Pentacon Q2 Revenue Drops
Pentacon Q2 Revenue Drops
Jason Sandefur
Amidst Chapter 11 bankruptcy protection and a pending buyout by Anixter International Inc., Pentacon Inc. reported Q2 revenue loss of 25% to $52.3 million. EBITDA declined 37% to $4.6 million. Revenue for the first half of 2002 dropped 24% to $108.1 million while EBITDA fell 29% to $9.6 million.
Pentacon�s Industrial Group had Q2 revenue of $31.4 million, down 7%. First half revenue declined 13% to $61.6 million.
The Aerospace Group�s Q2 revenue dipped 42% to $20.9 million, slipping 35% to $46.5 million for the half.
Chatsworth, CA-based Pentacon said lagging markets and the May 23 bankruptcy filing impacted the company�s performance.
Despite decreased revenue, CEO Rob Ruck said the fastener and small parts distributor is poised to emerge from bankruptcy by late September and finalize the $121 million acquisition by Anixter. Web: pentacon.com �2002 FastenerNews.com
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