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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DXP Enterprises Inc | NASDAQ:DXPE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -0.14% | 50.90 | 50.33 | 51.29 | 51.62 | 50.48 | 51.18 | 65,077 | 01:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2019
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period from to
|
Texas
|
|
76-0509661
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
5301 Hollister, Houston, Texas 77040
|
||
(Address of principal executive offices, including zip code)
|
||
(713) 996-4700
|
||
(Registrant's telephone number, including area code)
|
Title of Each Class
|
Trading Symbol
|
Name of Exchange on which Registered
|
Common Stock par value $0.01
|
DXPE
|
NASDAQ Global Select Market
|
Item
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Sales
|
$
|
311,225
|
|
|
$
|
285,936
|
|
Cost of sales
|
227,025
|
|
|
209,491
|
|
||
Gross profit
|
84,200
|
|
|
76,445
|
|
||
Selling, general and administrative expenses
|
69,384
|
|
|
65,296
|
|
||
Income from operations
|
14,816
|
|
|
11,149
|
|
||
Other income, net
|
(33
|
)
|
|
(22
|
)
|
||
Interest expense
|
5,040
|
|
|
5,041
|
|
||
Income before income taxes
|
9,809
|
|
|
6,130
|
|
||
Provision for income taxes
|
2,622
|
|
|
1,636
|
|
||
Net income
|
7,187
|
|
|
4,494
|
|
||
Net loss attributable to noncontrolling interest
|
(104
|
)
|
|
(57
|
)
|
||
Net income attributable to DXP Enterprises, Inc.
|
7,291
|
|
|
4,551
|
|
||
Preferred stock dividend
|
23
|
|
|
23
|
|
||
Net income attributable to common shareholders
|
$
|
7,268
|
|
|
$
|
4,528
|
|
|
|
|
|
||||
Net income
|
$
|
7,187
|
|
|
$
|
4,494
|
|
Cumulative translation adjustment
|
702
|
|
|
(377
|
)
|
||
Comprehensive income
|
$
|
7,889
|
|
|
$
|
4,117
|
|
|
|
|
|
||||
Earnings per share :
|
|
|
|
||||
Basic
|
$
|
0.41
|
|
|
$
|
0.25
|
|
Diluted
|
$
|
0.40
|
|
|
$
|
0.24
|
|
Weighted average common shares outstanding :
|
|
|
|
||||
Basic
|
17,566
|
|
|
17,901
|
|
||
Diluted
|
18,406
|
|
|
18,741
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
30,606
|
|
|
$
|
40,304
|
|
Restricted cash
|
122
|
|
|
215
|
|
||
Accounts Receivable, net of allowance for doubtful accounts of
$10,080
and $10,126
|
197,267
|
|
|
191,829
|
|
||
Inventories
|
121,754
|
|
|
114,830
|
|
||
Costs and estimated profits in excess of billings
|
38,150
|
|
|
32,514
|
|
||
Prepaid expenses and other current assets
|
5,597
|
|
|
4,938
|
|
||
Federal income taxes receivable
|
—
|
|
|
960
|
|
||
Total current assets
|
393,496
|
|
|
385,590
|
|
||
Property and equipment, net
|
51,404
|
|
|
51,330
|
|
||
Goodwill
|
194,052
|
|
|
194,052
|
|
||
Other intangible assets, net
|
63,609
|
|
|
67,207
|
|
||
Operating lease ROU assets
|
70,851
|
|
|
—
|
|
||
Other long-term assets
|
1,795
|
|
|
1,783
|
|
||
Total assets
|
$
|
775,207
|
|
|
$
|
699,962
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
3,414
|
|
|
$
|
3,407
|
|
Trade accounts payable
|
92,460
|
|
|
87,407
|
|
||
Accrued wages and benefits
|
16,882
|
|
|
21,275
|
|
||
Customer advances
|
3,867
|
|
|
3,223
|
|
||
Billings in excess of costs and estimated profits
|
8,207
|
|
|
10,696
|
|
||
Federal income taxes payable
|
67
|
|
|
—
|
|
||
Short-term operating lease liabilities
|
17,660
|
|
|
—
|
|
||
Other current liabilities
|
16,075
|
|
|
17,269
|
|
||
Total current liabilities
|
158,632
|
|
|
143,277
|
|
||
Long-term debt, net of current maturities and unamortized debt issuance costs
|
236,591
|
|
|
236,979
|
|
||
Long-term operating lease liabilities
|
52,993
|
|
|
—
|
|
||
Other long-term liabilities
|
988
|
|
|
2,819
|
|
||
Deferred income taxes
|
9,422
|
|
|
8,633
|
|
||
Total long-term liabilities
|
299,994
|
|
|
248,431
|
|
||
Total liabilities
|
458,626
|
|
|
391,708
|
|
||
Commitments and contingencies (
Note 11
)
|
|
|
|
|
|
||
Shareholders' Equity:
|
|
|
|
||||
Series A preferred stock, $1.00 par value; 1,000,000 shares authorized
|
$
|
1
|
|
|
$
|
1
|
|
Series B convertible preferred stock, $1.00 par value; 1,000,000 shares authorized
|
15
|
|
|
15
|
|
||
Common stock, $0.01 par value, 100,000,000 shares authorized;
17,435,117
and 17,401,297 outstanding
|
174
|
|
|
174
|
|
||
Additional paid-in capital
|
156,651
|
|
|
156,190
|
|
||
Retained earnings
|
177,003
|
|
|
169,735
|
|
||
Accumulated other comprehensive loss
|
(18,565
|
)
|
|
(19,267
|
)
|
||
Total DXP Enterprises, Inc. equity
|
315,279
|
|
|
306,848
|
|
||
Noncontrolling interest
|
1,302
|
|
|
1,406
|
|
||
Total equity
|
316,581
|
|
|
308,254
|
|
||
Total liabilities and equity
|
$
|
775,207
|
|
|
$
|
699,962
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income attributable to DXP Enterprises, Inc.
|
$
|
7,291
|
|
|
$
|
4,551
|
|
Less net loss attributable to non-controlling interest
|
(104
|
)
|
|
(57
|
)
|
||
Net income
|
7,187
|
|
|
4,494
|
|
||
Reconciliation of net income to the net cash used in operating activities:
|
|
|
|
||||
Depreciation
|
2,392
|
|
|
2,356
|
|
||
Amortization of intangible assets
|
3,814
|
|
|
4,358
|
|
||
Gain on sale of property and equipment
|
(8
|
)
|
|
—
|
|
||
Bad debt expense
|
58
|
|
|
829
|
|
||
Payment of contingent consideration liability in excess of acquisition-date fair value
|
(106
|
)
|
|
—
|
|
||
Fair value adjustment on contingent consideration
|
33
|
|
|
—
|
|
||
Amortization of debt issuance costs
|
468
|
|
|
462
|
|
||
Stock compensation expense
|
505
|
|
|
736
|
|
||
Deferred income taxes
|
722
|
|
|
(179
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Trade accounts receivable
|
(5,035
|
)
|
|
3,953
|
|
||
Costs and estimated profits in excess of billings
|
(5,628
|
)
|
|
(8,642
|
)
|
||
Inventories
|
(6,891
|
)
|
|
(9,107
|
)
|
||
Prepaid expenses and other assets
|
3,389
|
|
|
699
|
|
||
Trade accounts payable and accrued expenses
|
1,085
|
|
|
(691
|
)
|
||
Billings in excess of costs and estimated profits
|
(2,514
|
)
|
|
(76
|
)
|
||
Other long-term liabilities
|
(4,781
|
)
|
|
—
|
|
||
Net cash used in operating activities
|
$
|
(5,310
|
)
|
|
$
|
(808
|
)
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of property and equipment
|
(2,312
|
)
|
|
(791
|
)
|
||
Proceeds from the sale of property and equipment
|
29
|
|
|
—
|
|
||
Acquisition of business, net of cash acquired
|
—
|
|
|
(9,836
|
)
|
||
Net cash used in investing activities
|
$
|
(2,283
|
)
|
|
$
|
(10,627
|
)
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Principal debt payments
|
(849
|
)
|
|
(844
|
)
|
||
Debt issuance costs
|
—
|
|
|
(38
|
)
|
||
Payment for contingent consideration liability up to acquisition-date fair value
|
(1,394
|
)
|
|
—
|
|
||
Dividends paid
|
(23
|
)
|
|
(23
|
)
|
||
Payment for employee taxes withheld from stock awards
|
(44
|
)
|
|
(54
|
)
|
||
Net cash used in financing activities
|
$
|
(2,310
|
)
|
|
$
|
(959
|
)
|
Effect of foreign currency on cash
|
112
|
|
|
(140
|
)
|
||
Net change in cash and restricted cash
|
(9,791
|
)
|
|
(12,534
|
)
|
||
Cash and restricted cash at beginning of period
|
40,519
|
|
|
25,579
|
|
||
Cash and restricted cash at end of period
|
$
|
30,728
|
|
|
$
|
13,045
|
|
|
Series A preferred stock
|
|
Series B preferred stock
|
|
Common stock
|
|
Paid-in capital
|
|
Retained earnings
|
|
Non controlling interest
|
|
Accum other comp loss
|
|
Total equity
|
||||||||||||||||
Balances at December 31, 2017
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
174
|
|
|
$
|
153,087
|
|
|
$
|
134,182
|
|
|
$
|
567
|
|
|
$
|
(19,491
|
)
|
|
$
|
268,535
|
|
Preferred dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
||||||||
Compensation expense for restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
||||||||
Tax related items for share based awards
|
|
|
|
|
|
|
(54
|
)
|
|
|
|
|
|
|
|
(54
|
)
|
||||||||||||||
Issuance of shares of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
894
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
894
|
|
||||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(377
|
)
|
|
(377
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,551
|
|
|
(57
|
)
|
|
—
|
|
|
4,494
|
|
||||||||
Balances at March 31, 2018
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
174
|
|
|
$
|
154,663
|
|
|
$
|
138,710
|
|
|
$
|
510
|
|
|
$
|
(19,868
|
)
|
|
$
|
274,205
|
|
|
Series A preferred stock
|
|
Series B preferred stock
|
|
Common stock
|
|
Paid-in capital
|
|
Retained earnings
|
|
Non controlling interest
|
|
Accum other comp loss
|
|
Total equity
|
||||||||||||||||
Balances at December 31, 2018
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
174
|
|
|
$
|
156,190
|
|
|
$
|
169,735
|
|
|
$
|
1,406
|
|
|
$
|
(19,267
|
)
|
|
$
|
308,254
|
|
Preferred dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
||||||||
Compensation expense for restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
||||||||
Tax related items for share based
|
|
|
|
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
(44
|
)
|
||||||||||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
702
|
|
|
702
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,291
|
|
|
(104
|
)
|
|
—
|
|
|
7,187
|
|
||||||||
Balances at March 31, 2019
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
174
|
|
|
$
|
156,651
|
|
|
$
|
177,003
|
|
|
$
|
1,302
|
|
|
$
|
(18,565
|
)
|
|
$
|
316,581
|
|
|
|
Three Months Ended
March 31, |
||
Lease
|
|
2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
4,513
|
|
Right-of-use assets obtained in exchange for lease liabilities
|
|
|
||
Operating leases
|
|
$
|
2,935
|
|
Lease
|
|
Classification
|
|
Impact of ASC 842 Transition
|
|
Leases commenced during the quarter
|
|
Payments, amortization and terminations
|
|
As of March 31, 2019
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating
|
|
Operating lease right-of-use assets
|
|
$
|
72,679
|
|
|
$
|
2,935
|
|
|
$
|
(4,763
|
)
|
|
$
|
70,851
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current operating
|
|
Short-term operating lease liabilities
|
|
18,762
|
|
|
678
|
|
|
(1,780
|
)
|
(*)
|
17,660
|
|
||||
Non-current operating
|
|
Long-term operating lease liabilities
|
|
53,654
|
|
|
2,256
|
|
|
(2,917
|
)
|
|
52,993
|
|
||||
Total operating lease liabilities
|
|
|
|
$
|
72,416
|
|
|
$
|
2,934
|
|
|
$
|
(4,697
|
)
|
|
$
|
70,653
|
|
Year Ending December 31,
|
|
Operating leases
(*)
|
||
2019 (excluding 3 months ended 3/31/2019)
|
|
$
|
16,884
|
|
2020
|
|
19,360
|
|
|
2021
|
|
16,061
|
|
|
2022
|
|
12,034
|
|
|
2023
|
|
7,119
|
|
|
Thereafter
|
|
13,359
|
|
|
Total lease payments
|
|
$
|
84,817
|
|
Less: imputed interest
|
|
14,164
|
|
|
Present value of lease liabilities
|
|
$
|
70,653
|
|
|
|
Payments due by period
|
||||||||||||||||||
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
|
Total
|
||||||||||
Operating lease obligations
|
|
$
|
22,096
|
|
|
$
|
33,825
|
|
|
$
|
18,379
|
|
|
$
|
11,022
|
|
|
$
|
85,322
|
|
Lease term and discount rate
|
|
March 31, 2019
|
Weighted average remaining lease term (years)
|
|
|
Operating lease
|
|
5.06
|
Weighted average discount rate
|
|
|
Operating lease
|
|
7.3%
|
(in thousands, unaudited)
|
Fair value at March 31, 2019
|
Valuation Technique
|
Significant Unobservable
Inputs
|
||
Contingent consideration:
(ASI acquisition)
|
$
|
2,852
|
|
Discounted cash flow
|
Annualized EBITDA and probability of achievement
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Finished goods
|
$
|
105,448
|
|
|
$
|
110,182
|
|
Work in process
|
28,613
|
|
|
17,344
|
|
||
Obsolescence reserve
|
(12,307
|
)
|
|
(12,696
|
)
|
||
Inventories
|
$
|
121,754
|
|
|
$
|
114,830
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Costs incurred on uncompleted contracts
|
$
|
69,861
|
|
|
$
|
53,595
|
|
Estimated profits, thereon
|
8,744
|
|
|
6,847
|
|
||
Total
|
78,605
|
|
|
60,442
|
|
||
Less: billings to date
|
48,662
|
|
|
38,662
|
|
||
Net
|
$
|
29,943
|
|
|
$
|
21,780
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Costs and estimated profits in excess of billings
|
$
|
38,150
|
|
|
$
|
32,514
|
|
Billings in excess of costs and estimated profits
|
(8,207
|
)
|
|
(10,696
|
)
|
||
Translation adjustment
|
—
|
|
|
(38
|
)
|
||
Net
|
$
|
29,943
|
|
|
$
|
21,780
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
(1)
|
|
Fair Value
|
|
Carrying Value
(1)
|
|
Fair Value
|
||||||||
ABL Revolver
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Term Loan B
|
246,250
|
|
|
249,944
|
|
|
246,875
|
|
|
245,949
|
|
||||
Promissory note payable
(2)
|
1,616
|
|
|
1,616
|
|
|
1,841
|
|
|
1,841
|
|
||||
Total long-term debt
|
247,866
|
|
|
251,560
|
|
|
248,716
|
|
|
247,790
|
|
||||
Less: current portion
|
(3,414
|
)
|
|
(3,451
|
)
|
|
(3,407
|
)
|
|
(3,398
|
)
|
||||
Long-term debt less current maturities
|
$
|
244,452
|
|
|
$
|
248,109
|
|
|
$
|
245,309
|
|
|
$
|
244,392
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Basic:
|
|
|
|
||||
Weighted average shares outstanding
|
17,566
|
|
|
17,901
|
|
||
Net income attributable to DXP Enterprises, Inc.
|
$
|
7,291
|
|
|
$
|
4,551
|
|
Convertible preferred stock dividend
|
23
|
|
|
23
|
|
||
Net income attributable to common shareholders
|
$
|
7,268
|
|
|
$
|
4,528
|
|
Per share amount
|
$
|
0.41
|
|
|
$
|
0.25
|
|
|
|
|
|
||||
Diluted:
|
|
|
|
||||
Weighted average shares outstanding
|
17,566
|
|
|
17,901
|
|
||
Assumed conversion of convertible preferred stock
|
840
|
|
|
840
|
|
||
Total dilutive shares
|
18,406
|
|
|
18,741
|
|
||
Net income attributable to common shareholders
|
$
|
7,268
|
|
|
$
|
4,528
|
|
Convertible preferred stock dividend
|
23
|
|
|
23
|
|
||
Net income attributable to DXP Enterprises, Inc.
|
$
|
7,291
|
|
|
$
|
4,551
|
|
Per share amount
|
$
|
0.40
|
|
|
$
|
0.24
|
|
Three Months Ended March 31, 2019
|
|||||||||||||||
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
||||||||
Product sales (recognized at a point in time)
|
$
|
171,668
|
|
|
$
|
—
|
|
|
$
|
46,385
|
|
|
$
|
218,053
|
|
Inventory management services (recognized over contract life)
|
—
|
|
|
—
|
|
|
3,938
|
|
|
3,938
|
|
||||
Staffing services (day-rate basis)
|
14,511
|
|
|
—
|
|
|
—
|
|
|
14,511
|
|
||||
Customized pump production (recognized over time)
|
—
|
|
|
74,723
|
|
|
—
|
|
|
74,723
|
|
||||
Total Revenue
|
$
|
186,179
|
|
|
$
|
74,723
|
|
|
$
|
50,323
|
|
|
$
|
311,225
|
|
Income from operations
|
$
|
18,980
|
|
|
$
|
6,799
|
|
|
$
|
4,086
|
|
|
$
|
29,865
|
|
Three Months Ended March 31, 2018
|
|||||||||||||||
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
||||||||
Product sales (recognized at a point in time)
|
$
|
160,544
|
|
|
$
|
—
|
|
|
$
|
39,702
|
|
|
$
|
200,246
|
|
Inventory management services (recognized over contract life)
|
—
|
|
|
—
|
|
|
3,230
|
|
|
3,230
|
|
||||
Staffing services (day-rate basis)
|
14,818
|
|
|
—
|
|
|
—
|
|
|
14,818
|
|
||||
Customized pump production (recognized over time)
|
—
|
|
|
67,642
|
|
|
—
|
|
|
67,642
|
|
||||
Total Revenue
|
$
|
175,362
|
|
|
$
|
67,642
|
|
|
$
|
42,932
|
|
|
$
|
285,936
|
|
Income from operations
|
$
|
15,830
|
|
|
$
|
6,382
|
|
|
$
|
4,054
|
|
|
$
|
26,266
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Operating income for reportable segments
|
$
|
29,865
|
|
|
$
|
26,266
|
|
Adjustment for:
|
|
|
|
||||
Amortization of intangible assets
|
3,814
|
|
|
4,358
|
|
||
Corporate expenses
|
11,235
|
|
|
10,759
|
|
||
Income from operations
|
$
|
14,816
|
|
|
$
|
11,149
|
|
Interest expense
|
5,040
|
|
|
5,041
|
|
||
Other income, net
|
(33
|
)
|
|
(22
|
)
|
||
Income before income taxes
|
$
|
9,809
|
|
|
$
|
6,130
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||
Service Centers
|
$
|
460,604
|
|
|
$
|
402,944
|
|
Innovative Pumping Solutions
|
209,742
|
|
|
188,765
|
|
||
Supply Chain Services
|
59,725
|
|
|
53,517
|
|
||
Total Identifiable Assets
|
$
|
730,071
|
|
|
$
|
645,226
|
|
|
Three Months Ended March 31,
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
||||||
Sales
|
$
|
311,225
|
|
|
100.0
|
%
|
|
$
|
285,936
|
|
|
100.0
|
%
|
Cost of sales
|
227,025
|
|
|
72.9
|
%
|
|
209,491
|
|
|
73.3
|
%
|
||
Gross profit
|
84,200
|
|
|
27.1
|
%
|
|
76,445
|
|
|
26.7
|
%
|
||
Selling, general and administrative expenses
|
69,384
|
|
|
22.3
|
%
|
|
65,296
|
|
|
22.8
|
%
|
||
Income from operations
|
14,816
|
|
|
4.8
|
%
|
|
11,149
|
|
|
3.9
|
%
|
||
Other (income) expense, net
|
(33
|
)
|
|
—
|
%
|
|
(22
|
)
|
|
—
|
%
|
||
Interest expense
|
5,040
|
|
|
1.6
|
%
|
|
5,041
|
|
|
1.8
|
%
|
||
Income before income taxes
|
9,809
|
|
|
3.2
|
%
|
|
6,130
|
|
|
2.1
|
%
|
||
Provision for income taxes (benefit)
|
2,622
|
|
|
0.8
|
%
|
|
1,636
|
|
|
0.6
|
%
|
||
Net income
|
7,187
|
|
|
2.3
|
%
|
|
4,494
|
|
|
1.5
|
%
|
||
Net loss attributable to noncontrolling interest
|
(104
|
)
|
|
—
|
|
|
(57
|
)
|
|
—
|
|
||
Net income attributable to DXP Enterprises, Inc.
|
$
|
7,291
|
|
|
2.3
|
%
|
|
$
|
4,551
|
|
|
1.5
|
%
|
Per share amounts attributable to DXP Enterprises, Inc.
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
0.41
|
|
|
|
|
$
|
0.25
|
|
|
|
||
Diluted earnings per share
|
$
|
0.40
|
|
|
|
|
$
|
0.24
|
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
Change%
|
|||||||
Sales by Business Segment
|
(in thousands, except change%)
|
|||||||||||||
Service Centers
|
$
|
186,179
|
|
|
$
|
175,362
|
|
|
$
|
10,817
|
|
|
6.2
|
%
|
Innovative Pumping Solutions
|
74,723
|
|
|
67,642
|
|
|
7,081
|
|
|
10.4
|
%
|
|||
Supply Chain Services
|
50,323
|
|
|
42,932
|
|
|
7,391
|
|
|
17.2
|
%
|
|||
Total DXP Sales
|
$
|
311,225
|
|
|
$
|
285,936
|
|
|
$
|
25,289
|
|
|
8.8
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net Cash Used in:
|
|
|
|
||||
Operating Activities
|
$
|
(5,310
|
)
|
|
$
|
(808
|
)
|
Investing Activities
|
(2,283
|
)
|
|
(10,627
|
)
|
||
Financing Activities
|
(2,310
|
)
|
|
(959
|
)
|
||
Effect of Foreign Currency
|
112
|
|
|
(140
|
)
|
||
Net Change in Cash
|
$
|
(9,791
|
)
|
|
$
|
(12,534
|
)
|
101
|
Interactive Data Files
|
1 Year DXP Enterprises Chart |
1 Month DXP Enterprises Chart |
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