LESCO Raises 2004 Sales Projection

CLEVELAND – LESCO expects a 7-percent to 7.5-percent increase in net sales for 2004 from the previous year, exceeding earlier company guidance of a 3-percent to 6-percent jump, according to a statement released by the company Thursday.

The company projects a loss of 42 cents to 48 cents per share vs. a 63-cent-per-share loss in 2003. Excluding charges, the company expects earnings to range from 50 cents to 53 cents per share compared to earnings of 23 cents per share in 2003. The company previously expected 2004 earnings of 40 cents to 50 cents per share.

LESCO projects that net sales will range from $560 million to $563 million vs. $523.5 million in 2003. The company attributes the growth to a stronger performance by its service centers, which LESCO projects will increase in sales by 2 percent to 3 percent.

The company also announced that it has retained Western Reserve Partners to advance its exploration of supply chain alternatives, including the sale of all or a portion of its distribution and manufacturing assets. The company says harvesting the working and fixed capital of its supply chain should allow it to focus on expanding its service center network.