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August 12, 2008

Lawson Products Sales Fall 2.2% in 2Q

Lawson Products, Inc., a Des Plaines, IL-based distributor of services, systems and products to the MRO and OEM marketplaces, reported sales of $126.3 million for its second quarter ended June 30, 2008, a decrease of 2.2% from the prior year quarter. The company reported a loss of $29.7 million, compared with a net loss of $0.3 million in the second quarter of 2007.
 
Charges of $30.4 million related to the settlement of the investigation of the company by the U.S. Attorney's Office and $3.6 million related to liabilities for unclaimed property contributed to the reported loss.
 
For the six months ended June 30, 2008, sales were $251.3 million, 2.9% lower than the six months ended June 30, 2007 due to lower sales in the MRO business. The net loss for first six months was $25.3 million, compared with net income of $4.2 million for the six months ended June 30, 2007.
 
Read about Lawson's recent settlement with the U.S. Attorney's Office here.

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