11/16/2010 12:01:00 AM
NEWS BRIEFS
Hillman Earnings Hurt By Lower Margins
Fastener distributor Hillman Companies Inc. reported flat sales of $122.7 million during the third quarter of 2010. Adjusted EBITDA fell $3.2 million, primarily from a decline in gross margins, higher transportation costs and an increase in legal expenses.
Net sales for the first nine months of 2010 decreased 0.7% to $356.1 million. Adjusted EBITDA through the first three quarters of 2010 dropped $.5 million or .7% to $66.1 million. Capital expenditures rose 11% to $10.1 million.
During 2009 Hillman revenue reached $482 million. The company closed its distribution center at the Island Park industrial complex in Green Island, NY, in early 2009 in anticipation of a deepening global recession, shifting distribution operations back to its headquarters in Cincinnati. Hillman had operated in Green Island since early 2003, when it moved its Guilderland distribution operation to a newly constructed 56,000-square-foot building on Cohoes Ave.
Founded as a fastener company in 1964, Hillman is a value-added distributor of over 60,000 SKUs, including fasteners, key duplication systems, engraved tags and related hardware items to over 21,000 retail customers in the U.S., Canada, Mexico and South America. Hillman’s customer portfolio includes Ace Hardware, True Value, Lowe’s, Home Depot, Tractor Supply, Walmart, Menards and Do it Best Corp. ©2010 GlobalFastenerNews.com
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