Interline Brands Inc., Jacksonville, FL, distributor of broad-line MRO products to the facilities maintenance end-market, reported sales for the second quarter ended June 28, 2013, were up 21.2 percent to $405.7 million.
On an organic basis, sales were up 1.8 percent for the quarter. Sales to institutional facilities customers, comprising 51 percent of sales, increased 48.2 percent for the quarter, and 1.6 percent on an organic sales basis. Sales to multifamily housing facilities customers, comprising 30 percent of sales, increased 2.4 percent for the quarter. Sales to our residential facilities customers, comprising 19 percent of sales, increased 2 percent for the quarter.
Read about Interline Brands’ growth in jan-san markets in this interview with COO Ken Sweder.
“In the second quarter, all of our end-markets grew, and adjusted EBITDA increased nearly 7 percent,” said Michael J. Grebe, CEO. “We continue to see growth across our facilities maintenance end-markets, and we are encouraged by current signs of a recovery in the residential market. As we look to the second half of the year, we continue to feel positive about our position in the attractive markets we serve, and will remain focused on expanding and executing our strategic growth initiatives while enhancing our scale and supply chain capabilities."
Profit for the quarter was $1.2 million, down from $9 million for the prior-year period.
For the first six months, sales were $786.5 million, a 21.3 percent increase from the prior-year period. On an average organic daily sales basis, sales were up 2.6 percent for the first six months.
Sales to institutional facilities customers, comprising 51 percent of sales, increased 49.2 percent for the six months, and 3.2 percent on an organic daily sales basis. Sales to multifamily housing facilities customers, comprising 29 percent of sales, increased 2.2 percent for the six months, and 3 percent on an average daily sales basis. Sales to residential facilities customers, comprising 20 percent of sales, increased by 0.9 percent for the six months, and 1.7 percent on an average daily sales basis.
The net loss for the quarter, thanks to merger-related expenses, was $0.3 million, down from a profit of $16.5 million in the prior-year period.
