Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. Fastenal ( FAST) reported on April 14, 2009 that its Q1 FY09 net income plunged 28.5% year-over-year to $48.69 million or $0.33 per share from $68.09 million or $0.46 per share in Q1 FY08, hurt by a double-digit decline in sales. The latest quarterly earnings missed the consensus estimate of $0.34 per share. Total revenue dropped 13.6% to $489.35 million from $566.21 million due to weak economic conditions. The number of new stores opened decreased to 33 from 53. The cost of sales dropped 14.4% to $230.70 million from $269.58 million, improving gross margin 47 basis points to 52.86% from 52.39%. Operating and administrative expenses dipped 3.6% to $179.91 million from $186.56 million. Operating income plummeted 28.7% to $78.41 million from $109.96 million. Operating margin contracted 340 basis points to 16.02% from 19.42%. Fastenal did not purchase any outstanding common stock under its share repurchase program during the quarter. The company generated net cash flow from operating activities of $93.53 million, a 7.8% increase from the $86.74 million generated in the prior year's quarter. The company paid a cash dividend of $0.35 per share. The company expects to incur FY09 capital expenditure of approximately $65.00 million.