HOUSTON, Tex. -- DXP Enterprises, Inc. recently announced net income of $4,584,000 for the second quarter ended June 30, 2010, with diluted earnings per share of $0.31 compared to net income of $2,166,000 and diluted earnings per share of $0.15 for the second quarter of 2009.
Sales increased $22.9 million, or 15.9%, to approximately $167.3 million from $144.4 million for the same period in 2009. After excluding the $13.4 million of sales of Quadna, acquired on April 1, 2010, sales for the second quarter of 2010 increased 6.6% over the same period in 2009.
Net income for the second quarter of 2010 increased 27.6% from $3,592 for the first quarter of 2010. Sales for the second quarter of 2010 increased 13.8% from $147.0 million for the first quarter of 2010. After excluding sales of Quadna, sales for the second quarter of 2010 increased 4.7% over the first quarter of 2010.
Net income for the six months ended June 30, 2010 was $8,176,000, with diluted earnings per share of $0.57 compared to net income of $5,338,000 and diluted earnings per share of $0.38 for the first half of 2009. Sales for the six months ended June 30, 2010 increased $12.3 million, or 4.1%, to approximately $314.3 million from $302.0 million for the same period in 2009. After excluding sales of Quadna, sales for the first half of 2010 declined $1.1 million, or 0.4%, from the first half of 2009.
“We are pleased with our sequential growth from the first quarter to the second quarter and our operating leverage that resulted in a 27.6 percent increase in net income,” said David R. Little, Chairman and Chief Executive Officer. “As we continue to drive our sales and operational excellence programs we are optimistic that we can show continued top line and bottom line growth for the second half of 2010.”
“During the second quarter, total long term debt increased by $1.6 million from $110.2 million at March 31, 2010 to $111.8 million at June 30, 2010, despite the $16 million (net of $3 million of acquired cash) of debt incurred in the acquisition of Quadna,” Mac McConnell, Senior Vice President and CFO, added. “We are pleased to report that the acquisition of Quadna was accretive by approximately $0.03 per share, after excluding the $0.5 million of acquisition costs expensed during the second quarter of 2010.
