Industrial Distribution Group, Inc., Atlanta, GA, which has just agreed to be purchased by Platinum Equity, reported sales for 2007 were $537.5 million, compared with $547.9 million in 2006. Profit was $4.1 million, compared with $6.8 million last year.
Despite challenging conditions in key markets, including auto manufacturing, manufactured housing and the RV industry, I'm obviously not satisfied with this level of sales growth. I believe there are opportunities to improve the growth rate, as a result of our new organizational structure, our IT systems and process improvements we've made over the past couple of years," CEO Charlie Lingenfelter said in a conference call with analysts.
Revenues in the fourth quarter were $135.5 million, up from $131.6 million in the same period 2006. Profit was $1.2 million.
Total Flexible Procurement Solutions sales in 2007, IDG's integrated supply services, were $332 million, up 2% from the prior year. FPS is now 61.8% of total revenues, up from 59% last year. In the full year, IDG saw a 12.6% increase in average revenue per FPS site.
For the fourth quarter, FPS sales were 63.4% of revenues and up 6.7% from the prior year.