Day: July 31, 2009

Interline First-Half Sales Down 12.3%

Interline Brands, Inc., Jacksonville, FL, distributor and direct marketer of maintenance, repair and operations products, reported sales for the second quarter ended June 26, 2009, were down 13.3% to $269.9 million from the prior-year period.

Average organic daily sales decreased 14.7% for the quarter.

Interline's facilities maintenance end-market, which comprised 74% of sales, declined 7.8% during the second quarter on an average daily sales basis, and declined 9.9% on an average organic daily sales basis. The professional contractor end-market, which comprised 16% of sales, declined 28.4% in the quarter and the specialty distributor end-market, which comprised 10% of sales, declined 20.6% for the quarter.

Profit (net income) was $6.4 million in the second quarter, compared ...

DXP Enterprises Sales Down 29.5% in Second Quarter

DXP Enterprises reported sales of $144.4 million in the second quarter 2009, a decrease of 23.1% from the prior-year period. Sales by businesses acquired in 2008, on a same-store basis, accounted for $12 million of 2009 sales.
Excluding these sales, sales fell 29.5% in the second quarter.

Profit was $2.16 million, down 31.7%.

Sales for the six months ended June 30, 2009, fell 15.2% to $302 million from the prior-year period. Profit was $5.3 million. Excluding first-half 2009 sales of $26.2 million by the businesses acquired in 2008, sales decreased 22.6% from the first half of 2008.

CFO Mac McConnell said: "Economic conditions for the oil and gas and industrial manufacturing industries have proven to be more severe than anticipated. … We will continue to ...

Rexel Sales Down 17.9% in First Half

Paris-based electrical distributor Rexel Inc. reported sales of €5.6 billion (US$7.9 billion) fell 17.9% on an organic same-day basis in the first half. Sales were down 6.4% on a reported basis.

At constant copper prices, sales would have decreased by 13.7%.

A 20.2% drop in organic sales in the second quarter followed a 15.4% drop in the first quarter. The distributor reported continued weakness in all of its end-markets. The company has also streamlined its branch network - closing 224 branches in the past 12 months.

The sales decline in the second quarter included 4 percentage points due to lower copper-based cables prices; at constant copper price, sales would have decreased 16.1% in the second quarter.

In North America, 31% of the company's sales, first-half sales ...

NAW Legal Advisory on the Red Flags Rule

NAW has released a legal advisory concerning the "Red Flags Rule," which the Federal Trade Commission will start to enforce Nov. 1, 2009. The rule requires creditors and financial institutions to conduct a risk assessment to determine if they have "covered accounts," which include consumer-type accounts or other accounts for which there is a reasonable risk of identify theft.

If so, the creditor must develop and implement a written Identify Theft Prevention Program that identifies and detects the relevant warning signs- or "red flags"- of identity theft. These may include, for example, unusual account activity, fraud alerts on a consumer report, or attempted use of suspicious account application documents. The program must ...