This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

DXP Enterprises Announces 2011 First Quarter Results

Stocks in this article: DXPE

DXP Enterprises, Inc. (NASDAQ:DXPE) today announced net income of $6.3 million for the first quarter ended March 31, 2011, with diluted earnings per share of $0.42 compared to net income of $3.6 million and diluted earnings per share of $0.26 for the first quarter of 2010 for an increase of 76.6% in net income. Sales for the first quarter of 2011 increased 24.6%, to $183.1 million, from $147.0 million for the first quarter of 2010.

David R. Little, Chairman and Chief Executive Officer remarked, "We are pleased to report a strong first quarter and start of our new year. All three business segments are performing well and we are optimistic that we will continue to show progress over the balance of the year. All of the markets we serve continue to show improvement, especially oil and gas. We continue to invest in our operations while driving sales growth, improving operating margins, creating SuperCenters and being customer driven experts in MROP solutions."

Mac McConnell, Senior Vice President and Chief Financial Officer added, "We continue to drive efficiencies and manage working capital. Our latest two acquisitions are accretive and have been excellent additions to our DXP family. I am pleased we reduced total long-term debt by $4.7 million and generated free cash flow of $7.2 million during the first quarter of 2011. As of March 31, 2011, $62.8 million was available to be borrowed under our credit facility."

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States and Sonora, Mexico. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company’s filings with the Securities and Exchange Commission.



  Three Months EndedMarch 31,
2011   2010
Sales $ 183,087 $ 146,992
Cost of sales   130,660     105,037  
Gross profit 52,427 41,955
Selling, general and administrative expense   40,885     35,208  
Operating income 11,542 6,747
Other income 21 203
Interest expense   (1,022 )   (994 )
Income before income taxes 10,541 5,956
Provision for income taxes   4,198     2,364  
Net income 6,343 3,592
Preferred stock dividend   (23 )   (23 )
Net income attributable to common shareholders $ 6,320   $ 3,569  
Basic income per share $ 0.44   $ 0.27  
Weighted average common shares outstanding   14,279     13,159  
Diluted income per share $ 0.42   $ 0.26  

Weighted average common and common equivalent shares outstanding






Unaudited Reconciliation of Non-GAAP Financial Information

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs