June 1, 2007 - Interline Brands Reports 31.5% 1Q Sales Increase
“Our facilities maintenance business posted record sales and despite continued softness in our pro contractor market, our team continued to execute well, generating record cashflow and double digit earnings growth for the company,” Michael Grebe, chairman and CEO, said in a statement.
“Our revenue growth in the first quarter was driven by a combination of our July 2006 acquisition of AmSan as well as strong performance in our facilities maintenance businesses - which grew at 14.1%,” William Sanford, president and chief operating officer, said in a statement. “Our professional contractor business declined 6.2% in the first quarter compared to the 15.4% we grew in the first quarter of 2006.”
Noting that Interline’s performance in the first quarter of 2007 was at the high end of its expectations, Grebe said, “We continue to remain highly confident in our ability to grow sales and earnings over the long term. Our second quarter may be the most challenging quarter given the difficult market conditions surrounding the pro contractor and specialty distributor end-markets. We are also up against tough prior year comps of 22.2% and 18.9% organic sales growth, respectively, in these markets. As such, we expect earnings per share for the second quarter of 2007 to be between 32 cents and 34 cents.”