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Home » Lawson Products Reports 2009 Loss of $2.7M

Lawson Products Reports 2009 Loss of $2.7M

By    MDM  Staff 
February 26, 2010
More about:  Industrial,  Lawson Products
Sales for the distributor of products and services to the MRO and OEM marketplaces fell 21.9% for the year.
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Lawson Products, Inc. (NASDAQ: LAWS), Des Plaines, IL, reported sales for 2009 were $378.9 million, a year-over-year decrease of 21.9%. The distributor of products and services to the MRO and OEM marketplaces recorded a net loss of $2.7 million, compared to a loss of $27.6 million in 2008.

For fourth quarter 2009, sales were $89.3 million, a decrease of 16.4% from the prior year period. Net loss for the quarter was $0.1 million, compared to a loss of $5.4 million a year ago.

"2009 proved to be a very challenging environment for the entire industry. Our cost containment initiatives allowed us to make strategic investments that will be critical for Lawson to drive future growth," said Thomas Neri, president and CEO.

"During the year, we began work on three major strategic initiatives: restructuring our sales force, optimizing our distribution network and replacing our legacy information systems with a best-in-class Enterprise Resource Planning system. We believe, over the next two years, these initiatives will transform our business and will significantly enhance our ability to serve our customers and compete more effectively in our marketplace."

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