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MRO distributor Lawson Products, Inc. (NASDAQ: LAWS), Des Plaines, IL, reported sales for the year 2010 were $316.8 million, a 5 percent increase over 2009. Profit was $6.9 million, versus a net loss of $2.7 million last year.
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For the fourth quarter, sales were $80 million, up 13.1 percent from the prior-year period. The increase was due to continued growth from strategic accounts and governmental and automotive customers. The distributor reported a net loss for the quarter of $0.5 million, inclusive of a loss of $0.6 million from discontinued operations.
"During the quarter, we continued to execute our long-term growth plan and advanced several key operational initiatives. We sold Rutland Tool & Supply, which generated $11 million of cash and furthers our strategic focus on growing Lawson's core MRO business," said Thomas Neri, president and CEO.
"We also made significant progress towards implementing our new Enterprise Resource Planning (ERP) platform and accelerating sales productivity. Our average daily sales in the fourth quarter were $1.312 million, representing a 2.9 percent sequential increase over the third quarter and a 13.1 percent improvement year-over-year. I am pleased with our execution during the quarter and remain confident that we are building a strong foundation for sustainable and profitable long-term growth."