5/16/2011 7:49:00 PM
HEADLINES
LAWSON PRODUCTS
Lawson Products reported net sales, including fasteners, grew 10.2% to $82.6 million during the first quarter of 2011, boosted by continued growth in the company’s national, government, and automotive segment.
Q1 operating income increased 72% to $1.6 million, while gross profit gained 7% to $49.9 million. Cash-on-hand improved to $27.2 million with no outstanding debt.
Sales during 2010 increased 5% to $316.8 million, with gross profit growing to $194.8 million and net income climbing to $6.9 million.
“During the (fourth) quarter, we… sold Rutland Tool & Supply, which generated $11 million of cash and furthers our strategic focus on growing Lawson’s core MRO business,” commented CEO Thomas Neri.
Fastening systems revenue contributed 21% of overall sales in 2010, down from 22% the previous year. MRO sales increased 4.6% to $303.1 million, with gross profit growing 4.3% to $192.5 million. OEM sales rose 13% to $13.6 million, while gross profit more than doubled to $2.28 million.
Corporate Office: 1666 E. Touhy Ave., Des Plaines, IL 60018. Tel: 708 827-9666 Web: lawsonproducts.com
CEO: Thomas Neri
Employees: 930
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