CLEVELAND, July 28 /PRNewswire-FirstCall/ -- LESCO, Inc.
(NASDAQ:LSCO), a leading provider of products for the professional
green and pest control industries, today announced second quarter
and six-month results for the period ending June 30, 2006. Second
Quarter 2006 Results Net sales for the quarter ending June 30,
2006, were $182.0 million versus $190.2 million in the comparable
period a year ago. Gross profit was 24.0% of net sales, or $43.7
million, compared to 26.8% of net sales, or $50.9 million, in the
second quarter of 2005. The Company experienced a $7.2 million
decline in gross profit including: a $3.0 million decrease in
product margin due to a combination of higher raw material costs,
including a decline in supplier rebates, and a more competitive
pricing environment, predominantly in the fertilizer product
category; an incremental $1.9 million of indirect supply chain
costs, which include anticipated costs associated with outsourcing
the Company's manufacturing, warehouse and distribution functions;
and $2.3 million from the decline in sales volume. The Company
reported second quarter 2006 earnings of $8.9 million, or $0.95 per
diluted share, versus earnings of $15.8 million, or $1.71 per
diluted share, in the same period in 2005. The Company's GAAP
results do not reflect any tax provision related to the Company's
second quarters 2006 and 2005 earnings before income tax because of
the required accounting treatment for LESCO's deferred tax assets.
The 2005 results include a $0.03 per diluted share impact for
settlement costs related to the termination of a vendor supply
agreement. First Six Months 2006 Results Net sales for the six
months ending June 30, 2006, were $281.8 million versus $288.3
million in the comparable period a year ago. Gross profit was 24.0%
of net sales, or $67.6 million, in the first six months of 2006,
compared to 25.8% of net sales, or $74.3 million, in the first six
months of 2005. The Company reported a net loss of $1.7 million, or
$0.19 per diluted share, for the first six months of 2006 versus
earnings of $5.1 million, or $0.55 per diluted share, in the same
period in 2005. These first six months GAAP results do not include
a tax provision and 2005 results include a $0.03 per diluted share
impact for a vendor termination settlement. Stores Segment
Operating Results The Stores Segment includes operating results of
the Company's Service Centers and Stores-on-Wheels(R) vehicles as
well as field management costs. The Stores Segment net sales for
the quarter ended June 30, 2006, were $167.4 million versus $165.0
million in the same period a year ago. Service Center net sales
increased 2.5% and Stores-on-Wheels net sales decreased 5.2%.
Comparable Service Center sales declined 3.2%. Sales were lower
than anticipated primarily due to the loss of sales from customers
who were previously supported by a direct sales representative. The
sales representative organization was disbanded in the first half
of 2005. Lawn care and landscape customer sales increased 4.5%
while golf customer sales declined 8.4% in this segment. Gross
profit was $41.6 million, or 24.9% of net sales, in the second
quarter of 2006 compared to $47.5 million, or 28.8% of net sales,
in the same period in 2005. A $3.6 million loss in gross profit due
to product margin decline and an incremental $3.2 million of
indirect supply chain costs were partially offset by $0.9 million
of gross profit from incremental sales. The indirect supply chain
costs are allocated to the segments based on cost of product sold;
consequently, the Stores Segment received a higher allocation due
to its higher percentage of total cost of product sold this quarter
versus the same period last year. Stores Segment selling expense
increased $2.1 million on a quarter-over- quarter basis to $22.7
million, or 13.6% of net sales, from $20.6 million, or 12.5% of net
sales, in 2005. The increase in selling expense is primarily
attributable to the 48 net new Service Centers and 17 new
Stores-on-Wheels vehicles opened since the first quarter of 2005,
along with the expansion of the field management organization to
support store growth. Merchant discounts were $3.0 million, or 1.8%
of net sales, during the quarter versus $2.6 million, or 1.6% of
net sales, in the same period in 2005. This increase is primarily
due to a rise in discount rates on a quarter-over-quarter basis and
a continued shift in customer credit usage from private label to
national bank cards. Stores Segment earnings before interest and
taxes was $15.9 million in second quarter 2006 versus earnings
before interest and taxes of $24.3 million for the same period last
year. Stores Segment net sales for the six months ended June 30,
2006, increased 4.4% to $251.6 million. Same-store Service Center
sales declined 0.8%. Net sales increased 5.2% and 2.3% for Service
Centers and the Stores-on-Wheels fleet, respectively. Lawn care and
landscape customer sales increased 6.4% while golf customer sales
declined 4.4% in this segment. Gross profit was $62.2 million, or
24.7% of net sales, for the first six months of 2006 versus $67.5
million, or 28.0% of net sales, in the same period a year ago. A
$5.0 million increase in selling expense between comparable periods
is directly attributable to $3.3 million for new Service Center and
Stores-on-Wheels vehicle openings since the first quarter of 2005
as well as $1.5 million for expansion of the field management team.
Merchant discount fees increased $1.0 million and 40 basis points
to $4.7 million and 1.9% of net sales, primarily due to a shift to
national bank cards. For the first six months of 2006, earnings
before interest and taxes was $13.7 million versus $24.9 million
for the same period last year. Direct Segment Operating Results The
Direct Segment includes the operating results of all non-store
transactions. The Direct Segment net sales were $14.6 million for
the quarter ended June 30, 2006, versus $25.2 million in the
comparable period a year ago. Gross profit was $2.0 million, or
13.9% of net sales, in the second quarter of 2006 compared to $3.4
million, or 13.6% of net sales, in the same period in 2005. A $3.2
million loss in gross profit due to a decline in sales was
partially offset by a $0.5 million product margin gain and a $1.3
million reduction of indirect supply chain costs. Based on the
indirect supply chain cost allocation methodology, the Direct
Segment received a lower allocation proportional to its decline in
cost of product sold this quarter versus the same period last year.
Direct Segment selling expense during the second quarter of 2006
was $1.3 million, or 8.7% of net sales, compared to $1.8 million,
or 7.2% of net sales, in the same period in 2005. This decreased
cost is a direct result of the disbandment of direct sales
representatives. Merchant discounts were flat at $0.5 million
quarter-over-quarter, but increased 140 basis points to 3.5% of net
sales. The second quarter 2006 merchant discounts expense includes
$0.2 million of account write-offs of service charges and late fees
as an accommodation to customers. Direct Segment earnings before
interest and taxes were $0.3 million in the second quarter of 2006
versus $1.1 million in the comparable period of 2005. For the six
months ended June 30, 2006, Direct Segment net sales declined to
$30.2 million from $47.2 million for the first six months of 2005.
Gross profit was $5.4 million, or 17.8% of net sales, in 2006
versus $6.8 million, or 14.4% of net sales, in 2005. Selling
expense declined $2.6 million from the same period in 2005,
primarily attributable to the elimination of direct sales
representatives. Merchant discounts decreased $0.2 million as sales
declined from the same period in 2005, but increased 80 basis
points to 3.3% of net sales due to the customer service charge and
late fee write-offs. The year- to-date earnings at June 30 before
interest and taxes was $1.7 million in 2006 versus $0.3 million in
2005. Corporate The two operating segments are supplemented by
Corporate costs incurred for support functions, including Corporate
selling expenses, promotional merchant discounts, general and
administrative expenses, and new store pre- opening costs. Total
Corporate expense for the second quarter of 2006 decreased 22% to
$7.4 million from $9.5 million. The second quarter of 2005 reflects
$0.5 million of settlement costs related to the termination of a
vendor supply agreement. Corporate selling expense, composed of
customer service, bids processing, product registration, and
merchandising and marketing expenses, declined $0.3 million to $2.9
million in the second quarter of 2006 from the same period in 2005.
There was no net corporate merchant discounts expense, down from
$0.7 million for the like period last year. Second quarter 2006
merchant discounts expense reflects a $0.5 million reimbursement of
previously overcharged fees incurred for the extension of customer
payment terms, net of certain customer service charges. General and
administrative expense decreased $0.9 million to $4.0 million from
$4.9 million in the second quarter of 2005. Pre-opening expense for
the second quarters of 2006 and 2005 was flat at $0.5 million. The
2006 selling, general, and administrative expenses have declined as
a result of the sale of supply chain assets. Total Corporate
expense for the six months ended June 30, 2006, was $17.1 million
versus $19.7 million, including the aforementioned vendor
settlement charge, for the comparable period in 2005. Sales
Representative Strategy As previously announced, LESCO is
reinstating its direct sales representative model, which had been
disbanded in the first half of 2005. The Company has determined
that it will initially place sales representatives in 30 key
markets and has obtained commitments to fill 17 of these positions.
In order to maintain customer service levels, there will be a
transition period while certain individuals shift from their
current roles. New Service Centers and Stores-on-Wheels During the
second quarter of 2006, the Company opened 13 new Service Centers.
On June 30, 2006, there were 323 Service Centers in operation,
versus 285 at the end of June 2005. The 98 Service Centers that
were opened from 2003 through the end of the second quarter of 2006
generated net sales of $27.0 million and pre-tax earnings of $2.9
million for the quarter. These 98 Service Centers generated net
sales of $38.6 million for the first six months of 2006 and pre-tax
earnings of $1.6 million. On June 30, 2006, there were 114
Stores-on-Wheels vehicles in operation, versus 110 at the end of
June 2005. The Company expects to open approximately 40 new Service
Centers during fiscal 2006. In 2007, however, the Company
anticipates a reduction in new Service Center openings to no fewer
than 20 as LESCO expands its direct selling organization and
completes the required change management process. Long term, the
Company remains committed to its strategic direction to increase
its Service Centers base at 10-15% annually. Share Repurchase
Program In October 2005, the Company's board of directors approved
the repurchase of up to 1.5 million common shares and equivalents.
During the first six months of 2006, the Company repurchased 91,522
common shares at a total cost of $1.4 million. This is in addition
to the approximately 336,000 stock options that were repurchased in
2005. Balance Sheet As of June 30, 2006, LESCO's cash and cash
equivalent balance was $19.9 million versus $8.5 million at the
same time last year. The Company had no outstanding debt at June
30, 2006, compared to $3.0 million of debt as of June 30, 2005.
Conference Call The Company will host a conference call and audio
webcast with investors, analysts and other interested parties on
July 28, 2006, at 8:30 a.m. (Eastern). Hosting the call will be
Jeffrey Rutherford, President and Chief Executive Officer, and
Michael Weisbarth, Chief Financial Officer and Treasurer. The live
call can be accessed by dialing 1-800-659-1942, passcode 86712689.
Participants should register at least 15 minutes prior to the
commencement of the call. The conference call will also include a
question and answer session. Additionally, a live audio webcast
will be available to interested parties at http://www.lesco.com/.
Participants should allow at least 15 minutes prior to the
commencement of the call to register, download and install
necessary audio software. Questions can be submitted either in
advance or during the webcast via email to or through the Company's
corporate website where a link will be provided on the "Home" page.
LESCO's culture demands the highest of ethical standards and
accountability manifested in full and fair financial disclosure to
our shareholders. LESCO management encourages the participation of
our shareholders and other interested parties in our conference
calls and live webcasts. For those who cannot participate in the
conference call or the live webcast, a replay will be available
beginning approximately one hour after the conclusion of the event
on LESCO's website. About LESCO, Inc. LESCO currently serves more
than 130,000 customers worldwide, through 323 LESCO Service
Center(R) locations, 114 LESCO Stores-on-Wheels vehicles, the
Internet, and other direct sales efforts. Additional information
about LESCO can be found on the Internet at http://www.lesco.com/.
Statements in this news release relating to sales and earnings
expectations, new Service Center openings and profitability, and
other statements that are not historical information are
forward-looking statements and, as such, reflect only the Company's
best assessment at this time. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from such statements and
investors should not place undue reliance on such statements.
Factors that may cause actual results to differ materially from
those projected or implied in the forward-looking statements
include, but are not limited to, the final resolution of certain
contingencies relative to the collection of identified accounts
receivable; the Company's ability to add new Service Centers in
accordance with its plans, which can be affected by local zoning
and other governmental regulations and its ability to find
favorable store locations, to negotiate favorable leases, to hire
qualified individuals to operate the Service Centers, and to
integrate new Service Centers into the Company's systems; the
Company's ability to attract quickly and retain direct sales
representatives who are respected in the industry and engender
customer loyalty; the Company's ability to satisfy minimum purchase
requirements to meet contractual commitments and/or maximize
supplier rebates; the Company's ability to increase sales volume,
particularly through its Service Centers, to leverage its capital
investment and its direct and indirect supply contracts;
competitive factors in the Company's business, including pricing
pressures; lack of availability or instability in the cost of raw
materials which affects the costs of certain products; the
successful and uninterrupted performance of supply chain services
by Turf Care Supply Corp; the Company's ability to impose price
increases on customers without a significant loss in revenues;
potential rate increases by third-party carriers which affect the
cost of delivery of products; changes in existing law; the
Company's ability to effectively market and distribute new
products; the success of the Company's operating plans; any
litigation or regulatory proceedings against the Company; regional
weather conditions; and the condition of the industry and the
economy. For a further discussion of risk factors, investors should
refer to the Company's Securities and Exchange Commission reports,
including but not limited to its Form 10-K for the year ended
December 31, 2005. Contact: Michael Weisbarth Chief Financial
Officer and Treasurer LESCO, Inc. (216) 706-9250 LESCO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED Three Months
Ended Six Months Ended June 30, June 30, (Dollars in thousands,
except per share data) 2006 2005 2006 2005 Net sales $181,950
$190,201 $281,788 $288,255 Cost of product(including distribution
costs) (138,299) (139,285) (214,206) (213,987) Gross profit on
sales 43,651 50,916 67,582 74,268 Selling expense (26,935) (25,590)
(52,148) (50,746) General & administrative expense (3,961)
(4,935) (10,360) (11,318) Merchant discounts and provision for
doubtful accounts (3,511) (3,803) (6,117) (5,853) Pre-opening
expense (521) (533) (810) (730) Vendor contract termination - (464)
- (464) Other expense (30) - (30) (37) Other income 32 283 167 398
Earnings (loss) before interest and taxes 8,725 15,874 (1,716)
5,518 Interest income/(expense), net 175 (124) 2 (441) Earnings
(loss) before taxes 8,900 15,750 (1,714) 5,077 Income tax
(provision) benefit: Current - - - - Deferred (3,052) (4,314) 1,209
(774) Change in valuation allowance 3,052 4,314 (1,209) 774 - - - -
Net income (loss) $8,900 $15,750 $(1,714) $5,077 Earnings (loss)
per common share: Diluted $0.95 $1.71 $(0.19) $0.55 Basic $0.97
$1.77 $(0.19) $0.57 Average number of common shares and common
share equivalents outstanding: Diluted 9,353,088 9,195,080
9,096,032 9,169,482 Basic 9,184,828 8,887,944 9,096,032 8,853,033
LESCO, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) June
30, June 30, December 31, 2006 2005 2005 (UNAUDITED) (UNAUDITED)
CURRENT ASSETS: Cash and cash equivalents $19,854 $8,495 $21,030
Accounts receivable, net 13,909 13,938 16,310 Inventories 101,531
133,859 80,346 Other 1,564 2,546 2,667 TOTAL CURRENT ASSETS 136,858
158,838 120,353 Property, plant and equipment, net 9,076 25,290
9,624 Other 888 1,155 904 $146,822 $185,283 $130,881 CURRENT
LIABILITIES: Accounts payable $83,997 $88,510 $61,381 Accrued
liabilities 17,789 18,837 24,576 Revolving credit facility - 2,979
- TOTAL CURRENT LIABILITIES 101,786 110,326 85,957 Deferred - other
2,007 1,804 2,166 TOTAL LIABILITIES 103,793 112,130 88,123
SHAREHOLDERS' EQUITY: Common shares--without par value-- 19,500,000
shares authorized; 9,242,415 shares issued and 9,150,893
outstanding at June 30, 2006; 8,873,180 shares issued and
outstanding at June 30, 2005 and 8,949,921 shares issued and
outstanding at December 31, 2005 924 886 894 Paid-in capital 40,282
37,384 38,051 Treasury shares; 91,522 at June 30, 2006; none in
2005 (1,418) - - Retained earnings 3,241 36,714 4,955 Unearned
compensation - (1,831) (1,142) TOTAL SHAREHOLDERS' EQUITY 43,029
73,153 42,758 $146,822 $185,283 $130,881 LESCO, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS - UNAUDITED For the Six Months Ended June
30, (Dollars in thousands) 2006 2005 OPERATING ACTIVITIES: Net
(loss) income $(1,714) $5,077 Adjustments to reconcile net (loss)
income to net cash used in operating activities: Depreciation and
amortization 1,752 3,381 Increase in accounts receivable 2,401
2,993 Increase in inventories (21,185) (33,277) Increase in
accounts payable 21,804 25,552 Decrease in accrued expenses (6,731)
(6,124) Increase in other items 1,104 1,041 NET CASH USED IN
OPERATING ACTIVITIES (2,569) (1,357) INVESTING ACTIVITIES: Proceeds
on the sale of property, plant and equipment 4 235 Purchase of
property, plant and equipment Stores (952) (2,136) Other (289)
(519) NET CASH USED IN INVESTING ACTIVITIES (1,237) (2,420)
FINANCING ACTIVITIES: Increase in overdraft balances 812 6,587
Reduction of borrowings, net - (3,574) Purchase of treasury shares
(1,418) - Exercised stock options 3,236 1,158 NET CASH PROVIDED BY
FINANCING ACTIVITIES 2,630 4,171 Net change in cash and cash
equivalents (1,176) 394 Cash and cash equivalents - Beginning of
the period 21,030 8,101 CASH AND CASH EQUIVALENTS - END OF THE
PERIOD $19,854 $8,495 Supplemental disclosure of cash flow
information: Interest paid, including letters of credit and unused
facility fees $(140) $(507) Income taxes (paid) refunded $(103) $72
LESCO, INC. SEGMENT INCOME STATEMENT Three Months Ended June 30,
(Dollars in thousands) Stores 2006 2005 Net sales $167,371 $165,033
Direct cost of product (including distribution costs) (114,694)
(109,696) % to Net Sales (68.5) % (66.5) % Indirect supply chain
costs (11,056) (7,832) % to Net Sales (6.6) % (4.7) % Gross profit
on sales 41,621 47,505 % to Net Sales 24.9 % 28.8 % Selling expense
(22,726) (20,583) % to Net Sales (13.6) % (12.5) % Merchant
discounts (3,003) (2,611) % to Net Sales (1.8) % (1.6) %
Pre-opening expense - - % to Net Sales - - General &
administrative expense - - % to Net Sales - - Vendor contract
termination - - % of Net Sales - - Other income, net - - % to Net
Sales - - Earnings (loss) before interest and taxes $15,892 $24,311
% to Net Sales 9.5 % 14.7 % Three Months Ended June 30, (Dollars in
thousands) Direct Sales 2006 2005 Net sales $14,579 $25,168 Direct
cost of product (including distribution costs) (11,295) (19,217) %
to Net Sales (77.5)% (76.3) % Indirect supply chain costs (1,254)
(2,540) % to Net Sales (8.6)% (10.1) % Gross profit on sales 2,030
3,411 % to Net Sales 13.9 % 13.6 % Selling expense (1,266) (1,807)
% to Net Sales (8.7)% (7.2) % Merchant discounts (508) (536) % to
Net Sales (3.5)% (2.1) % Pre-opening expense - - % to Net Sales - -
General & administrative expense - - % to Net Sales - - Vendor
contract termination - - % of Net Sales - - Other income, net - - %
to Net Sales - - Earnings (loss) before interest and taxes $256
$1,068 % to Net Sales 1.8 % 4.2 % Three Months Ended June 30,
(Dollars in thousands) Corporate 2006 2005 Net sales $- $- Direct
cost of product (including distribution costs) - - % to Net Sales
Indirect supply chain costs - - % to Net Sales Gross profit on
sales - - % to Net Sales Selling expense (2,943) (3,200) % to Net
Sales Merchant discounts - (656) % to Net Sales Pre-opening expense
(521) (533) % to Net Sales General & administrative expense
(3,961) (4,935) % to Net Sales Vendor contract termination - (464)
% of Net Sales Other income, net 2 283 % to Net Sales Earnings
(loss) before interest and taxes $(7,423) $(9,505) % to Net Sales
Three Months Ended June 30, (Dollars in thousands) Total 2006 2005
Net sales $181,950 $190,201 Direct cost of product (including
distribution costs) (125,989) (128,913) % to Net Sales (69.2)%
(67.8) % Indirect supply chain costs (12,310) (10,372) % to Net
Sales (6.8)% (5.4) % Gross profit on sales 43,651 50,916 % to Net
Sales 24.0 % 26.8 % Selling expense (26,935) (25,590) % to Net
Sales (14.8)% (13.5) % Merchant discounts (3,511) (3,803) % to Net
Sales (1.9)% (2.0) % Pre-opening expense (521) (533) % to Net Sales
(0.3)% (0.3) % General & administrative expense (3,961) (4,935)
% to Net Sales (2.2)% (2.6) % Vendor contract termination - (464) %
of Net Sales - (0.2) % Other income, net 2 283 % to Net Sales 0.0 %
0.1 % Earnings (loss) before interest and taxes $8,725 $15,874 % to
Net Sales 4.8 % 8.3 % LESCO, INC. SEGMENT INCOME STATEMENT Six
Months Ended June 30, (Dollars in thousands) Stores 2006 2005 Net
sales $251,567 $241,093 Direct cost of product (including
distribution costs) (172,882) (162,955) % to Net Sales (68.7) %
(67.6) % Indirect supply chain costs (16,477) (10,673) % to Net
Sales (6.6) % (4.4) % Gross profit on sales 62,208 67,465 % to Net
Sales 24.7 % 28.0 % Selling expense (43,859) (38,888) % to Net
Sales (17.4) % (16.1) % Merchant discounts (4,655) (3,659) % to Net
Sales (1.9) % (1.5) % Pre-opening expense - - % to Net Sales - -
General & administrative expense - - % to Net Sales - - Vendor
contract termination - - % of Net Sales - - Other income, net - - %
to Net Sales - - Earnings (loss) before interest and taxes $13,694
$24,918 % to Net Sales 5.4 % 10.3 % Six Months Ended June 30,
(Dollars in thousands) Direct Sales 2006 2005 Net sales $30,221
$47,162 Direct cost of product (including distribution costs)
(23,284) (35,637) % to Net Sales (77.0)% (75.6) % Indirect supply
chain costs (1,563) (4,722) % to Net Sales (5.2)% (10.0) % Gross
profit on sales 5,374 6,803 % to Net Sales 17.8 % 14.4 % Selling
expense (2,692) (5,324) % to Net Sales (8.9)% (11.3) % Merchant
discounts (986) (1,193) % to Net Sales (3.3)% (2.5) % Pre-opening
expense - - % to Net Sales - - General & administrative expense
- - % to Net Sales - - Vendor contract termination - - % of Net
Sales - - Other income, net - - % to Net Sales - - Earnings (loss)
before interest and taxes $1,696 $286 % to Net Sales 5.6 % 0.6 %
Six Months Ended June 30, (Dollars in thousands) Corporate 2006
2005 Net sales $- $- Direct cost of product (including distribution
costs) - - % to Net Sales Indirect supply chain costs - - % to Net
Sales Gross profit on sales - - % to Net Sales Selling expense
(5,597) (6,534) % to Net Sales Merchant discounts (476) (1,001) %
to Net Sales Pre-opening expense (810) (730) % to Net Sales General
& administrative expense (10,360) (11,318) % to Net Sales
Vendor contract termination - (464) % of Net Sales Other income,
net 137 361 % to Net Sales Earnings (loss) before interest and
taxes $(17,106) $(19,686) % to Net Sales Six Months Ended June 30,
(Dollars in thousands) Total 2006 2005 Net sales $281,788 $288,255
Direct cost of product (including distribution costs) (196,166)
(198,592) % to Net Sales (69.6)% (68.9) % Indirect supply chain
costs (18,040) (15,395) % to Net Sales (6.4)% (5.3) % Gross profit
on sales 67,582 74,268 % to Net Sales 24.0 % 25.8 % Selling expense
(52,148) (50,746) % to Net Sales (18.5)% (17.6) % Merchant
discounts (6,117) (5,853) % to Net Sales (2.2)% (2.0) % Pre-opening
expense (810) (730) % to Net Sales (0.3)% (0.3) % General &
administrative expense (10,360) (11,318) % to Net Sales (3.7)%
(3.9) % Vendor contract termination - (464) % of Net Sales - (0.2)
% Other income, net 137 361 % to Net Sales 0.0 % 0.1 % Earnings
(loss) before interest and taxes $(1,716) $5,518 % to Net Sales
(0.6)% 1.9 % LESCO, INC. SALES BY CUSTOMER SECTOR AND TRANSACTING
SELLING LOCATIONS Three Months Ended June 30, 2006 Service Stores
on Stores (Dollars in millions) Centers Wheels Total Direct Total
Lawn care & landscape $133.4 $0.7 $134.1 $14.0 $148.1 Golf 13.4
21.6 35.0 0.7 35.7 Gross sales 146.8 22.3 169.1 14.7 183.8 Net
sales adjustments (a) (1.1) (0.6) (1.7) (0.1) (1.8) Net sales
$145.7 $21.7 $167.4 $14.6 $182.0 Three Months Ended June 30, 2005
Service Stores on Stores (Dollars in millions) Centers Wheels Other
Total Direct Total Lawn care & landscape $127.5 $0.8 $- $128.3
$22.9 $151.2 Golf 15.5 22.7 - 38.2 2.8 41.0 Gross sales 143.0 23.5
- 166.5 25.7 192.2 Net sales adjustments (a) (0.9) (0.6) - (1.5)
(0.5) (2.0) Net sales $142.1 $22.9 $- $165.0 $25.2 $190.2 Three
Months Ended June 30, % Change Service Stores on Stores (Dollars in
millions) Centers Wheels Other Total Direct Total Lawn care &
landscape 4.6 % (12.5)% - % 4.5 % (38.9)% (2.1)% Golf (13.5) (4.8)
- (8.4) (75.0) (12.9) Gross sales 2.7 (5.1) - 1.6 (42.8) (4.4) Net
sales adjustments (a)(22.2) 0.0 - (13.3) 80.0 10.0 Net sales 2.5 %
(5.2)% - % 1.5 % (42.1)% (4.3)% Six Months Ended June 30, 2006
Service Stores on Stores (Dollars in millions) Centers Wheels Total
Direct Total Lawn care & landscape $203.1 $1.3 $204.4 $29.1
$233.5 Golf 19.3 30.5 49.8 1.3 51.1 Gross sales 222.4 31.8 254.2
30.4 284.6 Net sales adjustments (a) (1.4) (1.2) (2.6) (0.2) (2.8)
Net sales $221.0 $30.6 $251.6 $30.2 $281.8 Six Months Ended June
30, 2005 Service Stores on Stores (Dollars in millions) Centers
Wheels Other Total Direct Total Lawn care & landscape $190.2
$1.0 $0.9 $192.1 $41.2 $233.3 Golf 21.9 30.0 0.2 52.1 6.6 58.7
Gross sales 212.1 31.0 1.1 244.2 47.8 292.0 Net sales adjustments
(a) (2.0) (1.1) - (3.1) (0.6) (3.7) Net sales $210.1 $29.9 $1.1
$241.1 $47.2 $288.3 Six Months Ended June 30, % Change Service
Stores on Stores (Dollars in millions) Centers Wheels Other Total
Direct Total Lawn care & landscape 6.8 % 30.0 %(100.0)% 6.4 %
(29.4)% 0.1 % Golf (11.9) 1.7 (100.0) (4.4) (80.3) (12.9) Gross
sales 4.9 2.6 (100.0) 4.1 (36.4) (2.5) Net sales adjustments (a)
30.0 (9.1) - 16.1 66.7 24.3 Net sales 5.2 % 2.3 %(100.0)% 4.4 %
(36.0)% (2.3)% (a) Net sales adjustments include freight revenue
reduced by agency sales, customer discounts, and rebates.
DATASOURCE: LESCO, Inc. CONTACT: Michael Weisbarth, Chief Financial
Officer and Treasurer of LESCO, Inc., +1-216-706-9250 Web site:
http://www.lesco.com/
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