Bahamas hardware retailer receives royal title
David A.C. Kelly of Kelly’s House & Home and Kelly’s Lumber in Nassau, Bahamas, recently accepted the title of Commander of the Order of the British Empire (C.B.E.) from Her Majesty The Queen (Elizabeth II). The title is given for exemplary service in the field of business/Bahamian retail industry and sports.
Kelly visited Buckingham Palace in England to receive the award, which was presented to him by Prince Charles.
Kelly, who has grown his Do it Best hardware store into a multi-million dollar home center, previously received the Commonwealth of The Bahamas Jubilee Award in 1992 in recognition of his outstanding contribution to national development in the field of business.
Kelly is actively involved throughout the Bahamas in business, charitable and civic communities. In addition, he represented The Bahamas in the 1968 and 1972 Olympics in yachting.
Huttig appoints CFO, freezes executive salaries
Huttig Building Products, the St. Louis, Mo.-based distributor, has named Kenneth Young as vp and chief financial officer, effective Jan. 27. Young had served as interim CFO since Oct. 17, 2008. He was hired as company treasurer in January 2006.
Prior to joining Huttig, the 57-year-old executive worked as the finance director of Insituform Technologies, a publicly held company that provides trenchless sewer rehabilitation, tunneling and industrial pipe linings. Young was also employed for 16 years at MEMC Electronic Materials, a silicon wafer manufacturer and a publicly-traded company, where he served as treasurer. Other positions include the Farm Credit Banks of St. Louis, an agricultural lending institution, where Young held the position of vp-finance.
In a Feb. 2 filing with the Securities and Exchange Commission, Huttig also announced that, upon the management’s recommendation, the board of directors approved a 2009 salary freeze for executive officers as a cost-control measure.
Tough quarter for Black & Decker
Black & Decker, one of the industry’s leading manufacturers of power tools and household appliances, reported earnings of $43.7 million for its fourth fiscal quarter, a 77 percent fall from earnings of $187.4 million in the same period of 2007.
Sales for the quarter, which ended Dec. 31, 2008, were $1.37 billion, compared to $1.65 billion in the corresponding period of the previous year. This reflects a 17 percent decrease.
For the full year, net earnings for Black & Decker were $293.6 million versus $518.1 million in 2007.
Every division in the Towson, Md.-based company experienced declines in 2008, including power tools and accessories (10 percent); hardware and home improvement (11 percent); and fastening and assembly systems (13 percent). The company blamed the weak sales on a number of factors: slowing markets in residential and commercial construction, lower consumer spending and inventory reduction by retailers.
In response, the company cut 1,200 jobs during the quarter. In a prepared statement, chairman and CEO Nolan Archibald said the company expects demand “will weaken further in 2009” in most of Black & Decker’s markets. The company sells products in Europe, Latin America and Asia, as well as North America.
“We anticipate a double-digit rate of organic sales decline for the first three quarters of the year, as well as an unfavorable impact from foreign currency translation,” Archibald said.