MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, distributor of Metalworking and Maintenance, Repair and Operations supplies to industrial customers reported sales for its fiscal 2009 ended Aug. 29, 2009, were $1.49 billion, down from $1.78 billion the previous year – a 16.3% drop.
Profit for the year was $125.1 million, down from $196.2 million in 2008.
For the fiscal 2009 fourth quarter, sales were $354.1 million, down 21.1% from the prior-year period. Profit was $26 million, down from $50.5 million in the prior-year period.
President and CEO David Sandler said that while MSC did see extended shutdowns by customers in the fourth quarter, they were not as severe as the distributor had anticipated.
Sandler said: “While our visibility remains limited, we are seeing some encouraging signs in the marketplace. We look at the eventual economic recovery as a significant opportunity for MSC, and will continue to focus our investment program on the opportunities that we believe will produce the greatest returns.
"As in the past, we will prudently balance our level of investment spending to maintain what we believe to be the right mix between short-term profitability and achieving our long-term growth objectives. Overall, we view this time as an extraordinary opportunity to gain market share, and we intend to take advantage of it.”
Download the pdf below for MSC’s press release on its annual results.
