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SOUTH SAN FRANCISCO, Calif. -- Distributor Core-Mark Holding Company, Inc. here said Friday that net sales climbed 9 percent for the quarter ended March 31, 2006, coming in at $1.2 billion.
Core-Mark reported net income of $1.7 million or $0.16 per share for the quarter. This compares with first quarter 2005 net income of $70 thousand or $0.01 per fully diluted share.
The company said the latest nresults included a pre-tax benefit of $1.1 million due to favorable settlements related to vendor and customer receivables, $0.6 million in cigarette holding profits and a LIFO expense of $1.4 million. The results for year ago quarter had included a pre-tax benefit of $1.0 million related to an unanticipated insurance recovery, $2.5 million in cigarette holding profits and a LIFO expense of $1.6 million.
The broad-line distributor said it expects to achieve net sales of approximately $5 billion for the year. "This forecast assumes no new national account wins or losses, additional excise tax increases nor net sales increases as a result of any acquisitions," it said.
Core-Mark is one of the largest full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America. It provides distribution and logistics services as well as marketing programs to more than 19,000 retail locations in 38 states and five Canadian provinces through 24 distribution centers, two of which Core-Mark operate as third party logistics providers. Core-Mark services traditional c-stores, grocers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods.