DXP Enterprises Inc. - Conference Presentation Calls

DXP Enterprises Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income was $2,684 000 with diluted earnings per share of $0.19 compared to net income of $7,026,000 and diluted earnings per share of $0.51 for the third quarter of 2008. Sales decreased $43.5 million, or 23.3%, to approximately $143.4 million from $186.9 million for the same period in 2008. Sales by businesses acquired in 2008, on a same store sales basis, accounted for $8.6 million of 2009 sales for the three month period. Excluding these sales by the acquired businesses, sales decreased 27.9%. Operating income was $5.6 million against $12.7 million for the same quarter a year period. Income before income taxes was $4.4 million against $11.4 million for the same quarter a year ago period. Net income attributable to common shareholders was $2.7 million against $7.0 million for the same quarter a year ago period. EBITDA was $8.6 million against $15.5 million for the same quarter a year ago period. For the nine-month period, the company reported net income was $8,022,000 with diluted earnings per share of $0.57 compared to net income of $18,838,000 and diluted earnings per share of $1.36 for the first nine months of 2008. Sales decreased $97.8 million, or 18.0%, to approximately $445.4 million from $543.2 million for the same period in 2008. Operating income was $17.5 million against $34.8 million for the same period a year ago. Income before income taxes was $13.5 million against $30.9 million for the same period a year ago. Net income attributable to common shareholders was $7.9 million against $18.7 million for the same period a year ago. EBITDA was $26.3 million against $42.2 million for the same period a year ago.

DXP Enterprises Inc., Q3 2009 Earnings Call, Nov-03 2009