MSC INDUSTRIAL DIRECT CO INC (MSM) SEC Filing 10-Q Quarterly report for the period ending Saturday, December 3, 2016

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Exhibit 99.1

 



 

Picture 1 

NEWS

 

MSC REPORTS FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS



FISCAL Q4 2016 HIGHLIGHTS



·

Net sales of $745.1 million, increased 2.4% year-over-year (3.6% decline on an Average Daily Sales basis)

·

Gross margin of 44.8% reflecting continued stabilization in an ongoing difficult environment

·

Operating margin of 13.3% resulting from cost containment and ongoing monitoring of discretionary spend

·

GAAP diluted EPS of $1.02



FISCAL 2016 HIGHLIGHTS



·

Net sales of $2.9 billion decreased 1.6% over the prior year (3.5% decline on an ADS basis)

·

GAAP diluted EPS of $3.77



MELVILLE, NY and DAVIDSON, NC, November 1, 2016 - MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM),  "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations ("MRO") supplies to industrial customers throughout North America,  today reported financial results for its fiscal 2016 fourth quarter and full year ended September 3, 2016. Both periods included an additional week of operational results as compared to the prior periods.







 

 

 

 

 

 

 

 

 

 

 

 

Financial Highlights1

 

FY16 Q4

 

FY15 Q4

 

Change

 

FY16

 

FY15

 

Change

Net Sales

 

$745.1 

 

$727.4 

 

2.4% 

 

$2,863.5 

 

$2,910.4 

 

(1.6%)

GAAP Operating Income

 

99.2 

 

95.4 

 

4.0% 

 

376.0 

 

379.5 

 

(0.9%)

% of Net Sales

 

13.3% 

 

13.1% 

 

 

 

13.1% 

 

13.0% 

 

 

Adjusted Operating Income

 

99.2 

 

95.7 

i2

3.7% 

 

376.0 

 

384.0 

i2

(2.1%)

% of Net Sales

 

13.3% 

 

13.2% 

 

 

 

13.1% 

 

13.2% 

 

 

GAAP Net Income

 

61.8 

 

59.0 

 

4.8% 

 

231.2 

 

231.3 

 

0.0% 

Adjusted Net Income

 

61.8 

 

59.2 

i3

4.5% 

 

231.2 

 

234.1 

i3

(1.2%)

GAAP Diluted EPS

 

$1.02 

i4

$0.96 

e5

6.3% 

 

$3.77 

i4

$3.74 

e5

0.8% 

Adjusted Diluted EPS

 

$1.02 

i4

$0.96 

e5

6.3% 

 

$3.77 

i4

$3.79 

e5

(0.5%)



1In millions unless noted. 2Excludes non-recurring costs.3Excludes the after tax effects of non-recurring costs.4Based on 60.3 million and 61.1 million diluted shares outstanding for FY16 Q4 and FY16, respectively. 5Based on 61.4 million and 61.5 million diluted shares outstanding for FY15 Q4 and FY15, respectively.



Erik Gershwind, president and chief executive officer, said, "Conditions remained very difficult throughout the fourth quarter, much as they have for the past few quarters. Low oil prices and the strong US dollar continued to depress demand, particularly in metalworking and heavy manufacturing. Despite these headwinds, our execution remains strong, including continued share gains, sustained gross margin stabilization and strong expense controls. "



Rustom Jilla, executive vice president and chief financial officer, added, "Our diluted EPS for the quarter was $1.02, 4 cents above the mid-point of our guidance range. We continued executing on our gross margin and cost reduction initiatives, but the fourth fiscal quarter’s higher EPS was mostly attributable to sales being above guidance. For the full year, we succeeded in delivering an operating margin roughly in line with prior year levels despite lower sales. Finally, our cash flow generation was particularly strong in fiscal 2016, and we returned $500 million to our shareholders through dividends and share buybacks."



Gershwind concluded, "As we look to fiscal 2017, MSC is well positioned regardless of what happens in the industrial economy. Should conditions improve or even just stabilize, the Company is poised for a tremendous growth and leverage story. On the other hand, if difficult conditions persist, we will continue to capitalize on the opportunities a challenging environment creates for MSC, making the future growth and leverage story even more compelling."






The following information was filed by MSC INDUSTRIAL DIRECT CO INC on Tuesday, November 1, 2016 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001003078-17-000005
  • Submitted to the SEC: Wednesday, January 11, 2017
  • Accepted by the SEC: Wednesday, January 11, 2017
  • Period Ending: December 2016
Companies
 

MSM Morningstar

MSC INDUSTRIAL DIRECT CO INC

$98.83 -0.80 (-0.80%)

Day's Range:
$98.23 to $99.79

52-Week Range:
$56.92 to $100.84

Volume:
702,230

Volume (Avg):
740,250

Earnings per Share:
$3.83

PEG / Short / PE Ratios:
2.36 / 4.82 / 25.78

Market Cap:
$5.60B

Book Value:
20.00

EBITDA:
$445.62M