Industrial Distribution Group: 2% Sales Growth in 2005
Industrial Distribution Group Inc., Atlanta, GA, reported a 2% sales increase to $538.8 million in 2005 from $529.2 million the year before. For the year, profit was $5.4 million, compared with $7.3 million the year before, a 26% drop.
'The 2005 results clearly did not meet our expectations,' said President and CEO Charles A. Lingenfelter. 'Improving upon our revenue growth rate from continuing activities, which was 2.5% for 2005, will be my main focus until we achieve acceptable results. At the very least, we need to be taking market share from our competition.'
For the fourth quarter ended Dec. 31, 2005, IDG saw a 3% drop in revenue to $130.1 million from $134.6 million in the same period in 2004. The company's profit for the fourth quarter was $1.5 million, ...