MSC Reports on Fourth-Quarter Results

MSC Industrial Direct reported Wednesday on its financial results for its fiscal 2013 fourth quarter that ended Aug. 31.

Net sales for the fourth quarter of fiscal 2013 were $673.8 million, an increase of 6.1% over net sales of $635.3 million in the fourth quarter of fiscal 2012. The recently acquired Barnes Distribution North America ("BDNA") business contributed approximately $73.6 million to net sales in the fiscal 2013 fourth quarter. The fiscal 2012 fourth quarter contained fourteen weeks.

Excluding non-recurring costs of $6.4 million associated with the BDNA acquisition and the co-location of the company's headquarters, adjusted operating income for the fiscal 2013 fourth quarter was $98.7 million, or 14.7% of net sales, compared to$109.2 million, or 17.2% of net sales in the same quarter a year ago. GAAP operating income for the fiscal 2013 fourth quarter was$92.4 million.

Erik Gershwind, president and chief executive officer, said, "Consistent with our outlook, a soft market environment persisted in the fiscal fourth quarter, particularly in metalworking where spending remained at depressed levels. However, the success of our share gain programs and customer penetration initiatives such as E-commerce and vending continued despite this weakness."