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Lawson Products Reports Second Quarter 2013 Results

Stocks in this article: LAWS

Lawson Products, Inc. (NASDAQ:LAWS) (“Lawson” or the "Company"), a distributor of products and services to the MRO marketplace, today announced results for the second quarter ended June 30, 2013.

Michael DeCata, president and chief executive officer, commented, “Despite a challenging macroeconomic environment, during the quarter, we continued to make progress in the transformation of our organization. We made significant gains in our key operating metrics. These include improved order completeness, better service levels and a decline in our customer backorders. With the final phase of the McCook, Illinois transition complete, we look forward to realizing expected operational efficiencies going forward. These improvements provide us a solid platform on which to grow the business.”

Financial Highlights

  • Net sales were $68.3 million in the second quarter of 2013 compared to $67.2 million in the first quarter of 2013 and $69.8 million in the second quarter of last year.
  • Lawson ended the quarter with 773 sales representatives, up 13 from March 31, 2013, and is on target to have more than 800 sales representatives by year-end. Sales representative productivity improved 3.3% on 5% fewer average sales representatives from a year ago.
  • Adjusted non-GAAP operating income was $1.7 million in the second quarter of 2013 compared to an adjusted operating loss of $5.2 million a year ago (See reconciliation in Table 1).
  • Income from Continuing Operations was essentially breakeven for the period compared to a loss of $61.5 million a year ago.

Second Quarter Results

Net sales for the second quarter of 2013 were $68.3 million versus $69.8 million for the second quarter of 2012. An improvement in sales force productivity of 3.3% from a year ago was offset by reduced sales coverage due to a 5% decline in the average number of sales representatives as compared to the prior year period. Average daily sales were consistent with the first quarter of 2013.

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