Milacron Inc., Cincinnati, OH, reported sales in the third quarter of 2001 were $295 million, down 25% from $394 million in the third quarter of 2000. New orders fell 24% to $290 million from $380 million. Low sales volumes, underutilization of assets and restructuring costs led to a net loss in the quarter of $18.4 million, compared to net earnings of $18.5 million, in the third quarter a year ago.


'During the quarter, we continued to focus on factors within our control, namely working capital management, restructuring and operating efficiency,' said Ronald D. Brown, Milacron's chairman, president and CEO. 'Despite depressed demand, we reduced inventory by $23 million, allowing us to generate approximately $20 million of net cash from operating ...

Industrial Distribution Group, Inc., Atlanta, GA, announced that the New York Stock Exchange ("NYSE") has accepted the company's plan to achieve ongoing compliance with the NYSE's continued listing standards. As a result, shares of IDG will continue to be listed on the NYSE subject to the company achieving financial and operating objectives as outlined in the company's plan. The NYSE indicated it would perform quarterly reviews of the goals and initiatives outlined in the company's plan over an eighteen-month period.



Industrial Distribution Group had previously received official notice from the NYSE that it was "below criteria" for one of three NYSE continued listing standards. Specifically, IDG was below the NYSE criteria with respect to maintaining total market ...

Sandvik CTT, Crystal Lake, IL, announced it will be taking several moves to further strengthen its global leadership and enhance NAFTA market share. The moves cover all Sandvik CTT brands including Precision Twist Drill (PTD), Titex, Prototyp, Union Butterfield and Dormer.


Key moves include:

• A $3MM capacity expansion for special solid carbide drills at the PTD plant in Crystal Lake, Ill.


• Broadening the solid carbide product line.


• Implementation of a global same-day delivery system, modeled after Sandvik Coromant's world-leading delivery system for segmented carbide milling and turning tools.


• Rationalization of manufacturing among 12 plants in eight countries to create centers of excellence and economies of ...
  

Kennametal Inc., Latrobe, PA, expects to recognize special charges of $15 million to $20 million for the closure of manufacturing locations in response to continued steep declines in the electronics and industrial distribution businesses. Approximately half of the special charges will be cash expenditures. Ongoing annual benefits of $7 million to $9 million are expected to be fully realized by the end of fiscal 2002.


The measures will include the closing and consolidation of three plants, and affect approximately 350 employees. The plants include Electronics' facility in Chicago, IL, and Industrial Product Group's Pine Bluff, AR and Monticello, IN locations. These actions are expected to improve the company's competitiveness in these markets and will be substantially ...

Industrial Distribution Group, Inc., Atlanta, GA, reported third quarter 2001 revenues were $123.9 million, compared to $133.7 million for the same period in 2000. The company's net loss for the third quarter of 2001 was $113,000 compared to net income of $292,000 for the same period in the prior year. For the nine months ended Sept. 30, sales were $391.4 million compared to $414.2 million for the same period in the prior year. The company's 2001 year-to-date net loss was $1.4 million compared to net income of $1.1 million for the nine months ended Sept. 30, 2000.


Flexible Procurement Solutions (FPS) revenues increased to 45.6% of IDG's total sales for the third quarter of 2001 compared to 38.3% for the same period in the prior year, recognizing the growth opportunities ...

Strategic Distribution, Inc., Bensalem, PA, reported an operating loss of $1.0 million for the third quarter ended Sept. 30 before a $0.8 million charge for an uncollectable account with a bankrupt customer. This compares favorably to an operating loss of $1.6 million in the 2001 second quarter and $2.0 million in the third quarter of 2000, excluding $5.9 million of non-recurring and other significant charges. Revenues for the third quarter of 2001 were $81.4 million, compared to $85.9 million reported for the same period in 2000, reflecting the termination of unprofitable contracts and, to a lesser extent, revenue declines within the capital goods customer base.


The net loss for the 2001 third quarter was $3.4 million, in addition to amounts previously provided, for an ...

Hughes Supply, Inc., Orlando, FL, announced sales for the quarter ended Oct. 31 were $790.0 million, and net income was $17.7 million, which was in line with the company's expectations. During last year's third quarter, sales were $863.3 million, and net income was $18.8 million. Net sales for the prior period would have been $829.9 million excluding net sales from the company's pool and spa business, which was divested in January 2001. Sales for the nine months ended Oct. 31 were $2.37 billion compared to $2.57 billion in the prior year. Sales for last year's nine-month period would have been $2.44 billion excluding net sales from the company's divested pool and spa business. Net income was $38.8 million versus $55.6 million for the same period last year.


'A slowdown ...

September U.S. machine tool consumption totaled $191.26 million, according to AMT - The Association For Manufacturing Technology and AMTDA, the American Machine Tool Distributors' Association. This total, as reported by companies participating in the USMTC program, was down 9.1% from August and down 52.3% from the total of $400.76 million reported for September 2000. With a year-to-date total of $2,076.24 million, 2001 is down 33.2% compared to the same period in 2000.


These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program. 'Our economy has lost half a million jobs in the past six months and spending on new productive manufacturing technology is down 33% through September,' said Don F. ...

Remarks by W. Scott Parrish, vice president - Nashville Region of Turner Supply Company, Mobile, AL, and president of the Industrial Distribution Association, at the ISMA/I.D.A. 2001 fall convention in Chicago on Nov. 18, 2001.



Two months ago, summer was ending, our children were headed back to school, shark attacks and Gary Condit consumed the nightly news. Many of us had experienced an uptick in our August business. Everyone spoke hopefully of a possible fourth quarter economic recovery in the manufacturing sector.


The last 68 days have changed all of our lives in heretofore unimaginable ways. Our industry has been under attack for over a year by a weak manufacturing economy. Now, our entire lifestyle is under attack by cowardly terrorists from abroad ...

Pentacon, Inc., Chatsworth, CA, announced a restructuring plan to reduce annual operating expenses by approximately $4.8 million. The company will close five of 35 distribution facilities throughout the U.S. and reduce its workforce by 14 percent. This workforce reduction is in addition to approximately 175 positions that have been eliminated in the past 15 months. The company also updated its outlook for the fourth quarter and provided preliminary guidance for 2002.


The plan will require a pre-tax restructuring charge of approximately $2.5 million in the fourth quarter of 2001. In addition to the charge, the company estimates that other costs, related to implementing the operational plan and its financial restructuring, will result in added expenses of approximately $1 ...