Interline Brands sales up 3.1 percent
Interline Brands reported that its first-quarter sales were $392.5 million, a 3.1% increase compared to $380.8 million for the 2013 first quarter.
The company posted a net loss of $6.1 million for the period, compared to a loss of $1.5 million for the same period last year. The loss included extinguishment of $4.2 million associated with financing activities and the impact of expansion initiatives, the company said.
Sales to institutional facilities customers, comprising 51% of sales, increased 2.9% for the quarter. Sales to multi-family housing facilities customers, comprising 29% of sales, increased 4.9%. Sales to residential facilities customers, comprising 20% of sales, increased 0.7%.
"Weather during the first two months of the year affected customer demand and our ability to ship product, which resulted in lower sales growth in January and February of 1.5% and 0.9%, respectively. However, revenue growth rebounded nicely in March, increasing 5.1% year-over-year and this momentum carried over into the second quarter with sales in April up over 5%," said Michael J. Grebe, chairman and chief executive officer.
Interline is a Jacksonville, Fla.-based distributor and direct marketer of MRO products to a diversified facilities maintenance customer base of institutional, multi-family housing and residential customers.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
