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MRO products distributor Lawson Products Inc. (NASDAQ: LAWS), Chicago, IL, reported sales for the second quarter of $72.1 million, a 5.5 percent increase over the same period a year ago. Profit for the quarter was $798,000, almost double the reported profit for the same period a year ago.
The company completed the sale and partial-leaseback of the Reno, NV, distribution center during the second quarter, which decreased outstanding debt by $9.2 million.
“Going forward, we will continue to focus on our key objectives: improving volume from existing sales reps, while continuing to add new sales reps; maintaining high customer service levels; remaining disciplined as we reinvest in the business; and effectively managing our expenses,” said Michael DeCata, president and CEO.
For the first six months, sales were $141.3 million, up 4.2 percent over the same period a year ago. Lawson reported a loss of $2.2 million for the half, compared to a year-ago loss of $2.8 million.