Ace Hardware Reports Q2 Revenues +5%
[Thursday, August 09, 2012] Ace Hardware Corporation today reported total revenues of $1.071 billion for the second quarter of 2012, an increase of $49.4 million or 4.8 percent from 2011. For the six-month period ended June 30, 2012, total revenues were $1.979 billion, an increase of $103.6 million or 5.5 percent from 2011.
Net income was $14.9 million for the second quarter of 2012, a decrease of $19.7 million from the $34.6 million earned in 2011. For the six-month period ended June 30, 2012, net income was $25.1 million, a decrease of $16.3 million from 2011. The results for the second quarter and the first six months of 2012 included a charge for the loss on the early extinguishment of debt of $19.9 million, which was a result of the refinancing of the credit facility and the early redemption of the senior secured notes.
“We were pleased with the second quarter results," said Ray Griffith, Ace president and chief executive officer. “Despite the early spring weather that pushed sales into the first quarter of this year, we were able to deliver strong sales growth in the second quarter. In addition, we successfully completed the refinancing of our debt and expect interest savings over the next several years that will far exceed the loss we incurred on the early extinguishment of debt.”
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