Lawson Products Inc. (NASDAQ:LAWS), Des Plaines, IL, distributor of products and services to the MRO and OEM marketplaces, reported first quarter sales were $95.1 million, down 4.3% from $99.4 million in the prior year, but up from the fourth quarter 2009.
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Profit was $2.3 million, compared with a loss in the prior-year period.
"First quarter results were encouraging," said President and CEO Thomas Neri. "Market conditions appear to be stabilizing. We were able to increase our profitability while continuing to make progress in implementing our key strategic initiatives, including our ERP implementation. Our ability to grow our business long-term will require more robust, reliable, transparent, and real-time data access that will allow us to make faster business decisions and ultimately, increase customer satisfaction. However, commencing in the second quarter, we will begin to incur costs, a portion of which will be operating expenses, as we start the ERP implementation process."
