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Financials : Banks | Small Cap Value
Company profile

SmartFinancial, Inc., formerly Cornerstone Bancshares, Inc., is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans. It offers commercial real estate-mortgage, consumer real estate-mortgage, construction and land development, commercial and industrial, and consumer and other loans. The Bank's investment portfolio consists of Federal agency bonds, mortgage-backed securities, and state and municipal securities. The Bank provides a range of deposit services to businesses and individuals, including non-interest bearing checking accounts, interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts (IRAs) and certificates of deposit (CDs). SmartBank operates in approximately 28 branches.

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Today's volume of 29,021 shares is on pace to be much greater than SMBK's 10-day average volume of 28,512 shares.

29,021

MSC Industrial Reports Fiscal 2021 Second Quarter Results

6:30 am ET April 7, 2021 (PR Newswire) Print

https://mma.prnewswire.com/media/406094/MSC_Logo.jpg

FISCAL 2021 Q2 HIGHLIGHTS

-- Net sales of $774.0 million, a 1.5% decrease from the prior year quarter

-- Operating income of $28.0 million, or $80.5 million excluding $30.1 million in inventory write-downs, $21.6 million in restructuring costs, and $0.8 million in other charges1

-- Operating margin of 3.6%, or 10.4% excluding the adjustments described above1

-- Diluted EPS of $0.32; vs. $1.00 in the prior year quarter

-- Adjusted diluted EPS of $1.03 vs. $1.02 in the prior year quarter1

MSC INDUSTRIAL DIRECT CO., INC. (NYSE: MSM), "MSC Industrial" or the "Company", a leading North American distributor of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2021 second quarter ended February 27, 2021.

Financial Highlights2                               FY21 Q2  FY20 Q2  Change  FY21 YTD  FY20 YTD  Change
Net Sales                                           $774.0   $786.1   -1.5%   $1,545.9  $1,609.7  -4.0%
Income from Operations                              $28.0    $77.7    -63.9%  $81.9     $168.0    -51.2%
Operating Margin                                    3.6%     9.9%             5.3%      10.4%
Net Income attributable to MSC Industrial           $18.1    $55.5    -67.4%  $56.5     $120.9    -53.2%
Diluted EPS                                         $0.323   $1.004   -68.0%  $1.013    $2.184    -53.7%
Adjusted Financial Highlights1,2                    FY21 Q2  FY20 Q2  Change  FY21 YTD  FY20 YTD  Change
Unadjusted Net Sales                                $774.0   $786.1   -1.5%   $1,545.9  $1,609.7  -4.0%
Adjusted Income from Operations                     $80.5    $79.6    1.1%    $165.4    $172.5    -4.1%
Adjusted Operating Margin                           10.4%    10.1%            10.7%     10.7%
Adjusted Net Income attributable to MSC Industrial  $57.6    $57.0    1.1%    $119.4    $124.3    -4.0%
Adjusted Diluted EPS                                $1.033   $1.024   1.0%    $2.133    $2.244    -4.9%
1 Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in schedules accompanying this press release.
2 In millions except percentages and per share data or as otherwise noted.
3 Based on 56.1 million and 56.0 million diluted shares outstanding for FY21 Q2 and FY21 YTD respectively.
4 Based on 55.6 million and 55.5 million diluted shares outstanding for FY20 Q2 and FY20 YTD respectively.

Erik Gershwind, President and Chief Executive Officer, said, "Our fiscal second quarter reflected solid execution in a choppy, but improving environment. Improvement in sales levels of our non-safety and non-janitorial product lines continued through the quarter and turned positive in March. Sales of our safety and janitorial products grew in the mid-teens. Execution of our Mission Critical initiatives was solid, and I am pleased with the progress that we are making with our share capture programs."

Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Average daily sales were $12.7 million for the quarter and our gross margin was 38.1%, a decline of 400 basis points versus the prior year due primarily to a roughly $30 million PPE write-down recorded during the quarter. Excluding this write-down, our adjusted gross margin was 42.0 percent, roughly flat sequentially and versus the prior year. Operating expenses as a percentage of sales was 31.7%, a 30 basis point improvement from the prior year period. During the quarter, our Mission Critical program delivered $9 million of gross cost out bringing our cumulative savings for fiscal 2021 to $17 million against our goal of $25 million by the end of this year. We also invested roughly $5 million in our fiscal second quarter growth programs. We are ahead of plan on savings, and our investment program is also progressing very well. In fact, the results are such that we anticipate making some additional growth investments to capture more of the opportunities that we are seeing. On balance, this means that our net savings target for Mission Critical remains roughly the same or slightly larger for the full year. Our goal remains $90 million to $100 million of gross cost savings through fiscal 2023 versus fiscal 2019, and we are currently tracking to the high end of that range. Our adjusted operating margin, excluding the write-down of PPE inventory and restructuring and other related costs, was up 30 basis points from the prior year due to our Mission Critical progress."

Gershwind concluded, "The improving environment and continued execution of our growth and cost take-out programs are combining to position us well. We are now emerging as a stronger company and are poised to reaccelerate growth. We have strengthened our value proposition, with more to come, and further strengthened and extended our leadership position in our core business of Metalworking. We are well on-track to achieve our goals of growing 400 basis points above the Industrial Production Index and returning ROIC back to the high teens by the end of fiscal 2023."

Conference Call Information

MSC Industrial will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2021 second quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).

An online archive of the broadcast will be available until April 14, 2021.

The Company's reporting date for fiscal 2021 third quarter results is scheduled for July 7, 2021.

About MSC Industrial Direct Co., Inc. MSC Industrial Direct Co., Inc. (NYSE: MSM) is a leading North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 1.9 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.

Our experienced team of more than 6,200 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow.

For more information on MSC Industrial, please visit mscdirect.com.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words "will,", "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends," and similar expressions are intended to identify forward looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this press release does not constitute an admission by MSC Industrial or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include the following, many of which are and will be amplified by the COVID-19 pandemic: the effects of the COVID-19 pandemic, including any future resurgences, on our business operations, results of operations and financial condition; general economic conditions in the markets in which we operate; changing customer and product mixes; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans, including our transition from a spot-buy supplier to a mission-critical partner; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; retention of key personnel and qualified sales and customer service personnel and metalworking specialists; volatility in commodity and energy prices; the outcome of government or regulatory proceedings or future litigation; credit risk of our customers; risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, in particular personal protective equipment or "PPE" products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information systems, or violations of data privacy laws; risk of loss of key suppliers, key brands or supply chain disruptions; changes to trade policies, including the impact from significant restrictions or tariffs; risks associated with opening or expanding our customer fulfillment centers; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities; interest rate uncertainty due to LIBOR reform; failure to comply with applicable environmental, health and safety laws and regulations; ability to estimate the cost of healthcare claims incurred under our self-insurance plan; and goodwill and intangible assets recorded as a result of our acquisitions could be impaired. Additional information concerning these and other risks described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual and quarterly reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the U.S. Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
                                                                   February 27,       August 29,
                                                                   2021               2020
ASSETS                                                             (unaudited)
Current Assets:
Cash and cash equivalents                                          $       20,242     $       125,211
Accounts receivable, net of allowance for credit losses                    527,233            491,743
Inventories                                                                532,536            543,106
Prepaid expenses and other current assets                                  105,342            77,710
Total current assets                                                       1,185,353          1,237,770
Property, plant and equipment, net                                         293,342            301,979
Goodwill                                                                   678,406            677,579
Identifiable intangibles, net                                              99,756             104,873
Operating lease assets                                                     41,758             56,173
Other assets                                                               3,626              4,056
Total assets                                                       $       2,302,241  $       2,382,430
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of debt including obligations under finance leases $       222,680    $       122,248
Current portion of operating lease liabilities                             19,956             21,815
Accounts payable                                                           170,487            125,775
Accrued expenses and other current liabilities                             140,091            138,895
Total current liabilities                                                  553,214            408,733
Long-term debt including obligations under finance leases                  461,685            497,018
Noncurrent operating lease liabilities                                     37,640             34,379
Deferred income taxes and tax uncertainties                                121,721            121,727
Other noncurrent liabilities                                               9,444              --
Total liabilities                                                          1,183,704          1,061,857
Commitments and Contingencies
Shareholders' Equity:
Preferred Stock                                                            --                 --
Class A Common Stock                                                       48                 47
Class B Common Stock                                                       9                  10
Additional paid-in capital                                                 712,750            690,739
Retained earnings                                                          523,757            749,515
Accumulated other comprehensive loss                                       (18,806)           (21,418)
Class A treasury stock, at cost                                            (105,645)          (103,948)
Total MSC Industrial shareholders' equity                                  1,112,113          1,314,945
Noncontrolling interest                                            $       6,424      $       5,628
Total shareholders' equity                                                 1,118,537          1,320,573
Total liabilities and shareholders' equity                         $       2,302,241  $       2,382,430
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
                                                         Thirteen Weeks Ended            Twenty-Six Weeks Ended
                                                         February 27,    February 29,    February 27,      February 29,
                                                         2021            2020            2021              2020
Net sales                                                $      773,995  $      786,094  $      1,545,899  $      1,609,695
Cost of goods sold                                              479,244         455,042         927,830           931,447
Gross profit                                                    294,751         331,052         618,069           678,248
Operating expenses                                              245,115         251,441         483,820           505,768
Impairment loss                                                 -               -               26,726            -
Restructuring costs                                             21,615          1,941           25,594            4,512
Income from operations                                          28,021          77,670          81,929            167,968
Other income (expense):
Interest expense                                                (3,580)         (3,495)         (6,936)           (6,666)
Interest income                                                 16              68              37                78
Other income (expense), net                                     (58)            (70)            593               51
Total other expense                                             (3,622)         (3,497)         (6,306)           (6,537)
Income before provision for income taxes                        24,399          74,173          75,623            161,431
Provision for income taxes                                      6,051           18,617          18,498            40,423
Net income                                                      18,348          55,556          57,125            121,008
Less: Net income attributable to noncontrolling interest        263             56              586               90
Net income attributable to MSC Industrial                $      18,085   $      55,500   $      56,539     $      120,918
Per share data attributable to MSC Industrial:
Net income per common share:
Basic                                                    $      0.32     $      1.00     $      1.01       $      2.18
Diluted                                                  $      0.32     $      1.00     $      1.01       $      2.18
Weighted-average shares used in computing
net income per common share:
Basic                                                           55,838          55,467          55,749            55,371
Diluted                                                         56,133          55,587          56,019            55,545
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
                                                              Thirteen Weeks Ended          Twenty-Six Weeks Ended
                                                              February 27,   February 29,   February 27,   February 29,
                                                              2021           2020           2021           2020
Net income, as reported                                       $      18,348  $      55,556  $      57,125  $      121,008
Other comprehensive income, net of tax:
Foreign currency translation adjustments                             626            (788)          2,822          818
Comprehensive income                                                 18,974         54,768         59,947         121,826
Comprehensive income attributable to noncontrolling interest:
Net income                                                           (263)          (56)           (586)          (90)
Foreign currency translation adjustments                             251            45             (210)          (95)
Comprehensive income attributable to MSC Industrial           $      18,962  $      54,757  $      59,151  $      121,641
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                                                                                            Twenty-Six Weeks Ended
                                                                                            February 27,       February 29,
                                                                                            2021               2020
Cash Flows from Operating Activities:
Net income                                                                                  $       57,125     $       121,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                                       34,571             34,313
Non-cash operating lease cost                                                                       7,537              11,061
Stock-based compensation                                                                            8,994              8,178
Loss on disposal of property, plant and equipment                                                   345                227
Inventory write-down                                                                                30,091             --
Operating lease and fixed asset impairment due to restructuring                                     18,097             --
Provision for credit losses                                                                         4,280              4,704
Changes in operating assets and liabilities:
Accounts receivable                                                                                 (39,421)           (2,105)
Inventories                                                                                         (18,647)           3,449
Prepaid expenses and other current assets                                                           (27,214)           (7,953)
Operating lease liabilities                                                                         (9,074)            (10,931)
Other assets                                                                                        494                1,375
Accounts payable and accrued liabilities                                                            51,756             (7,511)
Total adjustments                                                                                   61,809             34,807
Net cash provided by operating activities                                                           118,934            155,815
Cash Flows from Investing Activities:
Expenditures for property, plant and equipment                                                      (19,954)           (25,737)
Cash used in business acquisitions, net of cash acquired                                            --                 (2,286)
Net cash used in investing activities                                                               (19,954)           (28,023)
Cash Flows from Financing Activities:
Repurchases of common stock                                                                         (3,519)            (3,208)
Payments of regular cash dividends                                                                  (83,685)           (83,181)
Payments of special cash dividends                                                                  (195,351)          (277,634)
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan         2,040              2,202
Proceeds from exercise of Class A Common Stock options                                              10,834             13,390
Borrowings under credit facilities                                                                  415,000            389,600
Borrowings under financing obligations                                                              1,269              --
Payments under credit facilities                                                                    (350,000)          (156,000)
Contributions from non-controlling interest                                                         --                 105
Other, net                                                                                          (1,392)            (696)
Net cash used in financing activities                                                               (204,804)          (115,422)
Effect of foreign exchange rate changes on cash and cash equivalents                                855                211
Net increase (decrease) in cash and cash equivalents                                                (104,969)          12,581
Cash and cash equivalents - beginning of period                                                     125,211            32,286
Cash and cash equivalents - end of period                                                   $       20,242     $       44,867
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes                                                                  $       41,265     $       37,286
Cash paid for interest                                                                      $       6,606      $       5,636

Non-GAAP Financial Measures

-- Results Excluding Impairment Loss, Restructuring Costs, Inventory Write-downs, and Other Charges

To supplement MSC Industrial's unaudited selected financial data presented consistent with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude impairment losses, restructuring costs, inventory write-downs related to certain PPE inventory, and other related costs and tax effects.

These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures and should only be used to evaluate MSC Industrial's results of operations in conjunction with the corresponding GAAP financial measures.

In calculating non-GAAP financial measures, we exclude impairment losses, restructuring costs, inventory write-downs related to certain PPE inventory, and other related costs and tax effects. Management makes these adjustments to facilitate a review of the Company's operating performance on a comparable basis between periods, for comparison with forecasts and strategic plans, for identifying and analyzing trends in the Company's underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Information
Thirteen Weeks Ended February 27, 2021
(dollars in thousands, except percentages and per share data)
                                                   GAAP Financial         Items Affecting Comparability               Non-GAAP
                                                   Measure                                                            Financial Measure
                                                   Total MSC        Inventory       Restructuring    Legal Costs-     Adjusted Total
                                                   Industrial       Write-down      Costs            impairment of    MSC Industrial
                                                                                                     prepaid for PPE
Net Sales                                          $       773,995  $     -         $      -         $       -        $        773,995
Cost of Goods Sold                                         479,244        30,091           -                 -                 449,153
Gross Profit                                               294,751        (30,091)         -                 -                 324,842
Gross Margin                                               38.1%          -3.9%            -                 -                 42.0%
Operating Expenses                                         245,115        -                -                 727               244,388
Operating Exp as % of Sales                                31.7%          -                -                 0.1%              31.6%
Restructuring Costs                                        21,615         -                21,615            -                 -
Income from Operations                                     28,021         (30,091)         (21,615)          (727)             80,454
Operating Margin                                           3.6%           -3.9%            -2.8%             -0.1%             10.4%
Total Other Expense                                        (3,622)        -                -                 -                 (3,622)
Income before provision for income taxes                   24,399         (30,091)         (21,615)          (727)             76,832
Provision for income taxes                                 6,051          (7,432)          (5,339)           (180)             19,002
Net income                                                 18,348         (22,659)         (16,276)          (547)             57,830
Net income attributable to noncontrolling interest         263            -                -                 -                 263
Net income attributable to MSC Industrial          $       18,085   $     (22,659)  $      (16,276)  $       (547)    $        57,567
Net income per common share:
Diluted                                            $       0.32     $     (0.40)    $      (0.29)    $       (0.01)   $        1.03
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Information
Twenty-Six Weeks Ended February 27, 2021
(dollars in thousands, except percentages and per share data)
                                                   GAAP             Items Affecting Comparability                                     Non-GAAP
                                                   Financial                                                                          Financial
                                                   Measure                                                                            Measure
                                                   Total MSC        Inventory       Restructuring    Impairment      Legal Costs -    Adjusted Total
                                                   Industrial       Write-down      Costs            Loss            impairment of    MSC Industrial
                                                                                                                     prepaid for PPE
Net Sales                                          $     1,545,899  $     -         $      -         $     -         $       -        $       1,545,899
Cost of Goods Sold                                       927,830          30,091           -               -                 -                897,739
Gross Profit                                             618,069          (30,091)         -               -                 -                648,160
Gross Margin                                             40.0%            -1.9%            -               -                 -                41.9%
Operating Expenses                                       483,820          -                -               -                 1,020            482,800
Operating Exp as % of Sales                              31.3%            -                -               -                 0.1%             31.2%
Impairment Loss                                          26,726           -                -               26,726            -                -
Restructuring Costs                                      25,594           -                25,594          -                 -                -
Income from Operations                                   81,929           (30,091)         (25,594)        (26,726)          (1,020)          165,360
Operating Margin                                         5.3%             -1.9%            -1.7%           -1.7%             -0.1%            10.7%
Total Other Expense                                      (6,306)          -                -               -                 -                (6,306)
Income before provision for income taxes                 75,623           (30,091)         (25,594)        (26,726)          (1,020)          159,054
Provision for income taxes                               18,498           (7,432)          (6,322)         (6,601)           (252)            39,105
Net income                                               57,125           (22,659)         (19,272)        (20,125)          (768)            119,949
Net income attributable to noncontrolling interest       586              -                -               -                 -                586
Net income attributable to MSC Industrial          $     56,539     $     (22,659)  $      (19,272)  $     (20,125)  $       (768)    $       119,363
Net income per common share:
Diluted                                            $     1.01       $     (0.40)    $      (0.34)    $     (0.36)    $       (0.01)   $       2.13
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Information
Thirteen and Twenty-Six Weeks Ended February 29, 2020
(dollars in thousands, except percentages and per share data)
                                                   GAAP Financial Measure          Items Affecting Comparability 1 Non-GAAP Financial Measure
                                                   Total MSC Industrial            Restructuring Costs             MSC Industrial excluding
                                                                                                                   Restructuring Costs
                                                   Thirteen       Twenty-Six       Thirteen        Twenty-Six      Thirteen       Twenty-Six
                                                   Weeks Ended    Weeks Ended      Weeks Ended     Weeks Ended     Weeks Ended    Weeks Ended
                                                   February 29, 2020               February 29, 2020               February 29, 2020
Net Sales                                          $     786,094  $     1,609,695  $      -        $      -        $     786,094  $     1,609,695
Cost of Goods Sold                                       455,042        931,447           -               -              455,042        931,447
Gross Profit                                             331,052        678,248           -               -              331,052        678,248
Gross Margin                                             42.1%          42.1%             -               -              42.1%          42.1%
Operating Expenses                                       251,441        505,768                                          251,441        505,768
Operating Exp as % of Sales                              32.0%          31.4%             -               -              32.0%          31.4%
Restructuring Costs                                      1,941          4,512             1,941           4,512          -              -
Income from Operations                                   77,670         167,968           (1,941)         (4,512)        79,611         172,480
Operating Margin                                         9.9%           10.4%             -0.2%           -0.3%          10.1%          10.7%
Total Other Expense                                      (3,497)        (6,537)           -               -              (3,497)        (6,537)
Income before provision for income taxes                 74,173         161,431           (1,941)         (4,512)        76,114         165,943
Provision for income taxes                               18,617         40,423            (487)           (1,128)        19,104         41,551
Net income                                               55,556         121,008           (1,454)         (3,384)        57,010         124,392
Net income attributable to noncontrolling interest       56             90                -               -              56             90
Net income attributable to MSC Industrial          $     55,500   $     120,918    $      (1,454)  $      (3,384)  $     56,954   $     124,302
Net income per common share:
Diluted                                            $     1.00     $     2.18       $      (0.03)   $      (0.06)   $     1.02     $     2.24
1Prior period adjustments include only restructuring costs. Items of note excluded from the current period results, including inventory write-downs, an impairment loss and associated legal costs, did not occur in the prior year periods.

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Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

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