Posted May 3, 2010
DXPE's sales drop 6.7 percent
DXP Enterprises Inc. announced sales for Q1 2010 decreased 6.7% to approximately $147 million from $157.6 million for the same quarter last year.
However, sales were 6.6% higher compared to the fourth quarter of 2009.
Net income was $3.6 million, or 26 cents per share, compared to $3.2 million,or 23 cents, for the first quarter of 2009.
"We are optimistic about our outlook as our markets begin to improve. Our growth strategies are solid and we have continued to invest in people and products that have positioned us to grow market share as the economy continues to recover," said David R. Little, chairman and CEO. "We continue to take cost out of our processes and to serve our customers better which will enhance our profits and growth."
Mac McConnell, senior vice president and CFO, said the company reduced total long-term debt by $5.3 million during the quarter.
