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MJSI HydroClean awarded patent

BY HBSDealer Staff

Shorewood, Ill.-based MJSI, Inc. announced the issuance of patent 7,926,511 by the US Patent Office for the HydroClean toilet fill valve’s Float Lock assembly.

The Float Lock is an easily movable lever on the float arm that turns the water "Off" or "On" from inside the toilet tank. This invention allows minor repairs to be made inside the tank in a dry environment and eliminates the need to shut the water supply off with the external shut-off valve or at the main water shut-off for the entire building.

“This latest patent for the Float Lock is for one of the many important and innovative features of our HydroClean toilet fill valve,” said Michael Schuster, president of MJSI. “Whether it’s a plumber or a homeowner, it’s easier and faster to be able to shut off the water inside the tank with a simple ‘click’ of the Float Lock. Plus, it eliminates the potential for leaks, flooding and pushing sediment into toilet parts — problems that are associated with using old and corroded shut-off valves.”

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Mixed results for Lumber Liquidators in second quarter

BY HBSDEALER Staff

Toano, Va.-based Lumber Liquidators second-quarter sales increased 4.0% to $175.5 million, up from $168.7 million in the same quarter last year.

But sales at comparable stores decreased 7.9%, and net income decreased to $5.3 million in the second quarter, down from $9.1 million in the second quarter of the prior year. 

CEO Jeffrey W. Griffiths sated: “Our second-quarter net sales and earnings-per-diluted share were in-line with our revised expectations communicated earlier this month. As we previously reported, we believe value-conscious consumers became more price sensitive and cautious in their discretionary spending in the second quarter. However, our annual Big Sale drew a strong customer response due to the strength of our value proposition and targeted promotional pricing. We remain focused on further improving our operations and building a foundation for long-term success and believe that we are well positioned to continue our growth.”

Gross margin decreased from 34.7% in the second quarter of 2010 to 34.0% in the second quarter of 2011. High transportation costs, a greater proportion of net sales at promotional prices, and increased investment in international quality control procedures were all cited as factors that negatively affected the gross margin for the second quarter, though these were said to have been partially offset by benefits from sourcing initiatives and net sales mix shifts.

Selling, general and administrative expenses for the second quarter of 2011 were $51.1 million, or 29.1% of net sales. This compares with $43.9 million, or 26.0% of net sales, for the second quarter of 2010. 

The company outlook for 2011 includes an expectation of net sales for the full year in the range of $670 million to $700 million, with third-quarter net sales in the range of $165 million to $180 million, and fourth quarter net sales in the range of $170 million to $185 million.

Comparable-store net sales for the full year are expected to decrease in the low single digits, with third-quarter comparable-store net sales ranging from a decrease of 1% to an increase of 8%, and fourth-quarter comparable-store net sales ranging from a decrease of 3% to an increase of 6%.

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New Menards location to be developed in Ohio

BY HBSDealer Staff

Menards plans to open a new location in Miami Township, Ohio, on Springboro Pike, according to a report in the Dayton Business Journal. The store will take the place of an existing plaza, the Lyons Crossing shopping center, which will be demolished to make room for the approximately $9 million project.

Discussions on July 26 to consider an agreement with Menards followed a Miami Township Trustee meeting on July 12, at which the trustees determined to remove the existing plaza from the Dayton Mall’s tax increment financing district.

Greg Hanahan, the township administrator, told the Journal that after the developer has had the property revalued, a new TIF district will be created for the center. Menards has not yet released specific plans for the building, and the developer of the site has not been named.

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