Progressive Distributor - Distribution industry news archives

Distribution Industry News Archives:
News from the week of Jan. 26, 2004

Quarterly results improve for Smith International
Sales, earnings improve for Baldor Electric Co. in 2003
Grainger posts earnings increase for 2003
ITW's sales and earnings increase in 2003
Full-year, Q4 financials improve for Black & Decker
Stanley Works sees Q4 sales explode
Danaher posts record fourth quarter and 2003 results
NAW announces strategic relationship with Deloitte US
Results improve for Airgas in Q3, first nine months
Revenue, income decline for Textron
Sales climb for Regal-Beloit in the fourth quarter
DPS releases version 6.0 of its Flash software
ISMA New Order Index surges
Foley elected to SBLC board of directors
Sales, earnings rise during Kennametal's second quarter
Ingersoll-Rand sees revenues surge in Q4, full year
Airgas to acquire BOC Group's packaged gas business
Comergent Technologies buys Profile Systems
Aperum releases newest version of FACTS software
Powers Fasteners opens two branch warehouse locations
Turner Supply to form southeastern machine tool division
Dave Kahle to host distributor sales training boot camp
Cooper Industries posts strong fourth quarter gains

Quarterly results improve for Smith International
Smith International Inc. reported revenues of $983.5 million during the fourth quarter of 2003, compared to revenues of $764.4 million during the same period in 2002. The company generated net income of $38 million, or 38 cents per share, compared to net income of $17.7 million, or 18 cents per share, during Q4 2002.

For all of 2003, Smith International posted revenues of $3.6 billion, up from revenues of $3.2 billion during 2002. Net income for 2003 reached $123.5 million, or $1.22 per share, compared to net income of $93.2 million, or 93 cents per share, during 2002.

Smith International's distribution segment, Wilson, reported fourth quarter revenues of $255.3 million and an operating loss of $3.5 million. During the fourth quarter of 2002, Wilson posted revenues of $215.1 million and an operating loss of $2.5 million.

For 2003 as a whole, Wilson saw revenues increase to $916.6 million from revenues of $887.2 million in 2002. The segment reported an operating loss of $7.9 million in 2003, compared to an operating loss of $4 million in 2002.

“For Smith, last year provided a foundation for a new upcycle in our business. Our 2003 earnings increased 33 percent on a year-over-year basis with expectations for an even greater percentage improvement in 2004," said Smith International chairman and CEO Doug Rock.

****************************************************************************

Sales, earnings improve for Baldor Electric Co. in 2003
Baldor Electric Co. generated fourth quarter net sales of $146.5 million, compared to net sales of $135.9 million during the fourth quarter of 2002. Net earnings also increased to $6.6 million, or 20 cents per share, from $6.1 million, or 18 cents per share, in Q4 2002.

For all of 2003, Baldor reported net sales of $561.4 million, vs. net sales of $549.5 million in 2002. Net earnings reached $24.8 million, or 74 cents per share, in 2003, compared to net earnings of $23.9 million, or 69 cents per share, during 2002.

"In the last eight weeks, we have seen an increase in incoming orders," said Baldor president and CEO John McFarland. "We believe this order rate will continue and have recently increased our production schedules. This increase in orders and production should have a positive impact on sales and margins during the first quarter of 2004."

****************************************************************************

Grainger posts earnings increase for 2003
Grainger reported earnings per diluted share of $2.46 for 2003, up 10 percent compared to $2.24 in 2002. Sales for 2003 at $4.7 billion were flat vs. 2002. Net earnings for the year were $227 million, up 7 percent compared to $212 million in 2002.

Sales in the 2003 fourth quarter were $1.2 billion, up 3 percent vs. the prior-year fourth quarter. Net earnings of $62 million were down 1 percent vs. $63 million in the 2002 fourth quarter. Earnings per share were 67 cents in both periods.

"It was a solid year from an operations perspective," said Grainger chairman and CEO Richard L. Keyser. "We opened two new distribution centers, retrofitted three others, generated operating cash flow of $395 million and completed the acquisition of Gempler's. Looking forward, we are excited about our growth programs that will extend our reach into key markets by investing in bigger, better positioned branches, improved sales force coverage and greater product availability. We continue to project earnings per share of $2.45 to $2.70 for 2004."

Sales in the Branch-based Distribution segment increased by 3 percent in the 2003 fourth quarter, led by Canada and Mexico, while sales in the U.S. were essentially flat. A weak U.S. dollar contributed to Canada's 23 percent increase in sales for the quarter. In local currency, this business experienced 3 percent growth. Sales in Mexico were up 2 percent driven by increased telesales and the expansion of two branches in key markets.

In the United States, 10 percent sales growth to government accounts was offset by continued weakness in other customer segments for both the 2003 fourth quarter and the year. Sales processed through Grainger.com increased 15 percent to $124 million from $108 million in 2002. For the full year, Internet sales were $479 million, up 14 percent vs. $420 million in 2002.

Operating earnings for the quarter were flat, a result of increased sales offset by higher operating expenses, including approximately $10 million in severance and other costs resulting from the company's ongoing cost-reduction efforts.

Sales for Lab Safety increased 16 percent for the quarter. This growth was attributed to the Gempler's acquisition; excluding Gempler's, Lab Safety's sales were flat. Strong December sales reflected Gempler's participation as a supplier in a customer loyalty program, Harvest Partners. Lab Safety sales to customers in the forestry and environmental markets were up, while sales to manufacturing customers were soft. Operating earnings were up 4 percent due to improved gross profits, partially offset by increased catalog media expenses and higher warehousing costs related to Gempler's.

Sales for Grainger Integrated Supply were down 3 percent for the quarter due to six site disengagements and lower volumes from existing customers, partially offset by incremental sales at seven new customer locations. Operating earnings in the quarter for this segment were $500,000 vs. $1.7 million in the 2002 fourth quarter, the result of lower management fees and a higher provision for bad debts.

****************************************************************************

ITW's sales and earnings increase in 2003
Illinois Tool Works Inc. (ITW) reported fourth quarter revenues of $2.6 billion, up from revenues of $2.4 billion during Q4 2002. Fourth quarter net income jumped to $283.3 million, or 91 cents per share, vs. $223 million, or 72 cents per share, the year before.

For 2003, ITW generated revenues of $10 billion, compared to $9.5 billion during 2002. Net income in 2003 reached $1 billion, or $3.32 per share, compared to $712.6 million, or $2.31 per share, in 2002.

"We were very pleased with the company's financial performance in the most recent quarter, especially with our ability to substantially grow income from continuing operations and improve our operating margins for both total company in general and our international segments in particular," said W. James Farrell, ITW chairman and CEO. "Our fourth quarter performance highlights the effectiveness of our 80/20 process and showcases the type of leverage we can achieve even with modest improvement in our base revenues."

****************************************************************************

Full-year, Q4 financials improve for Black & Decker
The Black & Decker Corp. announced fourth quarter sales of $1.3 billion, an increase over sales of $1.2 billion during the fourth quarter of 2002. Net earnings reached $99.5 million, or $1.27 per share, in the quarter, compared to $75.7 million, or 94 cents per share, in Q4 2002.

For all of 2003, Black & Decker reported sales of $4.5 billion, compared to 2002 sales of $4.3 billion. Net income in 2003 was $293 million, or $3.75 per share, up from net income of $229.7 million, or $2.84 per share, in 2002.

During the fourth quarter, sales of DeWalt professional products increased at a double-digit rate on strong demand from the major distribution channels. DeWalt continued to meet competitive challenges with new products such as a corded/cordless utility vacuum, a thickness planer and a belt sander.

For the full year, increasing momentum in the second half enabled DeWalt to hold sales roughly flat, and consumer product sales decreased at a low single-digit rate.

"Black & Decker had another outstanding quarter and a record year," said Black & Decker chairman and CEO Nolan D. Archibald. "We are very pleased with the strength and consistency of our results. For the seventh straight quarter, earnings per share grew more than 19 percent. All three of our business segments reported higher sales and at least 12 percent operating margins for the quarter. Sales of DeWalt professional products and hardware and home improvement products exceeded our expectations. This growth, which reflected our strong market positions and an improving U.S. economy, resulted in earnings above our guidance."

****************************************************************************

Stanley Works sees Q4 sales explode
The Stanley Works posted fourth quarter net sales of $727.7 million compared to net sales of $614.3 million during the same quarter in 2002. Net earnings were $34.7 million, or 42 cents per share, in Q4 2003, vs. $18.1 million and 20 cents per share in Q4 2002.

Full-year net sales surged to $2.7 billion from $2.4 billion in 2002. Net earnings fell to $107.9 million, or $1.27 per share, in 2003 because of higher costs and expenses, including restructuring charges and asset impairments. In 2002, net earnings were $185 million, or $2.10 per share.

U.S. hand tool demand was robust in all channels, on the strength of new products, strong promotional activity and excellent fill rate performance. Proto industrial mechanics tools benefited from recent share gains and improved demand associated with better economic conditions. And, Mac Tools achieved positive sales growth despite the exit of the Mac Direct business model, which was executed in the second quarter, via growth of its traditional independent distributor base.

"Intense customer focus by each of our business teams has allowed us to consistently gain market share in recent quarters," said Stanley executive vice president and Tools Group president Joseph J. DeAngelo. "Our flow of innovative new products, excellent fill rates, exciting marketing programs and somewhat improved economic conditions have driven increased orders and corresponding sell-through at all accounts."

****************************************************************************

Danaher posts record fourth quarter and 2003 results
Danaher Corp. reported fourth quarter net sales of $1.5 billion, an improvement over net sales of $1.3 billion during the comparable period in 2002. Net earnings rose to $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share, in Q4 2002.

For the full year, Danaher generated net sales of $5.3 billion, up from net sales of $4.6 billion in 2002. Net earnings were $536.8 million in 2003, while earnings per share reached $3.37. In 2002, net earnings hit $290.4 million, or $1.88 per share.

Danaher's Tools and Components segment reported sales of $1.2 billion and operating profit of $173.8 million in 2003. The year before, the segment had sales of $1.2 billion and operating profit of $179.8 million.

"As signs of an economic recovery become more broad-based, we are again optimistic about our ability to outperform in 2004," said Danaher president and CEO H. Lawrence Culp Jr.

****************************************************************************

NAW announces strategic relationship with Deloitte US
The National Association of Wholesaler-Distributors (NAW) is launching a new strategic relationship with Deloitte & Touche LLP and Deloitte Consulting LLP (Deloitte US) to develop strategies, tools and techniques to assist wholesaler-distributors “to be so good at what they do that nobody else will do it.”

The joint initiative was announced Jan. 27 at NAW’s 2004 Executive Summit in Washington, D.C. It is anticipated that the relationship will have an initial phase of two years during which the two organizations will develop and deploy knowledge that distributor management can apply to their business practices to help wholesaler-distributors remain a strongly preferred force in the supply chain.

NAW’s Distribution Research and Education Foundation (DREF) will be involved in the initiative, as well.

“This is a truly exciting undertaking,” said NAW chairman Andre Lacy. “Our distribution industry has long been the best in the world. Through our relationship with Deloitte US in this initiative, we intend to help it remain world-class by helping to bring the best management strategies and business practices to our industry in a manner which facilitates efficient and effective implementation by distribution companies.”

****************************************************************************

Results improve for Airgas in Q3, first nine months
Airgas Inc. announced third fiscal quarter net sales of $451.9 million, up from net sales of $435.3 million. Net earnings reached $20.9 million, or 28 cents per share, compared to net earnings of $16.7 million, or 23 cents per share, during Q3 2002.

For the first nine months of its fiscal year, Airgas reported net sales of $1.4 billion, up from $1.3 billion during the comparable period the year before. Net earnings were $58.5 million, or 79 cents per share, for the first nine months, compared to $49.9 million, or 69 cents per share, during the comparable period the year before.

“I was pleased to see the sales momentum in the third quarter,” said Airgas chairman and CEO Peter McCausland. “We saw clear evidence of industrial recovery with good growth in our hardgoods business. The recovery is still in its early stages, so our outlook remains cautiously optimistic. However, as the industrial economy continues rebounding, we expect our higher margin gas business to respond as well, contributing favorably to overall profitability. Fourth quarter earnings are expected to range from 26 cents to 29 cents per diluted share.”

****************************************************************************

Revenue, income decline for Textron
Textron Inc. reported fourth quarter revenues of $2.7 billion, compared to net revenues of $2.8 billion during the same period in 2002. The company's fastening systems segment reported Q4 revenues of $457 million, and the industrial segment generated $793 million in revenues.

Fourth quarter net income reached $83 million, or 60 cents per share, compared to net income of $125 million, or 91 cents per share, during the fourth quarter of 2002. The fastening systems segment contributed $17 million in profit, while the industrial segment contributed $44 million for the fourth quarter 2003.

For all of 2003, Textron reported revenues of $9.9 billion, compared to revenues of $10.4 billion in 2002. In 2003, net income reached $259 million, or $1.89 per share, compared to a net loss of $124 million, or 88 cents per share, in 2002.

Textron's fastening systems group generated 2003 revenues of $1.7 billion, similar to sales from 2002. Fastening systems profit was $66 million in 2003, down from $72 million in 2002.

Industrial segment revenues reached $2.9 billion in 2003, up from revenues of $2.7 billion in 2002. Profit for the segment was $141 million in 2003, compared to $163 million in 2002.

"Looking ahead to the rest of the decade, Textron is poised to deliver strong organic growth, reflecting a full recovery in our end markets, introduction of new products, and ramp-up of our military programs at Bell," said Textron chairman, president and CEO Lewis B. Campbell. "The benefits of our transformation initiatives, combined with this revenue growth will generate increasingly improved profitability and cash flow."

****************************************************************************

Sales climb for Regal-Beloit in the fourth quarter
Regal-Beloit Corp. said fourth quarter net sales were $152.1 million, an increase over net sales of $146 million during the fourth quarter of 2002.

Fourth quarter 2003 net income reached $6.1 million, or 24 cents per share, vs. net income of $4.6 million, or 18 cents per share, in the prior-year period.

For all of 2003, net sales were $619.9 million, an increase over net sales of $605.3 million during 2002. Net income was $25.2 million, or $1 per share, in 2003, compared to 2002 net income of $24.5 million, or $1.01 per share.

"As we look to the first quarter and think about 2004, we are encouraged by what appears to be a broad-based indication that the business environment is improving, and in fact, the industrial base is re-emerging with some sustainable strength," said Regal-Beloit chairman and CEO James L. Packard. "We believe growth will develop gradually throughout the year, and that the industrial businesses will lag the general economy by three to six months. While we have some concerns about the pace of our growth opportunities and we are seeing significant raw material price increases, we are still estimating our earnings for the first quarter to be in the range of 24 cents to 28 cents per share."

****************************************************************************

DPS releases version 6.0 of its Flash software
Software development, consulting and services company Data Processing Services Inc. announced the general availability of DPS Flash version 6.0, its e-business storefront and customer service software.

New features continue to enhance the functions available to customers, sales reps and customer service reps. Building on version 5.0 features that provide site activity tracking and customer notification e-mails, version 6.0 provides the function to create and publish browser-like product catalogs on a standalone CD-ROM.

Configurable options include customer-specific pricing, customized HTML catalog pages, product availability, product attributes, and inclusion of links and PDF documents. With this CD-ROM catalog function, DPS Flash users can leverage their Web site development efforts to supplement or replace more expensive, printed catalogs.

DPS also announced support for Linux servers running the DPS Flash application, in addition to previously supported Windows, Unix and OS/400 servers. Linux provides a new, lower-cost server option for DPS Flash application users.

"DPS is excited about the advantages of Linux in the [small and medium business] marketplace. Clients are presented with a lower cost e-business solution and platform portability, while DPS expands its reach into the marketplace by having a Linux e-business solution ready to go," said DPS president Dan Barrow.

****************************************************************************

ISMA New Order Index surges
The Industrial Supply Manufacturers Association (ISMA) New Order Index increased to 169.8 during December 2003, compared to 162.5 in November and 159.9 in December 2002. This is the highest the index has been since November 2000.

The Federal Reserve Board's Durable Manufacturers Index was up to 129.7 in December from 128.9 in November and up from 120.5 in December 2002. The index reached its highest mark since October 2000.

Durable goods are items with a normal life expectancy of three years or more, such as autos, furniture, appliances and mobile homes.

The Conference Board's Index of Leading Indicators increased in December to 114.3 from 114.1 in November. It was also up from 111.2, the mark set during December 2002.

The 10 Leading Indicators are: building permits, average weekly initial claims for unemployment insurance (inverted), interest rate spread, real money supply, index of consumer expectations, vendor performance, stock prices, manufacturers' new orders for nondefense capital goods, manufacturers' new orders for consumer goods and materials, and average weekly manufacturing hours.

****************************************************************************

Foley elected to SBLC board of directors
Specialty Tools and Fasteners Distributors Association executive director Georgia H. Foley was elected to the board of directors of the Small Business Legislative Council (SBLC), a Washington, D.C.-based coalition of 70 trade and professional associations committed to the future of small business.

SBLC represents diverse economic sectors such as manufacturing, retailing, distribution, construction, transportation and agriculture. Her three-year board term will begin Feb.3.

Foley has been executive director of STAFDA since 2000 and has been with the association since 1994. STAFDA is a 2,600-member association comprised of wholesale distributors, manufacturers, rep agents and trade press who serve the light construction/industrial channel.

****************************************************************************

Sales, earnings rise during Kennametal's second quarter
Kennametal Inc. reported second fiscal quarter sales of $460.8 million, an increase over sales of $431.7 million during the comparable period a year earlier. Net income reached $10.9 million, or 30 cents per share, vs. net income of $2.5 million, or 7 cents per share, the year before.

For the first six months of its fiscal year, Kennametal enjoyed sales of $905.4 million, up from sales of $835.9 million during the year prior. Net income increased to $19.7 million, or 54 cents per share, during the second quarter. The compares with $13.3 million, or 38 cents per share.

Kennametal segment J&L Industrial Supply reported second fiscal quarter sales of $50.3 million, up from $48.1 million during the prior-year period. Operating income reached $4.3 million, an increase over $1.7 million the year before.

J&L Industrial Supply posted sales of $98.5 million for the first six months of its fiscal year, compared to $96.3 million the year before. Its operating income increased to $7 million from $3.9 million in the prior-year period.

Kennametal segment Full Service Supply reported second quarter sales of $32.2 million, up from $30.9 million in Q2 2003. The segment posted an operating loss of $159,000 in the second quarter, compared to an operating loss of $332,000 the year before.

For the first six months of the fiscal year, Full Service Supply generated sales of $63.9 million, up from $62.7 million. The segment reported an operating loss of $440,000, compared to an operating loss of $351,000.

"On balance, we remain confident in our ability to deliver against our original earnings guidance for the year," said Kennametal chairman, president and CEO Markos I. Tambakeras. "While Europe is weaker than anticipated, North America is encouraging, and the rest of the world remains strong. In addition to North American market growth, the incremental seasonal strength of the second half of our fiscal year, and the addition of sales from the previously announced J&L and [Full Service Supply] contracts give us confidence that we will be able to deliver in excess of 35 percent earnings growth in fiscal 2004."

****************************************************************************

Ingersoll-Rand sees revenues surge in Q4, full year
Ingersoll-Rand Co. Ltd. posted fourth quarter revenues of $2.7 billion, up from $2.4 billion during Q4 2002. The company reported net earnings of $197.4 million, or $1.12 per share, compared to net earnings of $183.4 million, or $1.08 per share, the year before.

The company generated full-year revenues of $9.9 billion, up from revenues of $8.9 billion in 2002. Full-year net earnings were $644.5 million, or $3.77 per share, compared to a net loss of $173.5 million, or $1.02 per share, in 2002.

"Our 2003 performance validated the soundness of our long-term strategy and the capability of Ingersoll-Rand people across the globe to execute our strategy," said Ingersoll-Rand chairman, president and CEO Herbert L. Henkel. "Over the past 12 months, we continued to develop innovative solutions for our customers, increased market share across our businesses, improved operating efficiency, and significantly strengthened our balance sheet."

****************************************************************************

Airgas to acquire BOC Group's packaged gas business
Airgas Inc. signed a non-binding letter of intent to acquire most of the assets of the U.S. packaged gas business of BOC Group in a transaction valued up to $200 million. The transaction is expected to close in mid-2004.

The acquisition would include retail stores, warehouses, fill plants and other operations involved in distributing packaged gases and welding equipment sold through BOC’s stores and distributors.

The business includes the range of packaged industrial, medical and most specialty gases. The business to be acquired generated about $240 million in revenues in fiscal 2003. Approximately 65 percent of the revenues came from gas sales and cylinder rent; 35 percent came from welding hardgoods and supplies.

“The completed transaction would be positive for our associates, our customers and our shareholders,” said Airgas chairman and CEO Peter McCausland. “The operations are a strong strategic fit with our core business of distributing industrial, specialty and medical gases and related supplies. They would add branches in selected markets in the Midwest, Northeast and Southeast portions of the United States where we currently have little or no presence, as well as give us our first presence in Hawaii.”

He added: "Most of the acquired operations and related personnel would be integrated within Airgas’ regional company structure. Airgas has formed an integration team with dedicated resources to manage a smooth transition for customers and associates.”

****************************************************************************

Comergent Technologies buys Profile Systems
Comergent Technologies Inc. acquired Profile Systems Inc., developer of product information (PIM) and inventory management software. Under the terms of the agreement, Comergent Technologies acquired all the outstanding Profile Systems shares and technology. Profile Systems employees have been retained in the West Springfield, Mass., office.

Currently, Comergent's software solutions help manufacturers, resellers and distributors optimize their product data and order management lifecycles from end to end, resulting in reduced order errors, lower selling costs, faster time-to-market and increased sales revenue.

By implementing Profile Systems’ product information management solution, customers typically see cost savings equal to 1 percent of sales. Additionally, the Profile Systems’ automated replenishment solution aids customers with increased inventory turns, improved service levels and greater profitability.

Profile Systems’ strengths include:
• substantial revenue growth over the past two fiscal years: 74 percent in 2002 and 42 percent in 2003;
• extensive expertise in the automotive, consumer-packaged goods, industrial and healthcare industry verticals;
• more than 1,000 enterprise subscription customers; and,
• ability to expand Comergent’s product solution to include product information management, data synchronization and automated inventory replenishment.

“As the economy recovers, businesses are once again turning to technology to support the increasing traffic in their sales and distribution channels,” said Jean Kovacs, Comergent president and CEO. “This strategic acquisition will deliver significant benefits in costs savings and revenue generation to our customers.”

****************************************************************************

Aperum releases newest version of FACTS software
Distribution software provider Aperum released FACTS 7.4, the latest version of its industry-standard solution.

The enhanced features and expanded functionality in this powerful new release allow distributors to leverage activity-based costing tools, improve contract pricing administration and manage interbranch transfers more effectively.

"This release demonstrates Aperum's ongoing commitment to enhance its products with features that drive down the cost of doing business and improve customer satisfaction," says Carol Butler, vice president of development at Aperum. "Activity-based costing and other enhancements significantly improve a distributor's ability to focus on and respond to the needs of its customers."

The release also incorporates supply chain management features including inventory transfers with full backorder capability. Numerous contract pricing enhancements include contract pricing by warehouse, among the many new features. With user-defined fields in major files, distributors can track business-specific information online and eliminate manual paper tracking.

****************************************************************************

Powers Fasteners opens two branch warehouse locations
Fastener manufacturer Powers Fasteners Inc. opened new branch warehouse locations in Los Angeles and Washington, D.C.

Shawn Hazen will head the Los Angeles warehouse as branch manager, and Gary Engleman will become branch manager of the Washington, D.C., warehouse location.

Hazen has been with Powers Fasteners since 2000, after several years of sales experience with Covert Operations, a California-based adhesive anchoring manufacturer.

Engleman joins Powers Fasteners with nearly 20 years experience in the construction and anchoring industry, having worked for several Washington, D.C.-area distributors.

****************************************************************************

Turner Supply to form southeastern machine tool division
Turner Supply Company will form a machine tool sales division based in Birmingham, Ala., which is centrally located to cover the Southeast.

Ray M. Prichard, the vice president of business development, will direct the operation. Mike Spink also joined Turner Supply as machine tool specialist, bringing with him 19 years of experience in machine tool sales. Spink is a veteran of Moore Handley Machine Tools, McDaniel Machinery and Rudel Machinery.

Turner will also add lines of CNC manufacturers to its existing offering of machine tool brands, including Summit Machine Tool Mfg., Lagun Machine Tool, Marvel Bandsaw Machine, K.O.Lee-Okamota and Acer Surface Grinders.

****************************************************************************

Dave Kahle to host distributor sales training boot camp
A two-day boot camp, designed to improve the performance of distributor salespeople, will be presented in May by distributor sales guru Dave Kahle.

According to Kahle, the program is "designed to offer an affordable solution to the thousands of distributor salespeople who have never been trained in the best practices of their profession."

The program will train participants in the details of the Kahle Way Distributor Selling System, a set of principles, strategies, practices and tools proven to produce exceptional results.

The interactive program will be held May 10-11 in Chicago and is limited to no more than 40 participants. It is designed for both experienced and new salespeople.

Kahle is well-known in the distribution channel as a consultant and trainer. He wrote How to Excel at Distributor Sales, which is exclusively available through the National Association of Wholesaler-Distributors (NAW).

For more information call The DaCo Corporation at or visit www.davekahle.com.

****************************************************************************

Cooper Industries posts strong fourth quarter gains
Cooper Industries' tools and hardware segment reported fourth quarter revenues of $190 million, compared to $167.5 million during Q4 2002. The segment reported operating earnings of $16.9 million, compared to a net loss of $2.1 million during the prior-year period.

For all of 2003, the tools and hardware segment generated revenues of $703 million vs. $635.6 million the year before. Segment operating earnings reached $39.4 million, an increase over the $14.6 million earned in 2002.

Cooper Industries as a whole posted revenues of $1 billion during the fourth quarter, up from $985 million during the comparable period. Net income jumped to $74.7 million, or 78 cents per share, vs. net income of $27.8 million, or 30 cents per share, in Q4 2002.

Cooper reported 2003 revenues of $4.1 billion vs. 2002 revenues of $4 billion. Net income increased to $274.3 million, or $2.92 per share, compared to net income of $213.7, or $2.28 per share, in 2002.

"In a nutshell, we believe we're doing the right things, the right way," said Cooper chairman, president and CEO H. John Riley Jr. "Through highly disciplined management, we have continued to improve our financial fundamentals. And in the last half of 2003, we began to see signs that the growth and profitability programs we are executing are positively impacting our businesses, as we had planned. We are confident that this momentum will continue, providing increased value for our shareholders."

****************************************************************************

Industry news archives
Industry news from this week