MELVILLE, N.Y. and DAVIDSON, N.C., Oct.
27, 2015 /PRNewswire/ --
FISCAL Q4 2015 HIGHLIGHTS
- Net sales of $727.4 million, flat
year-over-year, on continued share gains in difficult market
conditions
- Gross margin of 45.0% reflecting continued stabilization
- Adjusted operating expenses as a percent of sales just 10 basis
points higher year-over-year after cost down measures and increased
growth spending
- GAAP and adjusted diluted EPS of $0.96
FISCAL 2015 HIGHLIGHTS
- Net sales of $2.9 billion
increased 4.4% over the prior year
- GAAP diluted EPS of $3.74 and
adjusted diluted EPS of $3.79
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the
"Company," a premier distributor of Metalworking and Maintenance,
Repair and Operations ("MRO") supplies to industrial customers
throughout North America, today
reported financial results for its fiscal 2015 fourth quarter and
full year ended August 29, 2015.
Financial
Highlights1
|
|
FY15
Q4
|
|
FY14
Q4
|
|
Change
|
|
FY15
|
|
FY14
|
|
Change
|
Net Sales
|
|
$727.4
|
|
$726.6
|
|
0.1%
|
|
$2,910.4
|
|
$2,787.1
|
|
4.4%
|
GAAP Operating
Income
|
|
95.4
|
|
99.8
|
|
(4.4%)
|
|
379.5
|
|
383.2
|
|
(1.0%)
|
% of Net
Sales
|
|
13.1%
|
|
13.7%
|
|
|
|
13.0%
|
|
13.7%
|
|
|
Adjusted Operating
Income2
|
|
95.7
|
|
100.9
|
|
(5.2%)
|
|
384.0
|
|
400.5
|
|
(4.1%)
|
% of Net
Sales
|
|
13.2%
|
|
13.9%
|
|
|
|
13.2%
|
|
14.4%
|
|
|
GAAP Net
Income
|
|
59.0
|
|
62.8
|
|
(6.0%)
|
|
231.3
|
|
236.1
|
|
(2.0%)
|
Adjusted Net
Income3
|
|
59.2
|
|
63.5
|
|
(6.8%)
|
|
234.1
|
|
246.9
|
|
(5.2%)
|
GAAP Diluted
EPS
|
|
$0.964
|
|
$1.015
|
|
(5.0%)
|
|
$3.744
|
|
$3.765
|
|
(0.5%)
|
Adjusted Diluted
EPS
|
|
$0.964
|
|
$1.025
|
|
(5.9%)
|
|
$3.794
|
|
$3.935
|
|
(3.6%)
|
1In millions unless noted. 2Excludes
non-recurring costs. 3Excludes the after tax effects of
non-recurring costs. 4Based on 61.4 million and 61.5
million diluted shares outstanding for FY15 Q4 and FY15,
respectively. 5Based on 62.0 million and 62.3 million
diluted shares outstanding for FY14 Q4 and FY14,
respectively.
|
Erik Gershwind, President and
Chief Executive Officer, stated, "Our flat fourth quarter sales
reflected strong execution in the face of a difficult and
deteriorating environment. The prolonged impact of the drop in oil
prices, the strong US dollar and foreign exchange headwinds are all
negatively impacting broader manufacturing activity. We continued
our share gains despite these market conditions."
Rustom Jilla, Executive Vice
President and Chief Financial Officer, added, "Fourth quarter
adjusted EPS was above the midpoint of our guidance reflecting
continued gross margin stabilization and expense management.
Countermeasures such as discount optimization, various freight
initiatives, and supplier cost reductions offset most of the
headwinds from customer mix and soft pricing. We will continue to
implement productivity initiatives and reduce expenses even after
investing for growth."
Mr. Gershwind concluded, "As we move into 2016, we remain
focused on outgrowing the market and managing those levers within
our control. We have historically made our greatest strides during
economic slowdowns and delivered disproportionate revenue growth
and earnings leverage in subsequent periods. Looking forward, our
infrastructure investments have positioned us well to leverage
future growth."
Outlook
Based on current market conditions, the Company expects net
sales for the first quarter of fiscal 2016 to be between
$702 million and $714 million. At the
midpoint, average daily sales are expected to decline roughly 3.0%.
The Company expects diluted earnings per share for the fiscal first
quarter 2016 to be between $0.85 and
$0.89.
An explanation and reconciliation of the non-GAAP financial
measures contained in this press release to the most directly
comparable GAAP financial measures are included in the attached
tables.
Conference Call Information
MSC will host a conference call today at 8:30 a.m. ET to review the Company's fiscal 2015
fourth quarter and full year results. The call, accompanying
slides, and other operational statistics may be accessed at:
http://investor.mscdirect.com. A webcast replay of the conference
call will be available until November 27,
2015.
The conference call may also be accessed at 1-888-317-6003
(U.S.), 1-855-669-9657 (Canada) or
1-412-317-6061 (international). A replay will be available one hour
after the call's conclusion and until November 3, 2015 at 1-877-344-7529 (U.S.) or
1-412-317-0088 (international) with passcode 10072209.
The Company's reporting date for fiscal first quarter 2016
results will be January 6, 2016.
About MSC Industrial Supply Co.
MSC Industrial Supply Co. (NYSE:MSM) is a leading North American
distributor of metalworking and maintenance, repair, and operations
(MRO) products and services. We help our customers drive greater
productivity, profitability and growth with more than 1 million
products, inventory management and other supply chain solutions,
and deep expertise from 75 years of working with customers across
industries.
Our experienced team of over 6,500 associates is dedicated to
working side by side with our customers to help drive results for
their businesses - from keeping operations running efficiently
today to continuously rethinking, retooling, and optimizing for a
more productive tomorrow.
For more information on MSC, please visit www.mscdirect.com.
Note Regarding Forward-Looking Statements: Statements in
this Press Release may constitute "forward-looking statements"
under the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, that address
activities, events or developments that we expect, believe or
anticipate will or may occur in the future, including statements
about expected future results, expected benefits from our
investment and strategic plans, and expected future margins, are
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those anticipated by these forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The inclusion of any statement in this release does not
constitute an admission by MSC or any other person that the events
or circumstances described in such statement are material. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: problems with successfully
integrating acquired operations, unanticipated delays or costs
associated with expanding our customer fulfillment centers,
current economic, political and social conditions, changing
customer and product mixes, financial restrictions on outstanding
borrowings, industry consolidation, the loss of key suppliers or
supply chain disruptions, competition, general economic conditions
in the markets in which we operate, volatility in commodity and
energy prices, credit risk of our customers, risk of cancellation
or rescheduling of orders, work stoppages or other business
interruptions (including those due to extreme weather conditions)
at transportation centers or shipping ports, the risk of war,
terrorism and similar hostilities, dependence on our information
systems and the risk of business disruptions arising from changes
to our information systems, disruptions due to computer system or
network failures, computer viruses, physical or electronics
break-ins and cyber-attacks, dependence on key personnel, goodwill
and intangible assets recorded as a result of our acquisitions
could be impaired, disclosing our use of "conflict minerals" in
certain of the products we distribute could raise reputational and
other risks, and the outcome of potential government or regulatory
proceedings or future litigation relating to pending or future
claims, inquiries or audits. Additional information concerning
these and other risks is described under "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the reports on Forms 10-K and 10-Q that
we file with the U.S. Securities and Exchange Commission. We assume
no obligation to update any of these forward-looking
statements.
MSC INDUSTRIAL
SUPPLY CO. AND SUBSIDIARIES Condensed Consolidated Balance
Sheets (In
thousands)
|
|
|
|
|
|
August 29,
|
|
August 30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
38,267
|
|
$
|
47,154
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
403,468
|
|
|
382,784
|
Inventories
|
|
506,631
|
|
|
449,814
|
Prepaid expenses and
other current assets
|
|
39,067
|
|
|
40,410
|
Deferred income
taxes
|
|
44,643
|
|
|
41,253
|
Total current
assets
|
|
1,032,076
|
|
|
961,415
|
Property, plant and
equipment, net
|
|
291,156
|
|
|
294,348
|
Goodwill
|
|
623,626
|
|
|
629,335
|
Identifiable
intangibles, net
|
|
119,805
|
|
|
138,314
|
Other
assets
|
|
34,543
|
|
|
37,335
|
Total
assets
|
$
|
2,101,206
|
|
$
|
2,060,747
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Revolving credit
note
|
$
|
188,000
|
|
$
|
70,000
|
Current maturities of
long-term debt
|
|
25,515
|
|
|
26,829
|
Accounts
payable
|
|
114,328
|
|
|
116,283
|
Accrued
liabilities
|
|
94,494
|
|
|
96,052
|
Total current
liabilities
|
|
422,337
|
|
|
309,164
|
Long-term debt, net
of current maturities
|
|
214,789
|
|
|
240,235
|
Deferred income taxes
and tax uncertainties
|
|
131,210
|
|
|
112,785
|
Total
liabilities
|
|
768,336
|
|
|
662,184
|
Commitments and
Contingencies
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Preferred
Stock
|
|
-
|
|
|
-
|
Class A common
stock
|
|
56
|
|
|
56
|
Class B common
stock
|
|
13
|
|
|
13
|
Additional paid-in
capital
|
|
604,905
|
|
|
573,730
|
Retained
earnings
|
|
1,232,381
|
|
|
1,286,068
|
Accumulated other
comprehensive loss
|
|
(17,252)
|
|
|
(5,054)
|
Class A treasury
stock, at cost
|
|
(487,233)
|
|
|
(456,250)
|
Total shareholders'
equity
|
|
1,332,870
|
|
|
1,398,563
|
Total liabilities and
shareholders' equity
|
$
|
2,101,206
|
|
$
|
2,060,747
|
MSC INDUSTRIAL
SUPPLY CO. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income
|
(In thousands,
except per share data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
Fiscal Years
Ended
|
|
August 29,
|
|
August 30,
|
|
August 29,
|
|
August 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(13 weeks)
|
|
(13 weeks)
|
|
(52 weeks)
|
|
(52 weeks)
|
Net sales
|
$
|
727,405
|
|
$
|
726,623
|
|
$
|
2,910,379
|
|
$
|
2,787,122
|
Cost of goods
sold
|
|
400,270
|
|
|
395,437
|
|
|
1,593,804
|
|
|
1,500,866
|
Gross
profit
|
|
327,135
|
|
|
331,186
|
|
|
1,316,575
|
|
|
1,286,256
|
Operating
expenses
|
|
231,695
|
|
|
231,360
|
|
|
937,046
|
|
|
903,072
|
Income from
operations
|
|
95,440
|
|
|
99,826
|
|
|
379,529
|
|
|
383,184
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(1,554)
|
|
|
(1,233)
|
|
|
(6,340)
|
|
|
(3,874)
|
Interest
income
|
|
165
|
|
|
400
|
|
|
771
|
|
|
414
|
Other (expense)
income, net
|
|
(449)
|
|
|
178
|
|
|
(819)
|
|
|
(199)
|
Total other
expense
|
|
(1,838)
|
|
|
(655)
|
|
|
(6,388)
|
|
|
(3,659)
|
Income before
provision for income taxes
|
|
93,602
|
|
|
99,171
|
|
|
373,141
|
|
|
379,525
|
Provision for income
taxes
|
|
34,580
|
|
|
36,358
|
|
|
141,833
|
|
|
143,458
|
Net income
|
$
|
59,022
|
|
$
|
62,813
|
|
$
|
231,308
|
|
$
|
236,067
|
Per Share
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.96
|
|
$
|
1.01
|
|
$
|
3.75
|
|
$
|
3.78
|
Diluted
|
$
|
0.96
|
|
$
|
1.01
|
|
$
|
3.74
|
|
$
|
3.76
|
Weighted average
shares used in computing net income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
61,283
|
|
|
61,694
|
|
|
61,292
|
|
|
62,026
|
Diluted
|
|
61,413
|
|
|
62,016
|
|
|
61,487
|
|
|
62,339
|
Cash dividends
declared per common share
|
$
|
0.40
|
|
$
|
0.33
|
|
$
|
4.60
|
|
$
|
1.32
|
MSC INDUSTRIAL
SUPPLY CO. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Comprehensive Income
|
(In
thousands)
|
|
|
Fiscal Years
Ended
|
|
August 29,
|
|
August 30,
|
|
August 31,
|
|
2015
|
|
2014
|
|
2013
|
|
(52 weeks)
|
|
(52 weeks)
|
|
(52 weeks)
|
Net income, as
reported
|
$
|
231,308
|
|
$
|
236,067
|
|
$
|
237,995
|
Foreign currency
translation adjustments
|
|
(12,198)
|
|
|
(627)
|
|
|
(1,984)
|
Comprehensive
income
|
$
|
219,110
|
|
$
|
235,440
|
|
$
|
236,011
|
MSC INDUSTRIAL
SUPPLY CO. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
|
|
|
|
|
|
|
Fiscal Years
Ended
|
|
August 29,
|
|
August 30,
|
|
2015
|
|
2014
|
|
(52 weeks)
|
|
(52 weeks)
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net income
|
$
|
231,308
|
|
$
|
236,067
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
69,729
|
|
|
64,946
|
Stock-based
compensation
|
|
14,195
|
|
|
16,688
|
Loss on disposal of
property, plant, and equipment
|
|
1,453
|
|
|
2,361
|
Provision for doubtful
accounts
|
|
6,665
|
|
|
4,629
|
Deferred income taxes
and tax uncertainties
|
|
15,035
|
|
|
11,829
|
Excess tax benefits
from stock-based compensation
|
|
(3,956)
|
|
|
(5,480)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(29,347)
|
|
|
(41,460)
|
Inventories
|
|
(59,008)
|
|
|
(30,342)
|
Prepaid expenses and
other current assets
|
|
1,268
|
|
|
(6,319)
|
Other
assets
|
|
(1,354)
|
|
|
1,857
|
Accounts payable and
accrued liabilities
|
|
3,803
|
|
|
17,630
|
Total
adjustments
|
|
18,483
|
|
|
36,339
|
Net cash provided by
operating activities
|
|
249,791
|
|
|
272,406
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(51,405)
|
|
|
(70,617)
|
Investment in available for sale securities
|
|
-
|
|
|
(25,023)
|
Cash used in business acquisition, net of cash received
|
|
-
|
|
|
1,434
|
Net cash used in
investing activities
|
|
(51,405)
|
|
|
(94,206)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
Purchases of treasury
stock
|
|
(33,414)
|
|
|
(191,359)
|
Payments of regular
cash dividends
|
|
(98,828)
|
|
|
(82,607)
|
Payments of special
cash dividend
|
|
(185,403)
|
|
|
-
|
Payments on capital
lease and financing obligations
|
|
(2,290)
|
|
|
(1,851)
|
Excess tax benefits
from stock-based compensation
|
|
3,956
|
|
|
5,480
|
Proceeds from sale of
Class A common stock in connection with associate stock purchase
plan
|
|
4,285
|
|
|
3,998
|
Proceeds from exercise
of Class A common stock options
|
|
11,119
|
|
|
20,447
|
Borrowings under
financing obligations
|
|
530
|
|
|
1,353
|
Borrowings under
Credit Facility
|
|
336,000
|
|
|
135,000
|
Payments of notes
payable and revolving credit note under the Credit
Facility
|
|
(243,000)
|
|
|
(77,500)
|
Net cash used in
financing activities
|
|
(207,045)
|
|
|
(187,039)
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(228)
|
|
|
117
|
Net decrease in cash
and cash equivalents
|
|
(8,887)
|
|
|
(8,722)
|
Cash and cash
equivalents – beginning of period
|
|
47,154
|
|
|
55,876
|
Cash and cash
equivalents – end of period
|
$
|
38,267
|
|
$
|
47,154
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
122,988
|
|
$
|
128,558
|
Cash paid for
interest
|
$
|
5,843
|
|
$
|
3,087
|
Non-GAAP Financial
Measures
|
|
To supplement MSC's
unaudited selected financial data presented on a basis consistent
with Generally Accepted Accounting Principles ("GAAP"), the Company
discloses certain non-GAAP financial measures, including adjusted
operating income, adjusted net income, and adjusted net income per
diluted share. The adjusted supplemental measures exclude
non-recurring costs associated with the Class C Solutions Group
("CCSG") acquisition, the co-location of our corporate headquarters
in Davidson, North Carolina, and executive transition and
separation costs, and related tax effects. These non-GAAP measures
are not in accordance with or an alternative for GAAP, and may be
different from non-GAAP measures used by other companies. We
believe that these non-GAAP measures have limitations in that they
do not reflect all of the amounts associated with MSC's results of
operations as determined in accordance with GAAP and that these
measures should only be used to evaluate MSC's results of
operations in conjunction with the corresponding GAAP measures. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for the most directly
comparable GAAP measures. We compensate for the limitations of
non-GAAP financial measures by relying upon GAAP results to gain a
complete picture of Company performance.
|
|
In calculating
non-GAAP financial measures, we exclude these non-recurring costs
to facilitate a review of the comparability of the Company's
operating performance on a period-to-period basis because such
costs are not, in our view, related to the Company's ongoing
operational performance. We use non-GAAP measures to evaluate the
operating performance of our business, for comparison with
forecasts and strategic plans, and for benchmarking performance
externally against competitors. In addition, we use certain
non-GAAP financial measures as performance metrics for management
incentive programs. Since we find these measures to be useful, we
believe that investors benefit from seeing results "through the
eyes" of management in addition to seeing GAAP results. We believe
that these non-GAAP measures, when read in conjunction with the
Company's GAAP financials, provide useful information to investors
by offering:
|
|
- The ability to make more
meaningful period-to-period comparisons of the Company's on-going
operating results;
|
|
- The ability to better identify
trends in the Company's underlying business and perform related
trend analyses; and
|
|
- A
better understanding of how management plans and measures the
Company's underlying business.
|
|
The following tables
reconcile GAAP operating income, GAAP net income and GAAP net
income per diluted share ("EPS") to non-GAAP
adjusted operating income, adjusted net income, and adjusted net
income per diluted share.
|
|
|
Thirteen Weeks
Ended
|
|
|
August 29,
2015
|
|
|
(in
thousands)
|
|
Margin
|
GAAP Operating
income
|
|
$
|
95,440
|
|
13.1%
|
Non-recurring
costs
|
|
|
236
|
|
|
|
Adjusted Operating
income
|
|
$
|
95,676
|
|
13.2%
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
August 30,
2014
|
|
|
(in
thousands)
|
|
Margin
|
GAAP Operating
income
|
|
$
|
99,826
|
|
13.7%
|
Non-recurring
costs
|
|
|
1,108
|
|
|
|
Adjusted Operating
income
|
|
$
|
100,934
|
|
13.9%
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
|
August 29,
2015
|
|
August 30,
2014
|
|
|
(in
thousands)
|
Net sales
|
|
$
|
727,405
|
|
$
|
726,623
|
Cost of goods
sold
|
|
|
400,270
|
|
|
395,437
|
Gross
profit
|
|
|
327,135
|
|
|
331,186
|
Operating
Expenses
|
|
|
231,695
|
|
|
231,360
|
Income from
Operations
|
|
|
95,440
|
|
|
99,826
|
Non-recurring
costs
|
|
|
236
|
|
|
1,108
|
Adjusted Operating
income
|
|
$
|
95,676
|
|
$
|
100,934
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
August 29,
2015
|
(in thousands,
except per share amounts)
|
|
$(after
tax)
|
|
Diluted
EPS
|
GAAP net
income
|
|
$
|
59,022
|
|
$
|
0.96
|
Non-recurring
costs*
|
|
|
149
|
|
|
-
|
Adjusted net
income
|
|
$
|
59,171
|
|
$
|
0.96
|
|
* On a pre-tax basis
includes approximately $236 of non-recurring executive transition
costs related to the planned retirement of the Company's Chief
Financial Officer for the thirteen weeks ended August 29, 2015. The
non-recurring costs were calculated using an effective tax rate of
36.9%.
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
August 30,
2014
|
(in thousands,
except per share amounts)
|
|
$(after
tax)
|
|
Diluted
EPS
|
GAAP net
income
|
|
$
|
62,813
|
|
$
|
1.01
|
Non-recurring
costs*
|
|
|
702
|
|
|
0.01
|
Adjusted net
income
|
|
$
|
63,515
|
|
$
|
1.02
|
|
|
|
|
|
|
|
* On a pre-tax basis
includes approximately $29 of non-recurring relocation costs
associated with the Co-Location of the Company's headquarters in
Davidson, North Carolina and approximately $1,079 of non-recurring
integration costs associated with the CCSG acquisition for the
thirteen weeks ended August 30, 2014. The non-recurring costs were
calculated using an effective tax rate of 36.7%.
|
|
|
|
|
Fiscal Year
Ended
|
|
|
August 29,
2015
|
|
|
(in
thousands)
|
|
Margin
|
GAAP Operating
income
|
|
$
|
379,529
|
|
13.0%
|
Non-recurring
costs
|
|
|
4,507
|
|
|
|
Adjusted Operating
income
|
|
$
|
384,036
|
|
13.2%
|
|
|
|
|
Fiscal Year
Ended
|
|
|
August 30,
2014
|
|
|
(in
thousands)
|
|
Margin
|
GAAP Operating
income
|
|
$
|
383,184
|
|
13.7%
|
Non-recurring
costs
|
|
|
17,349
|
|
|
|
Adjusted Operating
income
|
|
$
|
400,533
|
|
14.4%
|
|
|
|
|
Fiscal Years
Ended
|
|
|
August 29,
2015
|
|
August 30,
2014
|
|
|
(in
thousands)
|
Net sales
|
|
$
|
2,910,379
|
|
$
|
2,787,122
|
Cost of goods
sold
|
|
|
1,593,804
|
|
|
1,500,866
|
Gross
profit
|
|
|
1,316,575
|
|
|
1,286,256
|
Operating
Expenses
|
|
|
937,046
|
|
|
903,072
|
Income from
Operations
|
|
|
379,529
|
|
|
383,184
|
Non-recurring
costs
|
|
|
4,507
|
|
|
17,349
|
Adjusted Operating
income
|
|
$
|
384,036
|
|
$
|
400,533
|
|
|
|
|
Fiscal Year
Ended
|
|
|
August 29,
2015
|
(in thousands,
except per share amounts)
|
|
$(after
tax)
|
|
Diluted
EPS
|
GAAP net
income
|
|
$
|
231,308
|
|
$
|
3.74
|
Non-recurring
costs*
|
|
|
2,794
|
|
|
0.05
|
Adjusted net
income
|
|
$
|
234,102
|
|
$
|
3.79
|
|
|
|
|
|
|
|
* On a pre-tax basis
includes approximately $1,081 of non-recurring integration costs
associated with the CCSG acquisition, approximately $2,706 for
non-recurring executive separation costs related to the departure
of the Executive Vice President of Sales, and approximately $720 of
non-recurring executive transition costs related to the planned
retirement of the Company's Chief Financial Officer for the fiscal
year ended August 29, 2015. The non-recurring costs were calculated
using an effective tax rate of 38.0%.
|
|
|
|
|
Fiscal Year
Ended
|
|
|
August 30,
2014
|
(in thousands,
except per share amounts)
|
|
$(after
tax)
|
|
Diluted
EPS
|
GAAP net
income
|
|
$
|
236,067
|
|
$
|
3.76
|
Non-recurring
costs*
|
|
|
10,791
|
|
|
0.17
|
Adjusted net
income
|
|
$
|
246,858
|
|
$
|
3.93
|
|
* On a pre-tax basis
includes approximately $2,614 of non-recurring relocation costs
associated with the Co-Location of the Company's headquarters in
Davidson, North Carolina, approximately $11,763 of non-recurring
integration costs associated with the CCSG acquisition and
approximately $2,972 for executive compensation for the fiscal year
ended August 30, 2014. The nonrecurring costs were calculated using
an effective tax rate of 37.8%.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/msc-reports-fiscal-2015-fourth-quarter-and-full-year-results-300166688.html
SOURCE MSC Industrial Supply Co.