Texas
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76-0509661
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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7272 Pinemont, Houston, Texas 77040
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(713) 996-4700
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(Address of principal executive offices)
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Registrant’s telephone number, including area code.
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·
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Sales were $387.1 million for the third quarter of 2014, compared to $329.7 million for the third quarter of 2013, an increase of 17.4%. Organic sales increased $11 million or 3.33%, and acquisitions positively impacted sales by $46.4 million.
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·
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Gross profit was $113.4 million, or 29.3% of sales, for the third quarter of 2014, compared to $97.1 million, or 29.5% of sales, for the third quarter of 2013.
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·
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Selling, general & administrative (SG&A) expenses were $81.6 million, or 21.1% of sales, for the third quarter of 2014, compared to $70.2 million, or 21.3% of sales, for the third quarter of 2013.
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·
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EBITDA (earnings before interest, taxes, depreciation and amortization) was $39.8 million for the current quarter, compared to $32.6 million for the third quarter of 2013, an increase of 22.1%. EBITDA as a percentage of sales was 10.3% in 2014 and 9.9% in 2013
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·
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Operating income was $31.8 million for the current quarter, compared to $26.9 million for the third quarter of 2013. Operating profit as a percentage of sales was 8.2% in 2014 and 2013.
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·
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Net income of $17.6 million for the current quarter was up 7.9% compared to $16.4 million, for the third quarter of 2013.
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·
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Earnings per diluted share for the third quarter of 2014 were $1.14 per share, based on 15.5 million diluted shares, compared to $1.07 per share in the third quarter of 2013, based on 15.3 million diluted shares.
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·
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Service Centers revenue was up 9.7% year over year with a 11.5% operating income margin. Organic revenue was up 2.5% year over year.
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·
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Innovative Pumping Solutions revenue was up 45.0% year over year with a 16.9% operating income margin. Organic revenue was down 3.5% year over year.
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·
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Supply Chain Services revenue was up 20.2% year over year with a 8.6% operating margin.
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
|
||||||
2014
|
2013
|
2014
|
2013
|
||||
Sales
|
$ 387,053
|
$ 329,719
|
$ 1,117,160
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$ 927,758
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|||
Cost of sales
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273,644
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232,598
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790,998
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650,015
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|||
Gross profit
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113,409
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97,121
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326,162
|
277,743
|
|||
Selling, general and
administrative expense
|
81,605
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70,223
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243,798
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204,876
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|||
Operating income
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31,804
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26,898
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82,364
|
72,867
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|||
Other expense (income), net
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10
|
(38)
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1
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(16)
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|||
Interest expense
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3,295
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1,614
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9,868
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4,930
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|||
Income before income taxes
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28,499
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25,322
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72,495
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67,953
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|||
Provision for income taxes
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10,856
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8,970
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27,695
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24,620
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|||
Net income
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$ 17,643
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$ 16,352
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$ 44,800
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$ 43,333
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|||
Diluted earnings per share
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$ 1.14
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$ 1.07
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$ 2.88
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$ 2.84
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|||
Weighted average common shares
and common equivalent
shares outstanding
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15,496
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15,284
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15,536
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15,270
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SEGMENT DATA
(in thousands)
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|||||||||||||||
Three Months ended September 30,
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Nine Months ended September 30,
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||||||||||||||
Service
Centers
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IPS
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SCS
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Total
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Service
Centers
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IPS
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SCS
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Total
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||||||||
2014
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|||||||||||||||
Sales
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$ 255,041
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$ 88,614
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$ 43,398
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$ 387,053
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$ 735,104
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$ 259,070
|
$ 122,986
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$ 1,117,160
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|||||||
Operating income for reportable segments
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$ 29,444
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$ 14,979
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$ 3,721
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$ 48,144
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$ 79,355
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$ 40,328
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$ 10,424
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$ 130,107
|
|||||||
2013
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|||||||||||||||
Sales
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$ 232,529
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$ 61,094
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$ 36,096
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$ 329,719
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$ 660,552
|
$ 155,572
|
$ 111,634
|
$ 927,758
|
|||||||
Operating income for reportable segments
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$ 27,557
|
$ 9,059
|
$ 3,202
|
$ 39,818
|
$ 75,976
|
$ 24,267
|
$ 9,550
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$ 109,793
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
||||
2014
|
2013
|
2014
|
2013
|
||
Income before income taxes
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$ 28,499
|
$ 25,322
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$ 72,495
|
$ 67,953
|
|
Plus interest expense
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3,295
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1,614
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9,868
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4,930
|
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Plus depreciation and amortization
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7,993
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5,663
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23,293
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16,155
|
|
EBITDA*
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$ 39,787
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$ 32,599
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$ 105,656
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$ 89,038
|
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*EBITDA - earnings before interest, taxes, depreciation and amortization
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