☒ | Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 36-2229304 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||||||||
8770 W. Bryn Mawr Avenue, Suite 900,
|
Chicago, | Illinois | 60631 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, $1.00 par value | LAWS | NASDAQ Global Select Market |
Large accelerated filer | ¨ | Accelerated filer | ☒ | ||||||||
Non-accelerated filer |
¨ (Do not check if a smaller reporting company)
|
Smaller reporting company | ☒ | ||||||||
Emerging growth company |
☐
|
Page # | ||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 7,460 | $ | 28,393 | |||||||
Restricted cash | 197 | 998 | |||||||||
Accounts receivable, less allowance for doubtful accounts of $771 and $654, respectively
|
50,779 | 44,515 | |||||||||
Inventories, net | 67,452 | 61,867 | |||||||||
Miscellaneous receivables and prepaid expenses | 8,629 | 7,289 | |||||||||
Total current assets | 134,517 | 143,062 | |||||||||
Property, plant and equipment, net | 17,794 | 15,800 | |||||||||
Goodwill | 35,253 | 35,176 | |||||||||
Deferred income taxes | 18,877 | 18,482 | |||||||||
Intangible assets, net | 16,796 | 18,503 | |||||||||
Cash value of life insurance | 18,240 | 16,185 | |||||||||
Right of use assets | 12,702 | 8,764 | |||||||||
Other assets | 318 | 332 | |||||||||
Total assets | $ | 254,497 | $ | 256,304 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accrued acquisition liability | $ | — | $ | 32,673 | |||||||
Accounts payable | 25,585 | 22,262 | |||||||||
Lease obligation | 4,348 | 4,568 | |||||||||
Accrued expenses and other liabilities | 39,083 | 38,492 | |||||||||
Total current liabilities | 69,016 | 97,995 | |||||||||
Revolving line of credit | 10,900 | — | |||||||||
Security bonus plan | 10,853 | 11,262 | |||||||||
Deferred compensation | 11,821 | 10,461 | |||||||||
Lease obligation | 9,744 | 5,738 | |||||||||
Deferred tax liability | 2,945 | 2,841 | |||||||||
Other liabilities | 4,862 | 5,585 | |||||||||
Total liabilities | 120,141 | 133,882 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $1 par value:
|
|||||||||||
Authorized - 500,000 shares, Issued and outstanding — None
|
— | — | |||||||||
Common stock, $1 par value:
|
|||||||||||
Authorized - 35,000,000 shares
Issued - 9,305,566 and 9,287,625 shares, respectively
Outstanding - 9,078,347 and 9,061,039 shares, respectively
|
9,306 | 9,288 | |||||||||
Capital in excess of par value | 21,546 | 19,841 | |||||||||
Retained earnings | 111,796 | 101,609 | |||||||||
Treasury stock – 227,219 and 226,586 shares, respectively
|
(9,048) | (9,015) | |||||||||
Accumulated other comprehensive income | 756 | 699 | |||||||||
Total stockholders’ equity | 134,356 | 122,422 | |||||||||
Total liabilities and stockholders’ equity | $ | 254,497 | $ | 256,304 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | $ | 105,570 | $ | 90,277 | $ | 315,666 | $ | 253,458 | |||||||||||||||
Cost of goods sold | 49,524 | 43,052 | 150,440 | 118,999 | |||||||||||||||||||
Gross profit | 56,046 | 47,225 | 165,226 | 134,459 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling expenses | 24,908 | 19,155 | 72,945 | 55,445 | |||||||||||||||||||
General and administrative expenses | 26,518 | 26,069 | 79,469 | 57,806 | |||||||||||||||||||
Operating expenses | 51,426 | 45,224 | 152,414 | 113,251 | |||||||||||||||||||
Operating income | 4,620 | 2,001 | 12,812 | 21,208 | |||||||||||||||||||
Interest expense | (119) | (142) | (710) | (329) | |||||||||||||||||||
Other income (expense), net | (209) | 615 | 802 | 15 | |||||||||||||||||||
Income before income taxes
|
4,292 | 2,474 | 12,904 | 20,894 | |||||||||||||||||||
Income tax expense | 636 | 736 | 2,717 | 6,004 | |||||||||||||||||||
Net income | $ | 3,656 | $ | 1,738 | $ | 10,187 | $ | 14,890 | |||||||||||||||
Basic income per share of common stock
|
$ | 0.40 | $ | 0.19 | $ | 1.12 | $ | 1.65 | |||||||||||||||
Diluted income per share of common stock
|
$ | 0.39 | $ | 0.19 | $ | 1.09 | $ | 1.60 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic weighted average shares outstanding | 9,078 | 9,017 | 9,073 | 9,017 | |||||||||||||||||||
Effect of dilutive securities outstanding | 279 | 313 | 273 | 312 | |||||||||||||||||||
Diluted weighted average shares outstanding
|
9,357 | 9,330 | 9,346 | 9,329 | |||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | 3,656 | $ | 1,738 | $ | 10,187 | $ | 14,890 | |||||||||||||||
Other comprehensive income (expense), net of tax | |||||||||||||||||||||||
Adjustment for foreign currency translation | (928) | 398 | 57 | (918) | |||||||||||||||||||
Net comprehensive income | $ | 2,728 | $ | 2,136 | $ | 10,244 | $ | 13,972 |
Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||
Outstanding Shares | $1 Par Value | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 9,061,039 | $ | 9,288 | $ | 19,841 | $ | 101,609 | $ | (9,015) | $ | 699 | $ | 122,422 | ||||||||||||||||||||||||||||
Net income | — | — | — | 3,596 | — | — | 3,596 | ||||||||||||||||||||||||||||||||||
Adjustment for foreign currency translation | — | — | — | — | — | 631 | 631 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 422 | — | — | — | 422 | ||||||||||||||||||||||||||||||||||
Shares issued | 5,776 | 5 | (5) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares repurchased held in treasury | (268) | — | — | — | (13) | — | (13) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 9,066,547 | $ | 9,293 | $ | 20,258 | $ | 105,205 | $ | (9,028) | $ | 1,330 | $ | 127,058 | ||||||||||||||||||||||||||||
Net income | — | — | — | 2,935 | — | — | 2,935 | ||||||||||||||||||||||||||||||||||
Adjustment for foreign currency translation | — | — | — | — | — | 354 | 354 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 551 | — | — | — | 551 | ||||||||||||||||||||||||||||||||||
Shares issued | 10,965 | 11 | (11) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 9,077,512 | $ | 9,304 | $ | 20,798 | $ | 108,140 | $ | (9,028) | $ | 1,684 | $ | 130,898 | ||||||||||||||||||||||||||||
Net income | — | — | — | 3,656 | — | — | 3,656 | ||||||||||||||||||||||||||||||||||
Adjustment for foreign currency translation | — | — | — | — | — | (928) | (928) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 750 | — | — | — | 750 | ||||||||||||||||||||||||||||||||||
Shares issued | 1,200 | 2 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares repurchased held in treasury | (365) | — | — | — | (20) | — | (20) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 9,078,347 | $ | 9,306 | $ | 21,546 | $ | 111,796 | $ | (9,048) | $ | 756 | $ | 134,356 |
Common Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||
Outstanding Shares | $1 Par Value | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 9,043,771 | $ | 9,190 | $ | 18,077 | $ | 86,496 | $ | (5,761) | $ | (1) | $ | 108,001 | ||||||||||||||||||||||||||||
Net income
|
— | — | — | 12,533 | — | — | 12,533 | ||||||||||||||||||||||||||||||||||
Shares repurchased held in treasury | (47,504) | — | — | — | (1,756) | — | (1,756) | ||||||||||||||||||||||||||||||||||
Adjustment for foreign currency translation
|
— | — | — | — | — | (2,494) | (2,494) | ||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 451 | — | — | — | 451 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 8,996,267 | $ | 9,190 | $ | 18,528 | $ | 99,029 | $ | (7,517) | $ | (2,495) | $ | 116,735 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | 619 | $ | — | $ | — | 619 | |||||||||||||||||||||||||||||
Adjustment for foreign currency translation | — | — | — | — | — | 1,178 | 1,178 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 498 | — | — | — | 498 | ||||||||||||||||||||||||||||||||||
Shares issued | 11,144 | 11 | 3 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 9,007,411 | $ | 9,201 | $ | 19,029 | $ | 99,648 | $ | (7,517) | $ | (1,317) | $ | 119,044 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | 1,738 | $ | — | $ | — | 1,738 | |||||||||||||||||||||||||||||
Treasury stock repurchase | (12,077) | — | — | — | (436) | — | (436) | ||||||||||||||||||||||||||||||||||
Adjustment for foreign currency translation | — | — | — | — | — | 398 | 398 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 510 | — | — | — | 510 | ||||||||||||||||||||||||||||||||||
Shares issued | 30,283 | 31 | (31) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 9,025,617 | $ | 9,232 | $ | 19,508 | $ | 101,386 | $ | (7,953) | $ | (919) | $ | 121,254 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 10,187 | $ | 14,890 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 5,990 | 4,660 | |||||||||
Stock-based compensation | 1,403 | (2,767) | |||||||||
Deferred income taxes | (298) | 1,454 | |||||||||
Changes in operating assets and liabilities, net of acquisition | |||||||||||
Accounts receivable | (6,582) | (2,128) | |||||||||
Inventories | (5,554) | 1,101 | |||||||||
Miscellaneous receivables, prepaid expenses and other assets | (3,443) | (725) | |||||||||
Accounts payable and other liabilities | 3,790 | 3,097 | |||||||||
Other | 672 | 441 | |||||||||
Net cash provided by operating activities | $ | 6,165 | $ | 20,023 | |||||||
Investing activities: | |||||||||||
Purchases of property, plant and equipment | $ | (5,664) | $ | (1,311) | |||||||
Business acquisition | (33,000) | (2,300) | |||||||||
Net cash used in investing activities | $ | (38,664) | $ | (3,611) | |||||||
Financing activities: | |||||||||||
Net proceeds from revolving line of credit | $ | 10,900 | $ | (2,271) | |||||||
Repurchase treasury shares | (33) | (2,192) | |||||||||
Payment of financing lease principal | (179) | (192) | |||||||||
Proceeds from stock option exercise | — | 15 | |||||||||
Net cash provided by (used in) financing activities | $ | 10,688 | $ | (4,640) | |||||||
Effect of exchange rate changes on cash and cash equivalents | $ | 77 | $ | (74) | |||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (21,734) | 11,698 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 29,391 | 6,297 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 7,657 | $ | 17,995 | |||||||
Cash and cash equivalents | $ | 7,460 | $ | 17,193 | |||||||
Restricted cash | 197 | 802 | |||||||||
Cash, cash equivalents and restricted cash | $ | 7,657 | $ | 17,995 | |||||||
Supplemental disclosure of cash flow information | |||||||||||
Net cash paid for income taxes | $ | 4,044 | $ | 3,733 | |||||||
Net cash paid for interest | $ | 834 | $ | 295 | |||||||
Additions of property, plant and equipment included in accounts payable | $ | 47 | $ | 78 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
United States | $ | 85,343 | $ | 72,030 | $ | 256,577 | $ | 202,709 | |||||||||||||||
Canada | 20,227 | 18,247 | 59,089 | 50,749 | |||||||||||||||||||
Consolidated total | $ | 105,570 | $ | 90,277 | $ | 315,666 | $ | 253,458 |
(Dollars in thousands) | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Inventories, gross | $ | 75,632 | $ | 67,137 | |||||||
Reserve for obsolete and excess inventory | (8,180) | (5,270) | |||||||||
Inventories, net | $ | 67,452 | $ | 61,867 |
(Dollars in Thousands) | ||||||||||||||||||||
Goodwill By Reportable Segment | ||||||||||||||||||||
Lawson | Bolt | Total | ||||||||||||||||||
Beginning balance December 31, 2020 | $ | 21,352 | $ | 13,824 | $ | 35,176 | ||||||||||||||
Impact of foreign exchange rates | 18 | 59 | 77 | |||||||||||||||||
Balance at September 30, 2021 | $ | 21,370 | $ | 13,883 | $ | 35,253 |
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||
Trade names | $ | 11,364 | $ | (3,593) | $ | 7,771 | $ | 11,289 | $ | (2,733) | $ | 8,556 | |||||||||||||||||||||||
Customer relationships | 12,410 | (3,385) | 9,025 | 12,349 | (2,402) | 9,947 | |||||||||||||||||||||||||||||
$ | 23,774 | $ | (6,978) | $ | 16,796 | $ | 23,638 | $ | (5,135) | $ | 18,503 |
Three Months Ended September 30, | ||||||||||||||||||||
Lease Type | Classification | 2021 | 2020 | |||||||||||||||||
Operating Lease Expense | Operating expenses | $ | 1,500 | $ | 1,262 | |||||||||||||||
Financing Lease Amortization | Operating expenses | 44 | $ | 63 | ||||||||||||||||
Financing Lease Interest | Interest expense | 2 | 8 | |||||||||||||||||
Financing Lease Expense | 46 | 71 | ||||||||||||||||||
Net Lease Cost | $ | 1,546 | $ | 1,333 |
Nine Months Ended September 30, | ||||||||||||||||||||
Lease Type | Classification | 2021 | 2020 | |||||||||||||||||
Operating Lease Expense | Operating expenses | $ | 4,429 | $ | 3,630 | |||||||||||||||
Financing Lease Amortization | Operating expenses | 179 | $ | 165 | ||||||||||||||||
Financing Lease Interest | Interest expense | 12 | 22 | |||||||||||||||||
Financing Lease Expense | 191 | 187 | ||||||||||||||||||
Net Lease Cost | $ | 4,620 | $ | 3,817 |
Lease Type | September 30, 2021 |
December 31,
2020 |
||||||||||||
Total Right Of Use ("ROU") operating lease assets (1)
|
$ | 12,292 | $ | 8,246 | ||||||||||
Total ROU financing lease assets (2)
|
410 | 518 | ||||||||||||
Total lease assets | $ | 12,702 | $ | 8,764 | ||||||||||
Total current operating lease obligation
|
$ | 4,187 | $ | 4,360 | ||||||||||
Total current financing lease obligation
|
161 | 208 | ||||||||||||
Total current lease obligations | $ | 4,348 | $ | 4,568 | ||||||||||
Total long term operating lease obligation
|
$ | 9,587 | $ | 5,498 | ||||||||||
Total long term financing lease obligation
|
157 | 240 | ||||||||||||
Total long term lease obligation | $ | 9,744 | $ | 5,738 |
Maturity Date of Lease Liabilities | Operating Leases | Financing Leases | Total | |||||||||||||||||
Year one | $ | 4,535 | $ | 166 | $ | 4,701 | ||||||||||||||
Year two | 3,841 | 114 | 3,955 | |||||||||||||||||
Year three | 2,865 | 39 | 2,904 | |||||||||||||||||
Year four | 1,870 | 14 | 1,884 | |||||||||||||||||
Year five | 345 | — | 345 | |||||||||||||||||
Subsequent years | 1,265 | — | 1,265 | |||||||||||||||||
Total lease payments | 14,721 | 333 | 15,054 | |||||||||||||||||
Less: Interest | 947 | 15 | 962 | |||||||||||||||||
Present value of lease liabilities | $ | 13,774 | $ | 318 | $ | 14,092 |
Lease Type | Weighted Average Term in Years | Weighted Average Interest Rate | ||||||||||||
Operating Leases | 4.0 | 3.53% | ||||||||||||
Financing Leases | 2.2 | 4.99% |
Cash Flow Source | Classification | Amount | ||||||||||||
Operating cash flows from operating leases | Operating activities | $ | 3,549 | |||||||||||
Operating cash flows from financing leases | Operating activities | 12 | ||||||||||||
Financing cash flows from financing leases | Financing activities | 179 |
(Dollars in thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | 1,251 | $ | 909 | |||||||
Charged to earnings | 328 | 1,520 | |||||||||
Payments | (1,085) | (1,239) | |||||||||
Balance at end of period | $ | 494 | $ | 1,190 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lawson | $ | 93,686 | $ | 79,806 | $ | 281,877 | $ | 224,511 | |||||||||||||||
Bolt Supply | 11,884 | 10,471 | 33,789 | 28,947 | |||||||||||||||||||
Consolidated total | $ | 105,570 | $ | 90,277 | $ | 315,666 | $ | 253,458 | |||||||||||||||
Gross profit | |||||||||||||||||||||||
Lawson | $ | 51,127 | $ | 43,038 | $ | 151,436 | $ | 123,031 | |||||||||||||||
Bolt Supply | 4,919 | 4,187 | 13,790 | 11,428 | |||||||||||||||||||
Consolidated total | $ | 56,046 | $ | 47,225 | $ | 165,226 | $ | 134,459 | |||||||||||||||
Operating income | |||||||||||||||||||||||
Lawson | $ | 3,488 | $ | 1,112 | $ | 10,188 | $ | 19,003 | |||||||||||||||
Bolt Supply | 1,132 | 889 | 2,624 | 2,205 | |||||||||||||||||||
Consolidated total | 4,620 | 2,001 | 12,812 | 21,208 | |||||||||||||||||||
Interest expense | (119) | (142) | (710) | (329) | |||||||||||||||||||
Other income (expense), net | (209) | 615 | 802 | 15 | |||||||||||||||||||
Income before income taxes | $ | 4,292 | $ | 2,474 | $ | 12,904 | $ | 20,894 |
2021 | 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amount |
% of
Net Sales |
Amount |
% of
Net Sales |
|||||||||||||||||||
Revenue | $ | 105,570 | 100.0 | % | $ | 90,277 | 100.0 | % | |||||||||||||||
Cost of goods sold | 49,524 | 46.9 | % | 43,052 | 47.7 | % | |||||||||||||||||
Gross profit | 56,046 | 53.1 | % | 47,225 | 52.3 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling expenses | 24,908 | 23.6 | % | 19,155 | 21.2 | % | |||||||||||||||||
General and administrative expenses | 26,518 | 25.1 | % | 26,069 | 28.9 | % | |||||||||||||||||
Total operating expenses | 51,426 | 48.7 | % | 45,224 | 50.1 | % | |||||||||||||||||
Operating income | 4,620 | 4.4 | % | 2,001 | 2.2 | % | |||||||||||||||||
Interest expense | (119) | (0.1) | % | (142) | (0.2) | % | |||||||||||||||||
Other income (expenses), net | (209) | (0.2) | % | 615 | 0.7 | % | |||||||||||||||||
Income before income taxes
|
4,292 | 4.1 | % | 2,474 | 2.7 | % | |||||||||||||||||
Income tax expense | 636 | 0.6 | % | 736 | 0.8 | % | |||||||||||||||||
Net income | $ | 3,656 | 3.5 | % | $ | 1,738 | 1.9 | % |
Three Months Ended September 30, | Increase | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | % | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lawson | $ | 93,686 | $ | 79,806 | $ | 13,880 | 17.4% | ||||||||||||||||
Bolt Supply | 11,884 | 10,471 | 1,413 | 13.5% | |||||||||||||||||||
Consolidated | $ | 105,570 | $ | 90,277 | $ | 15,293 | 16.9% | ||||||||||||||||
Gross profit | |||||||||||||||||||||||
Lawson | $ | 51,127 | $ | 43,038 | $ | 8,089 | 18.8% | ||||||||||||||||
Bolt Supply | 4,919 | 4,187 | 732 | 17.5% | |||||||||||||||||||
Consolidated | $ | 56,046 | $ | 47,225 | $ | 8,821 | 18.7% | ||||||||||||||||
Gross profit margin | |||||||||||||||||||||||
Lawson | 54.6 | % | 53.9 | % | |||||||||||||||||||
Bolt Supply | 41.4 | % | 40.0 | % | |||||||||||||||||||
Consolidated | 53.1 | % | 52.3 | % |
Three Months Ended September 30, | Increase | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | % | |||||||||||||||||||
Selling expenses | |||||||||||||||||||||||
Lawson | $ | 23,922 | $ | 18,373 | $ | 5,549 | 30.2% | ||||||||||||||||
Bolt Supply | 986 | 782 | 204 | 26.1% | |||||||||||||||||||
Consolidated | $ | 24,908 | $ | 19,155 | $ | 5,753 | 30.0% | ||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Lawson | $ | 23,717 | $ | 23,553 | $ | 164 | 0.7% | ||||||||||||||||
Bolt Supply | 2,801 | 2,516 | 285 | 11.3% | |||||||||||||||||||
Consolidated | $ | 26,518 | $ | 26,069 | $ | 449 | 1.7% |
2021 | 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amount |
% of
Net Sales |
Amount |
% of
Net Sales |
|||||||||||||||||||
Revenue | $ | 315,666 | 100.0 | % | $ | 253,458 | 100.0 | % | |||||||||||||||
Cost of goods sold | 150,440 | 47.7 | % | 118,999 | 47.0 | % | |||||||||||||||||
Gross profit | 165,226 | 52.3 | % | 134,459 | 53.0 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling expenses | 72,945 | 23.1 | % | 55,445 | 21.9 | % | |||||||||||||||||
General and administrative expenses | 79,469 | 25.2 | % | 57,806 | 22.8 | % | |||||||||||||||||
Total operating expenses | 152,414 | 48.2 | % | 113,251 | 44.6 | % | |||||||||||||||||
Operating income | 12,812 | 4.1 | % | 21,208 | 8.4 | % | |||||||||||||||||
Interest expense | (710) | (0.2) | % | (329) | (0.1) | % | |||||||||||||||||
Other income (expense), net | 802 | 0.2 | % | 15 | (0.1) | % | |||||||||||||||||
Income before income taxes
|
12,904 | 4.1 | % | 20,894 | 8.2 | % | |||||||||||||||||
Income tax expense | 2,717 | 0.9 | % | 6,004 | 2.3 | % | |||||||||||||||||
Net income | $ | 10,187 | 3.2 | % | $ | 14,890 | 5.9 | % |
Nine Months Ended September 30, | Increase/(Decrease) | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | % | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Lawson | $ | 281,877 | $ | 224,511 | $ | 57,366 | 25.6% | ||||||||||||||||
Bolt Supply | 33,789 | 28,947 | 4,842 | 16.7% | |||||||||||||||||||
Consolidated | $ | 315,666 | $ | 253,458 | $ | 62,208 | 24.5% | ||||||||||||||||
Gross profit | |||||||||||||||||||||||
Lawson | $ | 151,436 | $ | 123,031 | $ | 28,405 | 23.1% | ||||||||||||||||
Bolt Supply | 13,790 | 11,428 | 2,362 | 20.7% | |||||||||||||||||||
Consolidated | $ | 165,226 | $ | 134,459 | $ | 30,767 | 22.9% | ||||||||||||||||
Gross profit margin | |||||||||||||||||||||||
Lawson | 53.7 | % | 54.8 | % | |||||||||||||||||||
Bolt Supply | 40.8 | % | 39.5 | % | |||||||||||||||||||
Consolidated | 52.3 | % | 53.0 | % |
Nine Months Ended September 30, | Decrease | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | % | |||||||||||||||||||
Selling expenses | |||||||||||||||||||||||
Lawson | $ | 70,006 | $ | 53,222 | $ | 16,784 | 31.5% | ||||||||||||||||
Bolt Supply | 2,939 | 2,223 | 716 | 32.2% | |||||||||||||||||||
Consolidated | $ | 72,945 | $ | 55,445 | $ | 17,500 | 31.6% | ||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Lawson | $ | 71,242 | $ | 50,816 | $ | 20,426 | 40.2% | ||||||||||||||||
Bolt Supply | 8,227 | 6,990 | 1,237 | 17.7% | |||||||||||||||||||
Consolidated | $ | 79,469 | $ | 57,806 | $ | 21,663 | 37.5% |
Exhibit # | ||||||||
101 |
The following financial statements from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statement of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.
|
|||||||
104 | The cover page from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL | |||||||
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
LAWSON PRODUCTS, INC. | |||||||||||
(Registrant) | |||||||||||
Dated: | October 28, 2021 | /s/ Michael G. DeCata | |||||||||
Michael G. DeCata
President and Chief Executive Officer (principal executive officer) |
|||||||||||
Dated: | October 28, 2021 | /s/ Ronald J. Knutson | |||||||||
Ronald J. Knutson
Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) |
|||||||||||
Dated: | October 28, 2021 | /s/ David Lambert | |||||||||
David Lambert
Vice President, Controller and Chief Accounting Officer (principal accounting officer) |