ACHRNEWS

Aug. 17, 2006: Johnstone Supply Achieves $1 Billion in Annual Sales

August 17, 2006
PORTLAND, Ore. - Johnstone Supply Inc., a leading cooperative distributor of HVACR parts, supplies, and equipment, has announced a major company benchmark: officially topping $1 billion in total yearly sales. The new sales mark is the latest in a string of major company milestones occurring in 2006, including the 25th anniversary of the founding of the cooperative and the opening of Johnstone's 300th store.

Johnstone Supply stores totaled over $1 billion in sales during the 12 month period ending March 2006. The company reached the milestone even earlier than was anticipated by company executives, accelerated by the company's continuing strong sales growth which has outpaced industry averages.

"Reaching the billion-dollar sales mark is an impressive achievement that shows just how potent the cooperative business model can be," said Gary Daniels, Johnstone president and CEO. "It's a tribute to every one of our independent members, employees, and corporate support people who committed to a goal and executed through hard work and diligence."

"None of this could have been possible without the belief and unending support of our two greatest customers - our suppliers and the contractors who support us daily. We provide both these customers with the highest level of service as a distributor organization, and with that commitment our future is unlimited."

Daniels stated that reaching the billion-dollar mark is just the first of many greater goals yet to come. "As a company we are committed to three core values that will continue to drive our success," said Daniels. "Our vision is to be our customer's best choice for HVACR products and services, our supplier's best choice for distributing products, and our employee's best choice for a career."

Since the formation of the cooperative in 1981 with 32 stores and yearly sales of $28 million, Johnstone Supply has added an average of more than 10 new stores a year, and averaged annual sales growth of $38 million. In recent years, Johnstone Supply has consistently outpaced industry sales growth averages of 5-12 percent, boasting over 16 percent in average sales growth over the last three years.

For more information, visit www.johnstonesupply.com.

Publication date: 08/14/2006