MSC INDUSTRIAL DIRECT CO INC - FORM 8-K - EX-99.1 - July 11, 2018

Attached files

file filename
8-K - 8-K - MSC INDUSTRIAL DIRECT CO INCmsm-20180711x8k.htm

Exhibit 99.1



 

Picture 1 

NEWS

MSC REPORTS FISCAL 2018 THIRD QUARTER RESULTS





FISCAL Q3 2018 HIGHLIGHTS



·

Net sales of $828.3 million, an 11.3% YoY increase, with approximately 500 basis points of acquisitive growth

·

Operating income of $115.4 million, an increase of approximately 13.4% YoY

·

Operating margin of 13.9% (14.5% excluding acquisitions*, an 80-basis point expansion YoY)

·

Diluted EPS of $1.39, $0.01 above the guidance midpoint which did not include $0.02 of dilution from the AIS acquisition, versus $1.09 in the prior year quarter



MELVILLE, NY and DAVIDSON, NC, JULY 11, 2018 - MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM),  "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations ("MRO") products and services to industrial customers throughout North America,  today reported financial results for its fiscal 2018 third quarter ended June 2, 2018. 







 

 

 

 

 

 

 

 

 

 

 

 

Financial Highlights1

 

FY18 Q3

 

FY17 Q3

 

Change

 

FY18 YTD

 

FY17 YTD

 

Change

Net Sales

 

 $828.3 

 

 $743.9 

 

 11.3% 

 

 $2,365.9 

 

 $2,134.0 

 

 10.9% 

Operating Income

 

 115.4 

 

 101.8 

 

 13.4% 

 

 312.8 

 

 279.0 

 

 12.1% 

% of Net Sales

 

 13.9% 

 

 13.7% 

 

 

 

 13.2% 

 

 13.1% 

 

 

Net Income

 

 79.1 

 

 62.8 

 

 25.8% 

 

 256.2 

 

 170.7 

 

 50.1% 

Diluted EPS

 

 $1.39 

.2

 $1.09 

.3

 27.5% 

 

 $4.51 

.2

 $2.98 

.3

 51.3% 

1In millions except per share data or as otherwise noted. 2Based on 56.8 million and 56.7 million diluted shares outstanding for FY18 Q3 and FY18 YTD, respectively.  3  Based on 57.3 million and 57.0 million diluted shares outstanding for FY17 Q3 and FY17 YTD, respectively. 



Erik Gershwind, president and chief executive officer, said, "The manufacturing environment in the third fiscal quarter was healthy, and the pricing environment sustained, with positive price/cost in the quarter. We continued to deliver gross margin stability, and our ongoing productivity efforts resulted in operating margin expansion. This was despite sales growth that was somewhat below my expectations due to the impact of our sales effectiveness initiatives and the related lower sales headcount."



Rustom Jilla, executive vice president and chief financial officer, added, "Our fiscal third quarter net sales rose 11.3%, and our operating income rose 13.4%, even after absorbing $1.8 million of AIS acquisition costs and inventory purchase accounting charges. Base business net sales growth was 6.1%, while operating income rose 12.3% with higher gross margins and lower operating expenses to sales contributing equally to our operating margin improvement.* Both DECO and AIS outperformed our expectations. Total cash generation remained strong, with year to date net cash from operations 45% greater than the prior year, and, despite purchasing AIS in the third quarter, leverage was sequentially unchanged at 1.0 times."



Gershwind concluded, "While our fourth quarter organic growth guidance falls short of my expectations for performance in this environment, I expect a return to more typical organic growth levels after a couple of quarters as we complete our sales force effectiveness initiatives and expand our sales team. As we do so, we will benefit from the leverage inherent in our business model, and we expect to continue achieving our long-term annual incremental margin target range. We will maintain our focus on growing areas that are technical and high-touch, creating a deeper moat around our business. All of these are critical to our long-term success, and I am confident in our ability to deliver."



*  An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in schedules following this press release

 

 

Page -2-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

Outlook



The Company expects net sales for the fourth quarter of fiscal 2018 to be between $829 million and $844 million. At the midpoint, average daily sales are expected to increase roughly 9.3% compared to last year’s fourth quarter. Inclusive of net dilution of 3 cents from AIS, the Company expects diluted earnings per share for the fourth quarter of fiscal 2018 to be between $1.24 and $1.30.



Excluding acquisitions, the Company expects net sales for the fourth quarter of fiscal 2018 to be between $778 million and $793 million, with average daily sales at the midpoint expected to increase roughly 4.0% compared to last year’s fourth quarter. The Company expects diluted earnings per share for the fourth quarter of fiscal 2018 to be between $1.26 and $1.32.



Conference Call Information



MSC will host a conference call today at 8:30 a.m. EST to review the Company’s fiscal 2018 third quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).



An online archive of the broadcast will be available until July 18, 2018.



The Company’s reporting date for fiscal 2018 fourth quarter and full year results is scheduled for October 30, 2018.



Contact Information

 



 

Investors:

Media:

John G. Chironna

Paul Mason

Vice President, Investor Relations and Treasurer

Director, Corporate Communications

(704) 987-5231

(704) 987-5313



About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of metalworking and maintenance, repair, and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with more than 1 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.



Our experienced team of approximately 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow.



For more information on MSC, please visit mscdirect.com.

# # #

 

Note Regarding Forward-Looking Statements: 

Statements in this Press Release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about expected future results, expected benefits from our investment and strategic plans, including from our recent acquisitions, and expected future margins, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include: general economic conditions in the markets in which we operate, changing customer and product mixes, competition, including the adoption by competitors of aggressive pricing strategies and sales methods, industry consolidation, volatility in commodity and energy prices, the outcome of government or regulatory proceedings or future litigation, credit risk of our customers, risk of cancellation or rescheduling of orders, work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers, dependence on our information systems and the risk of business disruptions arising from changes to our information systems, disruptions due to computer system or network failures, computer viruses, physical or electronics break-ins and cyber-attacks, retention of key personnel, the loss of key suppliers or supply chain disruptions, risks associated with changes to trade policies, failure to comply with applicable environmental, health and safety laws and regulations, goodwill and intangible assets recorded as a result of our acquisitions could be impaired, risks associated with the integration of acquired businesses or other strategic transactions, and financial restrictions on outstanding borrowings. Additional information concerning these and other

 

Page -3-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. We assume no obligation to update any of these forward-looking statements. 

 

Page -4-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)







 

 

 

 

 



June 2,

 

September 2,



2018

 

2017

ASSETS

 

(unaudited)

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

$

 39,993 

 

$

 16,083 

Accounts receivable, net of allowance for doubtful accounts

 

 510,832 

 

 

 471,795 

Inventories

 

 512,303 

 

 

 464,959 

Prepaid expenses and other current assets

 

 53,057 

 

 

 52,742 

Total current assets

 

 1,116,185 

 

 

 1,005,579 

Property, plant and equipment, net

 

 311,264 

 

 

 316,305 

Goodwill

 

 672,785 

 

 

 633,728 

Identifiable intangibles, net

 

 125,773 

 

 

 110,429 

Other assets

 

 29,725 

 

 

 32,871 

Total assets

$

 2,255,732 

 

$

 2,098,912 



 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Short-term debt

$

 284,217 

 

$

 331,986 

Accounts payable

 

 133,679 

 

 

 121,266 

Accrued liabilities

 

 110,597 

 

 

 104,473 

Total current liabilities

 

 528,493 

 

 

 557,725 

Long-term debt

 

 251,304 

 

 

 200,991 

Deferred income taxes and tax uncertainties

 

 76,881 

 

 

 115,056 

Total liabilities

 

 856,678 

 

 

 873,772 

Commitments and Contingencies

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

Preferred Stock

 

 —

 

 

 —

Class A common stock

 

 55 

 

 

 54 

Class B common stock

 

 10 

 

 

 12 

Additional paid-in capital

 

 663,399 

 

 

 626,995 

Retained earnings

 

 1,331,788 

 

 

 1,168,812 

Accumulated other comprehensive loss

 

 (18,968)

 

 

 (17,263)

Class A treasury stock, at cost

 

 (577,230)

 

 

 (553,470)

Total shareholders’ equity

 

 1,399,054 

 

 

 1,225,140 

Total liabilities and shareholders’ equity

$

 2,255,732 

 

$

 2,098,912 



 

 

Page -5-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)







 

 

 

 

 

 

 

 

 

 

 



Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended



June 2,

 

June 3,

 

June 2,

 

June 3,



2018

 

2017

 

2018

 

2017

Net sales

$

 828,345 

 

$

 743,923 

 

$

 2,365,893 

 

$

 2,133,974 

Cost of goods sold

 

 467,344 

 

 

 414,423 

 

 

 1,332,600 

 

 

 1,181,177 

Gross profit

 

 361,001 

 

 

 329,500 

 

 

 1,033,293 

 

 

 952,797 

Operating expenses

 

 245,619 

 

 

 227,724 

 

 

 720,530 

 

 

 673,776 

Income from operations

 

 115,382 

 

 

 101,776 

 

 

 312,763 

 

 

 279,021 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 (3,532)

 

 

 (3,361)

 

 

 (10,319)

 

 

 (9,245)

Interest income

 

 108 

 

 

 169 

 

 

 484 

 

 

 496 

Other (expense) income, net

 

 (141)

 

 

 (2)

 

 

 (472)

 

 

 (340)

Total other expense

 

 (3,565)

 

 

 (3,194)

 

 

 (10,307)

 

 

 (9,089)

Income before provision for income taxes

 

 111,817 

 

 

 98,582 

 

 

 302,456 

 

 

 269,932 

Provision for income taxes

 

 32,748 

 

 

 35,746 

 

 

 46,250 

 

 

 99,249 

Net income

$

 79,069 

 

$

 62,836 

 

$

 256,206 

 

$

 170,683 

Per Share Information:

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

 1.40 

 

$

 1.10 

 

$

 4.54 

 

$

 3.01 

Diluted

$

 1.39 

 

$

 1.09 

 

$

 4.51 

 

$

 2.98 

Weighted average shares used in computing
   net income per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 56,420 

 

 

 56,779 

 

 

 56,382 

 

 

 56,593 

Diluted

 

 56,804 

 

 

 57,264 

 

 

 56,733 

 

 

 57,028 

Cash dividends declared per common share

$

 0.58 

 

$

 0.45 

 

$

 1.64 

 

$

 1.35 



 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended



June 2,

 

June 3,

 

June 2,

 

June 3,



2018

 

2017

 

2018

 

2017

Net income, as reported

$

 79,069 

 

$

 62,836 

 

$

 256,206 

 

$

 170,683 

Foreign currency translation adjustments

 

 (889)

 

 

 87 

 

 

 (1,705)

 

 

 (2,161)

Comprehensive income

$

 78,180 

 

$

 62,923 

 

$

 254,501 

 

$

 168,522 

 

Page -6-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)





 

 

 

 

 



Thirty-Nine Weeks Ended



June 2,

 

June 3,



2018

 

2017

Cash Flows from Operating Activities:

 

 

 

 

 

Net income

$

 256,206 

 

$

 170,683 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization    

 

 47,133 

 

 

 46,737 

Stock-based compensation

 

 11,275 

 

 

 10,375 

Loss on disposal of property, plant, and equipment

 

 280 

 

 

 317 

Provision for doubtful accounts

 

 4,956 

 

 

 4,713 

Deferred income taxes and tax uncertainties

 

 (41,199)

 

 

 —

Write-off of deferred financing costs on previous credit facility

 

 —

 

 

 94 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

 (34,434)

 

 

 (50,730)

Inventories

 

 (26,740)

 

 

 (22,834)

Prepaid expenses and other current assets

 

 1,005 

 

 

 (4,547)

Other assets

 

 3,191 

 

 

 2,259 

Accounts payable and accrued liabilities

 

 8,564 

 

 

 2,064 

Total adjustments

 

 (25,969)

 

 

 (11,552)

Net cash provided by operating activities

 

 230,237 

 

 

 159,131 

Cash Flows from Investing Activities:

 

 

 

 

 

   Expenditures for property, plant and equipment

 

 (30,794)

 

 

 (37,923)

   Cash used in business acquisition

 

 (85,845)

 

 

 —

Net cash used in investing activities

 

 (116,639)

 

 

 (37,923)

Cash Flows from Financing Activities:

 

 

 

 

 

Repurchases of common stock

 

 (25,384)

 

 

 (3,392)

Payments of cash dividends

 

 (92,633)

 

 

 (76,632)

Proceeds from sale of Class A common stock in connection with associate stock purchase plan

 

 3,398 

 

 

 3,165 

Proceeds from exercise of Class A common stock options

 

 23,135 

 

 

 22,600 

Borrowings under Credit Facility

 

 172,000 

 

 

 439,000 

Borrowings under Shelf Facility Agreement

 

 50,000 

 

 

 —

Payments of notes payable and revolving credit note under the Credit Facility

 

 (220,000)

 

 

 (529,500)

Other, net

 

 (225)

 

 

 (1,707)

Net cash used in financing activities

 

 (89,709)

 

 

 (146,466)

Effect of foreign exchange rate changes on cash and cash equivalents

 

 21 

 

 

 (54)

Net increase (decrease) in cash and cash equivalents

 

 23,910 

 

 

 (25,312)

Cash and cash equivalents – beginning of year

 

 16,083 

 

 

 52,890 

Cash and cash equivalents – end of year

$

 39,993 

 

$

 27,578 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

Cash paid for income taxes

$

 76,753 

 

$

 91,711 

Cash paid for interest

$

 8,231 

 

$

 7,350 

 



 

Page -7-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

Non-GAAP Financial Measures

·

Results excluding DECO Tool Supply Co (DECO) and All Integrated Solutions (AIS), collectively “Acquisitions”



To supplement MSC’s unaudited selected financial data presented consistent with Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures, including Non-GAAP net sales, non-GAAP gross profit, non-GAAP income from operations, non-GAAP (benefit) provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude the results of our acquisitions of DECO Tool Supply Co. (“DECO”) on July 31, 2017 and All Integrated Solutions (“AIS”) on April 30, 2018, collectively, “Acquisitions”.



These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies.  We believe that these non-GAAP measures have limitations in that they do not reflect MSC’s results of operations as determined in accordance with GAAP, and that these measures should only be used to evaluate MSC’s results of operations in conjunction with the corresponding GAAP measures.  The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures.  We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company’s performance.



In calculating non-GAAP financial measures, we exclude the results of our Acquisitions to facilitate a review of the Company’s operating performance on a period-to-period basis, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

•the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;

•the ability to better identify trends in the Company’s underlying business and perform related trend analyses;

•a better understanding of how management plans and measures the Company’s underlying business; and

•an easier way to compare the Company’s operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

 

Reconciliation of GAAP and Non-GAAP Information

 

Thirteen and Thirty-Nine Weeks Ended June 2, 2018

 

(dollars in thousands, except per share data)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

GAAP Measure

 

Non-GAAP Measure

 

Net Sales

 

Acquisitions

 

Net Sales, excluding Acquisitions

 

 

Average Daily Sales Growth

 

Average Daily Sales Growth, excluding Acquisitions

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

$

828,345

 

$

2,365,893

 

$

39,394

 

$

99,031

 

$

788,951

 

$

2,266,862

 

 

11.4

%

 

10.9

%

 

6.1

%

 

6.2

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

GAAP Measure

 

Non-GAAP Measure

 

Gross Profit

 

Acquisitions

 

Gross Profit, excluding Acquisitions

 

 

Gross Margin

 

Gross Margin, excluding Acquisitions

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine

Weeks Ended

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

$

361,001

 

$

1,033,293

 

$

8,578

 

$

21,666

 

$

352,423

 

$

1,011,627

 

 

43.6

%

 

43.7

%

 

44.7

%

 

44.6

%







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

GAAP Measure

 

Non-GAAP Measure

 

Operating Expenses

 

Acquisitions

 

Operating Expenses, excluding Acquisitions

 

 

Operating Expenses as a percentage of Net Sales

 

Operating Expenses as a  percentage of Net Sales, excluding Acquisitions

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

$

245,619

 

$

720,530

 

$

7,511

 

$

19,671

 

$

238,108

 

$

700,859

 

 

29.7

%

 

30.5

%

 

30.2

%

 

30.9

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page -8-

 

 

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2018 THIRD QUARTER RESULTS

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

GAAP Measure

 

Non-GAAP Measure

 

Operating Income

 

Acquisitions

 

Operating Income, excluding Acquisitions

 

 

Operating Margin

 

Operating Margin, excluding Acquisitions

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

$

115,382

 

$

312,763

 

$

1,068

 

$

1,996

 

$

114,314

 

$

310,767

 

 

13.9

%

 

13.2

%

 

14.5

%

 

13.7

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision
for income taxes

 

Acquisitions

 

Provision for income taxes, excluding Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

$

32,748

 

$

46,250

 

$

107

 

$

234

 

$

32,641

 

$

46,016

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

Acquisitions

 

Net Income, excluding Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

$

79,069

 

$

256,206

 

$

256

 

$

561

 

$

78,813

 

$

255,645

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Measure

 

Items Affecting Comparability

 

Non-GAAP Measure

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

Acquisitions

 

Diluted Earnings Per Share, excluding Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

Thirteen
Weeks Ended

 

Thirty-Nine
Weeks Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

June 2, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1.39

 

$

4.51

 

$

 -

 

$

0.01

 

$

1.39

 

$

4.50

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSC INDUSTRIAL DIRECT CO INC Reports