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
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||||
(Former name or former address, if changed since last report)
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□
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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□
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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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MSC INDUSTRIAL DIRECT CO., INC. | ||||
Date:
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June 30, 2011
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By: |
/s/ Jeffrey Kaczka
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Name: |
Jeffrey Kaczka
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|||
Title: | Executive Vice President and Chief Financial Officer |
Exhibit Index
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Exhibit No.
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Description
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99.1
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Press Release, dated June 30, 2011, issued by MSC Industrial Direct Co., Inc.
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MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS
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Page -2-
|
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS
|
Page -3-
|
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS
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Page -4-
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May 28,
2011
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August 28,
2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
|
$ | 136,771 | $ | 121,191 | ||||
Accounts receivable, net of allowance for doubtful accounts
|
257,088 | 221,013 | ||||||
Inventories
|
321,859 | 285,985 | ||||||
Prepaid expenses and other current assets
|
19,612 | 20,498 | ||||||
Deferred income taxes
|
26,270 | 27,849 | ||||||
Total current assets
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761,600 | 676,536 | ||||||
Property, plant and equipment, net
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147,649 | 143,609 | ||||||
Goodwill
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272,041 | 271,765 | ||||||
Identifiable intangibles, net
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44,705 | 48,751 | ||||||
Other assets
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5,723 | 12,662 | ||||||
Total assets
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$ | 1,231,718 | $ | 1,153,323 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Current maturities of long-term notes payable
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$ | 42 | $ | 39,361 | ||||
Accounts payable
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87,212 | 81,220 | ||||||
Accrued liabilities
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59,355 | 69,704 | ||||||
Total current liabilities
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146,609 | 190,285 | ||||||
Deferred income taxes and tax uncertainties
|
75,517 | 63,158 | ||||||
Total liabilities
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222,126 | 253,443 | ||||||
Commitments and Contingencies
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||||||||
Shareholders’ Equity:
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||||||||
Class A common stock
|
51 | 48 | ||||||
Class B common stock
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16 | 18 | ||||||
Additional paid-in capital
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434,593 | 378,315 | ||||||
Retained earnings
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729,811 | 675,968 | ||||||
Accumulated other comprehensive loss
|
(1,930 | ) | (2,660 | ) | ||||
Class A treasury stock, at cost
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(152,949 | ) | (151,809 | ) | ||||
Total shareholders’ equity
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1,009,592 | 899,880 | ||||||
Total liabilities and shareholders’ equity
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$ | 1,231,718 | $ | 1,153,323 |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS
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Page -5-
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Thirteen Weeks Ended
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Thirty-Nine Weeks Ended
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|||||||||||||||
May 28,
2011
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May 29,
2010
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May 28,
2011
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May 29,
2010
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|||||||||||||
Net sales
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$ | 532,366 | $ | 450,381 | $ | 1,488,555 | $ | 1,230,680 | ||||||||
Cost of goods sold
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280,804 | 245,499 | 793,001 | 671,064 | ||||||||||||
Gross profit
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251,562 | 204,882 | 695,554 | 559,616 | ||||||||||||
Operating expenses
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153,428 | 134,481 | 439,672 | 388,303 | ||||||||||||
Income from operations
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98,134 | 70,401 | 255,882 | 171,313 | ||||||||||||
Other (Expense) Income:
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||||||||||||||||
Interest expense
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(51 | ) | (248 | ) | (211 | ) | (993 | ) | ||||||||
Interest income
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12 | 43 | 42 | 137 | ||||||||||||
Other (expense) income, net
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(120 | ) | 19 | (123 | ) | 31 | ||||||||||
Total other expense
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(159 | ) | (186 | ) | (292 | ) | (825 | ) | ||||||||
Income before provision for income taxes
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97,975 | 70,215 | 255,590 | 170,488 | ||||||||||||
Provision for income taxes
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35,889 | 25,968 | 96,255 | 64,172 | ||||||||||||
Net income
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$ | 62,086 | $ | 44,247 | $ | 159,335 | $ | 106,316 | ||||||||
Per Share Information:
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||||||||||||||||
Net income per common share:
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||||||||||||||||
Basic
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$ | 0.97 | $ | 0.70 | $ | 2.52 | $ | 1.69 | ||||||||
Diluted
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$ | 0.97 | $ | 0.69 | $ | 2.50 | $ | 1.67 | ||||||||
Weighted average shares used in computing net income per common share:
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||||||||||||||||
Basic
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63,183 | 62,790 | 62,809 | 62,509 | ||||||||||||
Diluted
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63,630 | 63,320 | 63,250 | 63,025 | ||||||||||||
Cash dividend declared per common share
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$ | 0.22 | $ | 0.20 | $ | 1.66 | $ | 0.60 |
MSC INDUSTRIAL DIRECT CO., INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS
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Page -6-
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Thirty-Nine Weeks Ended
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||||||||
May 28, 2011
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May 29, 2010
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|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
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$ | 159,335 | $ | 106,316 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
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||||||||
Depreciation and amortization
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21,531 | 19,250 | ||||||
Stock-based compensation
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11,057 | 10,109 | ||||||
Loss on disposal of property, plant and equipment
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3 | 16 | ||||||
Provision for doubtful accounts
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1,949 | 1,029 | ||||||
Deferred income taxes and tax uncertainties
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13,938 | 5,115 | ||||||
Excess tax benefits from stock-based compensation
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(7,336 | ) | (4,531 | ) | ||||
Changes in operating assets and liabilities, net of amounts associated with business acquired:
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||||||||
Accounts receivable
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(34,647 | ) | (49,386 | ) | ||||
Inventories
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(28,191 | ) | (20,311 | ) | ||||
Prepaid expenses and other current assets
|
1,009 | (1,632 | ) | |||||
Other assets
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6,673 | 7,829 | ||||||
Accounts payable and accrued liabilities
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(30 | ) | 35,459 | |||||
Total adjustments
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(14,044 | ) | 2,947 | |||||
Net cash provided by operating activities
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145,291 | 109,263 | ||||||
Cash Flows from Investing Activities:
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||||||||
Expenditures for property, plant and equipment
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(19,491 | ) | (21,516 | ) | ||||
Cash used in business acquisition
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(10,073 | ) | -- | |||||
Net cash used in investing activities
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(29,564 | ) | (21,516 | ) | ||||
Cash Flows from Financing Activities:
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||||||||
Purchases of treasury stock
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(2,719 | ) | (2,211 | ) | ||||
Payment of cash dividends
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(105,186 | ) | (37,924 | ) | ||||
Excess tax benefits from stock-based compensation
|
7,336 | 4,531 | ||||||
Proceeds from sale of Class A common stock in connection with associate stock purchase plan
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2,316 | 1,961 | ||||||
Proceeds from exercise of Class A common stock options
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37,375 | 21,856 | ||||||
Paydown of the revolving credit line debt from credit facility
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-- | (95,000 | ) | |||||
Repayments of notes payable under the credit facility and other notes
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(39,319 | ) | (38,565 | ) | ||||
Net cash used in financing activities
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(100,197 | ) | (145,352 | ) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents
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50 | (67 | ) | |||||
Net increase (decrease) in cash and cash equivalents
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15,580 | (57,672 | ) | |||||
Cash and cash equivalents – beginning of period
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121,191 | 225,572 | ||||||
Cash and cash equivalents – end of period
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$ | 136,771 | $ | 167,900 | ||||
Supplemental Disclosure of Cash Flow Information:
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||||||||
Cash paid for income taxes
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$ | 80,938 | $ | 53,771 | ||||
Cash paid for interest
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$ | 93 | $ | 918 |