Lawson Products sales up 3 percent
Lawson Products said that its first quarter sales increased 3.0% to $69.2 million, compared to $67.2 million in the first quarter a year ago.
Average daily sales also increased by 3.0% in the quarter compared to the prior year.
The net loss for the quarter was $3.0 million, or 34 cents per diluted share, which was down from a net loss of $3.2 million, or 37 cents, for the same period a year ago.
“We continued to make progress this quarter as both our total net sales and average daily sales improved over last quarter. Expanding our sales team continues to be a top priority and this quarter we added 30 sales reps," said Michael DeCata, president and chief executive officer. "We are continuously improving our hiring, onboarding and training processes and are successfully attracting high-quality, experienced sales representatives to our organization. We plan to continue our sales force expansion."
During the quarter, Lawson agreed to sell its Reno distribution center for $8.7 million. As part of the transaction, the company will enter into a 10-year lease for approximately one-half of the building currently being utilized since the sale of Rutland Tools in 2010.
The company also completed the sale of Automatic Screw Machine Products Company Inc., for net proceeds of $12.1 million.
"The operational investments and process improvements our team has made are yielding positive results. We remain highly committed to driving operational efficiencies while keeping our customer service levels high. With our previous investments in place we now have the platform to support sustainable, long-term sales growth and improved financial results," said DeCata.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
