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Home » Valley National Gases Q1 report

Valley National Gases Q1 report

November 12, 2001
More about:  Gases & Welding Equipment Distribution
Valley National Gases Incorporated, Wheeling, WV, reported sales for the first quarter were $33.7 million, a 7.5% increase over the same quarter last year. Net earnings were $1.1 million, up from $813,186 in the prior year first quarter. Net sales increased $2.3 million for the quarter, compared to the prior year quarter, with acquisitions made in the last twelve months contributing $3.3 million. Sales mix consisted of 56% from gases and cylinder income and 44% from hard goods, compared to 55% from gases and cylinder income and 45% from hard goods for the same period last year.


"October sales are trending stronger,' said Lawrence Bandi, president and CEO. 'Our same store sales were down 3% primarily as a result of September. We have continued to reduce expenses to keep ...
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Valley National Gases Incorporated, Wheeling, WV, reported sales for the first quarter were $33.7 million, a 7.5% increase over the same quarter last year. Net earnings were $1.1 million, up from $813,186 in the prior year first quarter. Net sales increased $2.3 million for the quarter, compared to the prior year quarter, with acquisitions made in the last twelve months contributing $3.3 million. Sales mix consisted of 56% from gases and cylinder income and 44% from hard goods, compared to 55% from gases and cylinder income and 45% from hard goods for the same period last year.


"October sales are trending stronger,' said Lawrence Bandi, president and CEO. 'Our same store sales were down 3% primarily as a result of September. We have continued to reduce expenses to keep our performance in line with the level of sales. Our recent acquisitions bring our annualized sales to $160 million."


Gross profit increased $1.6 million for the quarter, compared to the prior year quarter, as acquisitions made in the last twelve months contributed $1.7 million while same stores were off $0.1 million. Gross profit as a percentage of net sales was 54.1% for the quarter, compared to 53.0% for the same quarter last year, reflecting primarily the change in product mix along with improved margins relating to propane sales.


Operating and administrative expenses were $13.2 million or 39.3% of net sales for the quarter, an increase of $1.7 million versus the same quarter last year. $1.5 million of the increase was attributable to acquisitions made during the preceding twelve months. Operating and administrative expenses increased $0.5 million on a sequential quarter basis, reflecting an increase of $0.8 million associated with acquisitions completed during the past two quarters. Same store expenses, on a sequential quarter basis, decreased $0.3 million, reflecting the results of the Company's cost containment efforts.
On Aug. 1, the company completed the acquisition of The Buckeye Corporation & Mansfield Oxygen Corporation located in Canton and Mansfield, OH respectively, having approximately $2.5 million in annual sales.


Valley National Gases operates 68 locations in 11 states, with seven production and distribution centers in the eastern U.S. Valley completed four acquisitions during the last twelve months, adding approximately $17 million in annual sales.
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