American Woodmark Q1 Sales Down 16%
8.20.08 American Woodmark Corporation today announced results for the first quarter of its fiscal year 2009, which ended on July 31, 2008.
Net sales declined 16 percent from the first quarter of the prior fiscal year to $139.2 million. The decline in sales to the Company's remodeling and new construction customers each approximated the overall decline.
Net income for the first fiscal quarter of 2009 was $156,000, compared with net income of $5.1 million in the prior year's first quarter.
The full financial report is here.
Briggs & Stratton Sales -14%
8.14.08 Briggs & Stratton today announced fiscal 2008 fourth quarter consolidated net sales of $581.1 million and consolidated net income of $0.5 million or $0.01 per diluted share. The fourth quarter of fiscal 2007 had restated consolidated net sales of $677.6 million and restated consolidated net income of $18.1 million, or $0.36 per diluted share.
The consolidated net sales decrease of $96.5 million, or 14 percent, was due primarily to decreased shipment volumes in both the Engines and Power Products Segments, according to a press release.
The full financial report is here.
Newell Rubbermaid Building Manufacturing Plant in Tenn.
8.12.08 Newell Rubbermaid announced today that its Office Products group, the world's largest manufacturer of ink for writing instruments, and the Industrial Board of Coffee County, Tenn., have reached an agreement for the company to acquire a 60-acre site to build a new state-of-the-art ink manufacturing facility in Coffee County's Interstate Industrial Park in Manchester.
The new ink facility will represent a $12.5 million capital investment by Newell Rubbermaid for building and land improvements and equipment. Design and testing of inks, ink manufacturing and storage of finished goods will be handled at the facility, which will supply the company's nearby writing instrument manufacturing facilities in Tennessee as well as its operations in Europe, Latin America and Asia.
Valspar Q3 Sales +7%
8.11.08 The Valspar Corporation today reported its results for the third-quarter ended July 25, 2008.
Third-quarter sales totaled $957.7 million, a 7.2 percent increase from the third quarter of 2007. Net income for the third quarter was $47.0 million compared to $58.2 million in the year-ago period.
Valspar financial releases are here.
Ames True Temper Sales +4%
8.11.08 ATT Holding Co., parent of Ames True Temper, Inc., today reported that net sales for the thirteen-week period ended June 28, 2008 were $162.6 million, a 3.6 percent increase compared to $156.9 million for the thirteen-week period ended June 30, 2007. Net income for the quarter was $6.0 million, compared to a net income of $1.7 million in the year-ago period.
Net sales for the thirty-nine week period were $408.5 million, a 1.8 percent decrease compared to $415.9 million in the previous year. Net income for the thirty-nine week period was $5.5 million, compared to an $8.4 million net loss in the year-ago period.
The full financial report is here.
Central Garden Reports Q3 Results, Delays SEC Filing
8.7.08 Central Garden & Pet Company has announced preliminary results for its fiscal third quarter ended June 28, 2008 and a delay in the filing of its Form 10-Q.
The Company reported net sales of $493 million in the quarter, an increase of six percent compared to $467 million in the comparable fiscal 2007 period. Income from operations was $33.9 million, a decline of nine percent compared to $37.2 million in the year ago period. Net income for the quarter was $15.6 million, or $0.22 per fully diluted share, compared to $15.5 million, or $0.22 per fully diluted share, in the year ago period.
Net sales for the Garden Products segment in the quarter were $253 million, an increase of 12 percent compared to $227 million in the comparable fiscal 2007 period. Garden Products segment operating income was $12.6 million, a decrease of 22 percent compared to $16.1 million in the year ago period.
The Company's third quarter fiscal 2008 financial results are described as preliminary because Central's Audit Committee is “reviewing issues raised in a letter from an employee.”
The full financial report is here.
U.S. Concrete Reports $1.8 Loss for First Half
8.6.08 U.S. Concrete, Inc. today reported net income from continuing operations of $3.3 million, or $0.08 per diluted share, for the quarter ended June 30, 2008, compared to net income from continuing operations of $7.0 million, or $0.18 per diluted share, in the second quarter of 2007.
For the first six months of 2008 the Company reported a net loss from continuing operations of $(1.8) million, or $(0.05) per share, compared to net income from continuing operations of $1.8 million, or $0.05 per diluted share, for the first six months of 2007.
Revenues in the second quarter decreased 1.7 percent to $206.0 million, compared to $209.5 million in the second quarter of 2007, reflecting lower sales volumes which were partially offset by higher ready-mixed concrete average selling prices and revenue from acquired businesses.
The full financial report is here.
Louisiana-Pacific Suspends Stock Dividend
8.20.08 American Woodmark Corporation today announced results for the first quarter of its fiscal year 2009, which ended on July 31, 2008.Net sales declined 16 percent from the first quarter of the prior fiscal year to $139.2 million. The decline in sales to the Company's remodeling and new construction customers each approximated the overall decline.
Net income for the first fiscal quarter of 2009 was $156,000, compared with net income of $5.1 million in the prior year's first quarter.
The full financial report is here.
Briggs & Stratton Sales -14%
8.14.08 Briggs & Stratton today announced fiscal 2008 fourth quarter consolidated net sales of $581.1 million and consolidated net income of $0.5 million or $0.01 per diluted share. The fourth quarter of fiscal 2007 had restated consolidated net sales of $677.6 million and restated consolidated net income of $18.1 million, or $0.36 per diluted share.The consolidated net sales decrease of $96.5 million, or 14 percent, was due primarily to decreased shipment volumes in both the Engines and Power Products Segments, according to a press release.
The full financial report is here.
Newell Rubbermaid Building Manufacturing Plant in Tenn.
8.12.08 Newell Rubbermaid announced today that its Office Products group, the world's largest manufacturer of ink for writing instruments, and the Industrial Board of Coffee County, Tenn., have reached an agreement for the company to acquire a 60-acre site to build a new state-of-the-art ink manufacturing facility in Coffee County's Interstate Industrial Park in Manchester.
The new ink facility will represent a $12.5 million capital investment by Newell Rubbermaid for building and land improvements and equipment. Design and testing of inks, ink manufacturing and storage of finished goods will be handled at the facility, which will supply the company's nearby writing instrument manufacturing facilities in Tennessee as well as its operations in Europe, Latin America and Asia.
Valspar Q3 Sales +7%
8.11.08 The Valspar Corporation today reported its results for the third-quarter ended July 25, 2008.
Third-quarter sales totaled $957.7 million, a 7.2 percent increase from the third quarter of 2007. Net income for the third quarter was $47.0 million compared to $58.2 million in the year-ago period.
Valspar financial releases are here.
Ames True Temper Sales +4%
8.11.08 ATT Holding Co., parent of Ames True Temper, Inc., today reported that net sales for the thirteen-week period ended June 28, 2008 were $162.6 million, a 3.6 percent increase compared to $156.9 million for the thirteen-week period ended June 30, 2007. Net income for the quarter was $6.0 million, compared to a net income of $1.7 million in the year-ago period.Net sales for the thirty-nine week period were $408.5 million, a 1.8 percent decrease compared to $415.9 million in the previous year. Net income for the thirty-nine week period was $5.5 million, compared to an $8.4 million net loss in the year-ago period.
The full financial report is here.
Central Garden Reports Q3 Results, Delays SEC Filing
8.7.08 Central Garden & Pet Company has announced preliminary results for its fiscal third quarter ended June 28, 2008 and a delay in the filing of its Form 10-Q.The Company reported net sales of $493 million in the quarter, an increase of six percent compared to $467 million in the comparable fiscal 2007 period. Income from operations was $33.9 million, a decline of nine percent compared to $37.2 million in the year ago period. Net income for the quarter was $15.6 million, or $0.22 per fully diluted share, compared to $15.5 million, or $0.22 per fully diluted share, in the year ago period.
Net sales for the Garden Products segment in the quarter were $253 million, an increase of 12 percent compared to $227 million in the comparable fiscal 2007 period. Garden Products segment operating income was $12.6 million, a decrease of 22 percent compared to $16.1 million in the year ago period.
The Company's third quarter fiscal 2008 financial results are described as preliminary because Central's Audit Committee is “reviewing issues raised in a letter from an employee.”
The full financial report is here.
U.S. Concrete Reports $1.8 Loss for First Half
8.6.08 U.S. Concrete, Inc. today reported net income from continuing operations of $3.3 million, or $0.08 per diluted share, for the quarter ended June 30, 2008, compared to net income from continuing operations of $7.0 million, or $0.18 per diluted share, in the second quarter of 2007.
For the first six months of 2008 the Company reported a net loss from continuing operations of $(1.8) million, or $(0.05) per share, compared to net income from continuing operations of $1.8 million, or $0.05 per diluted share, for the first six months of 2007.
Revenues in the second quarter decreased 1.7 percent to $206.0 million, compared to $209.5 million in the second quarter of 2007, reflecting lower sales volumes which were partially offset by higher ready-mixed concrete average selling prices and revenue from acquired businesses.
The full financial report is here.
Louisiana-Pacific Suspends Stock Dividend
8.4.08 Louisiana-Pacific Corporation today announced it has suspended its $0.15 per share quarterly dividend pending improvement of the overall market.The dividend suspension will save approximately $62 million annually, according to the company. The suspension, the company said, “is among several initiatives in place to conserve the company's cash reserves during this unprecedented slump in the housing market.”
The full press release is here.
Simpson Q2 Sales Down 5%
8.4.08 Simpson Manufacturing Co., Inc. has announced that second quarter 2008 net sales decreased 5.2 percent to $219.3 million as compared to net sales of $231.3 million for the second quarter of 2007. Net income decreased 28.0 percent to $20.4 million from net income of $28.3 million in the year-ago period.In the first half of 2008, net sales decreased 8.8 percent to $386.9 million as compared to net sales of $424.4 million for the first half of 2007. Net income fell 37.0 percent to $28.7 million for the first half of 2008 as compared to net income of $45.6 million for the first half of 2007.
Simpson financial reports are here.
Energizer Q3 Earnings Up
7.31.08 Energizer Holdings, Inc., today announced results of its third quarter ended June 30, 2008. Net earnings for the quarter were $66.7 million, or $1.13 per diluted share, versus net earnings of $62.5 million, or $1.06 per diluted share in the third fiscal quarter of 2007.For the nine months ended June 30, 2008, net earnings were $230.2 million, or $3.90 per diluted share, compared to net earnings of $251.4 million, or $4.30 per diluted share, in the same period last year.
Total net sales for the nine months were $3,207.6 million, an increase of $717.5 million, or 29 percent, due primarily to the acquisition of Playtex, which added $618.3 million to net sales for the nine months.
The full financial report is here.
Housing Market Drives LP to Loss of $81 Million in Q2
7.31.08 Louisiana-Pacific Corporation (LP) has reported a second quarter net loss of $81 million, or $0.79 per diluted share, on sales from continuing operations of $387 million. In the second quarter of 2007, LP's net loss was $23 million, or $0.22 per diluted share, on sales from continuing operations of $461 million. For the first six months of 2008, LP reported a net loss of $127 million, or $1.24 per diluted share, on sales from continuing operations of $736 million compared to a net loss of $61 million, or $0.58 per diluted share, on sales from continuing operations of $856 million for the first six months of 2007."Ongoing turmoil in the market pushed demand for most of our products significantly lower than the same quarter last year, with new housing starts declining more than 30 percent," said Chief Executive Officer Rick Frost.
The full press release is here.
Newell Rubbermaid Profit Down 35%
7.31.08 Newell Rubbermaid this morning reported net sales grew 7.8 percent to $1.83 billion in the second quarter, compared to $1.69 billion in the prior year."We were pleased to deliver second quarter results in line with expectations despite significant cost inflation and a challenging U.S. economy," said Mark Ketchum, president and chief executive officer of Newell Rubbermaid. "Looking forward, we are taking decisive action to strengthen our portfolio and protect the company's margins and profitability. These previously announced initiatives include aggressive pricing increases and the restructuring of our product portfolio to reduce exposure to commodity-like product lines.
Income from continuing operations, as reported, fell to $92.5 million, or $0.33 per diluted share, from $143.2 million, or $0.51 per diluted share, in the prior year.
Net sales for the six months ended June 30, 2008 grew 5.9 percent to $3.26 billion, compared to $3.08 billion in the prior year.
Income from continuing operations, as reported, was $149.9 million, or $0.54 per share, compared to $208.3 million, or $0.75 per share, in the prior year.
The full financial report is here.
Trex First Half Income Up on Lower Sales
7.30.08 Trex Company, Inc. today announced net sales for the second quarter of 2008 totaled $95.0 million compared to net sales of $118.8 million for the second quarter of 2007. The Company reported net income for the 2008 second quarter of $7.9 million, or $0.52 per diluted share, compared to net income of $2.6 million, or $0.17 per diluted share, for the 2007 second quarter.For the six months ended June 30, 2008, Trex Company reported net sales of $214.5 million, compared to net sales of $234.7 million for the six months ended June 30, 2007. Net income for the 2008 six-month period totaled $16.8 million, or $1.12 per diluted share, compared to $6.3 million, or $0.42 per diluted share, for the 2007 six-month period.
The full press release is here.
Masco Q2 Income Falls 60%
7.29.08 Masco Corporation today reported that net sales from continuing operations for the quarter ended June 30, 2008 declined 15 percent to $2.6 billion compared with $3.1 billion for the second quarter of 2007. North American sales declined 19 percent and international sales increased six percent. In local currencies, international sales declined six percent compared with the second quarter of 2007.
Income from continuing operations was $72 million or $.20 per common share and $182 million or $.49 per common share in the second quarters of 2008 and 2007, respectively.
The second quarter of 2008 results “were adversely affected by significantly lower sales volume to the new home construction market and a continued decline in consumer spending for home improvement products,” according to a press release.
The full press release is here.
Snap-on Earnings Up 28%
7.28.08 Snap-on has reported net sales of $766.1 million in the second quarter, an increase of $54.2 million, or 7.6 percent, over last year year, including $32.4 million from currency translation. Sales in the quarter increased 3.1 percent excluding currency translation.Operating earnings of $111.7 million increased 27.8 percent, or $24.3 million over last year.
Net earnings from continuing operations of $66.9 million increased 26.7 percent from $52.8 million in 2007; diluted earnings of $1.15 per share increased 27.8 percent from $0.90 per diluted share in 2007.
The full financial report is here.
Stanley Sells CST/berger to Robert Bosch
7.28.08 The Stanley Works has announced that it has completed the sale of its CST/berger laser leveling and measuring business, based in West Lafayette, IN, to Robert Bosch Tool Corporation for $205 million. The transaction will result in an estimated pre-tax book gain of $138 million and generate net after-tax cash proceeds of approximately $155 million.The full press release is here.
Black & Decker Q2 Earnings Down 18%
7.25.08 The Black & Decker Corporation today announced that net earnings for the second quarter of 2008 were $96.7 million or $1.58 per diluted share, versus $118.0 million or $1.75 per diluted share for the second quarter of 2007.Sales decreased 3 percent for the quarter to $1.6 billion, including a positive 5 percent impact from foreign currency translation.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented, "Black & Decker's operating performance this quarter met our expectations, despite ongoing challenges in key markets and rising commodity costs. A favorable tax rate contributed approximately $0.12 to diluted earnings per share for the quarter, enabling us to exceed our EPS guidance. Weak demand in the U.S. and slowing conditions in parts of Western Europe, however, resulted in lower sales and earnings than in 2007.
"Sales in the Power Tools and Accessories segment decreased 10 percent for the quarter. In the U.S. Industrial Products Group, sales decreased at a double-digit rate, reflecting the continued slowdown in residential construction and remodeling. In the U.S. Consumer Products Group, sales decreased more than 25 percent. Lower demand was compounded by the ongoing effect of lost pressure washer listings and the impact of the transition from Firestorm to Porter-Cable branded products at a key customer. This transition, plus other product listing gains and favorable comparisons, should help the U.S. businesses narrow the sales decline in the second half. In Europe, sales decreased at a mid single-digit rate, due to slowing economic conditions in parts of Western Europe, partly offset by growth in Eastern Europe. Latin American sales continued to grow more than 20 percent, and operations in Canada and Asia also posted sales gains. Operating margin decreased to 7.9 percent for the Power Tools and Accessories segment, driven by lower sales volume and component cost inflation.
"Sales in the Hardware and Home Improvement segment decreased 5 percent for the quarter. This represents an improvement versus the first quarter, partly due to order timing. Sales of Kwikset and Weiser products in the U.S. decreased at a mid single-digit rate, with strong results at a key customer mitigating the impact of the housing downturn in other channels. The U.S. faucet business had a low single-digit rate of sales decline, as reductions in the construction channel were largely offset by improvement at retail. Operating margin in the Hardware and Home Improvement segment decreased from the 2007 level to 9.3 percent, also primarily due to lower volume, but improved sequentially versus the first quarter.
"In the Fastening and Assembly Systems segment, sales were flat for the quarter. North American sales decreased due to a sharp decline in automotive production levels. All other geographic regions posted strong growth. The segment's operating margin increased slightly to 16.0% for the quarter.
The full financial report is here.
Tupperware Sales +18%
7.24.08 Tupperware Brands Corporation today reported its fifth consecutive quarter of double-digit sales growth. Second quarter 2008 sales grew 18 percent year over year to $584 million.DEALING WITH RESIN COSTS
"Our gross margin percentage remained strong in the quarter even with the big increase in oil and natural gas prices. The 66 percent gross margin in this year's second quarter was essentially in line with the prior year. Given our relatively low cost of sales, to date we've been able to mitigate the impact of rising resin costs. This reflects our product category mix of 35 percent consumables and 65 percent durables; the mix of the resins we use, with about 40 percent more highly engineered where there has been less cost pressure; pricing in line with consumer inflation in each market; and managing our sales mix given our price points and promotional strategies. Resins used in our Tupperware products account for about 17 percent of our overall cost of goods sold and about 6 percent of sales. Our current expectations for resin costs going forward are factored into our raised earnings outlook for the remainder of the year," said Chairman and CEO Rick Goings.
Whirlpool Earnings Down 27%
7.23.08 Whirlpool Corporation announced today that second-quarter earnings from continuing operations of $117 million decreased 27 percent to $1.53 per diluted share compared to $161 million, or $2.00 per diluted share reported during the previous year's quarter. Revenue of $5.1 billion for the quarter increased 5 percent from the $4.9 billion reported in the second quarter of 2007."Whirlpool made solid progress toward improving operating results from first-quarter levels despite an increasingly challenging economic environment," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "The cost inflation facing our business is significant, and we continue to take steps to address this challenge."
The full financial report is here.
Stanley Q2 Sales +5%
7.22.08 The Stanley Works today reported second quarter sales increased 5 percent to $1.154 billion from $1.096 billion in the year-ago period. For the first six months of the year, sales are up 4 percent to $2.228 billion.Net income for the quarter fell 7 percent to $79.6 million from last year’s $85.3 million. For the year, net income is down 3 percent to $147.6 million from $152.9 million.
The full financial report is here.
Sherwin-Williams Sales +1.4%
7.21.08 The Sherwin-Williams Company has announced its financial results for the second quarter and first six months ended June 30, 2008. Compared to the same periods in 2007, consolidated net sales increased $31.4 million, or 1.4 percent, to $2.230 billion in the quarter and $56.9 million, or 1.4 percent, to $4.011 billion in the first six months due to strong sales by the Global Group and acquisitions.Net sales in the Paint Stores Group decreased $10.4 million, or 0.8 percent, to $1.355 billion in the quarter and $30.2 million, or 1.2 percent, to $2.386 billion in the first six months due primarily to soft domestic architectural paint sales in the new residential, residential repaint, DIY and commercial markets as well as weak sales in non-paint categories.
Sherwin-Williams financial releases are here.
Danaher Earnings Up 18%
7.18.08 Danaher Corporation, a diversified manufacturing and technology company that makes the Craftsman line of tools for Sears, announced today that net earnings from continuing operations for the quarter ended June 27, 2008 were $363 million, or $1.09 per diluted share, an 18 percent increase as compared to the company’s 2007 second quarter net earnings from continuing operations of $308 million, or $0.95 per diluted share.
Sales from continuing operations for the 2008 second quarter were $3.28 billion, 25 percent higher than the $2.63 billion reported for the 2007 second quarter.
Net earnings from continuing operations for the first six months of 2008 were $640 million, or $1.92 per diluted share, compared with net earnings from continuing operations of $559 million, or $1.72 per diluted share for the first six months of 2007.
Sales from continuing operations for the first six months of 2008 were $6.31 billion compared to $5.15 billion for the first six months of 2007, an increase of 22.5 percent.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "Despite the current economic backdrop, we believe our businesses are well positioned to deliver positive results for the balance of 2008.”
The full press release is here.
Scotts Miracle-Gro Names Two New Senior Vice Presidents
7.16.08 The Scotts Miracle-Gro Company today announced the promotion of Korbin Riley to senior vice president. In his new role, Riley oversees the Global Professional Seed, Asia Pacific and Emerging Markets for the company.The company also announced the promotion of Peter Korda to senior vice president responsible for all aspects of Scotts LawnService business, including strategy, expansion and operations.
Scotts Miracle-Gro press releases are here.
Newell Rubbermaid Reacts to Increased Resin Expense
7.16.08 Newell Rubbermaid has announced it is “implementing a number of strategic initiatives designed to reduce the company's exposure to volatile commodity markets, including a restructuring of the company's product portfolio and aggressive pricing mechanisms,” according to a press release."In recent weeks, input cost inflation has accelerated dramatically, especially in resin, which is the largest single component of our cost of goods," stated Mark Ketchum, president and chief executive officer of Newell Rubbermaid. "Unfortunately we don't see this situation reversing course. In categories where resin is a high percentage of cost of goods sold and the consumer's willingness to pay for innovation is low, the economics are no longer viable. In the face of these radically changed market conditions, we are taking a number of proactive steps to reduce our exposure to volatile commodity markets, protect our margins and profitability, and strengthen our portfolio."
The company expects to adjust its portfolio by “divesting, downsizing or exiting approximately $500 million in sales of selected consumer product categories. While details of the plans will be made available when finalized, a significant percentage of the rationalization will be focused on the company's most resin-intensive product categories.”
Additionally, in the areas of its business most impacted by cost inflation, the company plans “to implement more aggressive pricing in the back half of 2008, with increases in some product categories as high as 22 percent. It is also initiating a new quarterly price adjustment mechanism within the company's resin-intensive businesses in North America, effective January 1, 2009. This quarterly adjustment will be based on independent industry raw material indices as well as actual changes in raw material, processing and transportation costs.”
The full press release is here.
Big Hammer Joins AAIA
7.14.08 Big Hammer Data, a division of Edgenet, announced today that it has joined the Automotive Aftermarket Industry Association (AAIA) and is exhibiting at eForum in Chicago on July 14-16. Big Hammer joined the AAIA as part of a strategic commitment to unite automotive aftermarket suppliers, retailers and consumers in a seamless network, according to a press release.
“Big Hammer is the industry-standard source for hardlines product data, supporting thousands of manufacturers, as well as some of the world's leading retailers, including The Home Depot and Lowe's. Big Hammer is a leader in the Global Data Synchronization Network (GDSN), which supplies valuable logistics data to reduce supply chain costs,” according to the release.
"We'll leverage our experience in the hardlines industry to address the specific needs of the automotive aftermarket community,” commented Jay Yanko, director of global data synchronization for Big Hammer.
Snap-On to Webcast Results
7.11.08 Snap-on Incorporated, one of the few companies in The Hard Fax Composite doing well on the stock market this year, will release 2008 second-quarter and six-month results prior to the market open on Thursday, July 24, 2008. A conference call to discuss the results will be held at 10:00 am ET on that day. The conference call, with accompanying slides, will be webcast live via the Internet.
To access the webcast, visit http://www.snapon.com/sna and click on the link to the webcast. The release can also be accessed on the Snap-on Web site. An archived replay will be available for a limited time.
Whirlpool Closing Two Plants
7.11.08 Whirlpool Corporation yesterday announced manufacturing production changes to its North American manufacturing operations, which include the closure of its Oxford, Mississippi, and Puebla, Mexico, manufacturing facilities.Units produced at Oxford will be transferred to Cleveland, Tennessee and production at Puebla will be moved to Celaya, Mexico.
GE Looking to Sell All Consumer and Industrial Units
7.10.08 GE today announced that it “is continuing to explore all options for its Consumer & Industrial businesses with a primary focus on spinning-off the entire unit -- Appliances, Lighting and Industrial -- to existing GE shareholders.” The company announced on May 16 that a spin-off was one possible outcome of the strategic review of its Appliances division.“As we explored our options for Appliances, it became clear that the fastest, most efficient step we could take in completing the transformation of our Industrial portfolio would be to focus on a possible spin-off of the entire unit,” GE Chairman and CEO Jeff Immelt said. “This is consistent with the strategy we have been executing to transform the GE portfolio for long-term growth and makes sense for GE shareholders.”
The full press release is here.
Interfor Closes Sawmill
7.9.08 International Forest Products Limited (Interfor) has announced that it will permanently close its Queensboro Sawmill Division, located in New Westminster, B.C., following more than one year of continuous curtailment.
Interfor will take a provision of $21 million after-tax or $0.44 per share in its 2nd Quarter accounts to adjust the carrying value of plant and equipment at the site and to account for the balance of severance owing to the mill's remaining employees. The equipment at Queensboro will be redeployed to other Interfor sites or sold.
Irwin Wants Consumers to Tell How They Get a Grip
7.9.08 Irwin Industrial Tools this week launched an online promotional contest whereby they are asking consumers to “Tell Us Your Irwin Vise-Grip Story.” Consumers can enter their stories of unusual uses for the tool from now through October 31, 2008 at www.irwin.com/vise-grip. The company will then choose the top 50 stories for consumers to vote on from Novemebr 15 – December 19, 2008. The winning entry will be awarded a custom built Vice-Grip-branded motorcycle valued at $25,000.
RI Supreme Court Rules in Favor of Sherwin-Williams in Lead Case
7.7.08 The Rhode Island Supreme Court has unanimously reversed a 2006 verdict against Sherwin-Williams Co. and two other paint manufacturers, NL Industries Inc. and Millennium Holdings LLC, saying they cannot be held liable by the state for creating a public nuisance through their production and sale of lead paint.Rhode Island Court opinions are here.
Whirlpool Names Global Exec
7.7.08 Whirlpool Corporation today announced that David Szczupak will lead the company's newly named Global Product Organization effective immediately. Mr. Szczupak succeeds Mike Thieneman, who recently retired from the company.In his role as executive vice president, Global Product Organization, Szczupak will provide overall leadership to Whirlpool Corporation's global product businesses and strategic sourcing.
The full press release is here.
Briggs & Stratton Rating Lowered by Moody’s
7.7.08 Moody’s Investors Service has lowered certain credit ratings on some unsecured notes of Briggs & Stratton Corp., noting “continued unfavorable weather conditions, a weak U.S. economy, unfavorable product mix, ongoing competition from Asian engines and costs associated with reconfiguring various operations.” More information available from moodys.com (registration required).
X-Rite Reports Q2 Results
7.2.08 X-Rite Inc. today reported preliminary Q2 2008 sales results in the range of $71.5 million to $72.5 million. This is compared to proforma 2007 Q2 sales of $72 million. In addition, the Company reported that it continued making progress in managing working capital, resulting in the payment of all scheduled payments to lenders, while maintaining a healthy cash position ending June 2008. Final results will be made available in the Company’s earnings release and call scheduled for August 6.
The full press release is here.
Craftmade Names CEO
6.23.08 Craftmade International, Inc. has announced the appointment of J. Marcus Scrudder to serve as the company's Chief Executive Officer, effective July 1, 2008. Mr. Scrudder will maintain his roles as Chief Financial Officer and Corporate Secretary of the company until such time as the Board of Directors names replacements for those positions, according to a press release.Mr. Scrudder will replace James R. Ridings, who previously informed the Board of Directors that he will retire as the company's Chief Executive Officer, effective June 30, 2008. The Board of Directors has requested Mr. Ridings to continue in his role as Chairman of the Board.
The full press release is here.
RPM Names Controller
6.20.08 RPM International Inc. has announced that Barry M. Slifstein will become vice president and controller on July 1.
Slifstein is currently vice president of finance, chief financial officer and treasurer of RPM's DAP Products Inc. operating group, a leading marketer of caulks, sealants, adhesives, insulating foam, spackling, glazing, and other general patch and repair products.
The full press release is here.
Simpson Acquires ProTech
6.19.08 Simpson Manufacturing Co. has announced that its subsidiary, Simpson Dura-Vent Company, has purchased 100 percent of the equity of ProTech Systems, Inc. ProTech manufactures venting products in New York and distributes them throughout North America. The purchase price was $7.5 million in cash, plus an additional earn-out of up to $2.25 million if certain future performance targets are met.The full press release is here:
Ingersoll-Rand Names CEO of Security Unit
6.16.08 Ingersoll-Rand Company today announced the appointment of Steven B. Hochhauser as president of its Security Technologies Sector. He succeeds Michael W. Lamach, who was appointed president of Trane Commercial Systems following Ingersoll Rand's acquisition of Trane Inc. Hochhauser, 47, also will be recommended to the Board of Directors for election as a senior vice president of the company.Hochhauser most recently was chairman, president and chief executive officer of Johns Manville.
The full press release is here.
Stanley Selling CST/berger; Buying Sonitrol
6.12.08 The Stanley Works has announced that it has entered into an agreement to sell its CST/berger laser leveling and measuring business, based in West Lafayette, IN, to Robert Bosch Tool Corporation for $205 million.In a separate transaction, the company also announced that it has entered into an agreement to purchase 100 percent of the shares of Sonitrol Corporation for $275 million cash. Sonitrol, headquartered in Berwyn, PA, provides security monitoring services, access control and fire detection systems to commercial customers in North America via two monitoring centers and a national multi-channel distribution network.
The full press release is here.
Masco Chairman Buys Stock
6.12.08 Richard A. Manoogian, the Executive Chairman of Masco Corp., has reported buying 200,000 shares of company stock for $17.40 to $17.50 apiece, according to a filing with the Securities and Exchange Commission.
Masco SEC filings are here
Armstrong Names New VP
6.11.08 Armstrong World Industries, Inc. (AWI) has named John F. Breuninger Vice President - Business Development, responsible for identifying, evaluating and negotiating new business opportunities for long-term growth. These opportunities include acquisitions, mergers, licensing and joint venture investments.
Breuninger joins AWI from A.T. Kearney management consulting where he was senior manager of the consumer goods and retail practice.
The full press release is here.
L-P Opens New Maine Mill
6.11.08 Louisiana-Pacific Corporation yesterday celebrated the grand opening of its Houlton, Maine, laminated strand lumber (LSL) facility.Speaking at the event, Executive Vice President and CFO Curt Stevens said, “This event marks the successful completion of an important investment project for LP. The expansion and conversion of the Houlton oriented strand board mill to LSL represents the culmination of the major construction project we are celebrating in Maine today, as well as years of research and development across the company. LSL builds on LP’s strength in strand technology with an engineered, consistent, environmentally friendly alternative to traditional lumber that our customers have been asking for.”
The full press release is here.
Ingersoll-Rand Announces Board Changes
6.9.08 Ingersoll-Rand Company Limited this morning announced the election of two new directors to the company's Board of Directors. Both directors, Jared L. Cohon and Edward E. Hagenlocker, previously served on the Board of Directors of Trane Inc., which Ingersoll Rand acquired on June 5, 2008.The company also announced, effective immediately, the promotion of Steven R. Shawley to senior vice president and chief financial officer. Shawley most recently was senior vice president and president of Ingersoll Rand's Climate Control Technologies Sector
The full press release is here.
Scotts Miracle-Gro Promotes Two Supply Chain Execs
6.6.08 The Scotts Miracle-Gro Company today announced the promotions of Mike Lukemire to executive vice president and Dave Swihart to senior vice president.Mike Lukemire, executive vice president of Global Technologies and Operations, leads the company's global functions of supply chain, procurement, information technology, research and development, portfolio management, quality, biotechnology and business improvement.
Dave Swihart, senior vice president, Global Supply Chain, now oversees global improvements and the advancement of the company’s Global Supply Chain.
The full press release is here.
Saint-Gobain Forms Joint Venture in Japan
6.6.08 Saint-Gobain's Construction Products sector has gained a foothold on the Japanese insulation market through its acquisition of the 43.64 percent stake held by Nippon Sheet Glass (NSG) in MAG. The acquisition was made for an amount of 1,750 million yen (EUR11 million). Following the acquisition, MAG will be jointly owned by Japanese group Taiheiyo Cement and Saint-Gobain, each with a stake of 43.64 percent, and will be operationally managed by Saint-Gobain, according to a press release.
Husqvarna Promotes Exec
6.5.08 Husqvarna AB today announced the appointment of Roger Leon as Head of Consumer Products North America, effective July 1, 2008. He replaces Robert E. Cook who is retiring. Mr. Leon had been Chief Operating Officer of the division.
American Woodmark Sales Drop 21%, Profit Plummets
6.4.08 American Woodmark Corporation today announced net sales declined 14 percent in the fourth quarter compared with the fourth quarter of the prior fiscal year to $143.3 million. Remodeling sales declined by a mid single-digit percentage and new construction sales declined more than 25 percent. Net sales for the fiscal year ended April 30, 2008, declined 21 percent to $602.4 million.Net income for the fourth quarter of fiscal 2008 was $36,000, compared with net income of $6.2 million in the prior year. Net income for fiscal year was $4.3 million, compared with the prior year's $32.6 million.
The full financial report is here.
Zep Hires Two New Business Presidents
5.29.08 As part of its recently announced Company reorganization, Zep Inc. has hired “two industry leaders to serve as Presidents of two of the Company's eight, newly-formed market-facing businesses,” according to a press release.
Robert L. Droke, II will serve as President of Zep Central, with full general management responsibility for Zep's presence in the Southwest and Central Plains. He will be based in the Company's Dallas facility.
Lisa B. Malloy will serve as President of Zep Retail, with full general management responsibility for all of Zep's retail business. She will be based in the Company's Emerson, Georgia facility.
The full press release is here.
Toro Sales & Earnings Down
5.23.08 The Toro Company yesterday reported net earnings of $62.8 million on net sales of $638.5 million for its fiscal second quarter ended May 2, 2008. In the year-ago fiscal 2007 period, the company reported net earnings of $75.0 million on net sales of $686.7 million.For the year to date, Toro reported net earnings of $81.4 million on net sales of $1.044 billion. In the first half of fiscal 2007, the company reported net earnings of $93.4 million on net sales of $1.066 billion.
"Fiscal 2008 has been a challenging year due to a weakening domestic economy, late spring and cautious ordering," said Michael J. Hoffman, Toro's chairman and chief executive officer. "As a result, we have taken prudent actions to adjust production levels, control costs, and work with our channel partners on field inventory.”
The full financial report is here.
U. S. Home Systems Reports First Quarter Sales Gain
5.16.08 U.S. Home Systems, Inc., which markets its decking and cabinet re-facing products exclusively through Home Depot stores, has reported revenues in the first quarter 2008 were $31.9 million as compared to $28.1 million in the first quarter 2007. Revenues in markets opened over one year increased 10.6 percent to $31.1 million from $28.1 million.Net loss from continuing operations in the first quarter 2008 was approximately $4,000, or ($0.00) per share, as compared to net income of $419,000, or $0.05 per share, in the same quarter last year.
Masco Appoints Group President of Building Group
5.15.08 Masco Corporation has announced that W. Timothy Yaggi has been appointed Group President, effective June 2, 2008. Mr. Yaggi will be responsible for the North America Builder Group which includes Masco Contractor Services, Service Partners, the Builder Cabinet Group (Merillat and Quality Cabinets), Masco Framing, and Milgard Windows and Doors.
The full press release is here.
Ames True Temper Reports Sales Down, Income Up for Q2
5/14/08 ATT Holding Co., parent of Ames True Temper, Inc., has reported net sales for the second quarter ended March 29, 2008 were $147.1 million, a 15.5 percent decrease compared to $174.0 million for the thirteen week period ended March 31, 2007.Net income for the second quarter of fiscal 2008 was $3.3 million, compared to a net loss of $0.9 million for the second quarter of fiscal 2007.
“Our revenue performance this quarter was dramatically impacted by the soft U.S. housing market. However, our gross margin as a percent of sales increased significantly due to improved manufacturing efficiencies,” said Rich Dell, President and CEO. “Our improvement in operating income is directly attributable to delivering on the key fundamentals of managing our business.”
The full financial press release is here.
Snap-On Wins Award
5.12.08 Snap-on Incorporated has announced that Frost & Sullivan's independent research, 2007 United States Automotive Technicians' Choice: Evaluation of Automotive Tools, saw Snap-on emerge as “the overwhelming leader in all product and service categories tested among U.S. automotive technicians.” Based on this, Frost & Sullivan has recognized Snap-on as the "Overall Best Brand of Automotive Tools in the United States,” according to a press release.
Recalls Hurt Scotts Miracle-Gro Q2 Income
5.9.08 Scotts Miracle-Gro this week reported sales for the second fiscal quarter ended March 29, 2008 declined 4 percent to $958 million from $993 million in the year-ago period.Net income for the quarter fell to $58.0 million from last year’s $83.4 million. A large portion of the income drop was due to product recalls during the quarter resulting in a pre-tax charge of $31 million.
The full financial report is here.
U. S. Concrete Reports Q1 Loss
5.9.08 U.S. Concrete, Inc. has reported a net loss from continuing operations of $5.1 million for the first quarter ended March 31, 2008, compared to a net loss from continuing operations of $5.2 million in the first quarter of 2007.
Revenues in the first quarter of 2008 increased 2.9 percent to $162.1 million, compared to $157.5 million in the first quarter of 2007.
Higher ready-mixed concrete sales prices were partially offset by lower ready-mixed concrete sales volume and lower precast concrete products revenues according to a press release.
The full report is here.
Owens Corning Reports Q1 Loss of $15 Million
5.7.08 Owens Corning today reported that consolidated net sales increased 20 percent to $1.35 billion during the first quarter, compared with $1.12 billion in the first quarter of 2007. First-quarter sales increased year-over-year as a result of the acquisition of Saint-Gobain's reinforcements and composite fabrics businesses in November 2007. These sales were offset by weaker demand for the company's building materials products associated with the continued downturn of the U.S. housing market.
The company experienced weaker demand and lower selling prices for residential insulation as well as significant energy and raw material inflation in the Roofing and Asphalt business. Combined with an impairment associated with the recent divestiture of composite manufacturing assets in Belgium and Norway, this led to a first-quarter loss from continuing operations of $15 million
The full financial report is here.
LP Reports Q1 Loss of $46M
5.7.08 Louisiana-Pacific Corporation (LP) yesterday reported a first quarter net loss of $46 million on sales from continuing operations of $349 million. In the first quarter of 2007, LP's net loss was $37 million on sales from continuing operations of $395 million."The continued weakness in the housing sector resulted in LP reporting a loss for the first quarter," said Rick Frost, CEO. "We took significant downtime at most of our mills to balance production to lowered demand. Based upon the current inventory of existing homes, difficulties in the mortgage market, energy related raw materials costs and the possibility of a mild recession; we expect these conditions to continue for at least the next several quarters.”
The full financial report is here.
Trex Q1 Sales +3%
5.6.08 Trex Company, Inc. today announced financial results for the first quarter ended March 31, 2008.Net sales for the first quarter of 2008 totaled $119.5 million, compared to net sales of $115.9 million for the first quarter of 2007, representing a 3.1 percent increase. The Company reported net income for the 2008 first quarter of $8.9 million, or $0.60 per diluted share, compared to net income of $3.7 million, or $0.25 per diluted share, for the 2007 first quarter, representing a 140 percent increase.
President and Chief Executive Officer Ronald W. Kaplan commented, "Trex's expanding distribution presence, continued commitment to quality, and the notable power of the Trex brand enabled us to increase sales revenue despite the weakening economy and continued softness in the building materials industry. In addition, our improved gross margin reflects our successful focus on productivity and cost containment initiatives."
The full financial press release is here.
Chinese Faucet Manufacturer Expands Production Capability
5.2.08 Fuda Faucet Works, Inc., a Chinese company engaged in the business of developing, manufacturing, marketing and distributing mid-tier European style brass faucets, spouts and fittings to the international markets, today announced that it has completed the equipment installation phase at its new manufacturing facility and will start production at the new facility immediately.
In April 2008, Fuda Faucet started operations at its new manufacturing facility, located in Yiyang, Jiangxi Province, Peoples Republic of China. The new facility measures 229,703 square feet and is equipped with semi-automated, state of the art manufacturing equipment, and has employed 300 personnel. With the addition of the new operating facility, the company will increase its production capacity from 1.2 million sets per year to 3.5 million sets per year.
The full press release is here.
Armstrong Sales, Income Down
5.2.08 Armstrong World Industries, Inc. today reported first quarter 2008 net sales of $828.2 million, down four percent, from $863.4 million in the same period for 2007. Excluding a $28 million, or three percent, benefit from foreign exchange rates, sales decreased seven percent. Reported operating income from continuing operations decreased to $38.5 million from $65.5 million in the first quarter of 2007. Adjusted operating income from continuing operations of $46.1 million decreased 30 percent compared to $66.1 million on the same basis.
The full financial report is here.
WD-40 Names New CFO, Appoints Exec for Acquisitions
5.2.08 WD-40 Company has announced that Jay Rembolt has been appointed chief financial officer. Rembolt has served as the company's vice president, finance/controller since 2001.Michael Irwin, who has served as WD-40 Company CFO since 2001, will now serve in a newly created position of executive vice president, strategic development, and will lead WD-40 Company's merger and acquisition activities.
"Mike has built a strong financial team in-house with solid succession planning and he will now focus his expertise and experience on the development aspect of our business," said Garry Ridge, WD-40 Company president and chief executive officer.
The full press release is here.
Masco Sells Heating Group
5.1.08 Masco Corporation has announced that it has sold its European based The Heating Group for a price of approximately $155 million to an affiliate of Vaessen Industries, headed by Jos Vaessen. Combined 2007 net sales of The Heating Group were approximately $177 million.
Jos Vaessen, President of Vaessen Industries, commented: "Product innovation, energy efficient products and a full line of new radiator products, including aluminum, tubular, electrical, and convector radiators, will be our highest priority. We intend to create a strong European group for radiators and related products with a particular focus on the tremendous growth opportunities in Eastern Europe."
The full press release is here.
Weyerhaeuser to Appeal $28M Jury Verdict
4.30.08 Weyerhaeuser Company said it will appeal a jury decision rendered in a class action lawsuit claiming that Weyerhaeuser unlawfully monopolized an alleged market for finished alder lumber.
A jury in Portland, Ore. awarded the plaintiffs $27.98 million, which will be trebled under antitrust laws.
"We are very disappointed with the verdict,” said Sandy D. McDade, Weyerhaeuser senior vice president and general counsel. “We are confident it will be reversed on appeal because last year the U.S. Supreme Court decided in our favor a case presenting virtually identical issues. We fully expect that the Court of Appeals will apply that precedent. Our business conduct has been and remains within the spirit and letter of the law, and we will continue to vigorously defend this case."
The full press release is here.
Masco Q1 Sales Down 13%
4.29.08 Masco Corp. today reported net sales for the first quarter ended March 31, 2008 declined 13 percent to $2.4 billion from $2.8 billion in the year-ago period. North American sales declined 16 percent while international sales increased one percent.
Income from continuing operations fell to $24 million from last year’s $137 million, a decline of 82 percent.
The full financial press release is here.
Scotts Miracle-Gro Recalling Some Products Due to EPA Registration Problems
4.28.08 The Scotts Miracle-Gro Company has announced it is working with the Environmental Protection Agency with respect to the terms of a recall of Bonus S Max and Turf Builder Plus 2 Max lawn fertilizer products. The packaging for the products includes labels that differ from the labels included in the EPA registrations, according to the company.The full press release is here.
Newell Rubbermaid Sales +3.6% in Q1
4.25.08 Newell Rubbermaid has announced first quarter 2008 net sales grew 3.6 percent to $1.43 billion in the first quarter, compared to $1.38 billion in the prior year.Income from continuing operations totaled $57.4 million compared to $65.1 million in the prior year.
The company raised its full year sales outlook to +6 to +8 percent to reflect acquisitions and foreign currency benefit.
The full financial report is here.
Black & Decker Earnings Down 38% in First Quarter
4.25.08 The Black & Decker Corporation has announced that net earnings for the first quarter of 2008 fell 38 percent to $67.4 million versus $108.1 million for the first quarter of 2007. Excluding an $18.3 million pre-tax restructuring charge, net earnings were $79.6 million.Sales fell 5 percent for the quarter to $1.5 billion, including a positive 4 percent impact from foreign currency translation.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented, "Black & Decker's results this quarter reflect an increasingly difficult business environment. Demand for tools and home improvement products decreased sharply in North America, and commodity costs continued to rise.”
Sales in the Power Tools and Accessories segment decreased 10 percent for the quarter. Sales in the U.S. Consumer Products Group decreased more than 25 percent. Sales in the Hardware and Home Improvement segment decreased 14 percent for the quarter.
The full financial report is here.
Stanley Sales Up 3%
4.25.08 The Stanley Works has reported first quarter net income up slightly to $68 million from $67.6 million a year earlier.The company said net sales increased 3.3 percent to $1.1 billion from $1.06 billion in the first quarter of 2007.
The full financial report is here.
Sherwin-Williams Income Down 23% in Q1
4.23.08 The Sherwin-Williams Company has announced net sales for the first quarter ended March 31, 2008 were $1.782 billion, an increase of 1.5 percent over last year’s first quarter due to strong sales by the Global Group and acquisitions. Eight acquisitions completed after the first quarter of 2007 increased consolidated net sales 2.8 percent in the quarter.Net income in the quarter declined 23 percent to $77.9 million from $111.8 million in the year-ago period.
Net sales in the Paint Stores Group of $1.031 billion in the quarter were 1.9 percent lower than last year’s first quarter net sales due primarily to soft architectural paint sales and weak sales in non-paint categories partially offset by improved industrial maintenance product sales. Acquisitions added approximately 3.2 percent to this Group’s net sales in the quarter.
During the quarter, same-store sales fell 6.5 percent.
Sherwin-Williams financial press releases are here.
Weyerhaeuser Names CEO
4.21.08 Weyerhaeuser Company has announced that the board of directors has elected Daniel S. Fulton, 59, president and chief executive officer and a member of the board effective immediately. Fulton has served as president since Jan. 1.
Fulton assumes the role of CEO from Steven R. Rogel, 65, who remains chairman in a non-executive role.
The full press release is here.
A.O. Smith Profits Up 12%
4.18.08 A. O. Smith yesterday reported first quarter earnings of $21.9 million, up 12 percent over $19.5 million in the year-ago period. First quarter sales were one percent lower than last year’s first quarter.
The full press release is here.
Simpson Acquires European Hardware Manufacturer
4.17.08 Simpson Manufacturing Co., Inc. has announced that its newly formed subsidiary, Simpson Strong-Tie Ireland Limited, this week purchased certain assets of Liebig International Ltd., an Irish company, Heinrich Liebig Stahldubelwerke GmbH, Liebig GmbH & Co. KG and Liebig International Verwaltungsgesellschaft GmbH, all German companies, Liebig Bolts Limited, an English company, and Liebig International Inc., a U.S. Company (collectively "Liebig").Liebig manufactures mechanical anchor products in Ireland and distributes them primarily throughout Europe through warehouses located in Germany and in the United Kingdom. The purchase price was $18.3 million in cash.
Universal Forest Products Reports $4.6M Loss in Q1
4.17.08 Universal Forest Products, Inc. today announced its first quarter results, including net sales of $489.5 million, down from $549.0 million for the first quarter of 2007. The Company lost $4.6 million in the quarter, compared to net earnings of $3.9 million for the same period last year. The results reflect the continued decline in the housing market, a depressed lumber market and weak consumer spending, according to the report.
The full financial report is here.
Scotts Warns of Slow Start to Spring Selling Season
4.14.08 The Scotts Miracle-Gro Company today said it expects adjusted earnings in the second quarter, which ended March 29, to range from approximately $1.14 to $1.18 per diluted share due to a late launch to the lawn and garden season. The expected results compare to adjusted earnings of $1.40 per share for the same period a year ago. The Company's outlook for the full year remains unchanged.
"Consumer activity over the first two weeks of April has been strong and we are recovering ground we lost due to a later than expected break to the season in most parts of the United States," said Jim Hagedorn, chairman and chief executive officer. "Weather always dictates the launch of the season, and this year got off to a slower start than we've typically experienced. While our second quarter and first half results will be less than we had expected, the first two quarters historically represent about 25 percent of consumer purchases for the full year. We remain encouraged by initial consumer response to our new products as well as the quality of our programs and promotions, and see no reason at this time to change our outlook for the full year."
The full press release is here.
WD-40 Q2 Sales Down 0.5%
4.10.08 WD-40 Company yesterday reported net sales for the second quarter were $78.9 million, a decrease of 0.5 percent from the second quarter last year. Year-to-date net sales were $158.1 million, up 4.5 percent from the same period last year.Net income for the second quarter was $8.7 million, down 3.1 percent compared to the prior year's quarter. Year-to-date net income was $14.9 million, an increase of 1.8 percent.
"While the shakiness of the U.S. economy has created some challenges for us in our own backyard, our strategy of diversification is paying off as we continue to see strong growth in our international markets," said Garry O. Ridge, WD-40 Company president and chief executive officer. "In fact, more than 57 percent of our sales in the second quarter were outside of the United States."
WD-40 Company now expects fiscal year 2008 net sales to grow 4-8 percent to $320-$332 million. The company expects net income of $30.3-$31.9 million in 2008, achieving earnings per share of $1.80 to $1.90 based on an estimated 16.8 million shares outstanding. Under its original guidance, the company had expected sales growth of 7-10 percent, net income of $31.1-$32.8 million, and earnings per share of $1.83-$1.93 based on an estimated 17 million shares outstanding.
The full financial report is here.
Scotts Miracle-Gro Names Chief Environmental Officer
4.7.08 The Scotts Miracle-Gro Company has announced the appointment of Richard Shank as Chief Environmental Officer. Shank will oversee the implementation of environmental stewardship and corresponding governmental affairs initiatives.Shank succeeds Rich Martinez, who was named to the newly created position of vice president, North America Sustainability. Martinez's new role will focus on ensuring consensus of sustainability and environmental goals across all of the company's business operations and functions, according to a press release.
Weyerhaeuser Closing Hudson Bay OSB Facility
4.3.08 Weyerhaeuser Company has announced it will indefinitely curtail operations at its Structurwood plant in Hudson Bay, Saskatchewan, by early July.
“The continued challenges in the North American housing market require us to bring supply into balance with demand,” said Phil Dennett, Weyerhaeuser’s Vice President, Strand Technologies.
There are 170 people directly employed at the Hudson Bay oriented strand board mill.
The mill will be left in a secure state from which operations can be resumed in the future. “We will also use this time to explore transfer of ownership opportunities for this operation,” said Dennett.
The full press release is here.
P&F Reports $14M Loss
3.28.08 P&F Industries Inc., a manufacturer and importer of air-powered tools and residential hardware, reports it lost $17.9 million in the fourth quarter of 2007, compared with a gain of $236,000 in the year-ago period.
For the full 2007 year, the company reported a loss of $14 million, versus a profit of $3.8 million in 2006.
Sales in the fourth quarter rose 5.1 percent, to $24.9 million. For the full year, sales were down 0.8 percent to $110.8 million.
Additionally, P&F said, it has been informed it will be phased out as a vendor to Home Depot sometime during the second quarter.
"While Home Depot generated a significant amount of revenue in recent years, they have generated little profit due to the many required marketing and servicing costs associated with maintaining their account," said Richard Horowitz, chairman, president and CEO.
The full press release is here.
Newell Rubbermaid Offers $750 Million in New Notes
3.26.08 Newell Rubbermaid today announced the commencement of a public offering of $500 million in 5.50 percent Notes due 2013 and $250 million in 6.25 percent Notes due 2018.Net proceeds will be used to finance acquisitions, repay debt and for general corporate purposes, according to a statement.
U.S. Home Systems Reports Fourth Quarter Loss
3.20.08 For the fourth quarter of 2007, USHS this week reported revenues of $29.3 million as compared to $31.0 million in the fourth quarter ended December 31, 2006.The loss in the fourth quarter from continuing operations was $434,000, or $0.05 per share, as compared to income from continuing operations of $1.2 million, or $0.14 per share, for the same period last year.
For the year ended December 31, 2007, revenues were $123.3 million as compared to $120.8 million in the same period last year. Income from continuing operations was $2.4 million, or $0.29 per share, as compared to $4.1 million, or $0.49 per share, respectively, in 2006.
Consolidated net loss was $299,000, or $0.04 per share for the year ended December 31, 2007 as compared to net income of $4.2 million, or $0.51 per share, in the same period last year.
Newell Rubbermaid Names Investor Relations VP
3.19.08 Newell Rubbermaid today announced that Nancy O'Donnell has joined the company as vice president of investor relations. She will report to Executive Vice President and Chief Financial Officer J. Patrick Robinson, with a dotted line to President and Chief Executive Officer Mark D. Ketchum."Nancy joins our team in a key role as we continue to communicate the milestones of our transformation into a consumer-driven branding company," said Robinson. "Nancy's wealth of investor relations and finance experience, as well as her solid reputation in the financial community, will be valuable assets for our organization."
U.S. Concrete Reports Loss of $41 Million for 2007
3.4.08 U.S. Concrete today reported revenues for the year ended December 31, 2007 were $803.8 million, compared to revenues of $728.5 million for 2006. Loss from operations was $40.6 million in 2007, compared to income from operations of $13.9 million in 2006. Excluding goodwill impairment charges in both periods, income from operations was $41.3 million in 2007 and $52.7 million in 2006, respectively. Income from operations declined in 2007 due to lower ready mixed concrete sales volumes and precast revenues associated with the decline in residential housing construction, higher depreciation, depletion and amortization expenses and higher selling, general and administrative expenses, according to a press release.
The full press release is here.
U.S. Home Systems and Home Depot Suspending Deck Deal
3.3.08 U.S. Home Systems, Inc. today announced that The Home Depot and the Company have mutually agreed to extend the service provider agreement until February 28, 2011 and to phase out the sale and installation of the Company's wood deck products in all The Home Depot markets.U.S. Home Systems will continue to offer its kitchen and bath cabinet refacing products to The Home Depot customers in designated markets.
Newell Rubbermaid to Grow Commercial Products Platform
2.27.08 Newell Rubbermaid today announced it has signed a definitive agreement to acquire Technical Concepts Holdings, LLC, “a leading global provider of innovative restroom hygiene systems for several high-growth segments of the away-from-home (AFH) washroom category, for approximately $445 million. Technical Concepts' products include touch-free and automated health, wellness and odor control solutions, as well as proprietary refills, which are a key component of recurring revenue,” according to a press release.The full press release is here.
Trex Reports $76 Million Loss
2.26.08 Trex Company, Inc., manufacturer and distributor of Trex decking, railing, fencing and trim, today announced net sales of $329.0 million for the full year 2007, compared to net sales of $337.0 million for 2006, a 2.4 percent decrease. The company reported a net loss of $75.9 million for 2007 compared to net income of $2.3 million for 2006. The company's 2007 results were adversely affected by charges totaling $94 million.President and Chief Executive Officer Ronald W. Kaplan commented, "We are extremely disappointed with 2007 financial results, which were burdened with charges stemming from poor control over manufacturing operations, quality and fixed asset management. Since I joined Trex on January 7, 2008, we have been taking decisive actions to right-size the Company, recruit new management, control costs and enhance operating and financial controls. For example, last week we reduced Trex's salaried workforce by approximately 30 people, resulting in annual savings of $3.5 million.
The full report is here.
The Brink's Company to Spin-Off Home Security Division
2.25.08 The Brink's Company today announced that its board of directors has approved a strategic decision to spin-off its Brink's Home Security unit (BHS) into a separate publicly traded company.
The Brink's Company will continue to operate Brink's, Incorporated (Brink's, Inc.), its secure transportation and cash management unit. The spin-off of BHS is expected to be completed in the fourth quarter of 2008. The spin-off is expected to take the form of a tax-free stock distribution to The Brink's Company shareholders.
The full press release is here.
Toro Reports 1Q Sales Up
2.22.08 The Toro Company yesterday reported net earnings for the first fiscal quarter totaled $18.6 million on net sales of $405.8 million. In the comparable fiscal 2007 period, Toro reported net earnings of $18.5 million on net sales of $379.1 million.Residential segment net sales for the fiscal 2008 first quarter increased 6.2 percent to $108.2 million. Residential segment earnings for the fiscal 2008 first quarter were $2.8 million, down $1.6 million compared with the fiscal 2007 first quarter.
The full report is here.
Stanley Provides Update
2.22.08 At an update meeting in New York City yesterday, John F. Lundgren, Chairman and Chief Executive Officer of The Stanley Works, updated investors and analysts on the company's growth strategies and key initiatives. Among the points emphasized were the following:“The company's recent portfolio transition has yielded a diversified portfolio of primarily industrial and commercial businesses that is much less dependent upon large U.S. retailers than just five years ago. 2007 aggregate sales to U.S. home centers and mass merchants were 17 percent of consolidated sales versus 40 percent just five years ago.”
The full press release is here.
Louisville Ladder Recalls Extension Ladder
2.21.08 The U.S. Consumer Product Safety Commission, in cooperation with Louisville Ladder Inc., yesterday announced a voluntary recall of about 25,000 "Louisville/Davidson" and "Michigan" brand fiberglass extension ladders.
The extension or "fly" section of the ladders can fail to lock, posing a fall hazard to consumers, according to the report. The models included in the recall are listed at http://www.cpsc.gov/.
Sherwin-Williams Makes Buy
2.20.08 The Sherwin-Williams Company has acquired Becker Powder Coatings Inc. in North America, a subsidiary of AB Wilh. Becker based in Sweden.Simultaneously, AB Wilh. Becker has acquired the North American coil coatings business of Sherwin-Williams and related assets. The business will be integrated into Becker Specialty Corporation, a Chicago-based subsidiary of AB Wilh. Becker.
Owens Corning Names VP-Sales
2.19.08 Owens Corning yesterday announced Curt A. Barker as vice president, sales - North American building materials distribution. In this role, Mr. Barker will be responsible for Owens Corning's building materials distribution sales in North America, including insulation, foam, roofing and asphalt products.Mr. Barker has 30 years of experience in the building materials industry. He joins Owens Corning from Suncoast Roofers Supply where he was president and chief operating officer. Prior to joining Suncoast, Mr. Barker served in a variety of executive level roles at ElkCorp before the company was acquired by GAF.
Deere Sales Up 18%
2.15.08 Deere & Company has announced worldwide net income of $369.1 million, or $0.83 per share, for the first quarter ended January 31, compared with $238.7 million, or $0.52 per share, for the same period last year. Worldwide net sales and revenues increased 18 percent to $5.201 billion for the quarter compared with $4.425 billion a year ago. Net sales of the equipment operations were $4.531 billion for the period compared with $3.815 billion last year.The full financial report is here.
Masco Corp. 2007 Sales -7%
2.12.08 Masco Corporation today reported that net sales from continuing operations for the year ended December 31, 2007 declined seven percent to $11.8 billion compared with $12.7 billion for 2006. North American sales declined 12 percent and International sales increased 15 percent. In local currencies, International sales increased five percent compared with 2006.
Income from continuing operations was $397 million or $1.06 per common share and $478 million or $1.20 per common share for the years ended December 31, 2007 and 2006, respectively.
Fourth quarter 2007 net sales from continuing operations declined eight percent to $2.7 billion compared with $2.9 billion for the fourth quarter 2006. North American sales declined 13 percent and International sales increased 11 percent. In local currencies, International sales increased one percent compared with the fourth quarter of 2006.
Income from continuing operations was $140 million or $.39 per common share and $169 million or $.44 per common share for the fourth quarters of 2007 and 2006, respectively.
The full financial report is here.
Sherwin-Williams Buying Singapore Coatings Company
2.11.08 The Sherwin-Williams Company this morning announced that it has signed a definitive agreement to acquire the Liquid Coatings Subsidiaries of Inchem Holdings International Limited.Headquartered in Singapore, Inchem produces coatings applied to wood and plastic products in Asia. These waterborne, solvent-based, and ultraviolet (UV) curable coatings are applied to furniture, cabinets, flooring, and electronic products that are manufactured both for export as well as domestic sale. The coatings are made and sold in China, Vietnam and Malaysia, and distributed to 15 other countries throughout Asia.
Founded in 1992, Inchem has more than 400 employees across its four manufacturing plants with sales of approximately US$30 million.
Terms were not disclosed.
Ames True Temper Sales +16%
2.11.08 Ames True Temper, Inc., today reported the results of the Company’s fiscal 2008 first quarter ended December 29, 2007. Net sales for the thirteen-week period were $98.8 million, a 16.4 percent increase over $84.9 million for the thirteen-week period ended December 30, 2006. Net loss for the quarter was $3.8 million, compared to a net loss of $9.2 million for the first quarter of fiscal 2007.
“Significant snowfall in Canada and much of the U.S. contributed to the strong retail demand for our snow products at major retailers versus the same period in the prior year. We are extremely pleased with our ability to quickly react to the spike in demand and exceed our customers’ delivery expectations,” said Rich Dell, President and CEO. “While we are pleased with our first quarter results, we are continuing to monitor customer demand and working capital requirements as a result of the downturn in the U.S. housing market and its impact on the U.S. economic environment.”
The full financial report is here.
L-P Reports $167M Loss
2.6.08 Louisiana-Pacific Corp. has reported a fourth quarter loss of $39 million on sales from continuing operations of $377 million. In the fourth quarter of 2006, LP's net loss was $25 million on sales from continuing operations of $368 million.For the full year of 2007, LP reported a net loss of $167 million on sales from continuing operations of $1.7 billion compared to net income of $124 million on sales from continuing operations of $2.2 billion for the full year of 2006.
The full financial report is here.
Craftmade Sales Down 22%
2.6.08 Craftmade International today reported net sales for the company decreased 21.7 percent to $20,812,000 for the second fiscal quarter ended December 31, 2007, compared to $26,563,000 in the prior year quarter.Net income for the quarter declined to $482,000, compared to net income of $1,500,000 for the quarter ended December 31, 2006.
The full press release is here.
Whirlpool Earnings +41%
2.5.08 Whirlpool Corporation announced today that full-year 2007 net sales increased 7 percent to $19.4 billion. Net earnings for the year increased to $640 million from $433 million in 2006.Fourth-quarter earnings from continuing operations increased 41 percent to $187 million, compared to $133 million during the previous year's quarter. Revenue of $5.3 billion for the quarter increased more than 7 percent from the $5.0 billion reported in the fourth quarter of 2006.
The full financial report is here.
U.S. Concrete Sells Memphis Operations to Ready Mix
2.5.08 U.S. Concrete, Inc. has announced that it has sold its Memphis, Tennessee operations to Memphis Ready Mix. The sales price was approximately $7.2 million, plus payment for certain inventory on hand at closing. During 2006 and 2007, these operations generated revenues of $24.4 million and $14.5 million on ready-mixed concrete volumes of 302,000 and 179,000, respectively.
The press release is here.
Snap-On 2007 Sales Up 16%
2.1.08 Snap-on Inc. has reported full year 2007 sales of $2.84 billion, an increase of 15.7 percent over 2006 levels. Net earnings from continuing operations for the year totaled $189.2 million, nearly double the earnings of $97.9 million in 2006. Fiscal year 2006 included a $23.4 million after-tax charge to settle franchisee litigation matters.
Whirlpool Closing Two Manufacturing Plants
2.1.08 Whirlpool Corporation has announced the closing of two North American refrigerator manufacturing facilities, one in LaVergne, Tennessee and one in Reynosa, Mexico.Production of built-in refrigerators currently manufactured at the LaVergne facility will be moved to the company's Fort Smith, Arkansas facility, and production of side-by-side refrigerators made at Reynosa will shift to Whirlpool's Ramos Arizpe, Mexico site.
The full press release is here.
Newell Rubbermaid Sales Up 3% for 2007
1.31.08 Newell Rubbermaid this morning reported that 2007 net sales grew 3.3 percent to $6.41 billion, compared to $6.20 billion in the prior year. Income from continuing operations was $479.2 million, compared to $470.7 million in the prior year.Net sales increased 0.3 percent in the fourth quarter to $1.643 billion. Income from continuing operations was $101.0 million compared to $92.3 million in the prior year.
The full financial report is here.
Scotts Names New SVPs
1.30.08 The Scotts Miracle-Gro Company has announce the recent promotion to senior vice president of Keith Baeder, Fred Bosch, Randy Coleman and Andy Coogle.
The full press release is here.
Trex Names New VP
1.29.08 Trex Company, Inc., manufacturer of Trex decking, railing, fencing and trim, today announced the appointment of F. Timothy Reese to the newly created position of vice president, operations, effective February 5, 2008. Mr. Reese will be responsible for manufacturing, engineering and logistics.Mr. Reese joins Trex after 28 years with DuPont, where he most recently served as operations director/Americas for DuPont Teijin Films.
Scotts Miracle-Gro Reports Record First Quarter Sales
1.29.08 The Scotts Miracle-Gro Company today reported record first quarter sales of $308.7 million, up 14 percent from the same period a year ago. The improvement was led by a 15 percent increase in its Global Consumer business, as well as a 48 percent reported improvement in Scotts LawnService. Global Professional sales increased 11 percent, and Smith & Hawken sales declined 8 percent.The company reported a seasonal net loss of $56.8 million, compared with a loss of $59.4 million for the same period a year ago.
The full financial report is here.
Stanley 2007 Sales +12%
1.28.08 The Stanley Works today reported 2007 net sales increased 12 percent to $4.5 billion. Net earnings for the year increased 14 percent to $336.6 million from last year’s $289.5 million.In the fourth quarter, sales increased 15 percent to $1.167 billion from $1.019 billion a year ago. Fourth quarter earnings increased 6 percent to $92.3 million from last year’s $87.0 million.
The full financial report is here.
Black & Decker Earnings Up
1.28.08 The Black & Decker Corporation today announced that net earnings for the fourth quarter of 2007 were $187.4 million or $2.94 per diluted share, versus $95.7 million or $1.38 per diluted share for the fourth quarter of 2006.For the full year 2007, net earnings were $518.1 million or $7.85 per diluted share, versus $486.1 million or $6.55 per diluted share for 2006.
Sales increased 3 percent during the quarter to $1.7 billion, including a positive 4 percent impact from foreign currency translation.
For the full year, sales increased 2 percent to $6.6 billion, including a positive 3 percent impact from foreign currency translation.
The full financial report is here.
AHMA Spearheading Industry Technology Initiative
1.25.08 The American Hardware Manufacturers Association (AHMA) today provided an update on the Hardlines and Electronics Extended Attribute Initiative (HEAI).The goal of HEAI is for manufacturers to be able to send data through one standard method rather than proprietary solutions, making the entire data sync process much easier for manufacturers, wholesalers and retailers alike.
The full press release is here.
UFPI Closing Six Plants
1.23.08 Universal Forest Products, Inc. today announced the closure and intended sale of six plants to better align manufacturing capacity with the current business environment, according to a press release.
"In a housing market that continues to deteriorate, we must proactively manage our assets and operations, position our company for growth when housing stabilizes, and take advantage of opportunities in our three other core markets," said President and CEO Michael B. Glenn.
The full press release is here.
GE 2007 Profits Up 16%
1.18.08 Bucking current trends and talk of recession, GE announced today fourth-quarter 2007 earnings from continuing operations of $6.8 billion or $.68 per share, up 15 percent and 17 percent, respectively, from fourth-quarter 2006. Fourth-quarter revenues from continuing operations were $48.6 billion, up 18 percent, increasing 10 percent organically. Full-year 2007 earnings from continuing operations were $22.5 billion or $2.20 per share, up 16 percent and 18 percent, respectively, from 2006. Full-year 2007 revenues from continuing operations were $173 billion, up 14 percent, increasing 9 percent organically.“We have built the company to outperform in this environment,” GE Chairman and CEO Jeff Immelt said. “We have strengthened the portfolio for growth, restructured to lower our cost, maintained our Triple A credit rating and stayed true to our risk management principles. We are also more global, with more than 50 percent of our revenues now coming from outside the U.S.
The full financial report is here.
Antidumping Duties Imposed
1.18.08 The United States Department of Commerce yesterday announced the imposition of antidumping duties on imports of certain steel nails from China and the United Arab Emirates, according to five U.S. nail manufacturers and the USW International Union. The Commerce Department calculated preliminary antidumping margins ranging from 20.77 percent to 118.04 percent for certain steel nails from China, and preliminary antidumping margins ranging of 4.47 percent for certain steel nails from the UAE. Additionally, duties on entries from certain Chinese companies will be applied 90 days retroactively.
As the result of these decisions, Commerce will immediately order U.S. Customs and Border Protection to require importers to post a bond or cash deposit in the amount of the duties, pending the final determination in the investigation and announcement of final duty amounts.
The investigations cover multiple types of nails, up to 12 inches long, produced from all types of steel. The nails under investigation may be sold in bulk or collated for use in nail guns using various materials such as plastic, paper, and wire, and are produced with different head shapes and shank types depending on their intended use. They may be treated for corrosion resistance. Nails that are covered by these investigations are widely used in commercial and residential construction, and also for such purposes as pallet construction. The investigations specifically do not cover certain types of nails, including roofing nails.
These investigations were initiated in May 2007 at the request of petitioners Mid Continent Nail Corporation, Davis Wire Corporation, Gerdau Ameristeel Corporation (Atlas Steel & Wire Division), Maze Nails (Division of W.H. Maze Company), Treasure Coast Fasteners, Inc., and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union.
Saint-Gobain Names Division President for Abrasives
1.16.08 John Crowe has been named president of Saint-Gobain Abrasives. A long-time executive with Norton Company (which was acquired by Saint-Gobain in 1990), Crowe was most recently president of Saint-Gobain Performance Plastics.
Newell to Open DC in Atlanta
1.15.08 Newell Rubbermaid has announced it will open its fifth multi-branded distribution center in Atlanta. The 800,000-square-foot facility is part of the company’s ongoing strategy to convert many of its single-branded distribution centers to more centrally located multi-brand centers.The full press release is here.
WD-40 First Quarter Sales Up 10%, Net Income Up 9.4%
1.10.08 WD-40 Company has reported net sales increased 10.0 percent to $79.2 million for its first fiscal quarter ended November 30, 2007. Net income for the period was $6.2 million, up 9.4% over the year-ago first quarter.
"We had a solid first quarter and are on track for the year," said Garry O. Ridge, president and chief executive officer. "During the first quarter, our sales figures clearly represent the results of our on-going strategy to diversify the company across brands, borders and trade channels," Ridge said. "In fact, in the first quarter, 67 percent of WD-40 brand sales and 56 percent of our total sales were outside the United States, proving we are truly a global company."
B&D to Present 2007 Results Live on Internet
1.9.08 The Black & Decker Corporation has announced that it will hold a conference call on Monday, January 28, 2008, following the release of its fourth-quarter and full-year 2007 results. The call is scheduled to begin at 9:00 a.m., E.T.The conference call will be webcast "live" over the Internet. You can listen to the call by visiting http://www.bdk.com and clicking on the icon labeled "Live Webcast."
Stanley Updates 4Q Guidance and Issues 2008 Outlook
1.7.08 The Stanley Works late Monday afternoon issued a press release stating fourth quarter 2007 sales will be up approximately 14 percent. Earnings per share (EPS) for the quarter will be approximately $1.06-$1.11 per share versus a previous guidance of $1.10-$1.15.Full year 2007 EPS will be between $3.95-$4.00 per share, up 14-16 percent over 2006.
For 2008, the company sees an EPS of $4.20-$4.40, an increase of 5-11 percent over 2007.
The full report is here.
Sherwin-Williams Buys Mexican Paint Companies
1.7.08 The Sherwin-Williams Company has announced that they have acquired certain assets of Flex Recubrimientos, Acabados Automotrices and related companies. The purchase price was not disclosed.Headquartered in Monterrey Mexico, the privately owned companies are manufacturers and distributors of automotive after-market body fillers, putties, primers and other vehicle refinish products.
Trex Names CEO
1.4.08 Trex Company, Inc. has announced that Ronald W. Kaplan has been appointed president, chief executive officer and a director of the company, effective January 7, 2008. Andrew U. Ferrari, who previously served as CEO, has been appointed chairman of the board, replacing Anthony J. Cavanna, who will continue as a director and interim chief financial officer.The full press release is here.
Medicine Cabinets Sold at Lowe’s and Home Depot Recalled
1.4.08 RSI Home Products is voluntarily recalling a line of bathroom medicine cabinets in cooperation with the Consumer Product Safety Commission. Approximately 8,600 units were sold through Lowe’s and Home Depot between August and October of 2007. The medicine cabinet’s mirrors can separate and break, posing a laceration hazard.
The CPSC document is here.
Manufacturing Activity Slowed in December
1.2.08 Economic activity in the manufacturing sector failed to grow in December following 10 consecutive months of expansion, while the overall economy grew for the 74th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business released today.The report was issued today by Norbert J. Ore, C.P.M., Chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The manufacturing sector failed to grow in December ending 10 consecutive months of growth. The recent trend has been toward slower growth. However, December was apparently a very tough month as New Orders, Production and Employment were all below the break-even mark of 50 percent. Industries close to the housing market appear to be struggling more than others, and those involved in exports seem to be doing better. Slower demand appears to be more of a problem than excessive inventories based on the respondents' comments."
The full report is here.
Rain Bird Wins Top Rose Bowl Parade Float Award
1.2.08 Rain Bird, a manufacturer and provider of irrigation products and services, was awarded the Tournament of Roses Sweepstakes Trophy in recognition of its 2008 Tournament of Roses Parade entry, Preservation Celebration. Awarded to the float entry deemed the most beautiful by a panel of expert judges, the 2008 Sweepstakes Trophy win marks the eleventh time in twelve years that Rain Bird has been awarded for its Rose Parade float entry, and the seventh time the company has won the parade's top honor.Rain Bird press releases are here.
Hillman Acquires All Points
12.31.07 The Hillman Companies, Inc. has announced that its Hillman Group, Inc. subsidiary has purchased All Points Industries, Inc.All points, with annual sales over $34 million, is a Pompano Beach, Florida based distributor of commercial and residential fasteners specializing in fasteners for hurricane protection.
Joe Galli Set to Return to Power Tools Business
12.28.07 Joseph Galli Jr. is set to be named CEO of Techtronic Industries, maker of Ryobi and Ridgid brand power tools, according to a report in the Baltimore Sun.
Galli, who headed Black & Decker’s power tool division nine years ago, has since held the position of CEO at Newell Rubbermaid and Amazon.com.
The announcement is expected in early January.
Who Makes All Those CFLs?
12.27.07 Compact-fluorescent lights (CFLs) are one of the most easily recognizable products currently riding the green wave of environmental awareness in the country. And with the signing last week of a new Federal Energy Bill calling for a phase-out of traditional incandescent light bulbs between 2012 and 2014, the market for the energy-efficient product seems brighter than ever.TCP, Inc., a company based in Aurora, Ohio with manufacturing facilities in Singapore, claims to have 70 percent of the market for manufacturing the product. In addition to marketing the lights under its own name, TCP makes private-label products for retailers such as Home Depot and