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Fastenal Company Reports 2014 First Quarter Earnings

WINONA, Minn., April 11, 2014 (GLOBE NEWSWIRE) -- Fastenal Company of Winona, MN (Nasdaq:FAST) reported the results of the quarter ended March 31, 2014. Except for per share information, or as otherwise noted below, dollar amounts are stated in thousands.

Net sales (and the related daily sales), pre-tax earnings, net earnings, and net earnings per share were as follows for the periods ended March 31:

  Three-month period
  2014 2013 Change
Net sales  $ 876,501 806,326 8.7%
Business days 63 63  
Daily sales  $ 13,913 12,799 8.7%
Pre-tax earnings  $ 178,845 175,172 2.1%
 % of sales 20.4% 21.7%  
Net earnings  $ 111,931 109,048 2.6%
Net earnings per share (basic)  $ 0.38 0.37 2.7%

Set forth below is certain information as of the end of the periods indicated:

  Mar. 2014 Dec. 2013 YTD Change Mar. 2013 Year Over Year Change
Number of stores 2,683 2,687 -0.1% 2,660 0.9%
FAST Solutions® (industrial vending) machines (device count) 42,153 40,775 3.4% 32,007 31.7%
Employee count 17,788 17,277 3.0% 15,339 16.0%

FIRST QUARTER

In July 2013, we disclosed our intention to increase the investment in people at the store level and in additional leadership personnel at the district and regional levels. We felt this expanded investment was necessary to add 'selling energy' to the organization. With expanded investment, comes expanded expectations - in July 2013 we grew average daily sales over the same month in the preceding year in the low single digits, in March 2014 we grew average daily sales over the same month in the preceding year by11.6%. Double digit growth is an old friend to Fastenal, a friend we hadn't seen since September 2012.

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