EX-99.1 3 dex991.htm WEB RELEASE DATED OCTOBER 17, 2003 Web Release dated October 17, 2003

Exhibit 99.1

 

Fastenal Company Web Release dated October 17th, 2003

Customer Service Project (CSP) converted store information.

September 30, 2003

 

Included below is an update to the CSP store conversion information released on July 18th, 2003. The information is contained in five charts. The analysis centered on the operating statistics of four distinct groups of stores:

 

(1)   Company—All stores operating on December 31, 2001, excluding Canada and Singapore stores,

 

(2)   Random sample—A random sample of 24 non-CSP stores to serve as a benchmark. This group of non-CSP stores was first selected in the first quarter of 2003; seven and nine of these stores had converted to the CSP format as of June 30, 2003 and September 30, 2003, respectively,

 

(3)   3rd Qtr’02—Existing stores converted to the CSP format in the 3rd Qtr of 2002 (24 stores),

 

(4)   4th Qtr’02—Existing stores converted to the CSP format in the 4th Qtr of 2002 (51 stores)

 

************************************

 

The operating statistics include:

 

(1)   Daily Average Sales per Store. This is defined as sales per store for the period (three month period) divided by the number of business days in that period.

 

(2)   Monthly New Accounts per Store. This is defined as the number of new accounts added each month per store.

 

(3)   Monthly Active Accounts per Store. This is defined as the number of accounts that purchased product during a month.

 

(4)   Productivity – Monthly Sales per Employee (FTE). This is defined as the sales per month divided by the number of full-time equivalent employees (FTE). The term full-time equivalent employee (FTE) is measured as full-time employee equals 1 and a part-time employee equals .5 (i.e. two full-time employees plus one part-time employee would equal 2.5 FTE.

 

(5)   Collections—Days Out. This is defined as the ending accounts receivable balance divided by the average sales per day over the previous 60 calendar days. The Days Out represents the number of calendar days, on average, between when a sale occurs and when the cash is collected.

 

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Fastenal Company Web Release dated October 17th, 2003

Customer Service Project (CSP) converted store information.

September 30, 2003

 

Daily Average Sales Per Store

 

LOGO

 

     1stQTR’02
    2ndQTR’02
    3rdQTR’02
    4thQTR’02
    1stQTR’03
    2ndQTR’03
    3rdQTR’03

Company

    $ 3,067    $ 3,220    $ 3,238    $ 3,056    $ 3,243    $ 3,294    $ 3,400

Random Sample

    $ 2,852    $ 2,807    $ 2,763    $ 2,452    $ 2,833    $ 3,000    $ 2,978

CSP (Q3 Converted)

    $ 2,878    $ 2,837    $ 3,022    $ 3,063    $ 3,237    $ 3,612    $ 3,714

CSP (Q4 Converted)

    $ 3,370    $ 3,844    $ 3,716    $ 3,658    $ 3,781    $ 4,012    $ 4,497

 

 

Monthly New Accounts per Store

 

LOGO

 

     1stQTR’02
    2ndQTR’02
    3rdQTR’02
    4thQTR’02
    1stQTR’03
    2ndQTR’03
    3rdQTR’03

Company

    5.7    5.6    5.3    4.8    5.1    5.6    5.6

Random Sample

    5.4    5.6    5.2    5.0    6.1    5.6    5.7

CSP (Q3 Converted)

    5.1    5.6    6.4    6.5    6.2    5.9    5.4

CSP (Q4 Converted)

    5.5    6.1    5.3    5.3    5.9    6.1    5.7

 

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Fastenal Company Web Release dated October 17th, 2003

Customer Service Project (CSP) converted store information.

September 30, 2003

 

Monthly Active Accounts per Store

 

LOGO

 

     1stQTR’02
    2ndQTR’02
    3rdQTR’02
    4thQTR’02
    1stQTR’03
    2ndQTR’03
    3rdQTR’03

Company

    95.4    98.9    99.6    95.4    89.6    94.0    101.5

Random Sample

    90.3    95.5    95.7    93.3    93.6    97.0    98.3

CSP (Q3 Converted)

    89.3    92.8    95.0    97.6    96.7    101.2    102.7

CSP (Q4 Converted)

    109.7    115.3    116.1    113.0    111.3    119.6    131.0

 

 

Productivity - Monthly Sales per Employee (FTE)

 

LOGO

 

     1stQTR’02
    2ndQTR’02
    3rdQTR’02
    4thQTR’02
    1stQTR’03
    2ndQTR’03
    3rdQTR’03

Company

    18,885    19,943    19,303    18,621    20,492    22,141    22,960

Random Sample

    20,012    20,351    19,898    16,361    19,006    21,691    22,029

CSP (Q3 Converted)

    16,729    17,000    16,877    17,887    20,072    22,059    23,915

CSP (Q4 Converted)

    18,517    21,272    19,889    19,554    21,184    23,471    24,972

 

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Fastenal Company Web Release dated October 17th, 2003

Customer Service Project (CSP) converted store information.

September 30, 2003

 

Collections - Days Out

 

LOGO

 

     1stQTR’02
    2ndQTR’02
    3rdQTR’02
    4thQTR’02
    1stQTR’03
    2ndQTR’03
    3rdQTR’03

Company

    51.0    47.8    47.8    48.0    48.5    47.9    50.9

Random Sample

    51.8    52.0    51.8    52.9    51.7    53.7    52.9

CSP (Q3 Converted)

    53.5    50.6    49.3    47.0    46.6    46.1    48.6

CSP (Q4 Converted)

    53.7    49.9    49.2    50.0    49.6    47.8    47.0

 

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Fastenal Company Web Release dated October 17th, 2003

Customer Service Project (CSP) converted store information.

September 30, 2003

 

Summary of Findings for Converted Stores

 

The impact on the two groups was as follows:

 

3rd Qtr’02

 

  •   Daily Average Sales per Store increased in every quarter since conversion. Total increase from Q2-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is $877 per day, or 30.9%.

 

  •   Monthly New Accounts per Store increased in Q3-2002 and Q4-2002. The increase softened in Q1-2003 and Q2-2003; the new accounts in Q3-2003 were similar to Q2-2002.

 

  •   Monthly Active Accounts per Store increased in Q4-2002, slipped in Q1-2003, and increased in Q2-2003 and Q3-2003. Total increase from Q2-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is 9.9 customers, or 10.7%.

 

  •   Productivity – Monthly Sales per Employee (FTE) increased in every quarter since conversion. (This productivity increase is common in the first, second, and third quarter; however, it is very uncharacteristic of the fourth quarter.)

 

  •   Collections – Days Out decreased in the first four quarters after conversion, and increased in Q3-2003. Total decrease from Q2-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is 2.0 days, or 4.0%.

 

4th Qtr’02

 

  •   Daily Average Sales per Store increased in every quarter since conversion. Total increase from Q3-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is $781 per day, or 21.0%.

 

  •   Monthly New Accounts per Store increased in Q1-2003, Q2-2003, and Q3-2003 to a level consistent with the comparable quarter in 2002.

 

  •   Monthly Active Accounts per Store softened in Q1-2003 and increased in both Q2-2003 and Q3-2003. Total increase from Q3-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is 14.9 customers, or 12.8%.

 

  •   Productivity – Monthly Sales per Employee (FTE) increased in every quarter since conversion. (This productivity increase is common in the first, second, and third quarter; however, it is very uncharacteristic of the fourth quarter.)

 

  •   Collections – Days Out increased in Q4-2002 and Q1-2003; and then decreased in both Q2-2003 and Q3-2003. Total decrease from Q3-2002 (quarter before conversion) until Q3-2003 (most recent quarter) is 2.2 days, or 4.5%.

 

We believe the tangible results continue to support the investment in the CSP initiative.

 

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