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The Fastenal Company, Winona, MN, reported the results of the quarter ended Mar. 31, 2003. (Note ﾖ All information contained in the Press Release reflects the 2-for-1 stock split which occurred in May 2002.) Dollar amounts are in thousands.
Net sales for the three-month period ended March 31, 2003 totaled $235,843, an increase of 9.9% over net sales of $214,582 in the first quarter of 2002. The first quarter of 2002 included net sales of $5,392 from the Company's DIY Business, which was disposed of in October 2002. Adjusting for the DIY Business sale, growth in net sales of the remaining business was 12.8% from 2002 to 2003. Net earnings increased from $17,705 in the first quarter of 2002 to $19,041 in the first quarter of 2003, an increase of 7.5%.
During the first quarter of 2003, Fastenal opened 36 new sites, bringing the total number of sites to 1,205. There were 4,703 site employees as of Mar. 31, 2003, a decrease of 0.8% from December 31, 2002.