Hughes Supply's comparable branch sales down
December 10, 2002
Sales this year include $47.9 million relating to the acquisition of Utiliserve
which was completed in August, 2002. Comparable branch sales were down 2% for the quarter ended November 1, 2002, compared
to last year's third quarter. The impact of lower comparable branch sales was offset by the company's increased focus on purchasing
programs and asset management with emphasis on inventory, accounts receivables, and cost cutting programs.
Net income
for the third quarter of the current year was $19.8 million versus $17.7 million for the same period last year. Last year's
results of operations included ...
Sales this year include $47.9 million relating to the acquisition of Utiliserve
which was completed in August, 2002. Comparable branch sales were down 2% for the quarter ended November 1, 2002, compared
to last year's third quarter. The impact of lower comparable branch sales was offset by the company's increased focus on purchasing
programs and asset management with emphasis on inventory, accounts receivables, and cost cutting programs.
Net income
for the third quarter of the current year was $19.8 million versus $17.7 million for the same period last year. Last year's
results of operations included amortization of goodwill, which under SFAS 142 is no longer required. If this amortization
had not been included in last year's third quarter, earnings per share would have been $0.82 during such period.
Sales
for the nine months ended November 1, 2002 were $2.37 billion, the same as last year during the same period. Net income was
$50.7 million versus $38.8 million last year. Earnings per share were $2.14 versus $1.66 for the first nine months of last
year.
David Hughes, chairman and CEO, commented, ﾑ'Although comparable branch sales came in lower than expected, we
are pleased that earnings were within our forecast of $0.80 ' $0.85. While we expect the business climate to remain very difficult
in the shorter term, we believe our future operating results will continue to benefit from the programs we put in place over
the last 15 months. We continue to focus on sales and customer service, asset management, cash flow, and expense reduction.
After giving effect to the current economic environment and the company's internal focus as set forth above, we believe that
earnings per share for the current year ending January 2003 will range between $2.38 and $2.47.''
 |
|
| View the Top Distributors in 12 Sectors: | |
| 2011 Distribution Landscape Report: Access Now | |
Join MDM's Independent Distributor
Network 
Follow MDM on Twitter
Sponsored Links
- Cloud ERP, the next innovation in distribution software. Learn more.
- Get better eCommerce, an easier back-end, and increase revenue.
- Free GCommerce whitepaper: How to reduce transaction costs, streamline special orders
- Cloud ERP, the next innovation in distribution software. Learn more.
- Protect your revenue and grow your business with Cortera PulseTM
- NSK's P4Y precision-class universal bearings' multiple configurations reduce inventory
- Resources and training tools for distributor sales, management and more in the MDM Store
MDM Digital
 The Case for Mobilein Distribution Marketing John Sonnhalter explains why distributors should include mobile in their marketing plans and how to start. Watch now. iPad users: click here to view. |
 Economic Update:The Festering Euro-Crisis MAPI Economist Kris Bledowski analyzes the outcome of recent meetings about the European banking and debt crisis. Watch now. |
 Online Marketing Tipsfrom Bob DeStefano Many companies make the same mistake on their company websites. Do you? Find out. |
More Audio and Video Features from MDM: |
Think About It: |
Upcoming Programs
|
|
Training Resources
 |
 |
 |
 |
|||
|
Featured Article - MDM-Baird Benchmarking Survey: Distributor Optimism Returns $34.95 |
Management Tips from Modern Distribution Management $49.95 |
Inventory Management Best Practices with Jon Schreibfeder: DVD + Book $119.00 |
Benchmarks & Best Practices: The Answer Book for Growth-Minded CFOs & Controllers $249.00 |
| Title | Company | Location |
|---|---|---|
| Credit/Collections Manager | APR Supply Co. | Lebanon, PA |
| Management Trainee | APR Supply Co. | Lebanon, PA |
| INDUSTRY SPECIALIST - Rubber Products | KAMAN Industrial Technologies | North East Area - CT, MA, ME, NY, RI, VT |
| Sales Account Manager - Energy Market Segment | TESSCO | Baltimore, MD |
| Channels Marketing Representative -- Advanced Supply Chain Business Information Systems | Scientel Information Technology, Inc. | Southeast Michigan |
| Technical Trainer - Innovative Change Agent - Long Island City, NY | Daikin AC | Long Island City, NY |
| Sales Representative | Superior Essex | Minnesota |
| View ALL Wholesale Distribution Job Listings |
|
|
Industry Topics sponsored by
Distribution Trends
|
Economy
|
Management/Strategy
|
Interviews
|
Operations
|
Technology
|
Mergers/Acquisitions
|
Case Studies
|
Sales & Marketing
|
MDM Calendar
Mobile Technologies for Distributors with Steve Epner
Featured Products
Benchmarks & Best Practices: The Answer Book for Growth-Minded CFOs & Controllers
2011 MDM Market Leaders and Distribution Landscape Report
The B-to-B Online Marketing Toolkit:
A Step-by-Step Plan for Distributors and Manufacturers to Leverage Online Marketing
for Bottom Line Results
Leave a Comment