Noland Co. reported net income of $9.6 million, or $2.70 per share (diluted), for the year ended Dec. 31, an increase of 34.3% compared with 2001 results. Sales in 2002 totaled $488.7 million, up 2.3% from sales in 2001. The company's gross profit was 3.6% higher than the prior year due to the combination of higher sales and slighter higher gross margins.

Noland's plumbing sales rose 3.2%, boosted by a strong residential construction market and severe drought conditions in much of its 13-state territory.

Air conditioning sales increased by 10.9% resulting from a long, hot summer and continued expansion of the company's air conditioning operation in Florida.

Electrical/industrial sales declined by 13.1% due to sluggish manufacturing activity and a shift away from the integrated supply business, the company said.