Houston, TX -- DXP Enterprises, Inc. today announced net income of $12.2 million for the second quarter ended June 30, 2012, with diluted earnings per share of $0.80 compared to net income of $7.6 million and diluted earnings per share of $0.50 for the second quarter of 2011. Sales increased $64.2 million, or 32.5%, to approximately $261.9 million from $197.7 million for the same period in 2011.
Net income for the six months ended June 30, 2012 was $23.8 million, with diluted earnings per share of $1.57 compared to net income of $14.0 million and diluted earnings per share of $0.92 for the first half of 2011. Sales for the six months ended June 30, 2012 increased $133.4 million, or 35.0%, to approximately $514.2 million from $380.8 million for the same period in 2011. After excluding sales from acquisitions on a same store sales basis, sales for the first half of 2012 increased $62.6 million, or 16.4% from 2011 on a same store sales basis.
Net income for the second quarter sequentially increased 4.6% from $11.6 million to $12.2 million in the second quarter of 2012. Likewise, sales sequentially increased 3.8% from $252.3 million in the first quarter to $261.9 million in the second quarter.
David R. Little, Chairman and Chief Executive Officer remarked, "We are pleased to report a strong second quarter and a positive outlook for the rest of 2012. We are optimistic that we will continue to show progress over the balance of the year despite the uncertainty and softness in some markets. Highlights include one new SuperCenter conversion, bringing the total to 30 SuperCenters. All of our acquisitions are performing well. We continue to see results from being able to leverage DXP products and service divisions to help the acquisition grow and the value proposition of the acquisition helping the region to grow. Our expansion into Canada has been a big success. Our expansion into metal working and increasing our presence in safety services has been very successful. We are excited about our vision and direction. Thanks to all our DXPeople for their excellent execution of our internal and external growth strategies."
Mac McConnell, Senior Vice President and CFO, added, "Our financial results reflect our continued focus on our organic and acquisition driven growth. I am excited that DXP has a new $325 million credit facility with the ability to increase the facility by an additional $100 million to support DXP's growth. Pricing on the facility remained almost the same except for a 25 basis point spread between the revolver and term loan. Subsequent to DXP's quarter end, we closed the HSE acquisition which provides us with a significant geographic expansion in Canada, positions us to serve North American national accounts and will allow us to leverage the back office team of HSE going forward. We look forward to the second half of the year."
