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Sales for the fourth quarter of
2001 were $880.3 million, down 11.0%, or $108.5 million from the fourth quarter of 2000. Sales from core operations for the
quarter were down 13.5% from last year's record ...
Sales for the fourth quarter of
2001 were $880.3 million, down 11.0%, or $108.5 million from the fourth quarter of 2000. Sales from core operations for the
quarter were down 13.5% from last year's record fourth quarter and were partially offset by sales from acquired companies.
Gross margins for the quarter were 17.3% compared to 16.8% in the fourth quarter of 2000. Earnings before interest, taxes,
depreciation and amortization (EBITDA) for the fourth quarter were $28.2 million, an increase of $7.5 million from the fourth
quarter of 2000. EBITDA in the fourth quarter of 2000 included a $9.4 million restructuring charge. Net income was $4.1 million,
compared to a loss of $3.2 million in 2000 that included the $9.4 million pre-tax restructuring charge.
'We continue
to operate in a soft demand environment with sales declines concentrated in all aspects of industrial activities including
MRO, OEM, and major project work,' said Stephen A. Van Oss, vice president and CFO. 'Although activity levels appear to be
stabilizing, both sales and earnings are likely to continue under pressure for at least the next two quarters. As a result,
we are continuing to take cost containment actions including additional staff reductions. Further actions will be taken, if
necessary, to balance our staffing levels with developing economic trends.'
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| Title | Company | Location |
|---|---|---|
| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
| Risk Manager | Border States Electric | Fargo ND |
| Purchasing Manager | PCA SKIN | Scottsdale, AZ |
| BUSINESS DEVELOPMENT MANAGER | Graybar Electric Company | Denver, CO |
| INDUSTRIAL OUTSIDE SALES REPRESENTATIVE | Graybar Electric Company | Phoenix, AZ |
| General Manager | Applied Industrial Technologies | Norfolk, VA |
| Rubber Specialist | Applied Industrial Technologies | Baltimore, MD |
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