LESCO announces Q1 resultsLESCO, Inc. today announced sales of $93.5 million for the quarter ended March 31, 2002, a 3 percent increase over the $90.7 million reported in the prior year.
Due to the seasonality of the professional turf care industry, the first quarter is the Company's lowest sales volume quarter and has historically generated net losses. After excluding the $2.0 million of severance costs recorded in the quarter, net loss was $5.0 million. Net loss for the first quarter 2001 was $5.6 million.
"We are making progress on our goals relative to sales growth and return on invested capital," stated President and Chief Executive Officer Michael P. DiMino. "The first quarter results were better than last year and were better than our internal plan. We remain on track to achieve our 2002 goal of sales growth of 4 to 5%."
Lawn Care sales for the quarter increased to $50.7 million, up 7.6% from first quarter 2001. Golf sales remained relatively flat at $22.5 million while National Accounts fell 4.8% to $20.3 million. "We take into consideration all pertinent factors relative to overall customer profitability and market position." commented Mr. DiMino. "However, there are going to be situations where we must have the discipline to walk away from unprofitable business."