Financial Reports: PC Connection, Grainger

Bigger Bottom Line for PC Connection
Merrimack, NH-based computer reseller PC Connection (Nasdaq: PCCC) reported a healthy increase in its bottom line. Net income for the year ended Dec. 31 was $8.3 million, up 41% from $5.9 million in 2003. Net sales grew 3%, to $1.35 billion from $1.31 billion.

The three-month and twelve-month periods ended Dec. 31, 2004 and 2003 included special charges that reduced earnings. Had these charges not been recorded, pro forma net income for 2004 would have been $11.5 million, compared with $7.1 million for 2003.

Grainger’s Lab Safety Sales Up 10% for the Year
Chicago-based industrial supplies conglomerate Grainger (NYSE: GWW), which owns the Lab Safety Supplies catalog business, reported record sales and earnings for the quarter and the year ended Dec. 31.

The Lab Safety division, which functions as the company’s direct marketing arm and includes agricultural title Gempler’s and outdoor supplies book Ben Meadows, increased fourth-quarter sales 4%, to $78 million from $74 million in 2003. The company credits the strong economy for its growth, which was partially offset by lower sales due to a discontinued customer loyalty program.

For the year, the Lab Safety division’s revenue rose 10%, to to $337 million, compared with $305 million last year. Operating earnings grew 9% ,to $45 million from $42 million.

For the year, Grainger’s overall revenue rose 8% ,to $5.1 billion from $4.7 billion for 2003. Net earnings increased 26%, to $287 million from $227 million.

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