Pameco reports sales, earnings
Pameco Corporation announced the results for its fiscal 2001 second quarter and first half ended August 31, 2000. Net sales for the quarter ended August 31 were $141.9 million compared to $125.4 million for the first quarter ended May 31, 2000 and $207.7 million for the second quarter ended August 31, 1999. For the first six months of fiscal 2001, net sales decreased to $267.3 million from $366.8 million in the first six months of fiscal 2000. The company operated 54 fewer branches in the quarter ended August 31, 2000 than in the same quarter in the prior year. Second quarter same-store net sales decreased by 25% and by 20.3% in the first half. Net sales, according to the company, were impacted by supply chain issues and mild weather in many of the company's marketing areas.