msm-20200910x8k
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 _____________________________________

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 10, 2020

 _____________________________________

MSC Industrial Direct Co., Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

New York

1-14130

11-3289165

(State or other jurisdiction of

incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

75 Maxess Road, Melville, New York

11747

(Address of principal executive offices)

(Zip Code)

 

 

 

Registrant’s telephone number, including area code: (516) 812-2000

 

 

 

 

Not Applicable

 

 

(Former name or former address, if changed since last report)

 

 

 

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $.001

MSM

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

   

¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨


 

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On September 10, 2020, MSC Industrial Direct Co., Inc. issued a press release announcing preliminary, unaudited net sales results for its fiscal August 2020 month, fiscal 2020 fourth quarter, and fiscal 2020 full year ending August 29, 2020. A copy of the press release is furnished with this report as Exhibit 99.1.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits:

99.1

Press Release, dated September 10, 2020, issued by MSC Industrial Direct Co., Inc.

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


-2-


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

MSC INDUSTRIAL DIRECT CO., INC.

 

 

Date: September 10, 2020

By:

/s/ Kristen Actis-Grande

 

Name:

Kristen Actis-Grande

 

Title:

Executive Vice President and Chief Financial Officer

-3-

Exhibit 991 to Aug Sales Release FY20

Exhibit 99.1



 

 

NEWS

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL AUGUST 2020 NET SALES

AND TO WEBCAST 2020 FISCAL FOURTH QUARTER AND FULL YEAR RESULTS ON OCTOBER 27, 2020



MELVILLE, NY and DAVIDSON, NC, September 10, 2020 - MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM) (the “Company”), a premier distributor of Metalworking and Maintenance, Repair and Operations (MRO) products and services to industrial customers throughout North America, today announced preliminary, unaudited fiscal August 2020 month, fiscal 2020 fourth quarter, and fiscal 2020 full year net sales results. Total net sales for the fiscal month of August (the third month of the Company’s fiscal fourth quarter) were $240.3 million, a decrease of 9.7 percent compared to the same period in the prior fiscal year. Net sales for the fiscal 2020 fourth quarter were $747.7 million, a decrease of 12.7 percent compared to the same period in the prior fiscal year. Net sales for the fiscal year ended August 29, 2020 were $3,192.4 million, a decrease of 5.1 percent compared to the prior fiscal year.





 

Fiscal August

 

Fiscal Fourth Quarter

 

Fiscal 2020



 

FY20

FY19

 

FY20

FY19

 

FY20

FY19

 (Dollars in millions)

 

 

   (unaudited)

 

Net Sales

 

$240.3

$266.1

 

$747.7 

$842.7

 

$3,192.4 

$3,363.8 

Sales Days

 

20

20

 

64

63

 

251

251

Average Daily Sales (ADS)(1)

 

$12.0

$13.3

 

$11.7

$13.4

 

$12.7

$13.4

ADS Percent Change

 

(9.7%)

 

 

(12.7%)

 

 

(5.1%)

 

   (1) ADS is calculated using number of business days in the US

 

 

 

 

 

 

 



Overall, fiscal August average daily sales improved slightly in comparison to fiscal July, reflecting continued month-over-month improvement in manufacturing activity. Average daily sales of non-safety and non-janitorial products also improved sequentially from fiscal July, while average daily sales of safety and janitorial products remained stable month-over-month. On a year-over-year basis, fiscal August average daily sales of non-safety and non-janitorial lines declined in the mid-teens, while average daily sales of safety and janitorial lines grew in the twenty percent range. These results reflect the continuing impact of COVID-19 and significant year-over-year declines in manufacturing activity. The Company’s gross margins are performing roughly as expected, inclusive of the seasonal contraction typical of the fiscal fourth quarter.



Conference Call Information



The Company's conference call to review its 2020 fiscal fourth quarter and full year results, as well as its current operations, will be broadcast live over the Internet Tuesday, October 27, 2020 at 8:30 a.m. Eastern Time.



To access the earnings release, webcast, presentation slides and operational statistics, please visit the Company's website at: http://investor.mscdirect.com. Alternatively, the conference call can be accessed by dialing 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 within one hour of the conclusion of the call and remain available until Tuesday, November 3, 2020.



 

 

Media Contact:

 

Investor Contact:

Paul Mason

 

John G. Chironna

MSC Industrial Supply Co.

 

MSC Industrial Supply Co.

(704) 987-5313

 

(704) 987-5231

paul.mason@mscdirect.com

 

chironnj@mscdirect.com



About MSC Industrial Supply Co. MSC Industrial Supply Co. (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 more than 1.8 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 approximately 6,500 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, please visit mscdirect.com.



 

 


 

Page -2-

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL AUGUST 2020 NET SALES AND TO

WEBCAST REVIEW OF 2020 FISCAL FOURTH QUARTER AND FULL YEAR RESULTS

 



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 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 margins, are 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 release does not constitute an admission by MSC 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; retention of key personnel; 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; 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; retention of qualified sales and customer service personnel and metalworking specialists; 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; interest rate uncertainty due to LIBOR reform; failure to comply with applicable environmental, health and safety laws and regulations; goodwill and intangible assets recorded as a result of our acquisitions could be impaired; risks associated with the volatility of our common stock; and our principal shareholders exercise significant control over us. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. We assume no obligation to update any of these forward-looking statements.



# # #



 


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Document And Entity Information
Sep. 10, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Sep. 10, 2020
Entity Registrant Name MSC Industrial Direct Co., Inc.
Entity Incorporation, State or Country Code NY
Entity File Number 1-14130
Entity Tax Identification Number 11-3289165
Entity Address, Address Line One 75 Maxess Road
Entity Address, City or Town Melville
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11747
City Area Code 516
Local Phone Number 812-2000
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Title of 12(b) Security Class A Common Stock, par value $.001
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