Graybar Reports 2009 Results

Company overcomes challenges to remain profitable

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Mar 09, 2010, 04:13 ET

ST. LOUIS, March 9 /PRNewswire/ -- Graybar, a leading distributor of electrical and communications products and provider of related supply chain management and logistics services, announced today that 2009 was another profitable year and that the company finished the year in strong financial condition.

Net sales were $4.38 billion in 2009, a decrease of 18.9 percent compared to 2008. The company also posted net income of $37.4 million, down 57.3 percent, from the previous year.

"While conditions were some of the most difficult in business history, our performance in 2009 resulted from hard work, a disciplined approach to managing our business and a consistent focus on our long-term strategy," said Robert A. Reynolds, Jr., chairman, president and chief executive officer of Graybar. "We achieved profitability and finished the year with low debt levels and a strong cash position. This prepares us for growth as the economy recovers."

In 2009, Graybar celebrated the 140th anniversary of the company's original founding in 1869, as well as 80 years of employee ownership. Reynolds adds, "Graybar has persevered through many economic cycles, achieving success through times of prosperity and hardship. Because we are independent and employee-owned, we can focus on the long-term health of our company while working to the advantage of our manufacturers and customers."

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 nearly 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