Core-Mark 4Q Profit Falls 10 Percent

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Core-Mark 4Q Profit Falls 10 Percent

SOUTH SAN FRANCISCO, Calif. -- Wholesale consumer products distributor Core-Mark Holding Co. Inc. reported its fourth-quarter profit fell 10 percent from the year-ago period, when it booked a large one-time gain.

Net income for the quarter was $7.6 million, or 69 cents per share, down from $8.4 million, or 79 cents per share, for the fourth quarter 2005. During the fourth quarter 2005, the company recorded a $6.7 million benefit related to its emergence from the bankruptcy of its former parent, Fleming Companies.

Also, Core-Mark's income was cut by about $2 million as it complied with provisions of Sarbanes-Oxley, said the company, which distributes packaged consumer goods to North American convenience stores.

Revenue for the quarter was $1.31 billion, up from $1.21 billion in the year ago period.

For the full year, net income was $20.6 million, or $1.87 per share, up from $14.3 million, or $1.37 per share, from 2005. Revenue in 2006 was $5.31 billion, up from $4.89 billion in the prior year.

Looking forward, the company projected $5.75 billion in full-year 2007 revenue, and about $16 million in capital expenditures.