Sales rise 13.4% at HD Supply
HD Supply reported net sales for the third quarter of fiscal 2012 of $2.1 billion, a 13.4% increase over net sales in the third quarter of fiscal 2011. Operating income for the third fiscal quarter, which ended Oct. 28, 2012, was $114 million compared with $65 million a year ago.
The improvement in operating income reflects sales growth and an approximately 140 basis point decline in operating expenses as a percent of net sales, according to the company. Loss from continuing operations for the third quarter of fiscal 2012 was $53 million, an improvement of $66 million as compared with the third quarter of fiscal 2011.
Another highlight of the quarter, the company said, were net sales and adjusted EBITDA growth in all four of the company’s core businesses: Facilities Maintenance, Waterworks, Power Solutions and White Cap.
“A true measurement of the team’s success is our improved year-over-year performance,” said Joe DeAngelo, CEO of HD Supply. “We’re very pleased that our business has experienced 10 consecutive quarters of continuous growth.”
HD Supply is one of the largest industrial distribution companies in North America. The company operates approximately 630 locations across 46 states and nine Canadian provinces. They provide a broad range of products and services to approximately 440,000 professional customers in the infrastructure and energy, maintenance, repair and improvement, and specialty construction markets.
Lumber mill liquidating flooring division
Clear Lake Lumber, the Spartansburg, Pa., manufacturer of kiln-dried hardwood lumber, is closing its American Made Flooring division and auctioning its inventory of hardwood flooring. Almost 300,000 sq. ft. are on the block, along with the division’s customer list, equipment and display racks.
Clear Lake said it is getting out of the flooring business so it can concentrate on its hardwood lumber manufacturing operation.
Tiger Group’s Remarketing Services is handling the sale, which has already begun online. Bidding will close in rapid succession, live auction style, on Dec. 13, beginning at 10:30 a.m. EST. A preview will be from 9 a.m. to 4 p.m. on Wednesday, Dec. 12.
NJBMDA names new officers
The New Jersey Building Material Dealers Association (NJBMDA) announced its slate of officers and board of trustees.
Keith Coleman of Hamilton Building Supply will serve as president for 2013 and 2014. Steve Gerard of Black Millwork Co. is VP, and David Bernstein of Mid-State Lumber is treasurer.
The board of trustees for the association includes Bryan Jaeger, Jaeger Lumber; Stephen Gerard; Neal Herschenfeld, Palisades Lumber; Nick Kuiken, Kuiken Brothers; Jack Cortese, Bridgewater Wholesalers; Al DeCicco, ProBuild; Al Lattaznio, Lattanzio Lumber; Dan Schaffer, Reeb Millwork; Russell Dreyer, Dreyer’s Lumber; and Darren DiMedio, DiMedio Lumber, immediate past president.
Incoming president Coleman’s comments to the NJBMDA members can be found here on the NJBMDA.org website.