The Fastenal Company of Winona, MN (Nasdaq:FAST) reported the
results of the quarter ended September 30, 2011. Except for per
share information, or as otherwise noted below, dollar amounts are
in thousands. Share and per share information in this release has
been adjusted to give effect to the two-for-one stock split
effected with respect to our common stock effective at the close of
business on May 20, 2011.
Net sales, pre-tax earnings, net earnings, and net earnings per
share were as follows for the periods ended September 30:
|
Nine-month period |
Three-month period |
|
2011 |
2010 |
Change |
2011 |
2010 |
Change |
|
|
|
|
|
|
|
Net sales |
$ 2,069,055 |
1,695,705 |
22.0% |
$ 726,742 |
603,750 |
20.4% |
Pre-tax earnings |
$ 434,312 |
323,496 |
34.3% |
$ 155,319 |
120,702 |
28.7% |
% of sales |
21.0% |
19.1% |
|
21.4% |
20.0% |
|
Net earnings |
$ 270,458 |
200,195 |
35.1% |
$ 96,798 |
74,994 |
29.1% |
Primary net earnings per share |
$ 0.92 |
0.68 |
35.3% |
$ 0.33 |
0.25 |
32.0% |
During the first nine months of 2011, we opened 94 new stores
(we opened 90 new stores in the same period of 2010). The 94 new
stores represent an increase of 3.8% since December 31,
2010. (We had 2,490 stores on December 31, 2010.) We had
14,927 employees as of September 30, 2011, an increase of 12.4%
from the 13,285 employees on December 31, 2010.
COMMENTS REGARDING MONTHLY SALES CHANGES, SEQUENTIAL
TRENDS, AND END MARKET PERFORMANCE
Note – Daily sales are defined as the sales for the period
divided by the number of business days in the period.
This section focuses on three distinct views of our business –
monthly sales changes, sequential trends, and end market
performance. The first discussion regarding
monthly sales changes provides a good mechanical view of our
business based on the age of our stores. The second discussion
provides a framework for understanding the sequential trends (that
is, comparing a period to the immediately preceding period) in our
business. Finally, we believe the third discussion regarding
end market performance provides insight into activities with our
various types of customers.
MONTHLY SALES CHANGES:
All company sales – During each of the first
nine months in 2011 and each of the months in 2010 and 2009, all of
our selling locations, when combined, had daily sales growth rates
of (compared to the comparable month in the preceding year):
|
Jan. |
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
Dec. |
2011 |
18.8% |
21.5% |
22.8% |
23.2% |
22.6% |
22.5% |
22.4% |
20.0% |
18.8% |
|
|
|
2010 |
2.4% |
4.4% |
12.1% |
18.6% |
21.1% |
21.1% |
24.4% |
22.1% |
23.5% |
22.4% |
17.9% |
20.9% |
2009 |
-8.5% |
-10.5% |
-17.4% |
-21.0% |
-20.7% |
-22.5% |
-22.9% |
-21.4% |
-20.8% |
-18.7% |
-12.0% |
-8.6% |
The growth in 2010, and into 2011, generally continues the
improving trend we saw in the latter half of 2009. The
negative growth in 2009 relates to the general economic weakness in
the global marketplace. The change in currencies in foreign
countries (primarily Canada) relative to the United States dollar
improved our daily sales growth rate by 0.9% during the first nine
months of 2011.
Stores opened greater than two years – Our
stores opened greater than two years (store sites opened as
follows: 2011 group – opened 2009 and earlier, 2010 group – opened
2008 and earlier, and 2009 group – opened 2007 and earlier)
represent a consistent 'same-store' view of our
business. During each of the first nine months in 2011 and
each of the months in 2010 and 2009, the stores opened greater than
two years had daily sales growth rates of (compared to the
comparable month in the preceding year):
|
Jan. |
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
Dec. |
2011 |
16.0% |
18.4% |
19.4% |
19.6% |
19.2% |
19.1% |
18.7% |
16.5% |
15.2% |
|
|
|
2010 |
0.6% |
2.3% |
9.6% |
16.3% |
18.5% |
18.3% |
21.3% |
19.2% |
19.8% |
18.8% |
14.1% |
16.8% |
2009 |
-11.2% |
-13.8% |
-20.1% |
-24.0% |
-23.7% |
-25.1% |
-25.4% |
-24.0% |
-23.1% |
-20.9% |
-13.7% |
-10.6% |
Stores opened greater than five years – The
impact of the economy, over time, is best reflected in the growth
performance of our stores opened greater than five years (store
sites opened as follows: 2011 group – opened 2006 and earlier, 2010
group – opened 2005 and earlier, and 2009 group – opened 2004 and
earlier). This group is more cyclical due to the increased
market share these stores enjoy in their local markets. During
each of the first nine months in 2011 and each of the months in
2010 and 2009, the stores opened greater than five years had daily
sales growth rates of (compared to the comparable month in the
preceding year):
|
Jan. |
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
Dec. |
2011 |
15.3% |
17.9% |
19.2% |
19.1% |
17.9% |
18.2% |
17.3% |
15.2% |
14.5% |
|
|
|
2010 |
-2.1% |
-0.5% |
7.4% |
14.9% |
17.3% |
16.2% |
19.8% |
18.2% |
18.9% |
17.9% |
13.2% |
16.0% |
2009 |
-12.4% |
-14.3% |
-21.5% |
-25.2% |
-25.2% |
-26.3% |
-26.6% |
-24.7% |
-24.2% |
-21.7% |
-15.0% |
-12.1% |
SEQUENTIAL TRENDS:
We find it helpful to think about the monthly sequential
changes in our business using the analogy of climbing a stairway
– This stairway has several predictable landings where
there is a pause in the sequential gain (i.e. April, July, and
October to December), but generally speaking, climbs from January
to October. The October landing then establishes the benchmark
for the start of the next year.
History has identified these landings in our business
cycle. They generally relate to months with impaired business
days (certain holidays). The first landing centers on Easter,
which alternates between March and April (Easter occurred in April
in both 2011 and 2010), the second landing centers on July 4th, and
the third landing centers on the approach of winter with its
seasonal impact on primarily our construction business and with the
Christmas / New Year holidays. The holidays we noted impact
the trends because they either move from month-to-month or because
they move around during the week.
The table below shows the pattern to our sequential change in
our daily sales. The line labeled 'Past' is an historical
average of our sequential daily sales change for the period 1998 to
2003. We chose this time frame because it had similar
characteristics, a weaker industrial economy in North America, and
could serve as a benchmark for a possible trend line. The
'2010' and '2011' lines represent our actual sequential daily sales
changes. The '10Delta' line is the difference between the
'Past' and '2010'; similarly, the '11Delta' is the difference
between the 'Past' and '2011'.
|
Jan.(1) |
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Past |
0.9% |
3.3% |
2.9% |
-0.3% |
3.4% |
2.8% |
-2.3% |
2.6% |
2.6% |
-0.7% |
|
|
|
|
|
|
|
|
|
|
|
2010 |
2.9% |
-0.7% |
5.9% |
0.6% |
4.8% |
1.7% |
-1.0% |
3.5% |
4.5% |
-1.5% |
10Delta |
2.0% |
-4.0% |
3.0% |
0.9% |
1.4% |
-1.1% |
1.3% |
0.9% |
1.9% |
-0.8% |
|
|
|
|
|
|
|
|
|
|
|
2011 |
-0.2% |
1.6% |
7.0% |
0.9% |
4.3% |
1.7% |
-1.0% |
1.4% |
3.4% |
|
11Delta |
-1.1% |
-1.7% |
4.1% |
1.2% |
0.9% |
-1.1% |
1.3% |
-1.2% |
0.8% |
|
(1) The January figures represent the
percentage change from the previous October, whereas the remaining
figures represent the percentage change from the previous
month.
During 2010, and year-to-date in 2011, sales were strong - our
business has closely followed the trend line since the fall of
2009. The months of February 2011 and 2010 were both
negatively impacted by weather.
A graph of the sequential daily sales change pattern discussed
above, starting with a base of '100' in the previous October and
ending with the next October, would be as follows:
http://media.globenewswire.com/cache/11647/file/11701.pdf
END MARKET PERFORMANCE:
Fluctuations in end market business –The
sequential trends noted above were directly linked to fluctuations
in our end markets. To place this in perspective –
approximately 50% of our business has historically been with
customers engaged in some type of manufacturing. The daily
sales to these customers grew or contracted in the first, second,
third, and fourth quarters (when compared to the same quarter in
the previous year), and for the year, as follows:
|
Q1 |
Q2 |
Q3 |
Q4 |
Annual |
|
|
|
|
|
|
2011 |
15.5% |
18.5% |
18.3% |
|
|
2010 |
15.7% |
29.8% |
30.6% |
17.7% |
22.4% |
2009 |
-16.0% |
-25.2% |
-22.8% |
-10.1% |
-18.8% |
The 2011 and 2010 growth was more pronounced in our industrial
production business (this is business where we supply products that
become part of the finished goods produced by our customers) and
less pronounced in the maintenance portion of our manufacturing
business (this is business where we supply products that maintain
the facility or the equipment of our customers engaged in
manufacturing). The 2009 contraction was more severe in our
industrial production business and less severe in the maintenance
portion of our manufacturing business. These patterns
are influenced by the movements noted in the Purchasing
Manufacturers Index ('PMI') published by the Institute for Supply
Management (http://www.ism.ws/), which is a composite index of
economic activity in the manufacturing sector. The PMI in
2011, 2010, and 2009 was as follows:
|
Jan. |
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
Dec. |
2011 |
60.8 |
61.4 |
61.2 |
60.4 |
53.5 |
55.3 |
50.9 |
50.6 |
51.6 |
|
|
|
2010 |
58.3 |
57.1 |
60.4 |
59.6 |
57.8 |
55.3 |
55.1 |
55.2 |
55.3 |
56.9 |
58.2 |
58.5 |
2009 |
35.7 |
36.0 |
36.6 |
39.9 |
41.9 |
44.7 |
49.0 |
51.4 |
53.2 |
55.8 |
54.7 |
56.4 |
Our non-residential construction customers have historically
represented 20% to 25% of our business. The daily sales to
these customers grew or contracted in the first, second, third, and
fourth quarters (when compared to the same quarter in the
previous year), and for the year, as follows:
|
Q1 |
Q2 |
Q3 |
Q4 |
Annual |
|
|
|
|
|
|
2011 |
17.7% |
15.8% |
15.8% |
|
|
2010 |
-14.7% |
0.5% |
6.3% |
10.3% |
-0.3% |
2009 |
-6.4% |
-19.6% |
-25.3% |
-24.8% |
-19.4% |
On a sequential basis, the sales to our manufacturing customers
stabilized in May 2009 and then started to demonstrate patterns
that resemble historical norms. This reversed the negative
trend which began in October 2008. This stabilization and
improvement was partially offset by continued deteriorization in
our non-residential construction business which weakened
dramatically in the first eight months of 2009, and then began to
also demonstrate patterns that resemble historical norms.
A graph of the sequential daily sales trends to these two end
markets in 2009, 2010, and 2011, starting with a base of '100' in
the previous October and ending with the next October, would be as
follows:
http://media.globenewswire.com/cache/11647/file/11702.pdf
PATHWAY TO PROFIT AND ITS IMPACT ON OUR
BUSINESS:
In April 2007 we disclosed our intention to alter the
growth drivers of our business – For most of the preceding
ten years, we used store openings as the primary growth driver of
our business (our historical rate was approximately 14% new stores
each year). As announced in April 2007, we began to add
outside sales personnel into existing stores at a faster rate than
historical patterns. We funded this sales force expansion with
the occupancy savings generated by opening stores at the rate of 7%
to 10% per year (see our disclosure below regarding the temporary
slowing of our store growth in recent periods). Our goal was
four-fold: (1) to continue growing our business at a similar rate
with the new outside sales investment model, (2) to grow the sales
of our average store to $125 thousand per month in the five year
period from 2007 to 2012, (3) to enhance the profitability of the
overall business by capturing the natural expense leverage that has
historically occurred in our existing stores as their sales grow,
resulting in a growth of our pre-tax earnings to 23% of net sales
by 2012, and (4) to improve the performance of our business due to
the more efficient use of working capital (primarily inventory) as
our average sales volume per store increases. The economic
weakness that dramatically worsened in the fall of 2008 and
continued into 2009 caused us to alter the 'pathway to profit' in
2009. These changes centered on two aspects (1) temporarily
slowing new store openings to a range of 2% to 5% per year, and (2)
temporarily stopping headcount additions except for new store
openings and for stores that are growing. (See later discussion on
future store openings.)
One side benefit of the 'pathway to profit' initiative,
described above, is a slow altering of our cost structure to
increase the portion of our operating costs that are variable
versus fixed. This dramatically improved our ability to manage
through the economic environment of the last several years. As
discussed in our third quarter 2009 earnings release, we began to
stabilize our store headcount in October 2009. (See 'Store
Size, Store Count and Full-Time Equivalent (FTE) Headcount' table
later in this document.)
The 'pathway to profit' initiative allows us to focus on the
three drivers of our business: (1) sales force headcount, (2) store
(or unit) growth, and (3) average sales volume per store, which
ultimately drive our level of profitability. Our original goal
was to hit the $125 thousand per month store average, and grow our
pre-tax earnings to 23% of net sales, by 2012. We previously
disclosed that we believed the duration of the economic weakness
could delay the timing of when we achieve these goals by 24-30
months. However, as described below, we have modified our
thinking regarding our pre-tax earnings goals.
During 2010, we modified our thought process around the 'pathway
to profit' in two regards: (1) with a structurally lowered
cost structure and improved gross margins, we concluded we could
hit our profitability target in the 'pathway to profit' initiative
with average store sales of $100 - $110 thousand per month by 2013
(see evidence of this in our 'Store Size and Profitability' table
later in this document) and (2) we decided to hire fewer
store-based employees and instead added resources focused on
specific sales opportunities, such as national accounts personnel
and dedicated sales specialists (manufacturing, government,
industry focused, and industrial vending solutions). The
decision to accelerate the addition of non-store selling resources
into the areas of national accounts and dedicated sales specialists
reinforces our belief that these areas represent an efficient
manner to accelerate sales at existing stores.
Future store openings and increases in automated
solutions (industrial vending) – In July 2010, we
indicated our intentions to open 80 to 95 new stores during the
second half of 2010 (or an annualized rate of 6.8% to
8.0%). During the second half of 2010 we opened 82
stores. For 2011, we previously disclosed our intention to
open 150 to 200 new stores, or an annualized rate of 6.0% to
8.0%. In the first nine months of 2011, we opened 94 new
stores. As the PMI began to moderate in May 2011 (see table
earlier in this document), our field personnel began to slow their
store openings. We have opened 94 new stores in the first nine
months of 2011; based on this, we now estimate we will open 115 to
125 stores in 2011, or approximately 4.6% to 5.0%. In 2012, we
expect to open approximately 4.0% to 6.0% new stores. We
believe this is a rational reaction to the 'moderating' PMI and due
to the good results we are experiencing with our automated
solutions (industrial vending) rollout (discussed below). During
the first nine months of 2011 and 2010, we closed 18 and seven
stores, respectively. We have closed 52 stores in our 40+ year
history.
As was discussed at our investor day in May 2011, we have made
significant progress in the development of automated solutions
(industrial vending) for our customers. We believe these
solutions have the potential to be transformative to industrial
distribution. Some key statistics regarding this business
include the following:
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
|
|
|
Number of vending machines in contracts
signed during the period1 |
2011 |
1,391 |
2,103 |
2,260 |
|
|
2010 |
246 |
409 |
419 |
776 |
|
2009 |
106 |
214 |
194 |
327 |
Cumulative machines installed |
2011 |
2,905 |
4,009 |
5,732 |
|
|
2010 |
1,144 |
1,452 |
1,803 |
2,195 |
|
2009 |
148 |
312 |
558 |
787 |
Percent of total net sales to customers with
vending machines2 |
2011 |
9.2% |
10.8% |
13.3% |
|
|
2010 |
3.8% |
5.2% |
6.4% |
7.7% |
|
2009 |
0.7% |
1.2% |
1.8% |
2.5% |
Daily sales growth to customers with vending
machines3 |
2011 |
49.5% |
49.8% |
49.4% |
|
|
2010 |
29.4% |
53.5% |
54.9% |
59.6% |
|
2009 |
Not meaningful, due to start-up
phase |
1This represents the number of machines, not the number of
contracts. 2 The percentage of total sales (vended and traditional)
to customers currently using a vending solution. 3 The growth in
total sales (vended and traditional) to customers currently using a
vending solution compared to the comparable period in the preceding
year.
In addition to the increases in the number of vending machine
contracts signed and the sales results noted, we are pleased with
the ramp-up in our ability to install machines. In the third
quarter of 2011, we installed 1,723 machines (5,732–4,009), a
five-fold increase over the 351 (1,803–1,452) installed in the
third quarter of 2010.
Store Count and Full-Time Equivalent (FTE) Headcount
– The table that follows highlights certain impacts of the
'pathway to profit'. Under the 'pathway to profit' we
increased both our store count and our store FTE headcount during
2007 and 2008. However, as indicated earlier, the rate of
increase in store locations slowed and our FTE headcount for all
types of personnel was reduced when the economy weakened late in
2008. In the two tables that follow, we refer to our 'store'
sales, 'store' locations, 'store' personnel and 'store'
profitability. When we discuss 'stores' in the first table, we
are referring to (1) 'Fastenal' stores and (2) strategic account
stores. 'Fastenal' stores are either a 'traditional' store, a
format utilized typically in North America, or an 'overseas' store,
which is the typical format outside the United States and
Canada. This is discussed in greater detail in our 2010 annual
report on Form 10-K. Strategic account stores are stores that
are focused on selling to a group of strategic account customers in
a limited geographic market. When we discuss in the second
table our profitability as the average monthly 'store' sales grow,
we are referring to 'traditional' stores. The sales, outside
of our 'store' group, relate to either (1) our in-plant locations,
(2) our manufacturing business that is sold directly to a customer
and not through a store (including our Holo-Krome business acquired
in December 2009), or (3) our direct import business.
The breakdown of our sales, the average monthly sales per store,
the number of stores at quarter end, the average headcount at our
stores during a quarter, the average FTE headcount during a
quarter, and the percentage change were as follows for the first
quarter of 2007 (the last completed quarter before we began the
'pathway to profit'), for the third quarter of 2008 (our peak
quarter before the economy weakened), and for each of the last five
quarters:
|
Q1 |
Q3 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
|
2007 |
2008 |
2010 |
2010 |
2011 |
2011 |
2011 |
|
|
|
|
|
|
|
|
Total net sales reported |
$489,157 |
$625,037 |
$603,750 |
$573,766 |
$640,583 |
$701,730 |
$726,742 |
Less: Non-store sales (approximate) |
40,891 |
57,267 |
76,826 |
68,911 |
78,021 |
85,535 |
88,500 |
Store net sales (approximate) |
$448,266 |
$567,770 |
$526,924 |
$504,855 |
$562,562 |
$616,195 |
$638,242 |
% change since Q1 2007 |
|
26.7% |
17.5% |
12.6% |
25.5% |
37.5% |
42.4% |
% change (twelve months) |
|
17.5% |
21.4% |
22.3% |
25.2% |
23.6% |
21.1% |
Percentage of sales through a
store |
92% |
91% |
87% |
88% |
88% |
88% |
88% |
Average monthly sales per
store |
$72 |
$82 |
$72 |
$68 |
$74 |
$80 |
$83 |
(using ending store
count) |
|
|
|
|
|
|
|
% change since Q1 2007 |
|
13.9% |
0.0% |
-5.6% |
2.8% |
11.1% |
15.3% |
% change (twelve months) |
|
9.3% |
16.1% |
17.2% |
17.5% |
15.9% |
15.3% |
Store locations - quarter end count |
2,073 |
2,300 |
2,453 |
2,490 |
2,522 |
2,558 |
2,566 |
% change since Q1 2007 |
|
11.0% |
18.3% |
20.1% |
21.7% |
23.4% |
23.8% |
% change (twelve months) |
|
7.2% |
4.3% |
5.1% |
5.4% |
6.3% |
4.6% |
|
|
|
|
|
|
|
|
Store personnel - absolute headcount |
6,849 |
9,123 |
8,643 |
9,048 |
9,344 |
9,734 |
10,057 |
% change since Q1 2007 |
|
33.2% |
26.2% |
32.1% |
36.4% |
42.1% |
46.8% |
% change (twelve months) |
|
17.9% |
0.4% |
6.2% |
11.2% |
15.9% |
16.4% |
|
|
|
|
|
|
|
|
Store personnel - FTE |
6,383 |
8,280 |
7,450 |
7,611 |
7,825 |
8,254 |
8,629 |
Non-store selling personnel - FTE |
616 |
599 |
639 |
712 |
779 |
850 |
920 |
Sub-total of all sales personnel -
FTE |
6,999 |
8,879 |
8,089 |
8,323 |
8,604 |
9,104 |
9,549 |
|
|
|
|
|
|
|
|
Distribution and manufacturing personnel-FTE
1 |
1,962 |
2,244 |
2,007 |
2,040 |
2,069 |
2,249 |
2,343 |
Administrative personnel-FTE |
767 |
805 |
726 |
744 |
760 |
783 |
811 |
Sub-total of non-sales personnel -
FTE |
2,729 |
3,049 |
2,733 |
2,784 |
2,829 |
3,032 |
3,154 |
|
|
|
|
|
|
|
|
Total - average FTE headcount |
9,728 |
11,928 |
10,822 |
11,107 |
11,433 |
12,136 |
12,703 |
|
|
|
|
|
|
|
|
% change since Q1 2007 |
|
|
|
|
|
|
|
Store personnel - FTE |
|
29.7% |
16.7% |
19.2% |
22.6% |
29.3% |
35.2% |
Non-store selling personnel - FTE |
|
-2.8% |
3.7% |
15.6% |
26.5% |
38.0% |
49.4% |
Sub-total of all sales personnel -
FTE |
|
26.9% |
15.6% |
18.9% |
22.9% |
30.1% |
36.4% |
|
|
|
|
|
|
|
|
Distribution and manufacturing personnel-FTE
1 |
|
14.4% |
2.3% |
4.0% |
5.5% |
14.6% |
19.4% |
Administrative personnel-FTE |
|
5.0% |
-5.3% |
-3.0% |
-0.9% |
2.1% |
5.7% |
Sub-total of non-sales personnel -
FTE |
|
11.7% |
0.1% |
2.0% |
3.7% |
11.1% |
15.6% |
|
|
|
|
|
|
|
|
Total - average FTE headcount |
|
22.6% |
11.2% |
14.2% |
17.5% |
24.8% |
30.6% |
% change (twelve months) |
|
|
|
|
|
|
|
Store personnel - FTE |
|
15.2% |
5.1% |
8.6% |
11.7% |
16.0% |
15.8% |
Non-store selling personnel - FTE |
|
-2.4% |
9.0% |
19.3% |
31.1% |
43.8% |
44.0% |
Sub-total of all sales personnel -
FTE |
|
13.8% |
5.4% |
9.5% |
13.2% |
18.1% |
18.0% |
|
|
|
|
|
|
|
|
Distribution and manufacturing personnel-FTE
1 |
|
5.4% |
13.8% |
15.4% |
14.9% |
19.4% |
16.7% |
Administrative personnel - FTE |
|
7.9% |
-1.4% |
6.1% |
7.6% |
10.7% |
11.7% |
Sub-total of non-sales personnel -
FTE |
|
6.0% |
9.4% |
12.8% |
12.9% |
17.0% |
15.4% |
|
|
|
|
|
|
|
|
Total - average FTE headcount |
|
11.7% |
6.4% |
10.3% |
13.2% |
17.8% |
17.4% |
1 The distribution and manufacturing
headcount was impacted by the addition of 92 employees with the
acquisition of Holo-Krome in December 2009.
Store Size and Profitability –The average age,
number of stores, and pre-tax earnings data by store size for the
third quarter of 2011, 2010, and 2009, respectively, were as
follows:
Sales per Month |
Average Age
(Years) |
Number of
Stores |
Percentage of
Stores |
Pre-Tax Earnings
Percentage |
Three months
ended September 30, 2011 |
$0 to $30,000 |
3.5 |
319 |
12.4% |
-12.6% |
$30,001 to $60,000 |
7.0 |
816 |
31.8% |
13.3% |
$60,001 to $100,000 |
9.4 |
712 |
27.7% |
22.4% |
$100,001 to $150,000 |
11.7 |
375 |
14.6% |
26.5% |
Over $150,000 |
14.9 |
257 |
10.0% |
28.5% |
Strategic Account/Overseas Store |
|
87 |
3.4% |
|
Company Total |
|
2,566 |
100.0% |
21.4% |
|
Three months
ended September 30, 2010 |
$0 to $30,000 |
3.8 |
414 |
16.9% |
-11.0% |
$30,001 to $60,000 |
6.8 |
893 |
36.4% |
13.2% |
$60,001 to $100,000 |
9.4 |
590 |
24.1% |
22.7% |
$100,001 to $150,000 |
11.8 |
322 |
13.1% |
26.0% |
Over $150,000 |
15.6 |
163 |
6.6% |
27.7% |
Strategic Account/Overseas Store |
|
71 |
2.9% |
|
Company Total |
|
2,453 |
100.0% |
20.0% |
|
Three months
ended September 30, 2009 |
$0 to $30,000 |
3.9 |
529 |
22.5% |
-17.7% |
$30,001 to $60,000 |
6.5 |
912 |
38.8% |
9.9% |
$60,001 to $100,000 |
9.5 |
518 |
22.0% |
20.0% |
$100,001 to $150,000 |
11.9 |
229 |
9.7% |
24.5% |
Over $150,000 |
16.1 |
103 |
4.4% |
26.5% |
Strategic Account/Overseas Store |
|
61 |
2.6% |
|
Company Total |
|
2,352 |
100.0% |
15.7% |
Note – Amounts may not foot due to rounding difference.
Our original intent under the 'pathway to profit' was to
increase the sales of our average store to approximately $125,000
per month (see earlier discussion) in order to meet our pre-tax
earnings profitability goal of 23%. This would have shifted
the store mix emphasis from the first three categories ($0 to
$30,000, $30,001 to $60,000, and $60,001 to $100,000) to the last
three categories ($60,001 to $100,000, $100,001 to $150,000, and
over $150,000), and we believe would have allowed us to leverage
our fixed cost and increase our overall productivity. Our goal
today is to continue (1) to grow the business and (2) to grow our
pre-tax earnings as a percent of net sales. As stated earlier,
we now believe, based on the profitability improvements noted in
the table above, we can hit our pre-tax earnings percent goal of
23% with average store sales of approximately $100,000 - $110,000
per month.
Note – Dollar amounts in this section are presented in whole
dollars, not thousands.
STATEMENT OF EARNINGS INFORMATION (percentage of net
sales) for the periods ended September 30:
|
Nine-month period |
Three-month period |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Net sales |
100.0% |
100.0% |
100.0% |
100.0% |
Gross profit |
52.1% |
51.7% |
51.9% |
51.8% |
Operating and administrative expenses |
31.1% |
32.6% |
30.6% |
31.8% |
Loss (gain) on sale of property and
equipment |
0.0% |
0.0% |
0.0% |
0.0% |
Operating income |
21.0% |
19.1% |
21.4% |
20.0% |
Interest income |
0.0% |
0.0% |
0.0% |
0.0% |
Earnings before income taxes |
21.0% |
19.1% |
21.4% |
20.0% |
Note – Amounts may not foot due to rounding difference.
Gross profit percentage for the first nine
months of 2011 increased from the same period in
2010. Sequentially, the gross profit for the third quarter of
2011 declined from the second quarter of 2011.
The gross profit percentage in the first, second, third and
fourth quarters was as follows:
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
|
|
2011 |
52.0% |
52.2% |
51.9% |
|
2010 |
51.1% |
52.1% |
51.8% |
52.0% |
2009 |
52.9% |
51.1% |
50.0% |
49.9% |
The fluctuations in our gross profit percentages are typically
driven by: (1) transactional gross profit, (2) organizational gross
profit, and (3) vendor incentive gross profit. The
transactional gross profit represents the gross profit realized due
to the day-to-day fluctuations in customer pricing relative to
product and freight costs. This component was negatively
influenced by the competitive landscape in 2009 which depressed the
prices we could charge for our products. This component has
generally improved since August 2009, except for customer mix which
is discussed later. The organizational gross profit represents
the component of gross profit we attribute to buying scale and
efficiency gains. This component was negatively influenced by
deflationary impacts in 2009 as we were selling inventory sourced
at peak costs late in 2008. This component was magnified in
2009 due to the nature of our inventory turns and the dramatic
decrease in sales activity during much of the year. However,
this component improved in 2010, and in the first nine months of
2011, when compared to the fourth quarter of 2009. The third
component relates to vendor volume allowances. The gross
profit dollars associated with this component dropped dramatically
in the second half of 2009. However, this component improved
in 2010, and in the first nine months of 2011, when compared to the
fourth quarter of 2009.
The slight decrease in the gross profit percentage, from the
second quarter of 2010 to the third and fourth quarters of 2010 and
the first and third quarters of 2011, was primarily caused by the
strong growth of our industrial production business, which resulted
in a change in our overall business mix. The industrial
production business has a lower gross margin; therefore, the change
in mix pulled our gross margin percentage down. However, since
the operating expenses of our industrial production business are
lower, operating income produced by that business is similar to our
overall business. The increase from the first quarter of 2011
to the second quarter was primarily due to improvements in
organizational gross profit and in vendor volume allowances.
A portion of the transactional and organizational gross
profit dropped from the second to the third quarter of 2011 due to
the earlier mentioned strength in the industrial production
business. As we indicated in our second quarter 2010 earnings
release, vendor volume allowances largely recovered during the
second quarter of 2010 to the levels in place in 2008 and in early
2009 due to the reset of vendor allowance programs which tend to be
calendar based. Generally speaking, the decline in the gross
margin percentage from 2008 to 2009 was evenly split between a
deterioration in the three components discussed earlier. The
improvement from 2009 to 2010 was primarily related to improvements
in vendor incentive gross profit (about half of the improvement),
with the balance evenly split between improvements in
organizational gross profit and transactional gross
profit. This improvement split is also true in the first nine
months of 2011 when compared to the same period in 2010.
Operating and administrative expenses improved
relative to sales in the third quarter of 2011 versus the third
quarter of 2010.
Historically, 65% to 70% of our operating and administrative
expenses consist of employee related costs. The components
are: (1) payroll (which includes cash compensation, stock option
expense, and profit sharing), (2) health care, (3) personnel
development, and (4) social taxes. During 2009, these
components had reduced to a range between 60% and 65% due to the
factors noted below. During the first nine months of 2011 and
during all of 2010, this range moved back to the historical
level.
The two largest components of employee related costs
grew/contracted as follows for the periods ended September 30:
|
Nine-month period |
Three-month period |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Payroll cost |
22.4% |
12.9% |
17.4% |
29.2% |
Health care cost |
3.9% |
2.5% |
3.0% |
-7.4% |
The two largest components of operating and administrative
expenses, outside of the employee related costs, grew/contracted as
follows for the periods ended September 30:
|
Nine-month period |
Three-month period |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Occupancy |
8.1% |
4.2% |
8.5% |
9.4% |
Selling transportation |
23.7% |
-2.1% |
32.4% |
-7.0% |
The increase in payroll costs during the first nine months of
2011 and 2010 noted above was greater than the change in full-time
equivalent headcount noted earlier in this document. This was
driven by the following factors: (1) sales commissions earned grew
(this increase is amplified by sales growth and gross margin
fluctuations, both of which have a meaningful impact on the
commissions earned), (2) total bonuses earned increased due to our
profit growth, (3) hours worked per employee grew, and (4) our
profit sharing contribution grew.
Our health care costs in the first nine months of 2011 increased
from the same period in 2010. Our health care costs in the
third quarter of 2010 decreased from the unusual peak in the same
period of 2009. Health care costs in 2009, and the first
quarter of 2010, increased dramatically due to the increase in the
percentage of employees opting for expanded coverage as their
spouses lost their insurance coverage at other employers, increases
in COBRA costs due to changes in federal funding within COBRA, and
an increase in health care utilization when compared to previous
years.
The two largest components of the remaining costs within our
operating and administrative expenses include occupancy and selling
transportation. Occupancy expenses for the third quarter of
2011 increased from the third quarter of 2010 and increased from
the second quarter of 2011. The increase from 2010 was driven
by (1) a meaningful increase in utilities and (2) a dramatic
increase in the amount of automated solutions (industrial vending)
equipment as discussed earlier in this release. (We consider the
vending equipment to be a logical extension of our store operation
and classify the expense as occupancy.) The selling
transportation costs consist primarily of our store fleet as most
of the distribution fleet costs are included in cost of
sales. Selling transportation costs included in operating and
administrative expenses for the third quarter of 2011 increased
from the third quarter of 2010, a sharp contrast to the prior
year's trend. Most of the components of selling transportation
costs increased at a rate less than sales growth, with one
exception, the fuel component increased more than sales growth in
2011. This was driven by the increase in per gallon fuel costs
discussed below.
The last several years have seen meaningful swings in
the cost of diesel fuel and gasoline – During the first,
second, and third quarters of 2011, our total vehicle fuel costs
were approximately $8.6, $10.5, and $9.8 million,
respectively. During the first, second, third, and fourth
quarters of 2010, our total vehicle fuel costs were approximately
$6.4 million, $6.8 million, $6.6 million, and $7.1 million,
respectively. The changes resulted from variations in fuel
costs, variations in the service levels provided to our stores from
our distribution centers, and changes in the number of vehicles at
our store locations. These fuel costs include the fuel
utilized in our distribution vehicles (semi-tractors, straight
trucks, and sprinter trucks) which is recorded in cost of goods and
the fuel utilized in our store delivery vehicles which is included
in operating and administrative expenses (the split in the last
several years has been approximately 50:50 between distribution and
store use).
The average per gallon fuel costs (in actual dollars) and the
percentage change (on a year-over-year basis) for the last three
years was as follows:
Per gallon average
price |
Q1 |
Q2 |
Q3 |
Q4 |
2011 price |
|
Diesel fuel |
$3.60 |
4.04 |
3.90 |
|
Gasoline |
$3.22 |
3.78 |
3.62 |
|
2010 price |
|
Diesel fuel |
$2.89 |
3.06 |
2.96 |
3.14 |
Gasoline |
$2.68 |
2.80 |
2.71 |
2.84 |
2009 price |
|
Diesel fuel |
$2.19 |
2.29 |
2.61 |
2.70 |
Gasoline |
$1.86 |
2.25 |
2.55 |
2.54 |
Per gallon price
change |
Q1 |
Q2 |
Q3 |
Q4 |
2011 change |
|
Diesel fuel |
24.6% |
32.0% |
31.8% |
|
Gasoline |
20.1% |
35.0% |
33.6% |
|
2010 change |
|
Diesel fuel |
32.0% |
33.6% |
13.4% |
16.3% |
Gasoline |
44.1% |
24.4% |
6.3% |
11.8% |
Income taxes – Incomes taxes,
as a percentage of earnings before income taxes, were approximately
37.7% and 38.1% for the third quarter of 2011 and 2010,
respectively. As our international business and profits grow
over time, the lower income tax rates in those jurisdictions have
begun to lower our effective tax rate. Absent any discrete
events, we currently estimate an effective income tax rate of
approximately 37.9% for 2011.
WORKING CAPITAL: The year-over-year comparison
and the related dollar and percentage changes related to accounts
receivable and inventories were as follows:
|
Balance at
September 30: |
Twelve Month Dollar
Change |
Twelve Month Percentage
Change |
|
2011 |
2010 |
2009 |
2011 |
2010 |
2011 |
2010 |
Accounts receivable, net |
$ 361,075 |
301,721 |
239,323 |
59,354 |
62,398 |
19.7% |
26.1% |
Inventories |
$ 618,149 |
546,063 |
498,106 |
72,086 |
47,957 |
13.2% |
9.6% |
Sales in last two months |
$ 504,398 |
413,053 |
328,804 |
91,345 |
84,249 |
22.1% |
25.6% |
The growth in accounts receivable noted above is driven by our
sales growth in the final two months of the period. The strong
growth in recent years with our international business and with
large customer accounts has created some difficulty with managing
the growth of accounts receivable relative to the growth in
sales.
Our growth in inventory balances over time does not have as
direct a relationship to our monthly sales patterns as does our
growth in accounts receivable. This is impacted by other
aspects of our business. For example, the dramatic economic
slowdown in late 2008 and early 2009 caused our inventory to
spike. This occurred because the lead time for inventory
procurement is typically longer than the visibility we have into
future monthly sales patterns. Over the last decade, we
increased our relative inventory levels due to the following: (1)
new store openings, (2) expanded stocking breadth at individual
stores, (3) expanded stocking breadth at our distributions centers
(for example, our master stocking hub in Indianapolis expanded its
product breadth over six fold from 2006 to 2011), (4) expanded
direct sourcing, (5) expanded private label brands, and, more
recently, (6) expanded vending solutions. We believe these
were excellent investments for our business. These investments
have, and we believe will continue to, leverage our sales
growth.
The discussion above covers inventory from a longer perspective;
in more recent quarters, our expanding inventories are also related
to (1) our expanding sales growth trends (with emphasis on our
large account business – both OEM and MRO), (2) our confidence in
their sustainability, (3) international expansion, and in recent
months, (4) some inflation. However, this expansion has been
at a rate less than sales growth which has allowed us to improve
our inventory utilization.
BALANCE SHEET AND CASH FLOW:
Our balance sheet continues to be very strong and our operations
have good cash generating characteristics. During the third
quarter of 2011, we generated $92,904 (or 96.0% of net earnings) of
operating cash flow; year-to-date, we generated $194,181 (or 71.8%
of net earnings) of operating cash flow. Our first quarter
typically has stronger cash flow characteristics due to the timing
of tax payments; this benefit reverses itself in the second, third,
and fourth quarters as income tax payments go out in April, June,
September, and December. The remaining amounts of cash flow
from operating activities are largely linked to the pure dynamics
of a distribution business and its strong correlation to working
capital as discussed above.
The strong free cash flow (operating cash flow less net capital
expenditures) during 2010 and 2011 allowed us to increase our
dividend in 2011. We paid our regular semi-annual dividend in
the first quarter; subsequent to this, we declared and paid our
'first' second quarter dividend. With this payment, our board
of directors indicated their desire to begin paying quarterly
dividends. Our dividends (per share basis) were as follows in
2011:
|
2011 |
First quarter |
$ 0.25 |
Second quarter |
$ 0.13 |
Third quarter |
$ 0.13 |
Fourth quarter* |
$ 0.14 |
Total |
$ 0.65 |
*The fourth quarter dividend was declared on October 12, 2011,
with a payment date of November 22, 2011.
STOCK REPURCHASE:
We did not purchase any stock in 2010 or in the first nine
months of 2011. We currently have authority to purchase up to
1,800,000 shares.
CONFERENCE CALL TO DISCUSS QUARTERLY
EARNINGS:
As we previously disclosed, we will host a conference call today
to review the quarterly results, as well as current
operations. This conference call will be broadcast live over
the Internet at 9:00 a.m., central time. To
access the webcast, please go to the Fastenal Company Investor
Relations Website at http://investor.fastenal.com/events.cfm.
The Fastenal Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6432
ADDITIONAL INFORMATION:
This press release contains statements that are not
historical in nature and that are intended to be, and are hereby
identified as, "forward looking statements" as defined in the
Private Securities Litigation Reform Act of 1995, including
statements regarding (1) the goals of our long‑term growth
strategy, 'pathway to profit', including anticipated decreases in
the rate of new store openings from our historic rate prior to
implementation of the strategy, planned additions to our sales
personnel, the expected funding of such additions out of cost
savings resulting from the slowing of the rate of new store
openings, the growth in average store sales expected to result from
that strategy and from our recent decision to add resources focused
on specific sales opportunities and the expected timeline for
achieving that growth, the leverage, working capital and
productivity improvements expected to result from the strategy, and
the growth in profitability expected to result from the strategy
and the expected timeline for achieving that growth (including our
belief that we can achieve targeted profitability due to a
structural lowering of our costs even if our average store sales do
not grow as expected), (2) the expected rate of new store
openings, (3) our belief in the transformative nature of
automated solutions (industrial vending), (4) our estimated
effective tax rate for 2011, (5) the sales growth leverage expected
to result from our inventory investments, (6) our expectations
regarding sales growth and our confidence in the sustainability of
that growth, and (7) the future payment of quarterly
dividends. The following factors are among those that could
cause our actual results to differ materially from those predicted
in such forward looking statements: (1) a downturn or
continued weakness in the economy or in the manufacturing or
commercial construction industries, changes in the expected rate of
new store openings, difficulties in successfully attracting and
retaining additional qualified sales personnel, an inability to
realize anticipated savings from lowering our cost structure, and
difficulties in changing our sales process could adversely impact
our ability to achieve the goals of our 'pathway to profit'
initiative and the expected time frame for achieving those goals,
(2) a downturn or continued weakness in the economy or in the
manufacturing or commercial construction industries, a change from
that projected in the number of North American markets able to
support stores, or an inability to recruit and retain qualified
employees could cause the rate of new store openings to change from
that expected, (3) a weaker level of industry acceptance or
adoption of the vending technology from what we are currently
experiencing could cause the automated solutions to be less
transformative than expected, (4) a change in the geographic source
of our income or a change in tax legislation could cause our
effective tax rate for 2011 to differ from current expectations,
(5) a decision to stock a greater amount of safety stock (extra
units of inventory carried as protection against possible stock
outs) or to expand product offerings in the various geographic
areas in which we operate could cause sales growth leverage
expected to result from our inventory investments not to occur, (6)
a downturn or continued weakness in the economy or in the
manufacturing or commercial construction industries could affect
our ability to sustain our sales growth, and (7) changes in our
financial condition or results could cause us to modify our
expected dividend practices. We assume no obligation to
update any forward looking statement or any discussion of risks and
uncertainties related to such forward looking statements. A
discussion of other risks and uncertainties which could cause our
operating results to vary from anticipated results or which could
materially adversely effect our business, financial condition, or
operating results is included in our 2010 annual report on
Form 10-K under the sections captioned Certain Risks and
Uncertainties and Item 1A – Risk Factors. FAST-E
FASTENAL COMPANY AND
SUBSIDIARIES |
Consolidated Balance
Sheets |
(Amounts in thousands except
share information) |
|
(Unaudited) |
|
|
September 30, |
December 31, |
Assets |
2011 |
2010 |
Current assets: |
|
|
Cash and cash equivalents |
$ 111,048 |
143,693 |
Marketable securities |
26,203 |
26,067 |
Trade accounts receivable, net of
allowance for doubtful accounts of $5,147 and $4,761,
respectively |
361,075 |
270,133 |
Inventories |
618,149 |
557,369 |
Deferred income tax assets |
16,502 |
17,897 |
Other current assets |
84,387 |
70,539 |
Total current assets |
1,217,364 |
1,085,698 |
|
|
|
Marketable securities |
0 |
5,152 |
Property and equipment, less accumulated
depreciation |
420,388 |
363,419 |
Other assets, net |
13,268 |
14,014 |
|
|
|
Total assets |
$ 1,651,020 |
1,468,283 |
|
|
|
Liabilities and
Stockholders' Equity |
Current liabilities: |
|
|
Accounts payable |
$ 86,839 |
60,474 |
Accrued expenses |
108,568 |
96,412 |
Income taxes payable |
23,462 |
5,299 |
Total current
liabilities |
218,869 |
162,185 |
|
|
|
Deferred income tax liabilities |
23,325 |
23,586 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, 5,000,000 shares
authorized |
0 |
0 |
Common stock, 400,000,000 shares
authorized, 295,203,874 and 294,861,424 shares issued and
outstanding, respectively |
2,952 |
2,948 |
Additional paid-in capital |
14,317 |
2,889 |
Retained earnings |
1,378,227 |
1,258,183 |
Accumulated other
comprehensive income |
13,330 |
18,492 |
Total stockholders'
equity |
1,408,826 |
1,282,512 |
|
|
|
Total liabilities and
stockholders' equity |
$ 1,651,020 |
1,468,283 |
|
FASTENAL COMPANY AND
SUBSIDIARIES |
Consolidated Statements of
Earnings |
(Amounts in thousands except
earnings per share) |
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
|
Nine months
ended |
Three months
ended |
|
September
30, |
September
30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 2,069,055 |
1,695,705 |
726,742 |
603,750 |
|
|
|
|
|
Cost of sales |
992,061 |
819,486 |
349,361 |
291,102 |
Gross profit |
1,076,994 |
876,219 |
377,381 |
312,648 |
|
|
|
|
|
|
|
|
|
|
Operating and administrative expenses |
642,817 |
553,333 |
222,257 |
192,140 |
Loss (gain) on sale of property and
equipment |
183 |
103 |
(101) |
(2) |
Operating income |
433,994 |
322,783 |
155,225 |
120,510 |
|
|
|
|
|
Interest income |
318 |
713 |
94 |
192 |
|
|
|
|
|
Earnings before income taxes |
434,312 |
323,496 |
155,319 |
120,702 |
|
|
|
|
|
Income tax expense |
163,854 |
123,301 |
58,521 |
45,708 |
|
|
|
|
|
Net earnings |
$ 270,458 |
200,195 |
96,798 |
74,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per share |
$ 0.92 |
0.68 |
0.33 |
0.25 |
|
|
|
|
|
Diluted net earnings per
share |
$ 0.91 |
0.68 |
0.33 |
0.25 |
|
|
|
|
|
Basic weighted average shares
outstanding |
294,994 |
294,861 |
295,144 |
294,861 |
|
|
|
|
|
Diluted weighted average shares
outstanding |
295,763 |
294,861 |
295,895 |
294,861 |
|
|
|
|
|
|
FASTENAL COMPANY AND
SUBSIDIARIES |
Consolidated Statements of Cash
Flows |
(Amounts in thousands) |
|
(Unaudited) |
|
Nine months
ended |
|
September
30, |
|
2011 |
2010 |
|
|
|
Cash flows from operating activities: |
|
|
Net earnings |
$ 270,458 |
200,195 |
Adjustments to reconcile net earnings to
net cash provided by operating activities: |
|
|
Depreciation of property and
equipment |
32,441 |
30,432 |
Loss on sale of property and
equipment |
183 |
103 |
Bad debt expense |
6,591 |
6,004 |
Deferred income taxes |
1,134 |
(1,978) |
Stock based compensation |
2,925 |
3,015 |
Amortization of non-compete
agreements |
445 |
50 |
Changes in operating assets and
liabilities: |
|
|
Trade accounts receivable |
(97,533) |
(93,556) |
Inventories |
(60,780) |
(37,658) |
Other current assets |
(13,848) |
(11,141) |
Accounts payable |
26,365 |
20,115 |
Accrued expenses |
12,156 |
29,206 |
Income taxes |
18,163 |
19,970 |
Other |
(4,519) |
1,536 |
Net cash provided by operating
activities |
194,181 |
166,293 |
|
|
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(92,479) |
(42,643) |
Proceeds from sale of property and
equipment |
2,886 |
3,264 |
Net decrease in marketable
securities |
5,016 |
831 |
Net decrease in
other assets |
301 |
182 |
Net cash used in investing
activities |
(84,276) |
(38,366) |
|
|
|
Cash flows from financing activities: |
|
|
Proceeds from exercise of stock
options |
7,706 |
0 |
Tax benefits from exercise of stock
options |
801 |
0 |
Payment of
dividends |
(150,414) |
(120,893) |
Net cash used in financing
activities |
(141,907) |
(120,893) |
|
|
|
Effect of exchange
rate changes on cash |
(643) |
679 |
|
|
|
Net (decrease) increase in cash and cash equivalents |
(32,645) |
7,713 |
|
|
|
Cash and cash equivalents at beginning
of period |
143,693 |
164,852 |
Cash and cash equivalents at end of
period |
$ 111,048 |
172,565 |
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
Cash paid during each period for income
taxes |
$ 145,358 |
105,309 |
CONTACT: Sheryl Lisowski
Controller
507-453-8550
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