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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Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the MRO and OEM marketplaces, reported sales for its third quarter of $124.6 million, down 2.6% from the prior year quarter. Profit was $3.1 million, up 28.3% from the third quarter of 2007.
The decline in sales for the third quarter resulted from lower sales in the MRO business, while profit was impacted by increased product and commodity costs.
For the nine months ended Sept. 30, 2008, sales declined 2.8% $375.9 million, as compared to sales for the same period the prior year. Year-to-date, the company recorded a loss of $22.2 million.
Charges of $31.6 million and $4.9 million related to the settlement announced in August of the investigation of the company …
Lawson Products, Inc., a Des Plaines, IL-based distributor of services, systems and products to the MRO and OEM marketplaces, reported sales of $126.3 million for its second quarter ended June 30, 2008, a decrease of 2.2% from the prior year quarter. The company reported a loss of $29.7 million, compared with a net loss of $0.3 million in the second quarter of 2007.
Charges of $30.4 million related to the settlement of the investigation of the company by the U.S. Attorney’s Office and $3.6 million related to liabilities for unclaimed property contributed to the reported loss.
For the six months ended June 30, 2008, sales were $251.3 million, 2.9% lower than the six months ended June 30, 2007 due to lower sales in the MRO business. The net loss for first six …
Lawson Products, Inc., Des Plaines, IL, has agreed to pay $30 million in forfeiture and restitution in the case of sales agents who according to the government systematically provided nearly $10 million in illegal incentives to government employees to buy more products at higher prices for their employers.
The agreement brings to a close the government’s investigation of Lawson’s former customer loyalty programs. The agreement stipulates that a criminal case of mail fraud against the company will be dismissed in three years as long as Lawson abides by all terms and conditions,” according to the U.S. Attorney’s Office for the Northern District of Illinois.
“We are pleased to have reached this agreement with the U.S. Attorney’s Office, which enables us all to move …
Interline Brands, Inc., Jacksonville, FL, a distributor and direct marketer of maintenance, repair and operations products, reported sales for the second quarter of 2008 were $311.4 million, a 0.6% decrease compared to the same period 2007. Profit decreased 6.7% to $11.2 million.
The facilities maintenance end-market, which comprised 70% of sales, grew 2.5% during the second quarter on an average daily sales basis. This growth was offset by continued weakness in the pro contractor and specialty distributor end-markets, which declined 8.7% in the quarter. The specialty distributor end-market, which comprised 11% of sales, declined 4.5% for the quarter.
Sales for the six months ended June 27, 2008 were $600.6 million, a 1.3% decrease over the comparable 2007 …
William Sanford, president and COO of Interline Brands, Inc., Jacksonville, FL, will step down from his positions immediately.
Sanford told the distributor and direct marketer of maintenance, repair and operations products that he will be moving to Philadelphia, PA, to spend more time with family.
The company will not immediately fill his position.
It has been a pleasure working closely with Mike Grebe and the outstanding management team of Interline Brands over the last 10 years,” Sanford said.
“However, I have decided that commuting between Philadelphia and Jacksonville would require more flexibility to control my calendar, a luxury that is not possible given my current responsibilities as Chief Operating Officer. This was an …
Former Lawson Products salespeople pleaded guilty at the end of last week to giving kickbacks to government employees, according to the Chicago Daily Herald. The case involved seven employees of Lawson or its subsidiary Drummond American Corp. and some of the government employees who bought from them.
As reported previously at mdm.com, sales agents were indicted on federal fraud charges, allegedly paying kickbacks totaling $140,000 to employees of some of their customers, including suburban municipalities, school districts, a non-profit organization and private businesses. They disguised the kickbacks as purchasing incentives. In return, the sales agents allegedly obtained higher sales commissions based on greater volume and prices.
Government employees are …
Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the maintenance, repair and operations (MRO) and original equipment manufacturer (OEM) marketplaces, reported sales for the first quarter 2008 were $125.0 million, a decrease of 3.6% from the prior-year quarter.
Profit for the quarter was $4.4 million, compared to net income of $4.6 million in the first quarter of 2007. …
Lawson Products Inc., Des Plaines, IL, distributor of products to the MRO and OEM markets, reported sales in 2007 of $509.7 million, a decrease from $511.4 million in 2006. Profit fell 15.7% to $10.6 million.
In the fourth quarter 2007, sales from continuing operations were $122.9 million, a decrease of $1.7 million from the prior-year period. Profit was $4 million, up from $1.3 million in the prior-year …
Lawson Products, Inc., Des Plaines, IL, a distributor of products to the maintenance, repair and operations and original equipment manufacturers, reported sales from continuing operations in the third quarter ended Sept. 30, 2007, were $127.9 million, up $0.6 million from the comparable prior-year period. Profit was $2.4 million.
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Third quarter 2007 results include severance costs of $3.7 million related to several executive departures and re-alignment of the company’s sales management.
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In April, 13 sales agents for Lawson were   ; indicted on federal fraud charges. The sales agents were accused of paying kickbacks totaling $140,000 to employees of some of their customers, including suburban municipalities, school districts, a federal agency, a non-profit …
Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the MRO and OEM marketplaces, reported second-quarter sales from continuing operations were $129.2 million, comparable to the prior-year quarter.
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The company reported a net loss of $0.3 million, compared to profit of $3.2 million in the second quarter 2006.
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Second quarter 2007 results include severance costs of $5.5 million related to several executive departures.
Some Lawson sales agents were recently indicted on …
Sales agents for Lawson Products, Des Plaines, IL, have been indicted on federal fraud charges. The sales agents allegedly paid kickbacks totaling $140,000 to employees of some of their customers, including suburban municipalities, school districts, a non-profit organization and private businesses.
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They disguised the kickbacks as purchasing incentives, according to the US Attorney’s office in Chicago. In return, the sales agents allegedly obtained higher sales commissions based on greater volume and prices.
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Eleven of the defendants were charged in six separate cases in Chicago, while two additional cases were filed in Dayton, OH, and Philadelphia, PA. All of the cases involve commissioned sales agents for either Des Plaines-based …
Thirteen sales agents for Lawson Products, Des Plaines, IL, have been indicted on federal fraud charges. The sales agents are accused of paying kickbacks totaling $140,000 to employees of some of their customers, including suburban municipalities, school districts, a federal agency, a non-profit organization and private businesses.
They disguised kickbacks as purchasing incentives, according to the Chicago U.S. Attorney’s office. In return, the sales agents allegedly obtained higher sales commissions based on greater volume and prices.
Eleven of the defendants were charged in six separate cases in Chicago, while two additional cases were filed in Dayton, OH, and Philadelphia, PA. All of the cases involve commissioned sales agents for Lawson Products, Inc., or its …
Lawson Products, Inc., Des Plaines, IL, distributor of services, systems and products to the MRO and OEM marketplaces, announced sales of $518.2 million for 2006, a 15.1% increase from 2005. Profit decreased 52.8% to $12.6 million in 2006.
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In 2006, Lawson integrated Rutland Tool & Supply Co., acquired in December 2005. That acquisition added about 80,000 SKUs to the company’s offering. Lawson also reconfigured its Suwannee, GA, distribution center and started construction on a 140,000 square foot addition to its Reno, NV, DC.
Sales for the fourth quarter 2006 increased 9.2% to $126.2 million from the same quarter in 2005. Fourth quarter 2006 results include a full quarter of the operations of Rutland, which was acquired in December 2005. …
