DXP Enterprises Inc. (DXPE, Financial) filed Amended Quarterly Report for the period ended 2010-02-02.
Dxp Enterprises Inc. has a market cap of $171.3 million; its shares were traded at around $13.24 with a P/E ratio of 12.3 and P/S ratio of 0.2. Dxp Enterprises Inc. had an annual average earning growth of 15.2% over the past 10 years.
GROSS PROFIT. Gross profit as a percentage of sales increased by approximately 1.1% for the three months ended June 30, 2009, to $28.7% from 27.6% for the same period in 2008. Gross profit as a percentage of sales for the MRO segment increased to 28.6% for the three months ended June 30, 2009, from 27.6% for the same period in 2008. This increase is primarily the result of increased gross profit as a percentage of sales on sales of supply chain services and MRO products and services in 2009 as compared to 2008 combined with the effect of the two businesses acquired after March 31, 2008 having a higher gross profit percentage than the remainder of DXP. Gross profit as a percentage of sales for the Electrical Contractor segment decreased to 33.8% for the three months ended June 30, 2009, from 36.3% for the same period in 2008. This decrease resulted from sales of higher margin specialty-type electrical products decreasing more than sales of commodity products decreased.
SALES. Revenues for the six months ended June 30, 2009 decreased $54.3 million, or 15.2%, to approximately $302.0 million from $356.3 million for the same period in 2008. Sales for the MRO Segment decreased $53.8 million, or 15.2%, to $300.6 million for the six months ended June 30, 2009, from $354.4 million for the same period in 2008. Sales by businesses acquired in 2008, on a same store sales basis, accounted for $26.2 million of 2009 sales. Excluding these sales by the acquired businesses, sales for the MRO segment decreased 22.6%. This sales decrease is primarily due to a broad-based decrease in sales of pumps, bearings, safety products and mill supplies in connection with a broad-based decline in the U. S. economy. Sales for the Electrical Contractor segment decreased by $0.5 million, or 26.0%,to $1.4 million for the six months ended June 30, 2009 from $1.9 million for the same period in 2008, resulting from the decline in the economy. Sales of commodity and specialty type electrical products declined.
GROSS PROFIT. Gross profit as a percentage of sales increased by approximately 1.5% for the six months ended June 30, 2009, to $29.0% from 27.5% for the same period in 2008. Gross profit as a percentage of sales for the MRO segment increased to 28.9% for the six months ended June 30, 2009, from 27.4% for the same period in 2008. This increase is primarily the result of increased gross profit as a percentage of sales on sales of supply chain services and MRO products and services in 2009 as compared to 2008 combined with the effect of the three businesses acquired during 2008 having a higher gross profit percentage than the remainder of DXP. Gross profit as a percentage of sales for the Electrical Contractor segment decreased to 34.5% for the six months ended June 30, 2009, from 36.5% for the same period in 2008. This decrease resulted from sales of higher margin specialty-type electrical products decreasing more than sales of commodity products decreased.
OPERATING INCOME. Operating income for the six months ended June 30, 2009 decreased 46.4%, to $11.8 million for the six months ended June 30, 2009, from $22.1 million for the same period in 2008. Operating income for the MRO segment decreased 46.3%, to $$11.7 million for the six months ended June 30, 2009 from $21.7 million for the same period in 2008 as a result of a $10.2 million decrease in gross profit, partially offset by a $0.1 million decrease in selling, general and administrative expense. Operating income for the Electrical Contractor segment decreased 56.6%, to $0.1 million for the six months ended June 30, 2009, from $0.3 million for the same period in 2008, primarily as a result of decreased gross profit due to decreased sales.
The revolving credit portion of the Facility provides the option of interest at LIBOR plus a margin ranging from 1.00% to 2.00% or prime rate plus a margin of 0.0% to 0.50%. On June 30, 2009, the LIBOR based rate on the revolving credit portion of the Facility was LIBOR plus 1.50%. On June 30, 2009, the prime based rate on the revolving credit portion of the Facility was prime rate plus 0.0%. Commitment fees of 0.15% to 0.30% per annum are payable on the portion of the Facility capacity not in use for borrowings or letters of credit at any given time. At June 30, 2009, the commitment fee was 0.25%. The term loan provides the option of interest at LIBOR plus a margin ranging from 2.00% to 2.50% or prime rate plus a margin of 0.50% to 1.00%. At June 30, 2009, the LIBOR based rate for the term loan was LIBOR plus 2.25%. At June 30, 2009, the prime based rate for the term loan was prime rate plus 0.75%. At June 30, 2009, $130.5 million was borrowed under the Facility at a weighted average interest rate of approximately 3.1% under the LIBOR options, including the effect of the interest rate swap, and $7.2 million was borrowed under the prime rate options under the Facility. Borrowings under the Facility are secured by all of the Company s accounts receivable, inventory, general intangibles and non-real estate property and equipment. At June 30, 2009, we were in compliance with all covenants. At June 30, 2009, $36.3 million was available for borrowing under the most restrictive covenant of the Facility.
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Dxp Enterprises Inc. has a market cap of $171.3 million; its shares were traded at around $13.24 with a P/E ratio of 12.3 and P/S ratio of 0.2. Dxp Enterprises Inc. had an annual average earning growth of 15.2% over the past 10 years.
Highlight of Business Operations:
SALES. Revenues for the three months ended June 30, 2009 decreased $43.4 million, or 23.1% to $144.4 million from $187.8 million for the same period in 2008. Sales for the MRO Segment decreased $43.2 million, or 23.1%, to approximately $143.7 million from $186.8 million for the same period in 2008. Sales by businesses acquired in 2008, on a same store sales basis, accounted for $12.0 million of 2009 sales for the three month period ended June 30, 2009. Excluding these sales by the acquired businesses, sales for the MRO segment decreased 29.5%. This sales decrease is primarily due to a broad-based decrease in sales of pumps, bearings, safety products and mill supplies resulting from economic crisis in the United States. Sales for the Electrical Contractor segment for the three months ended June 30, 2009 decreased by $0.3 million, or 27.7%, to $0.7 million from $1.0 million for the same period in 2008 resulting from the decline in the economy. Sales of commodity and specialty type electrical products decreased.GROSS PROFIT. Gross profit as a percentage of sales increased by approximately 1.1% for the three months ended June 30, 2009, to $28.7% from 27.6% for the same period in 2008. Gross profit as a percentage of sales for the MRO segment increased to 28.6% for the three months ended June 30, 2009, from 27.6% for the same period in 2008. This increase is primarily the result of increased gross profit as a percentage of sales on sales of supply chain services and MRO products and services in 2009 as compared to 2008 combined with the effect of the two businesses acquired after March 31, 2008 having a higher gross profit percentage than the remainder of DXP. Gross profit as a percentage of sales for the Electrical Contractor segment decreased to 33.8% for the three months ended June 30, 2009, from 36.3% for the same period in 2008. This decrease resulted from sales of higher margin specialty-type electrical products decreasing more than sales of commodity products decreased.
SALES. Revenues for the six months ended June 30, 2009 decreased $54.3 million, or 15.2%, to approximately $302.0 million from $356.3 million for the same period in 2008. Sales for the MRO Segment decreased $53.8 million, or 15.2%, to $300.6 million for the six months ended June 30, 2009, from $354.4 million for the same period in 2008. Sales by businesses acquired in 2008, on a same store sales basis, accounted for $26.2 million of 2009 sales. Excluding these sales by the acquired businesses, sales for the MRO segment decreased 22.6%. This sales decrease is primarily due to a broad-based decrease in sales of pumps, bearings, safety products and mill supplies in connection with a broad-based decline in the U. S. economy. Sales for the Electrical Contractor segment decreased by $0.5 million, or 26.0%,to $1.4 million for the six months ended June 30, 2009 from $1.9 million for the same period in 2008, resulting from the decline in the economy. Sales of commodity and specialty type electrical products declined.
GROSS PROFIT. Gross profit as a percentage of sales increased by approximately 1.5% for the six months ended June 30, 2009, to $29.0% from 27.5% for the same period in 2008. Gross profit as a percentage of sales for the MRO segment increased to 28.9% for the six months ended June 30, 2009, from 27.4% for the same period in 2008. This increase is primarily the result of increased gross profit as a percentage of sales on sales of supply chain services and MRO products and services in 2009 as compared to 2008 combined with the effect of the three businesses acquired during 2008 having a higher gross profit percentage than the remainder of DXP. Gross profit as a percentage of sales for the Electrical Contractor segment decreased to 34.5% for the six months ended June 30, 2009, from 36.5% for the same period in 2008. This decrease resulted from sales of higher margin specialty-type electrical products decreasing more than sales of commodity products decreased.
OPERATING INCOME. Operating income for the six months ended June 30, 2009 decreased 46.4%, to $11.8 million for the six months ended June 30, 2009, from $22.1 million for the same period in 2008. Operating income for the MRO segment decreased 46.3%, to $$11.7 million for the six months ended June 30, 2009 from $21.7 million for the same period in 2008 as a result of a $10.2 million decrease in gross profit, partially offset by a $0.1 million decrease in selling, general and administrative expense. Operating income for the Electrical Contractor segment decreased 56.6%, to $0.1 million for the six months ended June 30, 2009, from $0.3 million for the same period in 2008, primarily as a result of decreased gross profit due to decreased sales.
The revolving credit portion of the Facility provides the option of interest at LIBOR plus a margin ranging from 1.00% to 2.00% or prime rate plus a margin of 0.0% to 0.50%. On June 30, 2009, the LIBOR based rate on the revolving credit portion of the Facility was LIBOR plus 1.50%. On June 30, 2009, the prime based rate on the revolving credit portion of the Facility was prime rate plus 0.0%. Commitment fees of 0.15% to 0.30% per annum are payable on the portion of the Facility capacity not in use for borrowings or letters of credit at any given time. At June 30, 2009, the commitment fee was 0.25%. The term loan provides the option of interest at LIBOR plus a margin ranging from 2.00% to 2.50% or prime rate plus a margin of 0.50% to 1.00%. At June 30, 2009, the LIBOR based rate for the term loan was LIBOR plus 2.25%. At June 30, 2009, the prime based rate for the term loan was prime rate plus 0.75%. At June 30, 2009, $130.5 million was borrowed under the Facility at a weighted average interest rate of approximately 3.1% under the LIBOR options, including the effect of the interest rate swap, and $7.2 million was borrowed under the prime rate options under the Facility. Borrowings under the Facility are secured by all of the Company s accounts receivable, inventory, general intangibles and non-real estate property and equipment. At June 30, 2009, we were in compliance with all covenants. At June 30, 2009, $36.3 million was available for borrowing under the most restrictive covenant of the Facility.
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