Friday, Interline Brands, Inc. (IBI), a distributor of maintenance, repair and operations products, reported a dip in earnings for its second quarter ended June 26. The decrease is attributable to declining sales resulting from the continuing weakness in the housing sector and increasing softness in the apartment market.
The company's net earnings were $6.42 million, compared with net earnings of $11.17 million in the year-ago period. Earnings per share or EPS declined by 41% to $0.20 from $0.34 earned in the year-ago period.
Six analysts polled by Thomson-Reuters estimated earnings of $0.22 per share. Analysts' estimates typically exclude one-time items.
Net Sales for the quarter fell by 13.3% to $269.9 million, from $311.4 million in the year-ago period. Analysts estimated revenues of $270.38 million for the period.
During the second quarter, the company generated over $6 million in free cash flow, ahead of its previously stated expectations, and paid down an additional $20 million of debt during the quarter, it said in a statement.
The company's net income for the six months ended June 26, 2009 declined to $9.34 million, compared with $19.8 million in the year-ago period. The year-to-date EPS declined to $0.29 from $0.61 in the year-ago period. The net sales for the six months declined to $526.7 million from $600.5 million in the same period year-ago.
Interline Brands does not expect the third quarter sales environment to be significantly different from the first half of the year. However, based on the cash flow generation year-to-date, the company expects free cash flow of at least $70 million for the year.
IBI is currently trading on the New York Stock Exchange at $16.64.
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