Financial news: Second quarter ended June 30
- Noland Co. reported a 26.1% drop in net income for the second quarter ended June 30, to $1.9 million from $2.6 million last year. The decline was attributed to sluggish sales and higher operating expenses, including higher utilities and personnel-related costs and a decline in non-cash pension credits. Sales of $127.5 million were down 1.3% from last year. Plumbing sales declined by 3.1%. The company's air conditioning sales for the quarter enjoyed 8% growth, which the company attributed largely to its new three-branch complex in Orlando, Fla.
- Emco Ltd. (London, Ontario) reported sales of $223 million (U.S.), for the quarter, up 8.5% from 2000 figures. Net earnings were $2.96 million (U.S.) vs. $487,000 (U.S.) for the same time last year. The company's distribution segment's sales were 1.6% lower than last year. Plumbing and hydronic heating product sales overall were down slightly, but were 5.5% higher in Ontario, particularly in the Toronto metropolitan area.
- Watts Industries reported net sales increased 3.3% to $135.6 million for the quarter and were up by the same percentage for the six month period. Net income of $7 million was down 12.4% from last year. Soft conditions in the domestic plumbing markets and the weak economy in Europe adversely affected sales to plumbing and heating wholesalers, the company said.
- U.S. Industries' bath and plumbing operations reported sales of $324.7 million for the quarter, down 16.5% from last year. The decline was attributed primarily to the Jacuzzi bath and spa business which was adversely affected by the weak economy. Operating income for bath and plumbing was $37 million, excluding $160 million of non-cash charges, vs. $52.3 million last year. The drop resulted from lower sales and an increase in unabsorbed overhead due to lower production levels and higher energy and transportation costs, the company said.
- Bradford White Corp. hired Larry Malinowski as director of continuous improvements, a new position, at its manufacturing facilities in Middleville, Mich.
- Plastic Trends, producer of plastic pipe fittings, appointed Jay Eversoll vice president of sales and marketing.
- Rheem Water Heater Division of the Rheem Manufacturing Co. has chosen Loran Nordgren & Co. as its marketing communications agency of record. LNC will help Rheem develop and implement marketing strategies for the wholesale channel.
- A.O. Smith Water Products Co. named Mary Jo Martin administrator of communications and public relations. She had been chief editor of ASA News since 1997.
- James (Jake) B. Thomas, director of U.S. investments for Wolseley plc, parent company of Ferguson Enterprises (Newport News, Va.), has retired from the board. He was a key member of the Ferguson senior management team when Wolseley acquired Ferguson in 1982. Chip Hornsby, president of Ferguson, will handle Thomas' board responsibilities related to U.S. plumbing and heating activities and Fenton Hord, president of Carolina Holdings, will be responsible for U.S. building materials operations.
- Ray Fisher Sr. is retiring as CEO of Fisher Manufacturing Co. after 43 years in the family-owned business. He will remain active with the company as chairman.