IDG blames market for lower earnings
The Industrial Distribution Group said that reduced demand for maintenance, repair, operations and production (MROP) products has caused a drop in earnings for the second quarter. The company expected earnings per share for the three months ended June 30 to range between $0.06 and $0.08 per share, compared with $0.21 per share for the same period a year earlier.
However, revenues for the second quarter should reach $135 million to $139 million, up considerably from $107 million for the same three months last year.
"The overall market slowdown has forced us to sharpen our focus on near-term programs and initiatives to improve operating results and strengthen our foundation for the future," said Richard M. Seigel, chairman and acting CEO and president of IDG.
"We are confident that these initiatives will provide the platform for IDG's profitable growth through aggressive internal marketing programs and opportunistic strategic acquisitions," Siegel said.
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