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MSC Industrial Direct Co., Inc., Melville, NY, reported net sales for the fiscal 2005 full-year period ended Aug. 27, 2005 were $1.1 billion, a 15.1% increase over net sales of $955.3 million in fiscal 2004. Net income in fiscal 2005 rose 38.3% to $112.3 million, from $81.2 million in fiscal 2004.
Net sales for the fiscal 2005 fourth quarter totaled $276.8 million, compared with net sales of $246.7 million in the fourth quarter of fiscal 2004, an increase of 12.2%. Fiscal 2005 fourth quarter net income increased 26.6% to $28.2 million, from $22.3 million in the same quarter a year ago. Earnings per diluted share in the fourth quarter of fiscal 2005 were $0.42, an increase of 31.3% over earnings per diluted share of $0.32 in the fourth quarter of fiscal 2004.
The company's results for the fourth quarter of fiscal 2005 included a pre-tax charge to operating income of $0.8 million, associated with the resolution of a patent infringement claim. This was more than offset by a reduction in the company's tax provision during the fourth quarter to bring its effective tax rate to 38.2% for the fiscal 2005 full-year period.
"Fiscal 2005 was a great year for MSC that was capped by a solid fourth quarter," said David Sandler, president and CEO. "For the first time in our history, we reported annual sales in excess of $1 billion. Driven by the continued growth in demand for our services across all regions and sectors, the company once again delivered on every commitment we made. We improved our operating margins to 16.2%, and substantially grew our net income and earnings per share while also executing on all of our strategic initiatives. The result was that MSC continued to gain market share and grow, as we worked with our customers to support their businesses, while lowering their operating costs. While our teams' hard work ensured fiscal 2005 was a success, we also continued to invest in the future of the business, taking steps to further expand our sales force, establish a presence in the western region of the U.S., improve the profitability of our direct mail program and enhance the effectiveness of MSCDirect.com."