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Lawson Products, Inc., Des Plaines, IL, reported an 18 percent increase in net earnings to $6.6 million for the third quarter of 2005, compared to $5.6 million in the third quarter of 2004. The increase in earnings is attributed largely to a nearly 10 percent jump in net sales this quarter to $117.8 million, compared to sales of $107.4 million in the third quarter of 2004. The increase in net sales is the result of greater penetration of existing markets and successful pricing management programs to accommodate product cost increases. Earlier this year, Lawson implemented targeted marketing initiatives to improve penetration in several markets serviced by the company, including government and military markets. Throughout the third quarter, Lawson increased its penetration of existing customers and obtained new customers across its markets. See article here.
For its fiscal 2006 first quarter, Applied Industrial Technologies reported net sales increased 7.3% to $443.2 million from $413.1 million in the comparable period a year ago. Net income for the quarter increased 29.2% to $16.9 million compared to $13.0 million last year. The company completed its acquisition of Spencer Industries, with trailing 12-month sales of approximately $49 million. AIT spent $15.7 million on acquisitions for the quarter, of which the Spencer acquisition was the only one announced.
Kennametal Inc., Latrobe, PA, reported its fiscal 2006 first quarter sales of $569 million were up 7% compared to prior year first quarter sales of $531 million. Net income was $28 million compared to $23 million in the prior year, up 24 percent. Its J&L Industrial Supply distribution unit reported first quarter sales of $65.0 million, up 6% from 2004 first quarter revenues of $61.4 million. J&L operating income for the quarter was $6.8 million, up from $5.7 million the previous year.