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 believes that the company’s marketing and technology growth initiatives remain on track, and management will continue to monitor its progress on these initiatives. In addition, legal costs associated with the on-going government investigation into prior sales practices had a negative impact on our second quarter performance.”
More details can be found here.
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