Kar Boosts Barnes Revenue

Jason Sandefur

Barnes Group Inc. reported MRO distributor Kar Products, acquired in February 2003, helped Barnes Distribution post a second quarter revenue increase of 41% to $104.7 million. �Excluding Kar, sales at Barnes Distribution were essentially flat versus a year ago,� stated CEO Edmund Carpenter. Kar sales totaled $31 million during the quarter, helping Q2 operating profit for Barnes Distribution grew 42% to $4.9 million.
Carpenter said Barnes added more than 40 national and regional accounts during the quarter, bringing the number of new accounts to 91 for the year.
Overall Q2 net sales rose 10% to $229.6 million, and net income gained 11% to $9.7 million.
For the first six months of 2003, net sales grew 11% to $448.3 million, while net income increased 11% to $17.1 million.
During the second quarter, Barnes completed a common stock offering that raised $42 million to pay down existing debt. Web: barnesgroupinc.com �2003 FastenerNews.com