10/23/2009
NEWS BRIEFS
MSC Industrial Reports Full-Year Sales
MSC Industrial reported sales, including fasteners, dropped 21% to $354.1 million during the final quarter of fiscal 2009. Operating income fell 46% to $41.8 million, while net income declined 48% to $26 million in a “highly competitive” pricing environment.
“While we did experience extended shut downs by our customers during the period, they were not as severe as we had originally anticipated,” stated CEO David Sandler.
Full year sales, including fasteners, decreased 16% to $1.49 billion, with operating income falling 35% to $204.7 million and net income slipping 36% to $125.1 million.
Founded in 1941, Melville, NY-based MSC Industrial distributes 590,000 metalworking and MRO supplies – including fasteners and hardware – from 3,000 suppliers to 371,000 customers. ©2009 GlobalFastenerNews.com
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