Lawson Sales, Income Rise

John Wolz

Lawson Products Inc. reported net income for 2002 increased 41.6% over the previous year to $12.4 million.
Net sales rose 2.1% from 2001 to $387.5 million for 2002. The sales figure includes the 2001 acquisition of the North American Industrial Products and Kent Automotive fastener divisions of Premier Farnell plc.
CEO Robert Washlow noted that full year OEM sales grew $5.6 million and MRO $2.5 million. �Improvement in the gross margin of the MRO segment was able to partially offset the effect of the typically lower gross margin of the growing OEM segment. Results were impacted by market conditions, the elimination of under-performing sales agents and investments in the business to benefit future periods.
Washlow pointed out that Des Plaines, IL-based Lawson �remains focused on growing sales and long-term net income� and is debt-free. Web: lawsonproducts.com �2003 FastenerNews.com