6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Hughes Supply, Inc., Orlando, FL, announced the creation of the department of Strategic Business Development/Mergers & Acquisitions and the appointment of J. Stephen Zepf to head the department. Mr. Zepf is presently the company's Chief Financial Officer. David Bearman has been appointed Executive Vice President and Chief Financial Officer. Both appointments are effective Mar. 18, 2003.
Economic activity in the manufacturing sector grew for the fourth consecutive month and the overall economy grew for the 16th consecutive month, say the supply executives surveyed for the February Manufacturing ISM Report On Businessﾮ. According to the report, the rate of growth slowed compared to January, with a significant slowing in the rate of growth of new orders. Manufacturing jobs continued to decline and order backlogs declined for the eighth consecutive month, while deliveries slowed for the 14th consecutive month.
Industrial Distribution Group, Inc., Atlanta, GA, reported revenues for the fourth quarter 2002 of $121.1 million, compared to $123.0 million for the same period in 2001. The company's fourth quarter 2002 net income was $531,000 compared to $76,000 for fourth quarter 2001. For 2002, revenues were $492.5 million compared to $514.4 million for 2001. Before the effect of a change in accounting principle, the company reported net income of $1.6 million compared to a net loss of $1.4 million for 2001. The company's 2002 net loss, after the cumulative effect of the mandatory change in accounting principle as required by Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets," was $48.7 million. Excluding the change in accounting principle recorded in the first quarter of 2002, the company's fourth quarter was the fifth consecutive quarter in which the company achieved profitable results. See financials and interview with IDG President and CEO Andy Shearer.
Lawson Products, Inc.,, Des Plaines, IL, reported net income for 2002 increased 41.6% to $12.4 million. Net income per share was $1.30 for the year, an increase of 42.9%. Fourth quarter net income for 2002 was $.2 million compared to a loss of $1.8 million in the similar period of 2001. Net income per share was $.02 for the fourth quarter of 2002 as compared to a $.18 loss per share for the fourth quarter of 2001. The company's share repurchase program favorably affected net income per share. Net sales in 2002 were $387.5 million, an increase of 2.1% over 2001.
Noland Company, Newport News, VA, reported 2002 net income of $9,561,000, 34.3% greater than 2001's $7,121,000. Company sales in 2002 totaled $488,715,000, or 2% more than 2001's $477,911,000. The company's gross profit was 4% higher than the preceding year.