The 2020 Mid-Year Economic Update_long

News Digest 3605

sales of the acquired
businesses, sales climbed 10.9 percent. The two businesses accounted for $6.9
million of the sales increase in the fourth quarter. Excluding sales of the two
acquired businesses, sales for the fourth quarter were up 26.7 percent. href=”/pub/1_1/breaking-news/3038-1.html” target=_blank>More


Kaman Corp.,
Bloomfield, CN, reported an 11 percent sales increase to $1.1 billion for the
fiscal year 2005, up from $995.1 million in 2004. Profits were $13 million,
compared with a net loss of $11.8 million last year. For the fourth quarter
ended Dec. 31, 2005, Kaman had a 13 percent sales increase to $288,516, compared
with $256,226 in the same period in 2004. Profit was $9.2 million, compared to
$.5 million in 2004. href=”/pub/1_1/breaking-news/3036-1.html” target=_blank>More


SCP Pool
Corporation
, Covington, LA, reported an 18 percent sales increase to
$241.8 million for fiscal year 2005. The wholesale distributor of swimming pool
supplies and related accessories reported record net sales and net income for
2005. Profit was up to $83.6 million, compared with $66.9 million last year. In
the fourth quarter of 2005, net sales increased $89.9 million, or 43 percent, to
$299.8 million, compared to $209.9 million in the comparable 2004 period. href=”/pub/1_1/breaking-news/3018-1.html” target=_blank>More



Electrical distributors report
continued strong sales growth
in the fourth quarter of 2005, according
to the National Association of Electrical Distributors’ most recent Quarterly
Sales Change Expectation Survey. Among those surveyed, 85.8% estimate higher
sales in the fourth quarter, and 49.2% anticipate sales growth of over 10%.
NAED’s third quarter 2005 survey showed its highest-ever rate of positive sales
expectations, with 89.9% saying their sales were growing for the quarter. The
highest predictions for Q4 sales growth came from distributors at each end of
the spectrum in size, while mid-sized companies showed the smallest rate of
positive predictions. Those most frequently reporting Q4 sales growth are
distributors with 5 to 9 employees (90.9%), those with 50 or more employees
(86.7%), and those with 30-49 employees (84.6%). In contrast, among companies
with 20-29 employees, only 79.2% estimate higher sales.


Stock Building
Supply
, Raleigh, NC, ($4.1 billion in annual sales) a supplier of
building materials and services to professionals in the U.S., has
acquired K& A Lumber Company, Homestead, FL. K& A is a
supplier of framing lumber and rebar (fabricated reinforcing steel) to
commercial and residential builders in south and central Florida. K& A was
founded in 1979 as a lumber and building materials supplier. For the fiscal year
ended December 2005, K& A recorded sales of $128 million. href=”/pub/1_1/breaking-news/3040-1.html” target=_blank>More


Reliance Steel &
Aluminum Co
., Los Angeles, CA, ($3.37 billion in 2005 sales) announced
that its subsidiary, Precision Strip, Inc., has agreed to
acquire Flat Rock Metal Processing LLC, Flat Rock, MI. The
transaction is expected to be completed within 60 days. Flat Rock was founded in
2001 and is a privately held toll processing company with facilities in
Perrysburg, OH, and Eldridge, IA. Precision Strip currently has facilities in
Kenton, Middletown, Minster and Tipp City, OH; Anderson and Rockport, IN;
Bowling Green, KY, and Talladega, AL. href=”/pub/1_1/breaking-news/3037-1.html” target=_blank>More


3M, St. Paul, MN,
has entered into a definitive agreement to acquire General Industrial
Diamond Company Inc.
, a manufacturer of superabrasive grinding wheels,
dressing tools and machines used to dimension and finish hard-to-grind materials
in industrial and commercial markets. See article on next page.


Parker Hannifin
Corp.
reported orders for the month of February in the company’s
Industrial, Aerospace, and Climate and Industrial Control. Orders remain strong
across most industrial markets, including MRO, mining, oil and gas, and
construction. Rest-of-World Industrial orders were up 11 percent. Order strength
continues in Asia and Europe, while Latin America orders reflect softness in the
region. Parker Aerospace reported a 21 percent increase in orders on a rolling
12-month basis. Commercial OEM and MRO markets remain strong. In the Climate and
Industrial Controls segment, order rates increased 20 percent compared with last
year, driven by commercial refrigeration and residential air
conditioning.


Hughes Supply
Inc.
, Orlando, FL, recorded a 23 percent increase in sales for the
fiscal year ended Jan. 31, 2006. Sales were a record $5.44 billion, up from
$4.42 billion the previous year. Organic sales growth was 13 percent, with
double-digit growth reported in five of the seven business segments. Profit grew
23 percent to $151.7 million compared with $123.7 million the previous year. For
the fourth quarter ended Jan. 31, 2006, sales were $1.37 billion, an increase of
23 percent from $1.12 billion in the previous year’s fourth quarter. Organic
sales growth was 19 percent, with double-digit growth in six of seven business
segments. Profit grew 58 percent to $32.8 million compared with $20.7 million
during the same period last year. href=”/pub/1_1/breaking-news/3039-1.html” target=_blank>More


DXP Enterprises
Inc.
, Houston, TX, reported sales increased 45 percent to $54.7 million
for the fourth quarter ended Dec. 31, 2005, from $37.7 million for the same
period last year. Profit increased 222 percent to $2.1 million for the fourth
quarter. Sales for the full year increased 15.4 percent to $185.4 million from
$160.6 million in 2004. Profit nearly doubled (up 97 percent) to $5.5 million in
2005 from the year before. Sales by two businesses acquired in 2005 accounted
for $7.3 million of the 2005 sales increase. Excluding

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