wells fargo equipment finance construction quarterly
TRANSCRIPT
Wells Fargo Equipment Finance
Construction QuarterlyQ4 2014
Executive message from John Crum, senior vice president
Construction industry news highlights
Economic indicators2 5 73
Four common mistakes of business exit planning
Find your local construction equipment finance specialist
9
As 2014 draws to a close we have witnessed another year of modest, although somewhat uneven growth in the construction industry. A series of positive indicators are pointing to 2015 being another year of slowly improving construction activity.
2 | Construction Quarterly Newsletter | Q4 2014 wellsfargo.com/construction
All told, the positives appear greater than the negatives, and our Construction Group at Wells Fargo Equipment Finance is looking forward to another year of modest growth for the industry. We expect to have a clearer view after we survey industry executives in January and publish our 2015 Construction Industry Forecast in February. Please be on the lookout for the invitation to participate in that survey. In the meantime, we look forward to continue supporting contractors, dealers, and manufacturers who make up this important segment of the U.S. economy. We wish you the very best of holiday seasons and look forward to connecting with you again next year.
Almost a year ago, Wells Fargo Equipment Finance surveyed more than 500 industry executives and found them to be quite optimistic that construction activity for 2014 would improve compared to 2013. To a great degree, company executives of this industry have realized that sentiment. From our perspective and those that we talk with, 2014 was another year of growth for the industry.We are about to enter 2015 with some economic tailwinds that are foreshadowing another good year — although modestly better than the last. Here are a few data points that indicate 2015 is heading in the right direction: • U.S. gross domestic product (GDP). We had a little hiccup
with a quarter of negative growth in Q1 2014, but the economy bounced back in Q2 and Q3. Forecasts show that the economy for full-year 2014 will improve at about a 2.2% rate and in 2015 it could grow another 2.7%. Other forecasts indicate that 2016 could be comparable.
• Business fixed investment. This indicator is not as well-known and it doesn’t always correlate with construction equipment, but it is a nice barometer of how business owners feel about investing in long-term assets. For full-year 2014, we’re expecting to see about 6.8% growth in this category and 2015 could see closer to 7.0% growth.
• Housing starts. The housing market cooled off in some parts of the country during the second half of 2014, but we’ve seen real growth in the past few years in home values and residential starts. Forecasts expect builders to construct at least another 1.1 million homes in 2015, close to a 10% increase from 2014.
• Employment. The U.S. economy has produced an average of about 200,000 new jobs per month over the last two years. It’s difficult to ignore how much the unemployment rate has dropped since the recent peak in 2010. To be realistic, the rate has come down partly because would-be workers are leaving the workforce and many of these new jobs are part-time. Nevertheless, the overall trend is showing an improvement that puts people and money to work. Construction employment has improved significantly.
Is there a downside? The U.S. Economy is showing signs of sustainable growth with fewer economic levers being pulled so there is the possibility of a rate increase by the Federal Reserve in 2015. Interest rates have never been this low for this long so when they start to rise, it may be difficult to predict how markets will respond. Another variable is what influence the falling price of fossil fuels will have on the economy generally and on the companies tied closely to a domestic oil and gas industry that has grown significantly over the last few years.
John Crum, National Sales Manager Wells Fargo Equipment FinanceConstruction Group412-454-4629 • [email protected]
Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses nationwide in the United States and Canada. Wells Fargo Equipment Finance is the second-largest bank-affiliated equipment leasing and finance business in the United States by asset portfolio and annual originations, with more than 130,000 customers and 1,100 team members.*
From the Corner Office
This report is brought to you by Wells Fargo’s dedicated team of construction equipment finance specialists and is available at wellsfargo.com/construction.For questions regarding this and other industry-specific publications by Wells Fargo Equipment Finance, please contact Greg Giauque at 480-724-3499 or at [email protected]. © 2014 Wells Fargo Bank, N.A. All rights reserved. All transactions are subject to credit approval. Some restrictions may apply. Wells Fargo Equipment Finance is the trade name for certain equipment leasing and finance businesses of Wells Fargo & Company and its subsidiaries. Equipment financing transactions are provided in Canada by Wells Fargo Equipment Finance Company. Wells Fargo Equipment Finance Company is associated with Wells Fargo & Company, a company that is not regulated as a financial institution, a bank holding company or an insurance company in Canada. WCS-1225629
3 | Construction Quarterly Newsletter | Q4 2014 wellsfargo.com/construction
Prepared by: Richard Watson, CFP, CHFC, CLU Senior Director of Planning, Business Advisory ServicesJoe Fahey, CFA Senior Director of Planning, Business Advisory Services
At some point, every business owner faces a business transition. As the business interest often represents the single largest asset on many owners’ personal balance sheets, its value can represent a lifetime of focus, energy, and work. As such, for business owners making decisions around their business transition and exit planning, this time can often be charged with emotion and stress. While every owner, business, and transition is unique, there are four common mistakes that we see business owners make when trying to transition their business. This paper will review these mistakes and make possible suggestions for business owners to consider.
Mistake #4: Not understanding after-tax cash flow needs for retirementWhen weighing the complex topic of transition and exit planning, many owners focus more heavily on improving diversification or receiving liquidity (or a headline value) as a result of the transition, but not necessarily on how the timing of the transition or the amount from the proceeds will impact their retirement picture and long-term standard of living. This step can be especially critical in some instances because after-tax cash flow can actually decline post transition, particularly for owners who have historically paid themselves a handsome wage or significant dividends or distributions. Suggestion: Review your personal balance sheet considering both pre- and post-transition scenarios. If you’re a business owner, gaining a clear understanding of your personal balance sheet, sources and usage of cash flow, income tax liability, as well as your risk and liquidity profile — both on a pre- and post-transition basis — can give you powerful insight as to when (or even whether) you should keep or sell your business. This may be particularly important when selling a business during a strong economic or market cycle, as many marketable securities may be at all-time highs. At other times, money received from the transition or sale of a business may be more than sufficient to satisfy long-term retirement planning needs. Owners may want to consider not only developing a disciplined strategy and timeframe for an optimal asset allocation for their retirement portfolio, but also implementing more sophisticated estate, charitable, and wealth transfer planning strategies during the pre-sale window.
Mistake #3: Expecting an all-cash dealContrary to what many business owners may think, business transitions are not typically all cash transactions. The majority of transitions involve seller financing, earnouts, and/or escrow/holdback arrangements — meaning that while an owner may
receive some cash at closing, he or she may also receive a significant portion of the purchase price over time.Suggestion: Engage a business exit planner who can help with the transition to determine what deal terms can be achieved realistically in the current market environment. This can have important retirement planning and risk management implications for business owners who are not receiving full liquidity at closing. It’s also possible that many owners will not have any wage income from the business post-transition unless an employment or consulting agreement is being contemplated as part of the deal’s terms. This means that business owners may carry a level of risk until the terms of the promissory note or earnout are completed since future payments may be at risk if the acquiring company faces a financial reversal or downturn. An after-tax cash flow analysis can help business owners negotiate the timing, amount, and security of contingent consideration in a deal. In some instances, it may even save an owner from entering into a deal that may have had calamitous long-term retirement planning implications.
Mistake #2: Only talking with or seeking one prospective buyerAt one time or another, many owners receive unsolicited offers from competitors, strategic buyers or private equity groups. These offers may come through at various times throughout the year, leading to a scenario where an owner is essentially evaluating one offer at a time. Suggestion: Consider many transition options and understand what your business is worth.Just as business owners should not limit themselves to just one prospective buyer, they also should not consider just one transition option. Many owners, in fact, face a predictable set of strategic alternatives for the transition of their business. In addition to multi-generational family business transfers, businesses also can be transferred in other ways:• Selling to management (management buyout)• Selling to an employee stock ownership plan (ESOP)• Selling to a financial buyer• Selling to a strategic buyer• Going through an initial public offering (IPO)
Each of these options has distinct advantages and considerations. The most appropriate type of business transition may depend on an owner’s near- and long-term transition planning objectives, the company’s current performance and position in the industry, and prevailing market conditions, among other factors.
Business sense
Four common mistakes business owners make with exit planning
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Mistake #1: Lack of preparationFinally, business owners should honestly assess the readiness and attractiveness of the business prior to going out to market. A helpful step in this process can be deliberately “thinking like a buyer,” which entails appraising the company’s strategic positioning, weaknesses, and business risks across the competitive landscape, much in the same way that a prospective buyer would during the sale process. This provides business owners time, during the pre-sale window, to resolve any business or legal issues that might arise during the actual sale process, helping owners to not only determine a realistic timeline to go to market, but also maximize the business’ value to prospective bidders and could increase the probability of a deal’s closing. Suggestion: Conduct preliminary due diligence on your companyOne way to help minimize this result, as well as to work toward positioning the company for a successful transition or sale, is to conduct preliminary operational, financial, and cultural due
diligence on your company. Irrespective of whether business owners intend to keep the business in the family or position it for a sale to a third party, this exercise can help owners address any issues that might have proven to have been a nuisance or challenge (or resulted in a price adjustment or concession) during the actual implementation of the transition or sale.
ConclusionMindful of these four business exit planning potential minefields, and with advance planning and preparation, business owners can identify, assess, and compare multiple transition options at the same time, position the company for a transition, minimize or resolve negative issues that may arise during due diligence, enhance the probability of a closing, while also remaining focused on running the business. While planning for business transitions can be complex, following a disciplined process can help owners confidently plan and execute a successful business transition and maximize outcomes for all stakeholders.
Wells Fargo Wealth Management provides products and services through Wells Fargo Bank, N.A., and its various affiliates and subsidiaries. Brokerage services are offered through Wells Fargo Advisors, LLC, (member SIPC), a separate non-bank affiliate of Wells Fargo & Company. Insurance products are offered through Wells Fargo & Company affiliate non-bank insurance companies. Not available in all states. M&A Advisory Services are offered through Wells Fargo Advisors, LLC (Member FINRA and SIPC), a non-bank affiliate of Wells Fargo & Company.
Wells Fargo Bank, N.A. (the “Bank”) offers various advisory and fiduciary products and services. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, LLC, a separate non-Bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the Bank. The role of the Financial Advisor with respect to Bank products and services is limited to referral and relationship management services. The Bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The views, opinions and portfolios may differ from our broker dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.
This information is provided for education and illustration purposes only. The information and opinions in this report were prepared by the Wells Fargo Wealth Management. Information and opinions have been obtained or derived from information we consider reliable, but we cannot guarantee their accuracy or completeness. Opinions represent Wells Fargo Wealth Management’s opinion as of the date of this report and are for general information purposes only. Wells Fargo Wealth Management does not undertake to advise you of any change in its opinions or the information contained in this report. Wells Fargo & Company affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report.
Wells Fargo and Company and its affiliates do not provide legal advice. Please consult your legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.
This report is not an offer to buy or sell, or a solicitation of an offer to buy or sell the strategies mentioned. The strategies discussed or recommended in the report may be unsuitable for some clients depending on their specific objectives and financial position.
© 2014 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. NMLSR ID 399801
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The purpose of the news highlights section is to report companies’ earnings and other important news items from the most recent fiscal quarter, unless otherwise noted.
Contractor cornerConstruction spending report by the U.S. Department of Commerce(12/2) Overall construction spending in October 2014 at a seasonally adjusted annual rate (SAAR) increased 1.1% from the revised September 2014 estimate and improved 3.3% compared to a year ago. For the first 10 months of 2014, construction spending is 5.8% above the total for the same period in 2013.
October 2014 September 2014 October 2013
Total U.S. construction $971.0 billion $960.3 billion $939.9 billion
Public construction $278.6 billion $272.3 billion $274.4 billion
Private nonresidential construction
$338.6 billion $338.9 billion $318.2 billion
Other highlights:• Highway and street construction spending stayed within a
relatively tight range in the past year. In October, spending was $82.0 billion, 1.1% above the revised September estimate of $81.1 billion.
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Ritchie Bros. Auction (RBA)(11/4)
Q3 2014 Q3 2013 Q2 2014
Net earnings $9.3 million $16.3 million $38.6 million
Revenues $102.2 million $105.8 million $141.8 million
Gross auction proceeds $886.9 million $789.6 million $1.2 billion
New construction starts report by Dodge Data & Analytics(11/24) Based on proprietary data it collected, Dodge Data & Analytics reported that the value of new construction starts in October 2014 decreased 4% to an SAAR of $589.8 billion. Other highlights:• Year-to-date starts for the first ten months of the year increased
5% year-over-year to $475.8 billion.• Nonresidential building fell 14% in October to an SAAR of $195.2
billion.• Nonbuilding construction* decreased 9% in October to an SAAR
of $148.7 billion.• Residential construction increased 11% to an SAAR of $245.9
billion. *The nonbuilding construction category comprises public works projects such as highways and bridges, sewers, water supply systems, electric utilities, and more.
Construction employment report (12/5) The November 2014 employment report showed a total nonfarm employment gain of 321,000 after a gain of 243,000 in October. The national unemployment rate now sits at 5.8%. Employment in the construction industry continued to trend upward in November with a gain of 20,000 jobs.
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Rental reviewRouse Asset Services(12/1) According to Rouse Asset Services, average used equipment prices for the 14 major rental categories that it tracks increased by 0.8% for the month ending October 31. Other highlights: • Eleven of the 14 categories showed month-to-month increases
and 10 showed six-month increases. • AWP-Telescopic Boom showed the largest six-month drop at
-2.6% • Excavators showed the largest six-month increase at +8.5%.
Construction news highlights
Economics 1
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Total Value of Construction Put-in-PlaceBillions of Current Dollars, SAAR
Total Construction: Sep @ $950.9B6-Month Moving Average: Sep @ $959.4B
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Economics 3
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Construction EmploymentYear-over-Year Percent Change vs. 3-Month Annualized Rate
3-Month Annualized Rate: Oct @ 3.2%Year-over-Year Percent Change: Oct @ 3.9%
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
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Manitowoc Company, Inc. (MTW)(10/27)
Q3 2014 Q3 2013 Q2 2014
Crane segment sales $569.2 million $610.2 million $606.1 million
Operating earnings $41.6 million $59.1 billion $54.4 million
Crane segment backlog totaled $715.6 million at the end of Q3, up 26% from a year ago. The company is forecasting a mid to high single-digit percentage decline in crane revenue.
Deere & Company (DE)(11/13)
FQ4 2014 FQ4 2013 FQ3 2014
Net sales of equipment operations
$8.0 billion $8.6 billion $9.2 billion
Net income $649.2 million $806.8 million $850.7 million
Construction and forestry equipment sales increased 23% for the quarter and 12% for the fiscal year ended October 31. Deere expects sales of equipment in this category to increase about 5% in fiscal year 2015.
Volvo Construction Equipment (VOLVY)(10/24)
Q3 2014 Q3 2013 Q2 2014
Net construction equipment sales
SEK 12.6 billion SEK 12.3 billion SEK 14.6 billion
North American sales SEK 2.9 billion SEK 1.9 billion SEK 2.9 billion
Komatsu Ltd. (KMTUY)(10/30)
Q2 2014 Q2 2013 Q1 2014
Net income ¥77.9 million ¥78.8 million ¥37.6 million
Net sales ¥942.5 billion ¥925.1 billion ¥460.2 billion
United Rentals (URI)(10/15)
Q3 2014 Q3 2013 Q2 2014
Total revenue $1.5 billion $1.3 billion $1.4 billion
Net income $192.0 million $143.0 million $94.0 million
Hertz Equipment Rental (HEES)(8/12) Due to plans to spin off Hertz Equipment Rental Company as a separate business entity scheduled for early 2015, quarterly earnings statements have been delayed. Brian P. MacDonald, former CEO of Sunoco, Inc., has been tapped to run the company.
Manufacturer news and reportsCaterpillar, Inc. (CAT)(10/23)
Q3 2014 Q3 2013 Q2 2014
Sales and revenues $13.6 billion $13.4 billion $14.2 billion
Net profit $1.0 billion $946.0 million $999.0 million
The company expects full-year 2014 sales and revenues of about $55 billion, and sales and revenues for full-year 2015 to be flat.
Terex Corporation (TEX)(10/29)
Q3 2014 Q3 2013 Q2 2014
Income from cont. operations $58.7 million $84.5 million $87.8 million
Net sales $1.8 billion $1.8 billion $2.1 billion
Astec (ASTE)(10/22) Astec Industries reported earnings from continuing operations decreased to $13.3 million as net sales declined 4% from the previous year. Domestic sales increased 8.0%, as did the company’s domestic backlog with an 18.0% increase.
Q3 2014 Q3 2013 Q2 2014
Net sales $220.2 million $213.2 million $277.3 million
Net earnings from cont. operations
$1.9 million $6.5 million $14.5 million
Oshkosh Corporation (OSK)(10/31)
FQ4 2014 FQ4 2013 FQ3 2014
Net income $77.8 million $35.7 million $105.1 million
Net sales $1.67 billion $1.70 billion $1.93 million
The forecast for 2015 shows a slight decline from fiscal 2014 due to lower demand for defense-segment vehicles, but is offset partially by increases in other categories.
Economic indicators
This basket of indicators is presented here to serve as a quick reference to the sound bites of economic information reported by news media. This grid is not intended to serve as a comprehensive review, nor should it be considered a prediction by Wells Fargo about future economic activity.
Please note that future expectations are opinions of Wells Fargo based on current expectations and certain assumptions, are subject to various risks and uncertainties, and beyond Wells Fargo’s control. Actual results may vary materially from expectations. Wells Fargo does not intend to, and shall not be obligated to, update or revise these expectations.
OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOVS&P 500 (Last day closing) 1,757 1,806 1,848 1,783 1,859 1,872 1,884 1,924 1,960 1,931 2,003 1,972 2,018 2,068Change from previous month 4.5% 2.8% 2.3% -3.5% 4.3% 0.7% 0.6% 2.1% 1.9% -1.5% 3.7% -1.5% 2.3% 2.5%Change from previous year 24.4% 27.5% 29.6% 19.0% 22.7% 19.3% 17.9% 18.0% 22.0% 14.5% 22.7% 17.2% 14.9% 14.5%DOW JONES (Last day closing) 15,876 16,086 16,576 15,699 16,322 16,458 16,580 16,717 16,826 17,098 17,067 17,043 17,391 17,828 Change from previous month 2.1% 1.3% 3.0% -5.3% 4.0% 0.8% 0.7% 0.8% 0.7% 1.6% -0.2% -0.1% 2.0% 2.5% Change from previous year 21.2% 23.5% 26.5% 13.3% 16.1% 12.9% 11.7% 10.6% 12.9% 10.3% 15.2% 9.6% 9.5% 10.8%NASDAQ (Last day closing) 3,973 4,060 4,177 4,104 4,308 4,199 4,115 4,243 4,408 4,370 4,580 4,493 4,631 4,792 Change from previous month 1.4% 2.2% 2.9% -1.7% 5.0% -2.5% -2.0% 3.1% 3.9% -0.9% 4.8% -1.9% 3.1% 3.5% Change from previous year 33.5% 34.9% 38.3% 30.6% 36.3% 28.5% 23.6% 22.8% 29.5% 20.5% 27.6% 14.6% 16.6% 18.0%Cons. Price Index (CPI) 1982-84 = 100 233.8 234.0 234.5 234.9 235.2 235.6 236.3 237.1 237.7 237.9 237.4 237.6 237.6 Change from previous year 0.9% 1.3% 1.5% 1.6% 1.0% 1.4% 2.1% 2.3% 2.1% 2.0% 1.7% 1.6% 1.6%Prod. Price Index (PPI) 1982 = 100 202.5 201.2 201.8 203.5 206.0 207.0 208.4 208.0 208.3 208.0 206.8 206.5 203.6 Change from previous year -0.5% -0.3% 0.1% 0.5% 0.8% 1.4% 2.4% 1.9% 1.8% 1.7% 1.2% 1.2% 0.5%Oil Spot Price ($/Barrel average) 100.55 93.86 97.63 94.62 100.82 100.8 102.07 102.18 105.79 103.59 96.54 93.21 84.4 Change from previous month -5.4% -6.7% 4.0% -3.1% 6.6% 0.0% 1.3% 0.1% 3.5% -2.1% -6.8% -3.4% -9.5% Change from previous year 12.4% 8.5% 11.1% -0.1% 5.8% 8.5% 10.9% 8.1% 10.5% -1.0% -9.4% -12.3% -16.1%US Housing Permits (thousands) 90.5 76.0 76.0 64.9 70.7 83.7 94.7 93.0 92.2 97.9 87.8 91.9 96.3 Quarterly Total 166.5 135.6 187.7 185.7US Non-Residential Construction ($MM) 20,535 20,600 19,900 19,500 19,700 22,000 23,040 23,440 23,885 24,595 24,715 25,970 25,132 Quarterly Total 61,035 61,200 70,365 75,280US Street & Highway Construction ($MM) 5,796 5,000 4,900 4,800 4,900 5,250 5,835 5,686 5,569 5,785 5,569 5,614 5,590 Quarterly Total 15,696 14,950 17,090 16,968
Q4 2014Q4 2013 Q1 2014 Q2 2014 Q3 2014
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Economic indicators
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Economics 5
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96 98 00 02 04 06 08 10 12 14
U.S. Real GDPBars = Compound Annual Rate Line = Yr/Yr % Change
Real GDP: Q3 @ 3.5%Real GDP: Q3 @ 2.3%
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Economics 2
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Private Nonresidential ConstructionPercent Change, 3-Month Moving Average
Year-over-Year: Sep @ 2.8% (Left Axis)Month-over-Month: Sep @ -0.1% (Right Axis)
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Economics 4
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90 92 94 96 98 00 02 04 06 08 10 12 14
Unemployment RateSeasonally Adjusted
Unemployment Rate: Oct @ 5.8%
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Economics 1
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U.S. Retail FuelsDollars per Gallon
US Retail Gasoline: Dec-15 @ $2.64US Retail Diesel: Dec-15 @ $3.42
Source: U.S. Department of Energy and Wells Fargo Securities, LLC
Data sources: U.S. Department of Commerce, U.S. Department of Labor,U.S. Department of Energy, AAA, and Wells Fargo Securities, LLC.
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Wells Fargo Construction coverage map
© 2014 Wells Fargo Bank, N.A. All rights reserved. All transactions are subject to credit approval. Some restrictions may apply. Wells Fargo Equipment Finance is the trade name for certain equipment leasing and finance businesses of Wells Fargo Bank, N.A. and its subsidiaries. Equipment financing transactions are provided in Canada by Wells Fargo Equipment Finance Company. Wells Fargo Equipment Finance Company is associated with Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company, or an insurance company. WCS-1225629
Large Ticket BDO – East CoastPeter [email protected]
Wells Fargo Equipment Finance
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© 2014 Wells Fargo Bank, N.A. All rights reserved. All transactions subject to credit approval. Some restrictions may apply. Wells Fargo Equipment Finance is the trade name for certain equipment leasing and finance businesses of Wells Fargo & Company and its subsidiaries. Equipment financing transactions are provided in Canada by Wells Fargo Equipment Finance Company. Wells Fargo Equipment Finance Company is associated with Wells Fargo & Company, a company that is not regulated as a financial institution, a bank holding company or an insurance company in Canada . MC-2346 Revised 10-08-2014.
Northwestern Washington, AlaskaCJ Markey206-849-7937 | 866-359-0749 [email protected]
Western Oregon, Southwestern Washington, Northern CaliforniaRyan Murphy503-887-5986 | 866-359-0757 [email protected]
Southern/Central California,HawaiiRalph Potter619-540-2296 | 866-359-0761 [email protected]
Idaho, Montana, Eastern Washington, Eastern Oregon, Northwestern WyomingKarle Armitage208-867-1623 | 866-359-0733 [email protected]
Utah, Southwestern Wyoming, NevadaSteve Pratt801-541-8699 | 866-359-0762 [email protected]
Arizona, New MexicoDana Pike602-432-7234 | 866-359-0760 [email protected]
Dallas, Northeast Texas, Arkansas, Northwest LouisianaFrank Gullo972-342-3594 | 866-359-0745 Fax [email protected]
San Antonio, South and West TexasJim Shewmaker210-240-6774 | 866-359-0771 [email protected]
Houston, Gulf Coast TexasNick Webb713-882-7727 | 866-359-1033 [email protected]
U.S. West RegionKay Russell, Sales [email protected]
North Texas, Oklahoma, Kansas (except Kansas City)Patrick Miller214-914-1378 | 866-347-5217 Fax [email protected]
Minnesota, North Dakota, South Dakota, Northern WisconsinMark Jangula612-803-3369 | 866-739-3180 [email protected]
Northern Illinois, IowaTom [email protected]
Louisiana, MississippiCal Shoemake985-807-3988 | 866-493-1774 [email protected]
Indiana, KentuckyFred Sugg317-435-0504 | 866-359-0776 [email protected]
Ohio, MichiganKevin Watkins440-787-7600 | 877-402-2261 [email protected]
U.S. Central RegionSteve Nenn, Sales [email protected]
Maine, New Hampshire, Vermont, Rhode Island, MassachusettsMike Kearney781-715-3893 | 877-302-8033 [email protected]
New York Metro, Upstate New York, Connecticut, Richmond VirginiaAmy Majeskie201-446-6835 | 877-401-7239 Fax [email protected]
Central/Northern New Jersey, Northeastern PennsylvaniaTodd Yazujian732-319-4576 | 866-359-1035 [email protected]
Southern NJ, Southeastern PA, DE, Maryland (except panhandle)Tom Kassakatis215-779-2981 | 866-493-4485 [email protected]
Western Pennsylvania, Western New YorkGil Clements412-721-0427 | 866-361-7667 Fax [email protected]
West Virginia, Maryland Panhandle, Virginia (except Richmond)Doug Snee724-998-5941 | 866-359-0774 [email protected]
South Carolina, North CarolinaJack Kirk803-463-9001 | 866-359-0750 [email protected]
FloridaChuck Saxton407-375-1054 | 877-806-6441 [email protected]
U.S. East RegionTom Reilly, Sales [email protected]
Canada Cross-Border SalesRob Linghorne416-774-2025 Office416-843-6996 [email protected]
Colorado, Nebraska, Eastern WyomingChris Benitez719-591-7239 | 866-512-6974 Fax [email protected]
Alabama, GeorgiaPatricia Hollis470-208-9549 | 866-648-0703 Fax [email protected]
Large Ticket BDO – West CoastScott [email protected]
Tennessee, Southern Illinois, Missouri and greater Kansas City Mike Range618-606-1661 | 866-968-8713 Fax [email protected]
John CrumNational Sales Manager412-454-4629 Office724-544-0992 [email protected]