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S.B. Simpson Group Inc., Burlington, ON, added a ninth operation to their branch network with the purchase of industrial distributor Kingsway Industrial Supplies Services Ltd. of Peterborough Ontario. Kingsway is a service focused, general line industrial distributor, and already shares similar product lines and customer types with S.B. Simpson Group.
MSC Industrial Direct Co., Inc., Melville, NY, reported net sales for the second quarter ended Mar. 31, 2003 were $209.6 million, an increase of 7.6% over net sales of $194.8 million in the second quarter of fiscal 2002. Net sales for the first six months of fiscal 2003 rose 9.6% to $420.3 million, compared to net sales of $383.6 million in the first six months of last year. During the quarter, MSC generated free cash flow of $7.3 million, while cash reserves at the end of the period increased to $73.9 million.
DXP Enterprises Inc., Houston, TX,ﾠannounced net income of $0.4 million for the fourth quarter ending Dec. 31, 2002 compared to net income of $0.2 million for the fourth quarter of 2001. Sales decreased to $34.9 million from $38.6 million for the fourth quarter of last year. For the year, the company reported income before cumulative effect of a change in accounting principle of $1.6 million compared to net income of $0.9 million for 2001. Sales decreased 15 percentﾠto $148.1 million for 2002 from $174.4 million for 2001. DXP reduced SGA expenses in 2002 by $5.9 million. Gross profit as a percentage of sales improved to 25.6 percent, up from 25.1ﾠpercent in 2001.
Kennametal Inc., Latrobe, PA, announced the appointment of Carlos M. Cardoso as president of its Metalworking Solutions and Services Group (MSSG), the company's largest unit. Cardoso will oversee all aspects of the metalworking business, with worldwide sales of approximately $1.2 billion. This appointment completes a planned transition, as H. Patrick Mahanes moves to retirement. Cardoso, with 22 years of industrial and manufacturing experience, starts Apr. 28. Cardoso comes to Kennametal from Flowserve Corp., where he served as president of the $1.3 billion global Pump Division. Prior to joining Flowserve, Cardoso spent six years with Allied Signal/Honeywell, most recently as head of the $1.4 billion Engine Systems and Accessories unit. Earlier in his career, he was Vice President - Manufacturing Operations for Colt Manufacturing Company in Hartford, CT.
February U.S. distributors' year-to-date sales of power transmission/motion control products increased 1.7 percent as compared to sales for January through February in 2002, according to the Power Transmission Distributors Association. Sales were up 7.3 percent over the previous month and rose 1.7 percent as compared to February 2002. In February, U.S. manufacturers' year-to-date sales of PT/MC products fell 10.6 percent as compared to sales for January through February in 2002. Sales gained 9.1 percent over the previous month but declined 9.3 percent as compared to February 2002. Year-to-date orders of PT/MC products from U.S. manufacturers shrunk 9.0 percent as compared to 2002. February orders grew 5.7 percent over