Not for everyone, but added DXPE 5.64 +.23 hit new 52wk hi today at 6! Only 2.60mil float but trailing PE 10, serves oil field services among other things, thin trader but like the upbeat CEO comments from last Q report: DXP Enterprises Announces First Quarter Results
Wednesday April 27, 2:39 pm ET
Net Income Increases 26%
HOUSTON--(BUSINESS WIRE)--April 27, 2005--DXP Enterprises, Inc. (Nasdaq:DXPE - News) today announced net income of $854,000 for the first quarter ending March 31, 2005, with diluted earnings per share of $.15 compared to net income of $678,000 and diluted earnings per share of $.12 for the first quarter of 2004. Sales increased 10.2% to $41.8 million from $37.9 million for the first quarter of last year.
David R. Little, Chairman and Chief Executive Officer, said, "The first quarter sales increase was broad based with increased sales of pumps, bearings, safety products and mill supplies to oil field service, oil and gas production, mining, electricity generation and petrochemical processing customers. We are enthusiastic about the current level of business opportunities and our strategic abilities to take market share from the competition."
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry since 1908. DXP provides innovative pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) services that emphasize and utilize DXP's vast product knowledge and technical expertise in pumps, bearings, power transmission, seals, hose, safety, fluid power, electrical and industrial supplies. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer driven creating competitive advantages for our customers.
DXP's innovative pumping solutions provide engineering, fabrication and technical design to meet the capital equipment needs of its global customer base. DXP provides solutions by utilizing manufacturer authorized equipment and certified personnel. Pump packages require MRO and OEM equipment such as pumps, motors and valves, and consumable products. DXP leverages its MROP inventories and technical knowledge to lower the total cost and maintain the quality of the pump package.
SmartSource, a DXP integrated supply program, allows a more efficient way to manage the customer's supply chain needs for MROP products. The program allows the customer to transfer all or part of their supply chain needs to DXP, so the customer can focus on his core business. SmartSource effectively lowers costs by outsourcing purchasing, accounting, and on-site supply management to DXP, which reduces the duplication of effort by the customer and supplier. DXP's broad range of first-tier products provides an efficient measurable solution to reduce cost and streamline procurement and sourcing operations.
The Private Securities Litigation Reform Act of 1995 provides a "safe-harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended
March 31,
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2005 2004
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Sales $41,790 $37,910
Cost of sales 30,821 28,299
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Gross profit 10,969 9,611
Selling, general and administrative expense 9,454 8,335
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Operating income 1,515 1,276
Other income 10 17
Interest expense (244) (223)
Minority interest in loss of consolidated
subsidiary 63 -
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Income before taxes 1,344 1,070
Provision for income taxes 490 392
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Net income 854 678
Preferred stock dividend 23 23
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Net income attributable to common shareholders $831 $655
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Basic income per share $0.20 $0.16
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Weighted average common shares outstanding 4,062 4,070
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Diluted income per share $0.15 $0.12
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Weighted average common and common equivalent
shares outstanding 5,568 5,514
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Contact:
DXP Enterprises, Inc., Houston
Mac McConnell, 713-996-4700
www.dxpe.com |
