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Lawson Products Reports Fourth Quarter and Full Year 2021 Results

·22 min read

Improved Performance Continues

CHICAGO, February 24, 2022--(BUSINESS WIRE)--Lawson Products, Inc. (NASDAQ:LAWS) ("Lawson" or the "Company"), a distributor of products and services to the MRO marketplace, today announced results for the fourth quarter and the full year ended December 31, 2021.

Summary Financial Highlights

Three Months Ended December 31,

Year Ended December 31,

($ in millions, except earnings per share data)

2021

2020

Change

2021

2020

Change

Net Sales

$102.1

$98.1

4.0%

$417.7

$351.6

18.8%

Average Daily Net Sales

$1.701

$1.609

5.7%

$1.664

$1.390

19.7%

Number of Business Days

60

61

251

253

Reported Operating (Loss) Income

$(0.8)

$(0.7)

(25.4)%

$12.0

$20.6

(41.7)%

Adjusted Operating Income (1)

$6.1

$6.9

(12.2)%

$27.5

$27.4

0.1%

Reported Diluted (Loss) Earnings Per Share

$(0.09)

$0.02

$(0.11)

$1.01

$1.62

$(0.61)

Adjusted Diluted Earnings Per Share (2)

$0.52

$0.60

$(0.08)

$2.31

$2.16

$0.15

Adjusted EBITDA (1)

$8.4

$9.0

(6.0)%

$35.8

$34.1

4.9%

Adjusted EBITDA Margin (1)

8.3%

9.1%

(80) bps

8.6%

9.7%

(110) bps

(1) Excludes the impact of stock-based compensation, severance and non-recurring items. (See reconciliation in Table 1)

(2) Excludes the impact of stock-based compensation, severance and non-recurring items. (See reconciliation in Table 2)

Michael DeCata, the Company’s president and chief executive officer said, "We are pleased to report net sales growth of 4.0% in the fourth quarter and 18.8% for the fiscal year, compared to last year. Our strong full year growth was driven by a 9.4% organic increase plus our acquisitive growth. I’m proud of the team’s hard work in the quarter, despite ongoing challenges faced by many companies from supply chain disruptions, product costs increases and labor shortages. Average daily sales for the quarter grew 5.7% to $1.701 million compared to the fourth quarter of 2020 from growth in both the Lawson MRO and The Bolt Supply House businesses. Sequential daily sales gains over the third quarter are evidence of strong customer demand that has continued into early 2022. The Company's solid performance and positive operating cash flows in 2021 further strengthened our financial position to fund our growth initiatives.

"We are excited to celebrate an important milestone for Lawson in 2022, its 70th anniversary. Since 1952, this Company has been built on strong relationships that enables its customers to operate more efficiently. We have provided the services, products and technical expertise that customers have come to expect from Lawson Products. As a result, our customers depend heavily on us to support their labor needs, thereby placing us in a great position to enhance services to existing customers and attract new customers.

"Our adjusted EBITDA this quarter reflects fewer seasonal selling days and planned investments made in the organization to grow sales by expanding our channels to market. As we move into 2022, we are optimistic that we can achieve solid organic growth, increase margins and make acquisitions to build on our strengths," concluded Mr. DeCata.

Fourth Quarter and Full Year Highlights

  • During the quarter, Lawson entered into two merger agreements in which Lawson has agreed to combine with two of Luther King Capital Management's (LKCM) portfolio companies, TestEquity and Gexpro Services, in all-stock transactions as previously announced by Lawson. The completion of the mergers is subject to receipt of Lawson stockholder approvals, refinancing the existing debt and other closing conditions. Lawson expects to complete the mergers in the second quarter of 2022.

  • Net sales increased to $102.1 million compared to $98.1 million for the fourth quarter of 2020. Average daily net sales (ADS) improved 5.7% to $1.701 million in the fourth quarter of 2021 compared to $1.609 million in the prior year quarter on one less selling day. For the full year, ADS increased by 19.7% with organic sales growing 9.4%.

  • For the quarter, inclusive of $6.9 million of non-operating expenses, we reported an operating loss of $0.8 million. The non-operating expenses consist of stock-based compensation and costs from the negotiation, review and execution of the merger agreements relating to Lawson’s proposed business combination with TestEquity and Gexpro Services. This compares to an operating loss of $0.7 million in the prior year quarter.

  • Adjusted EBITDA was $8.4 million or 8.3% of sales for the quarter as compared to $9.0 million or 9.1% of sales for the fourth quarter of the prior year and $9.4 million or 8.9% of sales sequentially from the third quarter of 2021 on four fewer selling days. For the full year, adjusted EBITDA was $35.8 million as compared to $34.1 million in 2020.

  • We reported a net loss for the quarter of $0.8 million inclusive of non-operating items. Adjusted net income for the quarter was $4.7 million or $0.52 adjusted earnings per diluted share compared to $5.6 million or $0.60 per diluted share for the fourth quarter last year and $6.0 million or $0.64 per diluted share in the third quarter on four fewer selling days in the fourth quarter. For the full year, adjusted diluted earnings per share were $2.31 as compared to $2.16 in 2021. (See reconciliation in Table 2)

  • We ended the year with total liquidity of $91.3 million, consisting of $4.2 million of cash and cash equivalents and $87.1 million of availability under our $100.0 million committed credit facility.

Fourth Quarter Results

Net sales increased 4.0% to $102.1 million in the fourth quarter of 2021 compared to $98.1 million in the fourth quarter of 2020. Strength within our Lawson MRO business through improved sales rep productivity and growth in The Bolt Supply House business drove the increase. The improvements were partially offset by lower sales to our government customers compared to the prior year quarter. Average daily sales grew to $1.701 million compared to $1.609 million in the prior year quarter on one less selling day in the current year quarter, an improvement of 5.7%.

Gross profit increased $1.9 million to $54.0 million from $52.1 million in the fourth quarter of 2020, primarily driven by increased sales compared to the prior year quarter. Gross profit as a percentage of sales was 52.9% compared to 53.1% in the year ago quarter and in the third quarter of 2021 demonstrating our ability to manage margins despite the supply chain disruptions. Rising supplier costs during the fourth quarter were primarily offset by price increases instituted throughout 2021.

Selling expenses were $23.7 million, or 23.2% of sales, in the fourth quarter of 2021 compared to $21.3 million, or 21.7% of sales, in the prior year quarter and 23.6% of sales in the third quarter of 2021. The rise in selling expenses compared to the prior year quarter was primarily driven by higher sales representative compensation on improved sales, planned investments to grow sales by expanding our channels to market and increased customer facing activities as sales rebounded from the pandemic.

General and administrative expenses were $31.1 million in the fourth quarter of 2021, which were essentially flat compared to $31.4 million in the prior year quarter. Fourth quarter 2021 expenses include $3.7 million from the negotiation, review and execution of the merger agreements relating to Lawson’s proposed business combination with TestEquity and Gexpro Services, and costs of $3.5 million for stock-based compensation and acquisition costs. During 2020 fourth quarter, costs included a goodwill impairment charge of $1.9 million and $5.7 million of stock-based compensation, severance expense and acquisition-related costs. Excluding these items, general and administrative expenses were flat compared to the prior year quarter.

Inclusive of $6.9 million of non-operating items in the quarter, we reported an operating loss of $0.8 million in the fourth quarter of 2021. This compares to an operating loss of $0.7 million in the prior year quarter. Non-GAAP adjusted operating income was $6.1 million in the fourth quarter of 2021 compared to $6.9 million in the prior year quarter. (See reconciliation in Table 1) For the quarter, adjusted EBITDA was $8.4 million or 8.3% of sales compared to $9.0 million or 9.1% of sales in the prior year quarter. (See reconciliation in Table 1)

We reported a net loss of $0.8 million, or $0.09 per diluted share, for the fourth quarter 2021 compared to net income of $0.2 million, or $0.02 per diluted share, in the prior year quarter. Adjusted net income was $4.7 million or $0.52 per diluted share compared to $5.6 million or $0.60 per diluted share a year ago. (See reconciliation in Table 2)

Full Year 2021 Results

Net sales were $417.7 million for 2021 compared to $351.6 million in 2020, an increase of 18.8%. The increased sales were driven by the inclusion of Partsmaster sales of $57.8 million for the full year of 2021 compared to $22.6 million of sales recorded in the four-months following the acquisition in 2020. Excluding the impact of the Partsmaster acquisition, organic sales grew 9.4% in 2021 over 2020. While the 2021 business environment continued to be impacted by the pandemic, the slowly improving environment over 2020 contributed to increased sales in all customer categories in the Lawson segment on a full year basis. The Bolt Supply House business sales grew 18.6% in 2021 on customer expansion and improved branch performance. Despite global supply chain disruptions, sales improved as 2021 progressed.

Gross margin increased $32.7 million for the year to $219.2 million compared to $186.5 million in the prior year. Increased margin dollars were driven by incremental Partsmaster gross margin of $23.2 million for the full year 2021 compared to the four-month post-acquisition period in 2020 and $9.5 million of organic growth. As a percentage of sales, reported gross margin was 52.5% for the full year 2021 compared to 53.1% in 2020. The lower gross margin percent for 2021 was driven by establishing inventory reserves related to the integration of Partsmaster into the Lawson product line and establishing reserves on excess personal protective equipment (PPE) inventory. Higher freight and supplier costs, which were a result of supply chain disruptions affecting the broader economy, also impacted gross margin as a percent of sales. The Company's gross margin improved sequentially in both the third and fourth quarters of 2021 as we took actions, including price increases, to mitigate the impact of the supply chain disruptions which began in early 2021.

Reported operating income in 2021 was $12.0 million after $15.5 million of non-operating items from the negotiation, review and execution of the merger agreements relating to Lawson’s proposed business combination, stock-based compensation expense, acquisition-related costs and inventory reserves for the integration of Partsmaster and for excess PPE inventory. Excluding these items, non-GAAP adjusted operating income was $27.5 million in 2021 compared to $27.4 million in the prior year (See table above and reconciliation in Table 1). For the year, adjusted EBITDA was $35.8 million or 8.6% of sales compared to $34.1 million or 9.7% of sales a year ago which benefited from temporary cost reductions to manage through the pandemic. (See table above and reconciliation in Table 1)

Reported net income for 2021 was $9.4 million or $1.01 per diluted share compared to net income of $15.1 million, or $1.62 per diluted share in 2020. Non-GAAP adjusted net income was $21.6 million or $2.31 per diluted share compared to $20.1 million or $2.16 per diluted share in 2020. (See reconciliation in Table 2)

Cash Flow and Cash Position

The Company ended the year with $4.2 million of cash and cash equivalents and generated $5.4 million of operating cash flows for the year. Additionally, the Company has $87.1 million of availability under its $100.0 million committed credit facility. In May 2021, we paid the outstanding $33.0 million acquisition liability relating to the Partsmaster acquisition primarily with cash on hand and the remainder from our revolving line of credit. Capital expenditures for the year of $8.2 million were primarily for improvements to our distribution centers and for information technology investments.

Conference Call

Lawson Products, Inc. will conduct a conference call with investors to discuss fourth quarter and full year 2021 results at 9:00 a.m. Eastern Time on February 24, 2022. The conference call is available by direct dial at 1-888-506-0062 in the U.S. or 1-973-528-0011 from outside of the U.S. A replay of the conference call will be available approximately two hours after completion of the call through March 31, 2022. Callers can access the replay by dialing 1-877-481-4010 in the U.S. or 1-919-882-2331 outside the U.S. The PIN access number for the replay is 44049#. A streaming audio of the call and an archived replay will also be available on the investor relations page of Lawson's website through March 31, 2022.

About Lawson Products, Inc.

Founded in 1952, Lawson Products, Inc., headquartered in Chicago, IL, sells and distributes specialty products to the industrial, commercial, institutional and government maintenance, repair and operations market (MRO). The Company is dedicated to helping customers in the U.S. and Canada lower their total cost of operation by increasing productivity and efficiency. The combination of Lawson and Partsmaster's Managed Inventory process and the Company’s problem-solving professionals ensures customers always have the right parts to handle the job. Through The Bolt Supply House, customers in Western Canada have access to products at several branch locations. Under its Kent Automotive brand, the Company provides collision and mechanical repair products to the automotive aftermarket.

Lawson Products ships from several strategically located distribution centers to customers in all 50 states, Puerto Rico, Canada, Mexico, and the Caribbean.

For additional information, please visit https://www.lawsonproducts.com/

This Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The terms "may," "should," "could," "anticipate," "believe," "continues," "estimate," "expect," "intend," "objective," "plan," "potential," "project" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management's current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause or contribute to such differences or that might otherwise impact the business and include the risk factors set forth in Item 1A of the December 31, 2020, Form 10-K filed on February 26, 2021. In addition, the following factors, among others, could cause actual outcomes and results to differ materially from those discussed in the forward-looking statements: (1) the possibility that the mergers will not be consummated, and the possibility of delays in consummating the mergers; (2) the possibility that the closing conditions set forth in either of the merger agreements will not be satisfied, including among others receipt of Company stockholder approvals; (3) unanticipated difficulties or expenditures relating to the mergers; (4) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreements; (5) the risk that stockholder litigation in connection with the mergers may prevent or delay the consummation of the mergers and/or result in significant costs of defense, indemnification and liability; and (6) any problems arising in combining the businesses of Lawson, TestEquity and Gexpro Services, which may result in the combined company not operating as effectively and efficiently as expected. The Company undertakes no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements whether as a result of new information, future events or otherwise.

-TABLES FOLLOW-

Lawson Products, Inc.

Consolidated Statements of Income (Loss)

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2021

2020

2021

2020

Revenue

$

102,067

$

98,133

$

417,733

$

351,591

Cost of goods sold

48,058

46,054

198,498

165,053

Gross profit

54,009

52,079

219,235

186,538

Operating expenses:

Selling expenses

23,698

21,330

96,643

76,775

General & administrative expenses

31,136

31,407

110,605

89,213

Operating expenses

54,834

52,737

207,248

165,988

Operating (loss) income

(825

)

(658

)

11,987

20,550

Interest expense

(159

)

(325

)

(869

)

(654

)

Other (loss) income, net

(1

)

874

801

889

(Loss) income before income taxes

(985

)

(109

)

11,919

20,785

Income tax (benefit) expense

(204

)

(332

)

2,513

5,672

Net (loss) income

$

(781

)

$

223

$

9,406

$

15,113

Basic (loss) income per share of common stock

$

(0.09

)

$

0.02

$

1.04

$

1.68

Diluted (loss) income per share of common stock

$

(0.09

)

$

0.02

$

1.01

$

1.62

Lawson Products, Inc.

Consolidated Balance Sheets

(Dollars in thousands, except unaudited share data)

(Unaudited)

December 31, 2021

December 31, 2020

ASSETS

Current assets:

Cash and cash equivalents

$

4,181

$

28,393

Restricted cash

198

998

Accounts receivable, less allowance for doubtful accounts

47,031

44,515

Inventories, net

73,849

61,867

Miscellaneous receivables and prepaid expenses

7,517

7,289

Total current assets

132,776

143,062

Property, plant and equipment, less accumulated depreciation and amortization

18,828

15,800

Deferred income taxes

20,111

18,482

Goodwill

35,313

35,176

Cash value of life insurance

18,573

16,185

Intangible assets, net

16,165

18,503

Right of use assets

14,045

8,764

Other assets

346

332

Total assets

$

256,157

$

256,304

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accrued acquisition liability

$

$

32,673

Accounts payable

21,089

22,262

Lease obligation

4,467

4,568

Accrued expenses and other liabilities

46,688

38,492

Total current liabilities

72,244

97,995

Revolving line of credit

11,900

Security bonus plan

10,578

11,262

Lease obligation

10,841

5,738

Deferred compensation

11,962

10,461

Deferred tax liability

1,671

2,841

Other liabilities

3,954

5,585

Total liabilities

123,150

133,882

Stockholders’ equity:

Preferred stock, $1 par value:

Authorized - 500,000 shares, issued and outstanding — None

Common stock, $1 par value:

Authorized - 35,000,000 shares

Issued – 9,363,093 and 9,287,625 shares, respectively

Outstanding – 9,115,584 and 9,061,039 shares, respectively

9,363

9,288

Capital in excess of par value

22,118

19,841

Retained earnings

111,015

101,609

Treasury stock – 247,509 and 226,586 shares held, respectively

(10,033

)

(9,015

)

Accumulated other comprehensive income

544

699

Total stockholders’ equity

133,007

122,422

Total liabilities and stockholders’ equity

$

256,157

$

256,304

LAWSON PRODUCTS, INC.

REGULATION G GAAP RECONCILIATIONS

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, the Company's management believes that certain non-GAAP financial measures may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful information of underlying trends of the business because they provide a comparison of historical information that excludes certain seasonal or non-operational items that impact the overall comparability. See Tables 1 and 2 below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and twelve months ended December 31, 2021 and 2020. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Adjusted Operating Income and EBITDA

(Dollars in thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2021

2020

2021

2020

Operating (loss) income as reported per GAAP (1)

$

(825

)

$

(658

)

$

11,987

$

20,550

Stock-based compensation (2)

3,435

4,776

4,838

2,009

Severance expense (3)

(64

)

557

264

2,077

Inventory reserves (4)

(382

)

1,368

Costs related to merger agreements (5)

3,741

8,317

Acquisition related costs (6)

169

325

687

880

Goodwill impairment (7)

1,918

1,918

Non-GAAP adjusted operating Income

6,074

6,918

27,461

27,434

Depreciation and amortization

2,351

2,041

8,341

6,701

Non-GAAP adjusted EBITDA

$

8,425

$

8,959

$

35,802

$

34,135

(1)

Partsmaster acquisition contributed $1.2 million of GAAP operating income in the fourth quarter 2021, $0.1 million of GAAP operating income in the fourth quarter 2020, $1.6 million of GAAP operating income in the full year 2021, and $0.5 million of GAAP operating income in the full year 2020.

(2)

Expense for stock-based compensation, of which a portion varies with the Company's stock price.

(3)

Includes severance expense and retention costs from actions taken in 2021 and 2020 related to the Partsmaster acquisition.

(4)

Expenses for Partsmaster inventory rationalization plan and write-down of personal protective equipment inventory to net realizable value.

(5)

Primarily costs related to the negotiation, review and execution of the merger agreements relating to Lawson’s proposed business combination with TestEquity and Gexpro Services.

(6)

Primarily signing bonus costs pertaining to the acquisition of Partsmaster.

(7)

Represents the goodwill impairment related to the 2018 acquisition of Screw Products, Inc. as the carrying value of the reporting unit exceeded its estimated fair value.

.

Table 2 - Reconciliation of GAAP Net Income (Loss) and Diluted EPS to Non-GAAP Adjusted Net Income and Adjusted Diluted EPS (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended December 31,

2021

2020

Amount

Diluted EPS (2)

Amount

Diluted EPS (2)

Net (loss) income as reported per GAAP

$

(781

)

$

(0.09

)

$

223

$

0.02

Pretax adjustments:

Stock-based compensation

3,435

0.39

4,776

0.51

Severance expense

(64

)

(0.01

)

557

0.06

Inventory reserves

(382

)

(0.04

)

Costs related to merger agreements

3,741

0.41

Acquisition related costs

169

0.02

325

0.03

Goodwill impairment

1,918

0.21

Pretax adjustments

6,899

0.77

7,576

0.81

Tax effect on adjustments (1)

(1,428

)

(0.16

)

(2,227

)

(0.23

)

Total adjustments, net of tax

5,471

0.61

5,349

0.58

Non-GAAP adjusted net income

$

4,690

$

0.52

$

5,572

$

0.60

(1)

Tax effected at effective tax rate of 20.7% for 2021 and 29.4% for 2020

(2)

Pretax adjustments to diluted EPS calculated on 9.078 million and 9.336 million of diluted shares for 2021 and 2020, respectively

(Dollars in thousands, except per share amounts)

Twelve Months Ended December 31,

2021

2020

Amount

Diluted EPS (2)

Amount

Diluted EPS (2)

Net income as reported per GAAP

$

9,406

$

1.01

$

15,113

$

1.62

Pretax adjustments:

Stock-based compensation

4,838

0.51

2,009

0.22

Severance expense

264

0.03

2,077

0.22

Inventory reserves

1,368

0.15

Costs related to merger agreements

8,317

0.88

Acquisition related costs

687

0.07

880

0.09

Goodwill impairment

1,918

0.21

Pretax adjustments

15,474

1.64

6,884

0.74

Tax effect on adjustments (1)

(3,265

)

(0.34

)

(1,879

)

(0.20

)

Total adjustments, net of tax

12,209

1.30

5,005

0.54

Non-GAAP adjusted net income

$

21,615

$

2.31

$

20,118

$

2.16

(1)

Tax effected at effective tax rate of 21.1% for 2021 and 27.3% for 2020

(2)

Pretax adjustments to diluted EPS calculated on 9.350 million and 9.331 million of diluted shares for 2021 and 2020, respectively

Lawson Products Core Business

Table 3 - Quarterly Data (Unaudited)

Historical Lawson Segment Sales Representative and Productivity Information

(Dollars in thousands)

Three Months Ended

Dec. 31
2021

Sep. 30
2021

Jun. 30
2021

Mar. 31
2021

Dec. 31
2020

Number of business days

60

64

64

63

61

Average daily net sales (1)

$

1,486

$

1,455

$

1,471

$

1,473

$

1,439

Year over year increase

3.3

%

17.3

%

50.3

%

16.4

%

12.5

%

Sequential quarter increase (decrease)

2.1

%

(1.1

) %

(0.1

) %

2.4

%

16.0

%

Average active sales rep count (1), (2)

1,046

1,076

1,081

1,083

1,099

Period-end active sales rep count

1,037

1,064

1,086

1,079

1,090

Sales per rep per day

$

1.421

$

1.352

$

1.361

$

1.360

$

1.309

Year over year increase

8.6

%

8.2

%

33.0

%

7.3

%

2.6

%

Sequential quarter increase (decrease)

5.1

%

(0.7

) %

0.1

%

3.9

%

4.8

%

(1)

Quarters ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 include Partsmaster revenue of $13.2 million, $13.6 million, $15.3 million, $15.7 million and $17.2 million, respectively, and average rep counts of 174, 185, 186, 186 and 196, respectively

(2)

Average active sales representative count represents the average of the month-end sales representative counts

Lawson Products, Inc.

Table 4 - Consolidated Quarterly Results (Unaudited)

(Dollars in thousands)

Three Months Ended

Dec. 31
2021

Sep. 30
2021

Jun. 30
2021

Mar. 31
2021

Dec. 31
2020

Average daily net sales

$

1,701

$

1,650

$

1,665

$

1,644

$

1,609

Year over year increase

5.7

%

16.9

%

47.7

%

15.6

%

10.8

%

Sequential quarter increase (decrease)

3.1

%

(0.9

) %

1.3

%

2.2

%

14.0

%

Net sales

$

102,067

$

105,570

$

106,540

$

103,556

$

98,133

Gross profit

54,009

56,046

54,620

54,560

52,079

Gross profit percentage

52.9

%

53.1

%

51.3

%

52.7

%

53.1

%

Selling, general & administrative expenses

$

54,834

$

51,426

$

51,238

$

49,750

$

52,737

Operating (loss) income

$

(825

)

$

4,620

$

3,382

$

4,810

$

(658

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006228/en/

Contacts

Company Contact
Lawson Products, Inc.
Ronald J. Knutson
Executive Vice President, Chief Financial Officer
773-304-5665

Investor Relations Contact
Sandy Martin or Steven Hooser
Three Part Advisors, LLC
214-616-2207