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INDUSTRY NEWS
First Supply brings business training to contractors
MAdiSOn, WiS. – First Supply part- nered with Grandy & Associates to offer customers “Product & Service Pricing for a Profit.” This program deals with the most basic and critical
of issues: labor pricing. Each contrac- tor learned how to determine what their “real” costs of doing business are, from a cash flow perspective. Seminars were held in multiple loca-
tions throughout the Midwest. More than 200 attendees learned how to in- crease their profitability. Ron Cherney, general manager of the
Green Bay, Appleton, Oshkosh and Sheboygan facilities, commented, “The Appleton session was extremely suc- cessful. There were very good reviews, with a few seriously considering the
Stronger 4th quarter reported by HD Supply (Continued from HD, page 1.)
Gross profit for the fourth quarter of fiscal 2010 was 28.3% of net sales versus 26.8% of net sales for the fourth quarter of fiscal 2009. Operat- ing loss for the fourth quarter of fiscal 2010 was $11 million, an improve- ment of $87 million compared to an operating loss of $98 million for the fourth quarter of fiscal 2009. Liquid- ity at the end of the fourth quarter of fiscal 2010 was $1.3 billion, an in- crease of approximately $426 million versus the end of fiscal 2009. Consolidated loss from continuing
operations for the fourth quarter of fiscal 2010 was $203 million, com- pared to a loss from continuing oper- ations of $168 million for the same period in fiscal 2009. Loss from con- tinuing operations in the fourth quar- ter of fiscal 2010 and fiscal 2009 included non-cash charges of $88 million and $1 million, respectively,
to increase the valuation allowance against the company’s deferred tax assets. Excluding the 2010 and 2009 charges for the deferred tax valuation allowances, adjusted loss from con- tinuing operations of $115 million in the fourth quarter of fiscal 2010 im- proved $52 million, as compared with the adjusted loss from continu- ing operations of $167 million in the fourth quarter of fiscal 2009. “in 2010, our associates’ continued
focus on our customers and our sig- nificant investments in the company to accelerate sales and growth mo- mentum enabled us to gain market share and report year-over-year im- proved financial results, the first since 2007. Furthermore, our liquid- ity remains very strong, which allows us to meet our commitments and con- tinuously invest in profitable growth,” said CEO Joe deAngelo. “These investments and our associ-
CLASSIFIED ADS SUPPLIERS
ates’ outstanding performance make Hd Supply the distributor of choice for our customers.” net sales for the full year of fiscal
2010 were $7.5 billion, an increase of $59 million, or 0.8%, compared to the full year of fiscal 2009. Gross profit increased by $81 million, or 4.1%, to $2.1 billion in fiscal 2010 versus gross profit of $2.0 billion in fiscal 2009. Gross profit for full-year fiscal 2010 was 27.8% of net sales versus 26.9% of net sales for full- year fiscal 2009. Operating income in the full year of fiscal 2010 was $32 million, an increase of $354 million compared to the full year of fiscal 2009, which included a $224 million pre-tax Excluding the goodwill impair-
ment charge in fiscal 2009, adjusted operating income for fiscal 2010 in- creased $130 million, compared to fiscal 2009.
•THE WHOLESALER® — JUNE 2011
three-day boot camp. Attendees were excited about the event, and much in- terest was expressed for attending ad- ditional business-related seminars.” The seminar was presented by Bill
Kinnard, who joined Grandy & Asso- ciates in 2005 and is currently VP of the northern region. Visit
www.1supply.com.
Consolidated loss from continuing
operations for the full year of fiscal 2010 was $619 million, compared to a loss from continuing operations of $505 million for the full year of fiscal 2009. Loss from continuing opera- tions in fiscal 2010 and fiscal 2009 included $230 million and $7 million, respectively, of non-cash charges to increase the valuation allowance against the company’s deferred tax assets. in addition, loss from contin- uing operations in fiscal 2009 in- cluded a $224 million pre-tax goodwill impairment charge ($186 million after-tax) and a non-operat- ing, non-cash pre-tax gain of $200 million ($123 million after-tax) re- sulting from the extinguishment of senior subordinated debt. Excluding these items, adjusted loss from con- tinuing operations of $389 million in fiscal 2010 improved $46 million as compared with the adjusted loss from continuing operations of $435 million in fiscal 2009. Visit
www.hdsupply.com.
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BUSINESS FOR SALE Small HVAC
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Located 19 miles North of OH & IN state line in MI. Contact 800.994.0705
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• Be sure to visit
www.thewholesaler.com for web exclusive articles and videos! •
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