LAWS
$25.00
Lawson Products IN
($.88)
(3.40%)
Earnings Details
Quarter December 2019
Thursday, February 27, 2020 7:30:00 AM
Tweet Share Watch
Summary

Lawson Products IN (LAWS) Recent Earnings

Lawson Products IN (LAWS) reported a Quarter December 2019 loss of $0.33 per share on revenue of $88.6 million. The consensus earnings estimate was $0.32 per share on revenue of $90.2 million. Revenue grew 2.7% on a year-over-year basis.

Lawson Products Inc is a distributor of products and services to the industrial, commercial, institutional and governmental maintenance, repair and operations marketplace. It also offers automotive, electrical, and material handling equipment.

Results
Reported Earnings
($0.33)
Earnings Whisper
-
Consensus Estimate
$0.32
Reported Revenue
$88.6 Mil
Revenue Estimate
$90.2 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Lawson Products Reports Fourth Quarter and Full Year 2019 Results

Continued Strong Financial Performance in Fourth Quarter

CHICAGO--(BUSINESS WIRE)--Lawson Products, Inc. (NASDAQ:LAWS) (“Lawson” or the "Company"), a distributor of products and services to the MRO marketplace, today announced results for the fourth quarter and the full year ended December 31, 2019.

Summary Financial Highlights

 

Three Months

Ended December 31,

 

Year Ended

December 31,

($ in millions, except earnings per share data)

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Net Sales

 

$88.6

 

$86.3

 

2.7%

 

$370.8

 

$349.6

 

6.0%

Average Daily Net Sales

 

$1.452

 

$1.414

 

2.7%

 

$1.471

 

$1.393

 

5.6%

Number of Business Days

 

61

 

61

 

 

 

252

 

251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Operating (Loss) Income

 

$(4.5)

 

$4.1

 

NA

 

$9.1

 

$9.2

 

(1.6)%

Adjusted Operating Income (1)

 

$5.8

 

$3.3

 

75.8%

 

$28.6

 

$18.4

 

55.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

 

$7.3

 

$5.1

 

45.0%

 

$34.5

 

$25.2

 

36.7%

Adjusted EBITDA Margin (1)

 

8.3%

 

5.9%

 

+240 bps

 

9.3%

 

7.2%

 

+210 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Diluted (Loss) Earnings Per Share

 

$(0.34)

 

$0.28

 

$(0.62)

 

$0.77

 

$0.67

 

$0.10

Adjusted Diluted Earnings Per Share (2)

 

$0.48

 

$0.22

 

$0.26

 

$2.33

 

$1.39

 

$0.94

 

(1)

Excludes the impact of stock-based compensation, severance and other non-recurring items. (See reconciliation in Table 1)

(2)

Excludes the impact of stock-based compensation, severance and other non-recurring items. (See reconciliation in Table 2)

President and CEO, Michael DeCata commented, "Lawson Products delivered another quarter of improving financial results completing a strong 2019. We generated sales growth of 2.7% and a 76% increase in adjusted operating income for the fourth quarter of 2019 as we continued to leverage our relatively fixed cost structure and make operational improvements in nearly every aspect of the business. Our reported fourth quarter financial results were negatively impacted by $10.2 million of stock-based compensation expense as a result of a significant increase in our stock price during the quarter.

For the full year, sales increased 6.0% and adjusted EBITDA finished at $34.5 million representing an increase of 37%. As a percent of sales, adjusted EBITDA improved by more than two hundred basis points to 9.3%. Our 2019 success reflected further execution of Lawson’s growth strategy focused on strengthening our sales team and improving sales rep productivity while managing our operating costs.

We enter fiscal 2020 well-positioned to take advantage of the runway of opportunities we have built through initiatives focused on sales rep productivity, adding to our sales team and making compatible, accretive acquisitions. Our underlying business is stronger than ever which places us in a great position to accelerate our results,” concluded Mr. DeCata.

Highlights

  • The Company ended the year with over 1,000 Lawson segment sales reps and realized continued sales rep productivity. Combined with strong sales at Bolt Supply, sales increased 6.0% for the year and 2.7% for the fourth quarter.
  • For the quarter, non-GAAP adjusted operating income increased 75.8% to $5.8 million from $3.3 million in the year ago quarter. (See table above and reconciliation in Table 1) As a percent of sales adjusted EBITDA improved to 8.3% for the fourth quarter 2019 from 5.9% in the year ago quarter. Adjusted diluted earnings per share improved 118% to $0.48 for the quarter compared to $0.22 a year ago. (See table above and reconciliation in Table 2)
  • For the year, reported operating income was $9.1 million inclusive of stock-based compensation expense of $17.8 million. Adjusted operating income for the year increased 55.5% to $28.6 million from $18.4 million in 2018. (See table above and reconciliation in Table 1) As a percent of sales adjusted EBITDA improved to 9.3% in 2019 from 7.2% in 2018. Adjusted diluted earnings per share improved 67.6% to $2.33 for the year compared to $1.39 a year ago (See table above and reconciliation in Table 2)
  • In the quarter we entered into a new five-year credit facility increasing our maximum borrowing capacity from $40.0 million to $100.0 million, plus an accordion feature which can increase borrowing capacity to $150.0 million. At year-end, $96.7 million was available under the new facility.

Fourth Quarter Results

Net sales increased 2.7% to $88.6 million in the fourth quarter of 2019 compared to $86.3 million in the fourth quarter of 2018. Sales growth reflected an increase in our government and Kent Automotive sectors and continued growth in The Bolt Supply House. In the aggregate, MRO sales rep count and sales territory managers at Bolt Supply ended at 1,030 for 2019. Average daily sales grew to $1.452 million compared to $1.414 million in the prior year quarter with 61 selling days in both quarters.

Gross profit increased $0.7 million to $46.8 million compared to $46.1 million in the fourth quarter of 2018 reflecting sales growth partially offset by an increase in service-related costs classified within gross profit. Consolidated gross profit as a percentage of sales was 52.9% for the fourth quarter of 2019 compared to 53.4% in the fourth quarter of 2018. The core Lawson MRO segment gross margin excluding service-related costs was 60.9% in the fourth quarter 2019 essentially flat with the year ago quarter.

Selling expenses decreased 4.9% to $20.5 million on higher sales in the fourth quarter of 2019 compared to $21.5 million in the prior year quarter. As a percentage of sales, reported selling expenses decreased to 23.1% from 24.9% in the fourth quarter of 2018 primarily due to leveraging selling expenses over a larger sales base and an increase in service-related costs classified within gross margin.

General and administrative expenses were $30.9 million in the fourth quarter of 2019 compared to $20.5 million in the prior year quarter reflecting an $11.4 million increase in stock-based compensation expense from the year ago quarter, most of which fluctuated with the $13.37 stock price increase. Excluding expenses related to stock-based compensation, severance and other non-recurring costs, general and administrative expenses decreased 3.5%.

Reported operating loss, inclusive of $10.2 million of stock-based compensation, was $4.5 million in the fourth quarter of 2019 compared to operating income of $4.1 million in the prior year quarter. Adjusted non-GAAP operating income increased 75.8% to $5.8 million in the fourth quarter of 2019 from $3.3 million in the prior year quarter. For the quarter, adjusted EBITDA was $7.3 million, an improvement of 45.0% over the prior year quarter. (See reconciliation in Table 1)

Reported net loss for the fourth quarter of 2019 was $3.0 million, or $0.34 per diluted share compared to net income of $2.6 million, or $0.28 per diluted share, for the same period a year ago. Adjusted net income was $4.3 million or $0.48 per diluted share compared to $0.22 per diluted share a year ago. (See reconciliation in Table 2)

Full Year 2019 Results

Net sales increased 6.0% in 2019 to $370.8 million from $349.6 million in 2018. Sales for the core Lawson segment were positively impacted by a 2.3% improvement in sales productivity of Lawson sales representatives as well as an improvement in sales to government, strategic, Kent Automotive and core customers compared to the prior year. Sales were also positively impacted by a 13.3% improvement in Bolt Supply sales spread across multiple product categories. Average daily sales improved 5.6% to $1.471 million in 2019 compared to $1.393 million in 2018 with one more selling day in 2019. Excluding the impact of currency fluctuations, consolidated sales increased 6.6% year over year.

Operating income in 2019 was $9.1 million compared to $9.2 million in 2018, reflecting higher stock-based compensation of $10.3 million in 2019. Adjusted non-GAAP operating income improved 55.5% to $28.6 million in 2019 from $18.4 million in the prior year. For the year, adjusted EBITDA was $34.5 million, an improvement of 36.7% over the prior year driven by higher sales and cost controls. (See table above reconciliation in Table 1)

Reported net income for 2019 was $7.2 million or $0.77 per diluted share compared to net income of $6.2 million, or $0.67 per diluted share in 2018. Adjusted non-GAAP net income improved by 67.3% to $21.8 million from $13.0 million in 2018 and with adjusted diluted earnings per share increasing to $2.33 compared to $1.39 in 2018. (See reconciliation in Table 2)

Cash Position and Cash Flow

At December 31, 2019, the Company had $6.3 million of cash and cash equivalents, outstanding borrowings of $2.3 million and borrowing availability of $96.7 million. For the full year, the Company generated $9.2 million of cash flows from operating activities primarily driven by improved earnings and effective working capital management, partially offset by the settlement of stock-performance rights.

Capital expenditures for the fourth quarter were approximately $0.6 million and $2.0 million for the full year. The Company expects capital expenditures for 2020 to be between approximately $3.0 - $4.0 million.

Conference Call

Lawson Products, Inc. will conduct a conference call with investors to discuss fourth quarter 2019 results at 9:00 a.m. Eastern Time on February 27, 2020. The conference call is available by direct dial at 1-877-737-7051 in the U.S. or 1-201-689-8878 from outside of the U.S. A replay of the conference call will be available approximately two hours after completion of the call through March 31, 2020. Callers can access the replay by dialing 1-877-481-4010 in the U.S. or 1-919-882-2331 outside the U.S. The PIN access number for the replay is 57677#. A streaming audio of the call and an archived replay will also be available on the investor relations page of Lawson's website through March 31, 2020.

About Lawson Products, Inc.

Founded in 1952, Lawson Products, Inc., headquartered in Chicago, IL, sells and distributes specialty products to the industrial, commercial, institutional and government maintenance, repair and operations market (MRO). The Company is dedicated to helping customers in the U.S. and Canada lower their total cost of operation by increasing productivity and efficiency. The combination of Lawson Managed Inventory and the Company’s problem-solving professionals ensures customers always have the right parts to handle the job. Through The Bolt Supply House, customers in Western Canada have access to products at several branch locations. Under its Kent Automotive brand, the Company provides collision and mechanical repair products to the automotive aftermarket.

Lawson Products ships from several strategically located distribution centers to customers in all 50 states, Puerto Rico, Canada, Mexico, and the Caribbean.

For additional information, please visit https://www.lawsonproducts.com or https://www.kent-automotive.com.

This Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The terms "may," "should," "could," "anticipate," "believe," "continues," "estimate," "expect," "intend," "objective," "plan," "potential," "project" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management's current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause or contribute to such differences or that might otherwise impact the business and include the risk factors set forth in Item 1A of the December 31, 2019, Form 10-K filed on February 27, 2020. The Company undertakes no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements whether as a result of new information, future events or otherwise.

-TABLES FOLLOW-

Lawson Products, Inc.

Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

Product revenue

$

78,344

 

 

$

76,460

 

 

$

330,695

 

 

$

310,204

 

Service revenue

10,222

 

 

9,806

 

 

40,090

 

 

39,433

 

Net revenue

88,566

 

 

86,266

 

 

370,785

 

 

349,637

 

 

 

 

 

 

 

 

 

Product cost of goods sold

37,082

 

 

35,826

 

 

155,304

 

 

145,493

 

Service cost

4,670

 

 

4,357

 

 

18,127

 

 

14,604

 

Gross profit

46,814

 

 

46,083

 

 

197,354

 

 

189,540

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling expenses

20,478

 

 

21,523

 

 

85,342

 

 

87,642

 

General & administrative expenses

30,883

 

 

20,475

 

 

102,946

 

 

92,688

 

Operating expenses

51,361

 

 

41,998

 

 

188,288

 

 

180,330

 

 

 

 

 

 

 

 

 

Operating income (loss)

(4,547

)

 

4,085

 

 

9,066

 

 

9,210

 

 

 

 

 

 

 

 

 

Interest expense

(122

)

 

(254

)

 

(603

)

 

(1,009

)

Other (expenses) income, net

413

 

 

(1,018

)

 

1,211

 

 

(1,338

)

 

 

 

 

 

 

 

 

Income (loss) before income taxes

(4,256

)

 

2,813

 

 

9,674

 

 

6,863

 

Income tax (benefit) expense

(1,250

)

 

213

 

 

2,453

 

 

649

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(3,006

)

 

$

2,600

 

 

$

7,221

 

 

$

6,214

 

 

 

 

 

 

 

 

 

Basic income (loss) per share of common stock

$

(0.34

)

 

$

0.29

 

 

$

0.81

 

 

$

0.70

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share of common stock

$

(0.34

)

 

$

0.28

 

 

$

0.77

 

 

$

0.67

 

Lawson Products, Inc.

Condensed Consolidated Balance Sheets

(Dollars in thousands, except unaudited share data)

(Unaudited)

 

 

December 31,
2019

 

December 31,
2018

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

5,495

 

 

$

11,883

 

Restricted cash

802

 

 

800

 

Accounts receivable, less allowance for doubtful accounts

38,843

 

 

37,682

 

Inventories, net

55,905

 

 

52,887

 

Miscellaneous receivables and prepaid expenses

5,377

 

 

3,653

 

Total current assets

106,422

 

 

106,905

 

 

 

 

 

Property, plant and equipment, net

16,546

 

 

23,548

 

Deferred income taxes

21,711

 

 

20,592

 

Goodwill

20,923

 

 

20,079

 

Cash value of life insurance

14,969

 

 

12,599

 

Intangible assets, net

12,335

 

 

13,112

 

Right of use assets

11,246

 

 

 

Other assets

277

 

 

307

 

Total assets

$

204,429

 

 

$

197,142

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Revolving lines of credit

$

 

 

$

10,823

 

Accounts payable

13,789

 

 

15,207

 

Lease obligation

3,830

 

 

 

Accrued expenses and other liabilities

39,311

 

 

40,179

 

Total current liabilities

56,930

 

 

66,209

 

 

 

 

 

Revolving line of credit

2,271

 

 

 

Security bonus plan

11,840

 

 

12,413

 

Lease obligation

9,504

 

 

5,213

 

Deferred compensation

6,370

 

 

5,304

 

Deferred tax liability

6,188

 

 

2,761

 

Deferred rent liability

 

 

1,963

 

Other liabilities

3,325

 

 

4,106

 

Total liabilities

96,428

 

 

97,969

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $1 par value:

 

 

 

Authorized - 500,000 shares, issued and outstanding — None

 

 

 

Common stock, $1 par value:

 

 

 

Authorized - 35,000,000 shares
Issued – 9,190,171 and 9,005,716 shares, respectively
Outstanding – 9,043,771 and 8,955,930 shares, respectively

9,190

 

 

9,006

 

Capital in excess of par value

18,077

 

 

15,623

 

Retained earnings

86,496

 

 

77,338

 

Treasury stock – 146,400 and 49,786 shares held, respectively

(5,761

)

 

(1,234

)

Accumulated other comprehensive loss

(1

)

 

(1,560

)

Total stockholders’ equity

108,001

 

 

99,173

 

Total liabilities and stockholders’ equity

$

204,429

 

 

$

197,142

 

LAWSON PRODUCTS, INC.

REGULATION G GAAP RECONCILIATIONS

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, the Company's management believes that certain non-GAAP financial measures may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain infrequently occurring, seasonal or non-operational items that impact the overall comparability. See Tables 1 and 2 below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and twelve months ended December 31, 2019 and 2018. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP Operating Income (Loss) to
Adjusted Non-GAAP Operating Income and EBITDA

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

Operating income as reported per GAAP

$

(4,547

)

 

$

4,085

 

 

$

9,066

 

 

$

9,210

 

 

 

 

 

 

 

 

 

Stock-based compensation (1)

10,167

 

 

(1,186

)

 

17,788

 

 

7,508

 

Severance expense

214

 

 

126

 

 

1,756

 

 

849

 

Building impairment

 

 

231

 

 

 

 

231

 

Acquisition related costs

 

 

62

 

 

 

 

230

 

Discontinued operations accrual

 

 

 

 

 

 

529

 

Real estate gain

 

 

 

 

 

 

(164

)

Adjusted non-GAAP operating Income

5,834

 

 

3,318

 

 

28,610

 

 

18,393

 

 

 

 

 

 

 

 

 

Depreciation and amortization

1,492

 

 

1,735

 

 

5,893

 

 

6,855

 

 

 

 

 

 

 

 

 

Non-GAAP adjusted EBITDA

$

7,326

 

 

$

5,053

 

 

$

34,503

 

 

$

25,248

 

(1)

Expense for stock-based compensation, of which a portion varies with the Company's stock price

Table 2 - Reconciliation of GAAP Net Income (Loss) and Diluted EPS to Non-GAAP Adjusted Net Income and Adjusted Diluted EPS (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended December 31,

 

2019

 

2018

 

Amount

 

Diluted EPS (2)

 

Amount

 

Diluted EPS (2)

Net Income as reported per GAAP

$

(3,006

)

 

$

(0.34

)

 

$

2,600

 

 

$

0.28

 

 

 

 

 

 

 

 

 

Pretax adjustments:

 

 

 

 

 

 

 

Stock-based compensation

10,167

 

 

1.13

 

 

(1,186

)

 

(0.12

)

Severance expense

214

 

 

0.03

 

 

126

 

 

0.01

 

Building impairment

 

 

 

 

231

 

 

0.02

 

Acquisition related costs

 

 

 

 

62

 

 

0.01

 

Pretax adjustments

10,381

 

 

1.16

 

 

(767

)

 

(0.08

)

Tax effect on adjustments (1)

(3,052

)

 

(0.34

)

 

(198

)

 

(0.02

)

Total adjustments, net of tax

$

7,329

 

 

$

0.82

 

 

$

(569

)

 

$

(0.06

)

Non-GAAP adjusted net income

$

4,323

 

 

$

0.48

 

 

$

2,031

 

 

$

0.22

 

(1)

Tax effected at effective tax rate of 29.4% for 2019 and 25.8% for 2018 which excludes discrete items

(2)

Pretax adjustments to diluted EPS calculated on 8.961 million and 9.367 million of diluted shares for 2019 and 2018, respectively

(Dollars in thousands, except per share amounts)

Twelve Months Ended December 31,

 

2019

 

2018

 

Amount

 

Diluted EPS (2)

 

Amount

 

Diluted EPS (2)

Net Income as reported per GAAP

$

7,221

 

 

$

0.77

 

 

$

6,214

 

 

$

0.67

 

 

 

 

 

 

 

 

 

Pretax adjustments:

 

 

 

 

 

 

 

Stock-based compensation

17,788

 

 

1.90

 

 

7,508

 

 

0.81

 

Severance expense

1,756

 

 

0.18

 

 

849

 

 

0.09

 

Building impairment

 

 

 

 

231

 

 

0.02

 

Acquisition related costs

 

 

 

 

230

 

 

0.02

 

Discontinued operations accrual

 

 

 

 

529

 

 

0.06

 

Real estate gain

 

 

 

 

(164

)

 

(0.02

)

Pretax adjustments

19,544

 

 

2.08

 

 

9,183

 

 

0.98

 

Tax effect on adjustments (1)

(4,964

)

 

(0.52

)

 

(2,369

)

 

(0.26

)

Total adjustments, net of tax

14,580

 

 

1.56

 

 

6,814

 

 

0.72

 

Non-GAAP adjusted net income

$

21,801

 

 

$

2.33

 

 

$

13,028

 

 

$

1.39

 

(1)

Tax effected at effective tax rate of 25.4% and 25.8% for 2019 and 2018, respectively, which excludes discrete items

(2)

Pretax adjustments to diluted EPS calculated on 9.376 million and 9.273 million of diluted shares for 2019 and 2018, respectively

Lawson Products Core Business

Table 3 - Quarterly Data (Unaudited)

Historical Lawson Segment Sales Representative and Productivity Information

 

 

 

(Dollars in thousands)

 

Three Months Ended

 

Dec. 31
2019

 

Sep. 30
2019

 

Jun. 30
2019

 

Mar. 31
2019

 

Dec. 31
2018

 

 

 

 

 

 

 

 

 

 

Number of business days

61

 

 

64

 

 

64

 

 

63

 

 

61

 

 

 

 

 

 

 

 

 

 

 

Average daily net sales

$

1,279

 

 

$

1,295

 

 

$

1,316

 

 

$

1,297

 

 

$

1,258

 

Year over year increase

1.7

%

 

3.7

%

 

4.4

%

 

6.9

%

 

5.6

%

Sequential quarter (decrease) increase

(1.2

)%

 

(1.6

)%

 

1.5

%

 

3.1

%

 

0.7

%

 

 

 

 

 

 

 

 

 

 

Average active sales rep count (1)

1,002

 

 

989

 

 

980

 

 

991

 

 

989

 

Period-end active sales rep count

1,006

 

 

993

 

 

982

 

 

986

 

 

994

 

 

 

 

 

 

 

 

 

 

 

Sales per rep per day

$

1.276

 

 

$

1.309

 

 

$

1.343

 

 

$

1.308

 

 

$

1.272

 

Year over year increase

0.3

%

 

1.3

%

 

3.0

%

 

4.4

%

 

5.4

%

Sequential quarter (decrease) increase

(2.5

)%

 

(2.5

)%

 

2.7

%

 

2.8

%

 

(1.5

)%

(1)

Average active sales representative count represents the average of the month-end sales representative counts

Lawson Products, Inc.

Table 4 - Consolidated Quarterly Results (Unaudited)

 

 

 

(Dollars in thousands)

 

Three Months Ended

 

Dec. 31
2019

 

Sep. 30
2019

 

Jun. 30
2019

 

Mar. 31
2019

 

Dec. 31
2018

 

 

 

 

 

 

 

 

 

 

Average daily net sales

$

1,452

 

 

$

1,481

 

 

$

1,502

 

 

$

1,450

 

 

$

1,414

 

Year over year increase

2.7

%

 

5.4

%

 

6.3

%

 

8.2

%

 

7.0

%

Sequential quarter (decrease) increase

(2.0

)%

 

(1.4

)%

 

3.6

%

 

2.5

%

 

0.6

%

 

 

 

 

 

 

 

 

 

 

Net sales

$

88,566

 

 

$

94,779

 

 

$

96,097

 

 

$

91,343

 

 

$

86,266

 

Gross profit

46,814

 

 

50,574

 

 

51,043

 

 

48,923

 

 

46,083

 

 

 

 

 

 

 

 

 

 

 

Gross profit percentage

52.9

%

 

53.4

%

 

53.1

%

 

53.6

%

 

53.4

%

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

$

51,361

 

 

$

44,128

 

 

$

49,420

 

 

$

43,379

 

 

$

41,998

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

$

(4,547

)

 

$

6,446

 

 

$

1,623

 

 

$

5,544

 

 

$

4,085

 

 

Investor Relations:
Lawson Products, Inc.
Ronald J. Knutson
Executive Vice President, Chief Financial Officer
773-304-5665

Source: Lawson Products, Inc.