4/25/2014 12:02:00 AM
NEWS BRIEFS
Lawson Products Divesting Its Fastener Holdings
Lawson Products reported net sales, including fasteners, increased 3% to $69.2 million in the first quarter of 2014. Average daily sales increased 3% to $1.09 million, while gross profit edged up to 59.6%.
Q1 net loss was $3 million, or $0.34 per diluted share, as compared to a net loss of $3.2 million, or $0.37 per diluted share, for the same period a year ago.
During Q1 Lawson Products completed the sale of Decatur, AL-based Automatic Screw Machine Products Co. for net proceeds of $12.1 million. The transaction closed on February 14.
Automatic Screw Machine Products – now called Automatic SMP – manufactures fasteners for aerospace/defense, heavy equipment, electrical transportation, and marine industries. Customers include Caterpillar.
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