FASTENAL CO. FORM 8-K (Unscheduled Material Events) Filed 7/21/2003 For Period Ending 7/21/2003

Transcription

1 FASTENAL CO FORM 8-K (Unscheduled Material Events) Filed 7/21/2003 For Period Ending 7/21/2003 Address 2001 THEURER BLVD WINONA, Minnesota Telephone CIK Industry Misc. Fabricated Products Sector Basic Materials Fiscal Year 12/31

2 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): July 21, 2003 FASTENAL COMPANY (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation) (Commission file number) (I.R.S. Employer Identification No.) 2001 Theurer Boulevard Winona, Minnesota (Address of principal executive offices) (Zip Code) (507) (Registrant s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)

3 Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Web Release dated July 18, 2003 providing Customer Service Project (or CSP) converted store operating statistics Item 9. Regulation FD Disclosure. The following information is being provided pursuant to Item 12 of this report: The Company began a store conversion project during As announced by the Company in its press release issued on July 11, 2003, it published a web release on July 18, 2003, which provided certain operating statistics associated with the store conversion project. The Company refers to this project as the Customer Service Project (or CSP). The web release is attached as an exhibit to this report and is incorporated herein by reference. 2

4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 21, 2003 FASTENAL COMPANY By: /s/ D ANIEL L. F LORNESS Daniel L. Florness Chief Financial Officer 3

5 INDEX TO EXHIBITS 99.1 Web Release dated July 18, 2003 providing Customer Service Project (or CSP) converted store operating statistics Electronically Filed Exhibit 99.1 Fastenal Company Web Release dated July 18th, 2003 Included below is an update to the CSP store conversion information disclosed at the 2003 Annual Shareholder s Meeting on April 15th, The information is contained in five charts. The analysis centered on the operating statistics of four distinct groups of stores: (1) Company All stores operating on December 31, 2001, except Canada and Singapore (961 stores), (2) Random sample A random sample of non-csp stores to serve as a benchmark (24 stores), (3) 3rd Qtr 02 Existing stores converted to the CSP format in the 3rd Qtr of 2002 (24 stores), (4) 4th Qtr 02 Existing stores converted to the CSP format in the 4th Qtr of 2002 (51 stores) The operating statistics include: ************************************ (1) Daily Average Sales per Store. This is defined as sales per store for the period (three month period) divided by the number of business days in that period. (2) Monthly New Accounts per Store. This is defined as the number of new accounts added each month per store. (3) Monthly Active Accounts per Store. This is defined as the number of accounts that purchased product during a month. (4) Productivity Monthly Sales per Employee (FTE). This is defined as the sales per month divided by the number of full-time equivalent employees (FTE). The term full-time equivalent employee (FTE) is measured as full-time employee equals 1 and a parttime employee equals.5 (i.e. two full-time employees plus one part-time employee would equal 2.5 FTE. (5) Collections Days Out. This is defined as the ending accounts receivable balance divided by the average sales per day over the previous 60 calendar days. The Days Out represents the number of calendar days, on average, between when a sale occurs and when the cash is collected. Page 1 of 7

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11 The impact on the two groups was as follows: 3rd Qtr 02 Summary of Findings for Converted Stores Daily Average Sales per Store increased in Q4-2002, Q1-2003, and Q Total increase from Q (quarter before conversion) until Q (most recent quarter) is $775 per day, or 27.3%. Monthly New Accounts per Store increased in Q and Q The increase softened in Q and Q2-2003, but has remained above pre-conversion levels. Monthly Active Accounts per Store increased in Q4-2002, slipped in Q1-2003, and increased in Q Total increase from Q (quarter before conversion) until Q (most recent quarter) is 8.4 customers, or 9.1%. Productivity Monthly Sales per Employee (FTE) increased in Q4-2002, Q1-2003, and Q (This productivity increase is common in the first and second quarter; however, it is very uncharacteristic of the fourth quarter.) Collections Days Out decreased every quarter since conversion. Total decrease from Q (quarter before conversion) until Q (most recent quarter) is 4.5 days, or 8.9%. 4th Qtr 02 Daily Average Sales per Store increased in Q and Q Total increase from Q (quarter before conversion) until Q (most recent quarter) is $296 per day, or 8.0%. Monthly New Accounts per Store increased in Q and Q to a level consistent with the comparable quarter in Monthly Active Accounts per Store softened in Q and increased in Q Total increase from Q (quarter before conversion) until Q (most recent quarter) is 3.5 customers, or 3.0%. Productivity Monthly Sales per Employee (FTE) increased in Q and Q (This productivity increase is common in the first and second quarter.) Collections Days Out increased in Q and Q1-2003; and then decreased in Q Total decrease from Q (quarter before conversion) until Q (most recent quarter) is 1.4 days, or 2.8%. We believe the tangible results continue to support the investment in the CSP initiative. Page 7 of 7 End of Filing 2005 EDGAR Online, Inc.