Kaman Corp., Bloomfield, CT, reported fourth quarter and year end December 31, 2001 financial results for its industrial segment, Kaman Industrial Technologies.

Industrial Distribution operating profits were $13.2 million in 2001, compared to $22.9 million in the previous year. 2000 operating profits included the addition of $1.7 million in the fourth quarter, which was the unused portion of a $12.4 million pre-tax charge taken in 1999 for reorganization of operations, including closures of certain facilities and the write-off of excess inventory.

Industrial Distribution net sales for the full year were $453.7 million, compared to 2000 net sales of $520.8 million, consistent with the effect of the manufacturing recession on the total distribution industry.

Fourth ...

The C.H. Hanson Company, Franklin Park, IL, has acquired Ercon Inc., Ramsey, NJ, a manufacturer of layout tools under the ASquareﾮ brand name. The transaction was completed on Jan. 16, 2002.

The ASquare layout tool is a folding square that for cabinetry installation, carpentry, ceramic tile and flooring, concrete paving and commercial construction applications.

'The acquisition of Ercon and the ASquare brand layout tool family fits C.H. Hanson's long-term strategy to strengthen its position as a leading manufacturer of professional identification and marking products,' said Craig Hanson, president of The C.H. Hanson Company.

Family-owned for more than 130 years, The C.H. Hanson Company is a manufacturer of identification and marking products. Hanson has ...

The Black & Decker Corporation, Towson, MD, announced that net earnings for the fourth quarter of 2001, excluding a $99.8 million pre-tax restructuring charge, were $57.6 million. Including the restructuring charge ($70.6 million after tax), the corporation reported a net loss for the quarter of $13.0 million. The corporation reported net earnings of $52.5 million, or $0.64 per diluted share ($0.98 per diluted share excluding restructuring charges), for the fourth quarter last year. Sales for the fourth quarter of 2001 were $1.22 billion, down 3% from the $1.26 billion reported by the corporation for the same period last year.

For the full year 2001, the corporation reported recurring net earnings of $178.6 million. Including the restructuring charge recorded in the fourth ...

Illinois Tool Works Inc., Glenview, IL, reported that 2001 fourth quarter diluted earnings per share decreased 6 percent versus the prior year period due to continued weakness in many of the company's North American and international end markets. Operating revenues were down 5 percent, operating income dropped 9 percent and net income declined 5 percent in the recently ended fourth quarter. The company's operating results were restated for the fourth quarter and full year to reflect the pending divestiture of all of the businesses in the Consumer Products Segment. Results for these businesses have been reclassified as discontinued operations.

Net income for the 2001 fourth quarter fell to $191.1 million from $201.5 million in the 2000 fourth quarter. Diluted earnings per share ...

The Stanley Works, New Britain, CT, announced that fourth quarter net income, excluding restructuring and special charges, was $50 million, or $.57 per diluted share, matching First Call's consensus of analyst estimates. In the same quarter last year, the company had earnings of $47 million, or $.54 per diluted share. Reported results of $.07 per diluted share in the fourth quarter included previously-announced restructuring and special charges to income, the sum of which decreased overall reported earnings by $60 million pre-tax ($.50 per diluted share).

Net sales were $646 million, a 3% decline from $666 million last year, due to lower unit sales volumes. Despite numerous recent share gains, the company's sales growth continues to be constrained by a weak U.S. industrial ...

Airgas, Inc., Radnor, PA, reported increased earnings for its third quarter ended December 31, 2001. Net earnings were $11.8 million compared to $9.9 million in the same period a year ago, on a pro forma basis. Net earnings for the nine months ended December 31, 2001, excluding the cumulative effect of a change in accounting principle, were $39.8 million versus $37.2 million in the prior year period, on a pro forma basis. Pro forma results reflect prior year periods adjusted to exclude goodwill amortization. Free cash flow per diluted share for the nine-month period increased 55% to $0.82 from $0.53 in the prior year, contributing $55 million to debt reduction.

The reported net earnings per diluted share for the quarter ended December 31, 2000 were $0.10 versus pro forma ...

Robert H. Taylor, the original owner of Engman-Taylor Company, Menomonee Falls, WI, died Dec. 1, 2001. He was an active member of the board of directors of the company at the age of 92.

Taylor purchased Engman Brothers, a Carborundum distributor, in 1956. He converted the abrasive distributorship to a broader source of supply for the metalworking industry. With the addition of cutting tools and air tools, he set a stage for growth as a regional integrator in the Midwest and Southeast that continues today.
For the past three years, Engman-Taylor has been in the top 100 largest industrial distributors in the U.S. The company also operates a machine tool division, Innovative Machine Tool Sales, located adjacent to their home office. The company also has offices in Appleton, WI, ...

MSC Industrial Direct Co., Inc., Melville, NY, reported net sales for the first quarter of fiscal 2002 were $188.9 million compared to $221.9 million during the same quarter last year. Income from operations was $13.3 million in the first quarter of fiscal 2002 compared to $23.7 million in the first quarter last year. Net income for the first quarter was $8.1 million, as compared to $13.5 million last year.

'As expected, our revenue growth in the first quarter continued to be impacted by economic conditions and, specifically, softness in the manufacturing sector,' said Mitchell Jacobson, chairman & CEO. 'However, the quarter also represented another period of market share growth, as we added 4,000 new customers. This progress demonstrates our competitive strength and ability to ...

Applied Industrial Technologies, Cleveland, OH, reported net sales for its second quarter ended Dec. 31, 2001, declined 14.3% to $347.5 million from $405.4 million in the comparable period a year ago. Net income for the quarter was $2.9 million versus $7.4 million for last year's second quarter. For the first six months of fiscal 2002, sales were $715.5 million compared to $826.3 million in the prior year.

The company has taken a retroactive beginning of fiscal year charge of $12.1 million for impaired goodwill associated with its fluid power businesses. This non-cash charge is being recognized on the company's statement of consolidated income as the cumulative effect of a change in accounting principle related to the company's decision to early-adopt SFAS 142, 'Goodwill and Other ...

The Fastenal Company, Winona, MN, reported net sales for the year ended Dec. 31, 2001 totaled $809.0 million, an increase of 8.5% over the $745.7 million in the same period of 2000. Net earnings decreased from $80.7 million in 2000 to $70.1 million in 2001, a decrease of 13.2%. Net sales for the three-month period ended Dec. 31, 2001 totaled $196.0 million, an increase of 4.3% over the $188.0 million in the fourth quarter of 2000. Net earnings decreased from $18.9 million in the fourth quarter of 2000 to $13.4 million in the fourth quarter of 2001, a decrease of 29.4%. During the fourth quarter of 2001, Fastenal opened nine new sites, bringing the total number of sites to 1,025. There were 4,263 site employees as of Dec. 31, 2001, a decrease of 2.1% from Dec. 31, ...