New York
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1-14130
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11-3289165
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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75 Maxess Road, Melville, New York
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11747
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|||
(Address of principal executive offices)
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(Zip Code)
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|||
Registrant’s telephone number, including area code: (516) 812-2000
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||||
Not Applicable
|
||||
(Former name or former address, if changed since last report)
|
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits:
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99.1
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Press Release, dated April 6, 2011, issued by MSC Industrial Direct Co., Inc.
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MSC INDUSTRIAL DIRECT CO., INC.
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|||
Date: April 6, 2011
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By:
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/s/ Shelley M. Boxer | |
Name: | Shelley M. Boxer | ||
Title: | Vice President, Finance | ||
Exhibit Index
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Exhibit No.
|
Description
|
|
99.1
|
Press Release, dated April 6, 2011, issued by MSC Industrial Direct Co., Inc.
|
|
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 SECOND QUARTER RESULTS | Page -2- |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 SECOND QUARTER RESULTS | Page -3- |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 SECOND QUARTER RESULTS | Page -4- |
February 26, 2011
|
August 28, 2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 75,675 | $ | 121,191 | ||||
Accounts receivable, net of allowance for doubtful accounts
|
246,595 | 221,013 | ||||||
Inventories
|
305,072 | 285,985 | ||||||
Prepaid expenses and other current assets
|
22,372 | 20,498 | ||||||
Deferred income taxes
|
25,614 | 27,849 | ||||||
Total current assets
|
675,328 | 676,536 | ||||||
Property, plant and equipment, net
|
147,499 | 143,609 | ||||||
Goodwill
|
272,041 | 271,765 | ||||||
Identifiable intangibles, net
|
46,560 | 48,751 | ||||||
Other assets
|
7,863 | 12,662 | ||||||
Total assets
|
$ | 1,149,291 | $ | 1,153,323 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Current maturities of long-term notes payable
|
$ | 87 | $ | 39,361 | ||||
Accounts payable
|
78,546 | 81,220 | ||||||
Accrued liabilities
|
56,390 | 69,704 | ||||||
Total current liabilities
|
135,023 | 190,285 | ||||||
Deferred income taxes and tax uncertainties
|
71,528 | 63,158 | ||||||
Total liabilities
|
206,551 | 253,443 | ||||||
Commitments and Contingencies
|
||||||||
Shareholders’ Equity:
|
||||||||
Class A common stock
|
50 | 48 | ||||||
Class B common stock
|
17 | 18 | ||||||
Additional paid-in capital
|
416,408 | 378,315 | ||||||
Retained earnings
|
681,775 | 675,968 | ||||||
Accumulated other comprehensive loss
|
(2,219 | ) | (2,660 | ) | ||||
Class A treasury stock, at cost
|
(153,291 | ) | (151,809 | ) | ||||
Total shareholders’ equity
|
942,740 | 899,880 | ||||||
Total liabilities and shareholders’ equity
|
$ | 1,149,291 | $ | 1,153,323 |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 SECOND QUARTER RESULTS | Page -5- |
Thirteen Weeks Ended
|
Twenty-Six Weeks Ended
|
|||||||||||||||
February 26,
2011
|
February 27,
2010
|
February 26,
2011
|
February 27,
2010
|
|||||||||||||
Net sales
|
$ | 483,362 | $ | 395,482 | $ | 956,189 | $ | 780,299 | ||||||||
Cost of goods sold
|
257,063 | 216,447 | 512,197 | 425,565 | ||||||||||||
Gross profit
|
226,299 | 179,035 | 443,992 | 354,734 | ||||||||||||
Operating expenses
|
145,701 | 129,145 | 286,244 | 253,822 | ||||||||||||
Income from operations
|
80,598 | 49,890 | 157,748 | 100,912 | ||||||||||||
Other (Expense) Income:
|
||||||||||||||||
Interest expense
|
(61 | ) | (358 | ) | (160 | ) | (745 | ) | ||||||||
Interest income
|
5 | 34 | 30 | 94 | ||||||||||||
Other income (expense), net
|
28 | 29 | (3 | ) | 12 | |||||||||||
Total other expense
|
(28 | ) | (295 | ) | (133 | ) | (639 | ) | ||||||||
Income before provision for income taxes
|
80,570 | 49,595 | 157,615 | 100,273 | ||||||||||||
Provision for income taxes
|
30,881 | 18,946 | 60,366 | 38,204 | ||||||||||||
Net income
|
$ | 49,689 | $ | 30,649 | $ | 97,249 | $ | 62,069 | ||||||||
Per Share Information:
|
||||||||||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
$ | 0.78 | $ | 0.49 | $ | 1.54 | $ | 0.99 | ||||||||
Diluted
|
$ | 0.78 | $ | 0.48 | $ | 1.53 | $ | 0.98 | ||||||||
Weighted average shares used in computing net income per common share:
|
||||||||||||||||
Basic
|
62,875 | 62,532 | 62,622 | 62,369 | ||||||||||||
Diluted
|
63,325 | 63,031 | 63,060 | 62,879 | ||||||||||||
Cash dividend declared per common share
|
$ | 0.22 | $ | 0.20 | $ | 1.44 | $ | 0.40 |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 SECOND QUARTER RESULTS | Page -6- |
Twenty-Six Weeks Ended
|
||||||||
February 26, 2011
|
February 27, 2010
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$ | 97,249 | $ | 62,069 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Depreciation and amortization
|
14,216 | 12,955 | ||||||
Stock-based compensation
|
7,357 | 6,781 | ||||||
Loss on disposal of property, plant and equipment
|
2 | 11 | ||||||
Provision for doubtful accounts
|
1,519 | 1,367 | ||||||
Deferred income taxes and tax uncertainties
|
10,606 | 2,835 | ||||||
Excess tax benefits from stock-based compensation
|
(5,111 | ) | (2,473 | ) | ||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(23,950 | ) | (30,977 | ) | ||||
Inventories
|
(11,600 | ) | 3,337 | |||||
Prepaid expenses and other current assets
|
(823 | ) | 122 | |||||
Other assets
|
4,618 | 5,239 | ||||||
Accounts payable and accrued liabilities
|
(13,759 | ) | 12,997 | |||||
Total adjustments
|
(16,925 | ) | 12,194 | |||||
Net cash provided by operating activities
|
80,324 | 74,263 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Expenditures for property, plant and equipment
|
(13,990 | ) | (12,722 | ) | ||||
Cash used in business acquisition
|
(11,015 | ) | -- | |||||
Net cash used in investing activities
|
(25,005 | ) | (12,722 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Purchases of treasury stock
|
(2,632 | ) | (2,200 | ) | ||||
Payment of cash dividends
|
(91,178 | ) | (25,228 | ) | ||||
Excess tax benefits from stock-based compensation
|
5,111 | 2,473 | ||||||
Proceeds from sale of Class A common stock in connection with associate stock purchase plan
|
1,589 | 1,254 | ||||||
Proceeds from exercise of Class A common stock options
|
25,517 | 8,338 | ||||||
Repayments of notes payable under the credit facility and other notes
|
(39,274 | ) | (25,710 | ) | ||||
Net cash used in financing activities
|
(100,867 | ) | (41,073 | ) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
32 | (94 | ) | |||||
Net (decrease) increase in cash and cash equivalents
|
(45,516 | ) | 20,374 | |||||
Cash and cash equivalents – beginning of period
|
121,191 | 225,572 | ||||||
Cash and cash equivalents – end of period
|
$ | 75,675 | $ | 245,946 | ||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid for income taxes
|
$ | 51,243 | $ | 37,094 | ||||
Cash paid for interest
|
$ | 92 | $ | 629 |