National Lumber & Supply Inc. reported third quarter net income of $228,476, compared to net income of $125,369 for the same period a year earlier.
The Fountain Valley-based company said the results included a gain from the sale of its Ontario property and a charge of $439,862 from the closing of its San Bernardino home center.
Third quarter revenue totaled $39.3 million, compared to revenue of $33.8 million for the same period the prior year. The retailer said sales are up at all 18 of its stores. The growth was attributed in part to a renovation program. Income increases were a result of the company's ability to increase its profit margin by almost a full percentage point from last year, the company said. In addition, National Lumber said it has reduced its advertising expenses, streamlined its management and staff and is restructuring its insurance programs.
For the nine months, the company reported a net loss of $456,798 on revenue of $112.4 million, contrasted with net income of $805,866 on revenue of $102 million for the same period in 1985.