UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 3, 2004
Commission file number 0-21513
DXP Enterprises, Inc.
(Exact name of registrant as specified in its charter)
Texas 76-0509661
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7272 Pinemont, Houston, Texas 77040
(Address of principal executive offices)
_________________________
Registrants telephone number, including area code:
(713) 996-4700
_________________________
ITEM 9. REGULATION FD DISCLOSURE
The following information is furnished pursuant to Regulation FD.
On March 3, 2004, the Registrant issued a press release announcing financial results for the year and the quarterly period ending December 31, 2003. A copy of the press release is attached as Exhibit 99.1 hereto.
Exhibit No. Description
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
March 3, 2004
DXP ENTERPRISES, INC.
By: /s/ Mac McConnell
Mac McConnell
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
NEWS RELEASE
CONTACT: Mac McConnell
Senior Vice President, Finance
713-996-4700
DXP ENTERPRISES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
Houston, TX, -- March 3, 2004 DXP Enterprises, Inc. (NASDAQ: DXPE) today announced net income of $0.5 million for the fourth quarter ending December 31, 2003, with diluted earnings per share of $.09 compared to net income of $0.4 million and diluted income per share of $.10 for the fourth quarter of 2002. Sales increased to $35.1 million from $34.9 million for the fourth quarter of last year. This increase in sales is due to increased sales of products for offshore energy production.
For the year ended December 31, 2003, the company reported net income of $2.1 million, with diluted earnings per share of $.42 compared to income before cumulative effect of a change in accounting principle of $1.6 million, with diluted earnings per share of $.36 for 2002. Sales increased to $150.7 million for 2003 from $148.1 million for 2002.
David R. Little, Chairman and Chief Executive Officer said "We are pleased that our focus to increase productivity and reduce cost plus our initiatives to grow sales during these economic times has positioned us for improved financial results."
DXP Enterprises, Inc., based in Houston, Texas, is a leading distributor of products and services for industrial maintenance, repair, operations and capital equipment projects, and provides engineering expertise and logistics capabilities to industrial customers. DXP also provides fluid handling equipment, bearings, power transmission equipment, general mill supplies, safety supplies and electrical products to customers in the general manufacturing, energy, petrochemical, service and repair, and wood products industries.
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 Companys filings with the Securities and Exchange Commission.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
|
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
|||||||
|
THREE MONTHS ENDED |
TWELVE MONTHS ENDED |
||||||
|
December 31, |
December 31, |
||||||
|
|
2003 |
2002 |
|
2003 |
|
2002 |
|
|
Sales |
$ 35,093 |
$ 34,922 |
$ 150,683 |
$ 148,106 |
|||
|
Cost of sales |
25,877 |
25,950 |
112,134 |
110,122 |
|||
|
Gross profit |
9,216 |
8,972 |
38,549 |
37,984 |
|||
|
Selling, general and administrative expenses |
8,308 |
7,994 |
34,240 |
33,867 |
|||
|
Operating income |
908 |
978 |
4,309 |
4,117 |
|||
|
Other income (expense) |
15 |
83 |
65 |
146 |
|||
|
Interest expense |
(230) |
(379) |
(1,177) |
(1,630) |
|||
|
Income before income taxes |
693 |
682 |
3,197 |
2,633 |
|||
|
Provision for income taxes |
189 |
236 |
1,128 |
1,014 |
|||
|
Income before cumulative effect of a |
|||||||
|
change in accounting principle |
504 |
446 |
2,069 |
1,619 |
|||
|
Cumulative effect of a change in |
|||||||
|
accounting principle |
-- |
-- |
-- |
(1,729) |
|||
|
Net income (loss) |
$ 504 |
$ 446 |
$ 2,069 |
$ (110) |
|||
|
Per share amounts before cumulative effect |
|||||||
|
of a change in accounting principle |
|||||||
|
Basic earnings per common share |
$ 0.12 |
$ 0.10 |
$ 0.49 |
$ 0.38 |
|||
|
Diluted earnings per share |
$ 0.09 |
$ 0.10 |
$ 0.42 |
$ 0.36 |
|||
|
Cumulative effect of a change in |
|||||||
|
accounting principle per share basic and diluted |
$ -- |
$ -- |
$ -- |
$ (0.42) |
|||
|
Basic income (loss) per share |
$ 0.12 |
$ 0.10 |
$ 0.49 |
$ (0.05) |
|||
|
Diluted income (loss) per share |
$ 0.09 |
$ 0.10 |
$ 0.42 |
$ (0.05) |
|||