Interline Brands reports loss
Interline Brands reported a loss of $26.8 million for the third quarter of 2012, impacted by $54.6 million in merger-related expenses associated with its acquisition.
During the quarter, the company was acquired by affiliates of Goldman Sachs Capital Partners and P2 Capital Partners LLC.
Third-quarter sales were $350.3 million, a 5.7% increase compared to sales of $331.3 million in the comparable 2011 period
On an organic basis, sales increased 5.2% for the quarter. The facilities maintenance end-market, which comprised 78% of sales, increased 8.1% for the quarter, and 7.5% on an organic basis. The professional contractor end-market, which comprised 13% of sales, decreased 0.6% for the quarter. The specialty distributor end-market, which comprised 9% of sales, decreased 4.5% for the quarter.
"I am very pleased with our performance this quarter as we realized additional traction in our growth initiatives and higher yields from our strategic investments. We generated solid top-line growth driven by continued strength in our core facilities maintenance market," said Michael J. Grebe, chairman and chief executive officer.
Kenneth D. Sweder, president and chief operating officer added, "During the third quarter, we maintained our focus on key growth initiatives, including expanding our national accounts program, offering larger product bundles to our institutional customers and adding incremental revenue from recent personnel investments. Additionally, we were pleased to generate additional scale from our operating network at higher levels of growth."
INDUSTRIAL SUPPLY MAGAZINE
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