Lawson Products, Inc. (NASDAQ: LAWS), Des Plaines, IL, No. 24 on the list of top industrial distributors, reported fourth-quarter sales of $72.9 million, down 8.9 percent from the same period a year ago. The company incurred a net loss for the quarter of $5.5 million, compared to a net loss of $0.5 million in the fourth quarter of 2010.
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For the full year, sales declined 0.6 percent to $315 million. Full-year net loss was $4.6 million, compared to year-ago profit of $6.9 million.
\”2011 was a transformational year for Lawson as we made substantial progress on the strategic initiatives that are critical to our long-term success,\” said Thomas Neri, president and CEO. \”Specifically, we replaced our outdated legacy systems with a state-of-the-art ERP solution and have made progress toward optimizing our distribution network and transforming our organization to allow our customers to conduct business with us through multiple sales channels.
\”Although operational issues related to our August 2011 ERP implementation impacted our financial performance during the second half of 2011, we continue to make progress on resolving many of these issues and improving our service levels,\” Neri said.