Interline Brands sales up 5 percent
Interline Brands reported third quarter sales increased 5% to $442.4 million.
"We continued to see good momentum and solid growth across our end-markets during the third quarter, with net sales up 5%. Our institutional business contributed nicely to our growth driven primarily by our national accounts program, higher cross-selling activity, and strong underlying fundamentals in the market," said Michael J. Grebe, chairman and chief executive officer.
Sales to institutional facilities customers, comprising 50% of sales, increased 6.8% for the quarter. Sales to multi-family housing facilities customers, comprising 31% of sales, increased 4.8% for the quarter. Sales to residential facilities customers, comprising 19% of sales, increased 1.6% for the quarter.
Net income for the period was $7.19 million, compared to a loss of $7.20 million in the same period a year ago.
Sales for the first nine months of 2014 were $1.26 billion, a 4.3% increase compared to $1.20 billion for the nine months of 2013. Including a non-cash write-off of $67.5 million during the second quarter of 2014 and the loss on extinguishment of debt of $4.2 million associated with financing activities that occurred during the first quarter, net loss for the nine months was $37.5 million compared to $7.5 million for the same period in 2013.
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.
