Graybar Reports 2009 Third Quarter Results

ST. LOUIS, Nov. 11 /PRNewswire/ -- Graybar, a leading distributor of electrical and communications products and provider of related supply chain management and logistics services, reported net sales of $3.3 billion for the first three quarters of 2009, a decrease of 20.5 percent, compared to the first three quarters of 2008. The company also reported $20.9 million in net income for the first nine months of 2009, a 68.9 percent decrease from the same period last year. Revenues during the third quarter of 2009 were down 22.5 percent compared to the same period in 2008. The results for the quarter and the first nine months of the year were somewhat less than the company's expectations.

"The current economic conditions continue to adversely affect our customers and, in turn, Graybar's results," said Robert A. Reynolds, Jr., Graybar's chairman, president and chief executive officer. "Despite a challenging business environment, Graybar is profitable, financially strong and focused on growing market share as well as strengthening our presence in key markets."

To help facilitate growth when conditions improve, Graybar renewed its accounts receivable backed commercial paper credit line with J.P. Morgan for $100 million in October. The company's access to the credit markets has been unaffected by the deep and prolonged recession of the past year. Reynolds adds, "We continue to reduce expenses and debt in order to meet the realities of the market. And when business conditions improve, we will be better positioned to further work to our customers' advantage."

Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and networking products, and specializes in related supply chain management and logistics services. Through its network of more than 240 North American distribution facilities, it stocks and sells products from thousands of manufacturers, serving as the vital link to hundreds of thousands of customers. For more information, visit www.graybar.com or call 1-800-GRAYBAR.

SOURCE Graybar