Lawson Sets Sales Record; Profits Slip
Lawson Sets Sales Record; Profits Slip
John Wolz
Lawson Products Inc. reported record full year and fourth quarter for 2001.
Sales for the year were up 8.7% from 2000 to $379.4 million for 2001. Fourth quarter sales of $96.8 million for 2001, up 13.9% from the previous fourth quarter.
Lawson reported $8.8 million in net income for 2001, compared to $28.1 for the previous year. Adjusted net income was down 39% to $15.9 million. Lawson reported a net loss of $1.8 million for the fourth quarter, primarily due to the write-off of a capitalized software and implementation costs for a discontinued information system
Lawson attributed the losses to “significant increases in selling, general and administrative expenses.
Lawson noted that 320 outside and 70 inside sales reps were added during the second quarter in conjunction with the Premier acquisition.
Web: lawsonproducts.com �2002 FastenerNews.com
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