THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, July 15, 1994 TAG: 9407150563
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY DAVE MAYFIELD, STAFF WRITER
DATELINE: NEWPORT NEWS LENGTH: Short : 37 lines
Noland Co., the wholesale distributor of construction and industrial products, said Thursday that its second-quarter net profit more than tripled thanks to an improved economy and better internal cost controls.
In its best spring quarter since 1990, Noland said it earned $1.58 million, or 43 cents a share. That was up from net income of $432,000, or 11 cents a share, in the same period in 1993. Last year's second-quarter net profit would have been $419,000 higher if not for an extraordinary loss on the sale of the company's branch in North Little Rock, Ark.
Noland, which operates 92 branches in 14 Southern states, said its second-quarter sales of $115.9 million were up about 10 percent from the year before. But its operating expenses rose by 3.8 percent, so more of its revenues trickled down to the bottom line as profit.
Lloyd U. Noland III, company chairman, said that sales improved across all major product lines and that Noland's air conditioning/refrigeration department registered a particularly strong gain.
If the expanding economy doesn't overheat and cause inflation to rise, he said, Noland should have a good third quarter as well. He said housing starts have been particularly strong in Noland's territory, helping its building-products distribution.
The latest earnings brought Noland's net profit for the first half of 1994 to $1.83 million, compared to a $543,711 loss in the first six months of last year. Sales year-to-date of $213 million are up 10 percent. by CNB