2/19/2011 1:32:00 AM
NEWS BRIEFS
Closures and Divestitures Help Lawson Products’ Bottom Line

Lawson Products reported fourth quarter sales, including fasteners, grew 13% to $80 million, boosted by revenue growth to government and automotive customers. Operating income improved to $1.2 million in Q4.
 

“During the quarter, we continued to execute our long-term growth plan and advanced several key operational initiatives. We sold Rutland Tool & Supply, which generated $11.0 million of cash and furthers our strategic focus on growing Lawson’s core MRO business,” commented CEO Thomas Neri. 
 

Full-year sales increased 5% to $316.8 million, with gross profit growing to $194.8 million and net income climbing to $6.9 million. 
 

SG&A expenses, which increased by 1.5% year-over-year, declined as a percent of sales from 58.8% in 2009 to 56.8% in 2010. The decrease was driven by increased productivity within the company’s distribution network, a full year of savings stemming from the closure of Lawson’s Dallas and Charlotte distribution centers, and continued cost control measures.
 

“We enhanced our sales model and increased our sales productivity by successfully converting our district sales managers to full-time employees,” Neri concluded. ©2011 GlobalFastenerNews.com

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Related Links:

• Lawson Products