6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
For the first nine months of fiscal 2004, the company's net sales rose 11.4% to $708.6 million, compared to net sales of $635.9 million in the year ago period. Net income in the first nine months of fiscal 2004 increased 53.4% to $58.9 million, compared to $38.4 million in the first nine months of fiscal 2003.
'We are thrilled with our results for the third quarter, which reflect our strong operational execution and the ongoing recovery of the manufacturing sector,' said David Sandler, president & COO. 'During the quarter we saw sales increase across all our markets, with sales from the manufacturing and non-manufacturing sectors growing 17% and 15%, respectively. This growth was consistent in all of our geographies, and also included significant traction in our sales efforts to government customers and continued solid growth in our e-commerce business.'
Mitchell Jacobson, chairman & CEO concluded, 'As we move into the final quarter of fiscal 2004, we will build on the momentum we've generated throughout the year and remain confident in our continued ability to execute on our strategy, gain share and grow in all of our markets. Overall, our customers appear to be purchasing with more confidence, and we continue to grow sales across our customer base. While we expect to continue to benefit from the improving economy and the strengthening industrial marketplace, we expect contribution margins in the fourth quarter to be somewhat lower as a result of planned increases to our salesforce, coupled with one less sales day in the fourth quarter and the typical seasonal revenue decline seen in the summer months. As a result, we expect revenues for the fourth quarter of fiscal 2004 to be in the range of $243 million to $247 million, with fully diluted earnings per share in the range of $0.29 to $0.31.'
In the third quarter of fiscal 2004, MSC repurchased 250,000 shares of its Class A Common Stock for approximately $6.75 million. The shares were purchased under the Company's current stock repurchase program, which was authorized on September 26, 2002.