a loss of, or substantial decrease in, the availability of products or service from key suppliers at competitive prices; the impact of variability in customer and end-user demand on United’s product offerings and sales mix and, in turn, on customer rebates payable and supplier allowances earned by United, as well as the cost of liquidating excess or obsolete inventory at a loss; United’s ability to maintain its existing information technology systems and to successfully procure and implement new systems without business disruption or other unanticipated difficulties or costs; United’s ability to effectively identify, consummate and integrate acquisitions; United’s reliance on key management personnel, both in day-to-day operations and in execution of new business initiatives; and the effects of hurricanes, acts of terrorism and other natural or man-made disruptions. Shareholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking information in this presentation is given as of this date only, and the Company undertakes no responsibility to update or revise it. For additional information about risks and uncertainties that could materially affect United’s results, please see the company’s Securities and Exchange Commission filings. It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be an exhaustive or complete list. * This is non-GAAP information. A reconciliation of these items to the most comparable GAAP measures is presented on the company’s Website (www.unitedstationers.com) under the Investor Information section. Except as noted, all references to financial results within this presentation are presented in accordance with U.S. Generally Accepted Accounting Principles. 

3 October 30, 2009 Q3 2009 Headlines Sales decreased 6.8% from Q3 2008 to $1.25 billion. .. Earnings per diluted share were $1.38, up nearly 10% from adjusted Q3 2008 EPS of $1.26*. .. Gross Margin rate of 14.8% was flat compared with last year. .. Operating expenses in Q3 2009 were $126.3 million, down 11%* from adjusted expenses of $141.2 million* in the prior-year quarter, and were 10.1% of sales versus 10.6%* in the prior-year quarter. .. Operating income was 4.7% compared to an adjusted 4.2%* in Q3 2008. .. Net income increased 12%* from an adjusted $29.9 million* in Q3 2008 to $33.5 million. Q3 2009 net earnings benefited from lower interest costs of $1.8 million and a lower tax rate of 35.6%. .. Net cash provided by operating activities, adjusted to exclude the impact of accounts receivable sold, was $317.5 million* for the first nine months of 2009 compared to $91.4 million* for the same period in 2008. .. Adjusted debt, including securitization financing, was down $272 million* during the past twelve months to $441.8 million. 

4 October 30, 2009 Third Quarter 2009 P&L % to sales change $ % to Sales $ % to Sales $ change % change Fav (Unfav) $ Millions (except EPS) Q3 2009 Q3 2009 Q3 2008 Q3 2008 Fav (Unfav) Fav (Unfav) basis points Net Sales 1,246.7 1,337.9 (91.2) (6.8%) Gross Margin 184.9 14.83% 197.9 14.79% (13.0) (6.6%) 4 Operating Expense 126.3 10.13% 136.1 10.17% 9.8 7.2% 4 Operating Income 58.6 4.70% 61.8 4.62% (3.2) (5.2%) 8 Interest & Other 6.6 0.53% 8.4 0.63% 1.8 21.4% 10 Taxes 18.5 1.48% 20.3 1.52% 1.8 8.9% 4 Net Income 33.5 2.69% 33.1 2.47% 0.4 1.2% 22 Diluted Shares (000s) 24,218 23,721 Diluted EPS 1.38 $ 1.39 $ (0.01) $ (1%) Effective Tax Rate 35.6% 38.0% Adjusted to exclude gain on sale of buildings * Adjusted Operating Income 58.6 4.70% 56.7 4.24% 1.9 3.4% 46 Adjusted Net Income 33.5 2.69% 29.9 2.23% 3.6 12.0% 46 Adjusted Diluted EPS 1.38 $ 1.26 $ 0.12 $ 9.5% 

5 October 30, 2009 Year-to-Date 2009 P&L % to sales change $ % to Sales $ % to Sales $ change % change Fav (Unfav) $ Millions (except EPS) YTD Q3 2009 YTD Q3 2009 YTD Q3 2008 YTD Q3 2008 Fav (Unfav) Fav (Unfav) basis points Net Sales 3,527.2 3,841.7 (314.5) (8.2%) Workday Adjusted Sales Growth (7.7%) Gross Margin 512.6 14.53% 564.2 14.69% (51.6) (9.1%) (16) Operating Expense 380.5 10.79% 414.8 10.80% 34.3 8.3% 1 Severance Costs 3.4 0.09% 0.0 0.00% (3.4) 100.0% (9) Operating Income 128.7 3.65% 149.4 3.89% (20.7) (13.9%) (24) Interest & Other 21.0 0.60% 26.4 0.69% 5.4 20.5% 9 Taxes 39.6 1.12% 47.1 1.22% 7.5 15.9% 10 Net Income 68.1 1.93% 75.9 1.98% (7.8) (10.3%) (5) Diluted Shares (000s) 23,935 23,883 Diluted EPS 2.85 $ 3.18 $ (0.33) $ (10.4%) Effective Tax Rate 36.8% 38.3% Adjusted to exclude severance costs, gain on sale of buildings and asset impairment charge * Adjusted Operating Income 132.1 3.74% 146.3 3.81% (14.2) (9.7%) (7) Adjusted Net Income 70.2 1.99% 74.0 1.93% (3.8) (5.1%) 6 Adjusted Diluted EPS 2.94 $ 3.10 $ (0.16) $ (5.2%) 

6 October 30, 2009 Sales by Product Category – Q3 2009 .. Technology sales declined in products including ink-jet and toner cartridges, computer accessories and telephones. The category experienced a slightly greater year-over-year rate of decline from the second quarter, reflecting timing shifts versus the prior year. .. Office Products sales improved sequentially since Q1 2009. .. Janitorial/Breakroom sales improved sequentially since Q1 2009, reflecting successful growth initiatives and higher demand for flu-related products. .. Furniture sales reflected depressed market conditions. The rate of decline slowed modestly from the prior quarter. .. Industrial sales reflected the continuing effects of a sharp decline in U.S. manufacturing, pipeline, and commercial construction activity combined with de-stocking in the distributor channel. Sales growth (decline) Category from Q3 2008 Technology (7%) Office Products (5%) Janitorial/ Breakroom 9% Furniture (30%) Industrial (28%) Q3 2009 Industrial 5% Furniture 8% Technology 34% Office Products 28% Janitorial/ Breakroom 25% 

7 October 30, 2009 Sales by Channel – Q3 2009 .. Independent/Other channel sales decline improved sequentially from Q2 2009 rate. Includes continued strong double-digit growth in new channels. .. National accounts sales decline was similar to Q2 2009 and improved from Q1 2009 rate, reflecting growth initiatives and share gains. Sales growth (decline) from Channel Q3 2008 Independent & Other (7%) Nationals (4%) Q3 2009 Nationals 16% Independent & Other 84% 

8 October 30, 2009 Gross Margin .. During Q3 2009, gross margin was affected by downward pressure from lower margin sales mix and a significant decline in the year-over-year effect of inflation. .. Continued cost reduction strategies, lower fuel costs, reduced inventory obsolescence and lower LIFO inventory reserve requirements offset these pressures. dollars in millions $- $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 $175.0 $200.0 10.0% 12.5% 15.0% 17.5% 20.0% Dollars $184.3 $182.0 $197.9 $176.5 $164.3 $163.4 $184.9 Rate 14.7% 14.5% 14.8% 15.4% 14.7% 14.1% 14.8% Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 

9 October 30, 2009 Operating Expense* .. Operating expense dollars were down 11%* versus last year reflecting proactive cost reduction actions initiated earlier in 2009 targeting labor costs, discretionary spending, and variable costs. .. Bad debt provisions were lower by $1.8 million or 12 bps compared to Q3 2008 as the need to increase accounts receivable reserves slowed in Q3 2009. dollars in millions $- $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 7.5% 10.0% 12.5% 15.0% Dollars $139.9 $136.8 $141.2 $133.5 $132.0 $122.2 $126.3 Rate 11.2% 10.9% 10.6% 11.7% 11.8% 10.5% 10.1% Q1 08 Q2 08 * Q3 08 * Q4 08 Q1 09 * Q2 09 Q3 09 

10 October 30, 2009 Operating Income* dollars in millions $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Dollars $44.4 $45.2 $56.7 $43.0 $32.3 $41.2 $58.6 Rate 3.5% 3.6% 4.2% 3.7% 2.9% 3.6% 4.7% Q1 08 Q2 08 * Q3 08 * Q4 08 Q1 09 * Q2 09 Q3 09 

11 October 30, 2009 Earnings per Share* shares in millions $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 EPS $0.88 $0.96 $1.26 $0.95 $0.66 $0.88 $1.38 Diluted Shares 24.3 23.7 23.7 23.7 23.8 24.0 24.2 Q1 08 Q2 08 * Q3 08 * Q4 08 Q1 09 * Q2 09 Q3 09 

12 October 30, 2009 Working Capital Summary .. Trade A/R trends are stabilizing vs Q2 2009. .. Inventories were down 23% versus the prior year and 22% lower than 2008 year-end. .. Payables leverage was significantly up from depressed levels at year end and slightly above normal positions of 60% – 65% of inventory. $ Millions 3/31/2008 * 6/30/2008 * 9/30/2008 * 12/31/2008 * 3/31/2009 * 6/30/2009 9/30/2009 Accounts Receivable, adjusted * 616.1 690.4 753.3 633.2 573.4 595.6 645.7 Inventories 640.4 643.3 691.3 680.5 572.2 519.0 533.9 Accounts Payable 366.9 436.9 503.5 341.1 318.9 374.0 431.8 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Trade A/R Days Sales Outstanding 40 42 43 43 43 42 42 Inventory Turns 6.3 6.7 6.8 5.6 6.1 7.3 8.1 A/P as % Inventory (LIFO) 57% 68% 73% 50% 56% 72% 81% A/P as % Inventory (FIFO) 52% 62% 66% 45% 48% 62% 70% 

13 October 30, 2009 Cash Flows .. Managing inventory down as sales declined in 2009, coupled with improvement in payables leverage, drove $317.5 million* in adjusted operating cash flow YTD 2009. .. Sequential improvement in earnings contributed to positive free cash flow in Q3 2009 of $47.4 million*. QTD QTD QTD QTD QTD QTD QTD $ Millions Q1 08 * Q2 08 * Q3 08 * Q4 08 * Q1 09 * Q2 09 Q3 09 Net Income 21.3 21.5 33.1 22.5 13.5 21.2 33.4 Depreciation & Amortization 11.2 11.3 10.5 10.5 10.6 10.2 10.9 Share-based compensation 2.3 2.1 2.3 2.3 2.9 3.0 3.8 Change in Accounts Receivable * 48.1 (74.1) (53.9) 119.1 59.4 (21.8) (50.3) Change in Inventory 74.8 (2.6) (42.9) 10.2 108.1 53.6 (15.1) Change in Accounts Payable (81.7) 70.3 66.4 (163.0) (22.3) 55.4 57.7 Change in Other Working Capital (33.3) 0.8 22.8 0.6 (30.0) 6.9 20.0 Change in Working Capital 7.9 (5.6) (7.6) (33.1) 115.2 94.1 12.3 Other 2.5 (13.5) (7.9) 2.1 (3.4) (1.3) (8.9) Adjusted cash provided by operating activities * 45.2 15.8 30.4 4.3 138.8 127.2 51.5 Capital Expenditures (8.0) (11.8) (6.0) (5.9) (2.0) (2.8) (4.1) Proceeds from disposition of fixed assets - 9.7 8.5 - - 0.1 (0.0) Net cash (used for) provided by capital expenditures * (8.0) (2.1) 2.5 (5.9) (2.0) (2.7) (4.1) Free Cash Flow * 37.2 13.7 32.9 (1.6) 136.8 124.5 47.4 

14 October 30, 2009 Debt and Capitalization .. Operating cash flow generated in 2009 has been used for debt reduction. Total adjusted debt down $272 million* during the past 12 months. $ Millions 3/31/2008 * 6/30/2008 * 9/30/2008 * 12/31/2008 * 3/31/2009 * 6/30/2009 9/30/2009 Debt 541.9 466.8 491.8 663.1 552.5 471.8 441.8 Accounts receivable sold * 185.0 250.0 222.0 23.0 - - - Total Adjusted Debt * 726.9 716.8 713.8 686.1 552.5 471.8 441.8 Equity 523.3 558.0 591.2 565.6 589.5 619.9 655.2 Total capitalization * 1,250.2 1,274.8 1,305.0 1,251.7 1,142.0 1,091.7 1,097.0 Adjusted debt-to-total capitalization * 58.1% 56.2% 54.7% 54.8% 48.4% 43.2% 40.3% During the first quarter of 2009, the company entered into a new accounts receivable securitization program that was structured to maintain accounts receivable on its balance sheet. In contrast, the previous securitization facility was structured for off-balance sheet treatment.