Lawson Products Records Net Loss in 2Q
Lawson Products, Des Plaines, IL, international distributor to MRO and OEM markets, reported net sales for the second quarter increased by 17% to $131 million. Net income decreased 42.8% to $3.2 million compared with the same period last year.
Second quarter results include the operations of Rutland Tool & Supply Co., which was acquired in December 2005. Rutland accounted for $14.5 million of net sales.
"The second quarter was challenging," said CEO Robert J. Washlow. "Management remains focused on building the sales and operations platforms that are critical to long-term growth and profitability. For the second quarter, our growth initiatives did not drive sales gains to anticipated levels, resulting in lower earnings performance overall. Management ...