Lawson Products Incde (LAWS) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Lawson Products Incde

CIK: 703604 Ticker: LAWS

Lawson Products Announces Second Quarter 2018 Results

20.5% Sales Increase Drives Strong Performance

CHICAGO, July 26, 2018 - Lawson Products, Inc. (NASDAQ: LAWS) (Lawson or the "Company"), a distributor of products and services to the MRO marketplace, today announced results for the second quarter ended June 30, 2018.


Total sales of $90.4 million, up 20.5%. Average daily sales ("ADS") increased to $1.412 million during the second quarter of 2018 compared to $1.172 million in the second quarter of 2017 and increased 5.3% sequentially over the first quarter

Organic Lawson segment ADS, excluding The Bolt Supply House ("Bolt Supply"), increased 7.5% compared to the prior year quarter driven by the sixth consecutive quarterly increase in sales rep productivity which increased 9.1% for the quarter

Bolt Supply, which was acquired in October of 2017, added $9.8 million of sales and $0.9 million of adjusted EBITDA in the second quarter 2018 (see reconciliation in Table 2), in line with the Company's expectations

Operating income was $5.6 million compared to $7.9 million in the second quarter of 2017 which included a $5.4 million non-recurring gain on the sale of a facility. Non-GAAP adjusted EBITDA was $7.7 million compared to $4.5 million a year ago, up 71%. The Lawson segment adjusted EBITDA was $6.8 million, up 50% over the year ago quarter (see reconciliation in Table 2)

Borrowings, net of cash, ended at $10.1 million representing a decline of $3.5 million during the quarter

"Demand for our value-added MRO services remained robust in the second quarter as evidenced by the increase in our average daily sales. The 20.5% sales increase was largely driven by improved Lawson sales rep productivity as well as the inclusion of Bolt Supply. The 43% growth in our adjusted EBITDA percentage, which is over twice the sales gain, demonstrates the strengthening of our business and our ability to leverage our existing infrastructure," said Michael DeCata, president and chief executive officer. "Additionally, we increased our Lawson segment gross profit to 60.4% prior to the selling expense reclassification while driving adjusted EBITDA as a percent of sales to 8.6% from 6.0% a year ago."

Second Quarter Results

Net sales increased 20.5% to $90.4 million for the second quarter of 2018 compared to $75.0 million in 2017. Both quarters had 64 selling days. Average daily sales grew to $1.412 million compared to $1.172 million in the previous year quarter. Sales were positively impacted by $9.8 million from the inclusion of the Bolt Supply acquisition completed in the beginning of the fourth quarter of 2017 and a 9.1% improvement in Lawson's sales per rep per day productivity compared to the second quarter 2017.

The following information was filed by Lawson Products Incde (LAWS) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Acquisitions Acquisition
Acquisitions Acquisition Detail (Details)
Acquisitions Acquisitions (Tables)
Acquisitions Pro Forma Information (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Contingent Liability Contingent Liability (Details)
Contingent Liability Contingent Liability (Notes)
Goodwill (Tables)
Goodwill - Schedule Of Goodwill (Details)
Goodwill Goodwill
Income Tax
Income Tax Income Tax (Details)
Intangible Assets (Details)
Intangible Assets (Notes)
Intangible Assets (Tables)
Inventories (Details)
Inventories (Tables)
Lease Termination (Details)
Lease Termination (Notes)
Loan Agreement
Loan Agreement (Details)
Loan Agreement (Tables)
Loan Agreement Covenant (Details)
Reserve For Severance
Reserve For Severance (Tables)
Reserve For Severance Activity In Reserve (Details)
Restricted Cash Restricted Cash
Restricted Cash Restricted Cash (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Schedule Of Disaggregation Of Revenue (Details)
Revenue Recognition Geographical (Tables)
Revenue Recognition Product Vertcal (Details)
Revenue Recognition Product Vertical (Tables)
Revenue Recognition Revenue Recognition
Revenue Recognition Revenue Recognition (Tables)
Segment Information (Notes)
Segment Information Segment Reporting (Details)
Segment Information Segment Reporting (Tables)
Stock-Based Compensation (Notes)
Stock-Based Compensation Anti Dilutive Options (Details)
Stock-Based Compensation Market Stock Units (Details)
Stock-Based Compensation Restricted Stock Awards (Details)
Stock-Based Compensation Stock-Based Compensation Details (Details)
Subsequent Event (Details)
Subsequent Event (Notes)

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Lawson Products Incde provided additional information to their SEC Filing as exhibits

Ticker: LAWS
CIK: 703604
Form Type: 10-Q Quarterly Report
Accession Number: 0000703604-18-000063
Submitted to the SEC: Thu Oct 25 2018 7:40:55 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Wholesale Machinery Equipment And Supplies

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