Lawson 4Q Sales Down 13.6%
Lawson Products, Inc., Des Plaines, IL, reported sales of $106.8 million for the fourth quarter 2008, down 13.6% from the prior year. A loss of $5.4 million was recorded, compared with profit of $4 million for the fourth quarter 2007.
For the full year, sales decreased 5.3% to $485.2 million in 2008 compared to $512.5 million in 2007 primarily as a result of the global economy's significant pullback in the fourth quarter of 2008. The loss for the year was $27.6 million; for 2007, profit of $10.6 million was reported.
Costs related to the settlement of the investigation by the U.S. Attorney's Office for the Northern District of Illinois, severance costs, unclaimed property expenses and the goodwill impairment charge totaled $43.2 million in 2008 ...
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