Core Mark Holding Co Inc (CORE, Financial) filed Annual Report for the period ended 2010-12-31.
Core Mark Holding Co Inc has a market cap of $367.3 million; its shares were traded at around $33.75 with a P/E ratio of 13.5 and P/S ratio of 0.1. Core Mark Holding Co Inc had an annual average earning growth of 3.9% over the past 5 years.
In 2010, our consolidated net sales increased 11.3% to $7,266.8 million from $6,531.6 million in 2009. Cigarettes comprised approximately 70.5% of total net sales in 2010, while approximately 69.0% of our gross profit was generated from food/non-food products.
In addition to excise taxes levied by the federal government, excise taxes on cigarettes and other tobacco products are also imposed by the various states, localities and provinces. We collect state, local and provincial excise taxes from our customers and remit these amounts to the appropriate authorities. Excise taxes are a significant component of our revenue and cost of sales. During 2010, we included in net sales approximately $1,756.5 million of state, local and provincial excise taxes. As of December 31, 2010, state cigarette excise taxes in the U.S. jurisdictions we serve ranged from $0.17 per pack of 20 cigarettes in the state of Missouri to $4.35 per pack of 20 cigarettes in the state of New York. In the Canadian jurisdictions we serve, provincial excise taxes ranged from C$2.47 per pack of 20 cigarettes in Ontario to C$5.48 per pack of 20 cigarettes in the Northwest Territories.
Food/Non-food Products. Our food products include fast food, candy, snacks, groceries, non-alcoholic beverages, fresh products such as sandwiches, juices, salads, produce, dairy and bread. Our non-food products include cigars, tobacco, health and beauty products, general merchandise and equipment. Sales of the combined food/non-food product categories grew 10.5% in 2010 to $2,147.1 million, which was 29.5% of our total net sales. Gross profits for food/non-food categories grew $6.7 million, or 2.6%, to $265.9 million, which was 69.0% of our total gross profit. Food/non-food products generated gross margins of 13.40% excluding excise taxes in 2010, while the cigarette category generated gross margins of 3.39% excluding excise taxes. Gross margin growth in our food/non-food categories was negatively impacted by a $5.3 million reduction in floor stock income due to lower manufacturers' price inflation.
At December 31, 2010, we had approximately 991 transportation department personnel, including delivery drivers, shuttle drivers, routers, training supervisors and managers who focus on achieving safe, on-time deliveries. Our daily orders are picked and loaded nightly in reverse order of scheduled delivery. At December 31, 2010, our trucking fleet consisted of approximately 700 tractors, trucks and vans, of which nearly all were leased. We have made a significant investment over the past few years in upgrading our trailer fleet to tri-temperature (“tri-temp”) which gives us the capability to deliver frozen, chilled and non-refrigerated goods in one delivery. As of December 31, 2010, approximately 70% of our trailers were tri-temp, with the remainder capable of delivering refrigerated and non-refrigerated foods. This provides us the multiple temperature zone capability needed to support our focus on delivering fresh products to our customers. Our fuel consumption costs for 2010 totaled approximately $9.5 million, net of fuel surcharges passed on to customers, which represented an increase of approximately $4.6 million, from $4.9 million in 2009, due to higher fuel prices, a 6.9% increase in miles driven excluding FDI, and the acquisition of FDI.
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Core Mark Holding Co Inc has a market cap of $367.3 million; its shares were traded at around $33.75 with a P/E ratio of 13.5 and P/S ratio of 0.1. Core Mark Holding Co Inc had an annual average earning growth of 3.9% over the past 5 years.
Highlight of Business Operations:
We operate in an industry where, in 2009, based on the NACS Association for Convenience and Petroleum Retailing 2010 State of the Industry (“SOI”) Report, total in-store sales at convenience retail locations increased 4.9% to approximately $182.4 billion and were generated through an estimated 145,000 stores across the U.S. We estimate that approximately 50% of the products that these stores sell are supplied by wholesale distributors such as Core-Mark. The convenience retail industry gross profit for in-store sales was approximately $58.6 billion in 2009 and $55.6 billion in 2008. Over the ten years from 1999 through 2009, convenience in-store sales increased by a compounded annual growth rate of 6.2%.In 2010, our consolidated net sales increased 11.3% to $7,266.8 million from $6,531.6 million in 2009. Cigarettes comprised approximately 70.5% of total net sales in 2010, while approximately 69.0% of our gross profit was generated from food/non-food products.
In addition to excise taxes levied by the federal government, excise taxes on cigarettes and other tobacco products are also imposed by the various states, localities and provinces. We collect state, local and provincial excise taxes from our customers and remit these amounts to the appropriate authorities. Excise taxes are a significant component of our revenue and cost of sales. During 2010, we included in net sales approximately $1,756.5 million of state, local and provincial excise taxes. As of December 31, 2010, state cigarette excise taxes in the U.S. jurisdictions we serve ranged from $0.17 per pack of 20 cigarettes in the state of Missouri to $4.35 per pack of 20 cigarettes in the state of New York. In the Canadian jurisdictions we serve, provincial excise taxes ranged from C$2.47 per pack of 20 cigarettes in Ontario to C$5.48 per pack of 20 cigarettes in the Northwest Territories.
Food/Non-food Products. Our food products include fast food, candy, snacks, groceries, non-alcoholic beverages, fresh products such as sandwiches, juices, salads, produce, dairy and bread. Our non-food products include cigars, tobacco, health and beauty products, general merchandise and equipment. Sales of the combined food/non-food product categories grew 10.5% in 2010 to $2,147.1 million, which was 29.5% of our total net sales. Gross profits for food/non-food categories grew $6.7 million, or 2.6%, to $265.9 million, which was 69.0% of our total gross profit. Food/non-food products generated gross margins of 13.40% excluding excise taxes in 2010, while the cigarette category generated gross margins of 3.39% excluding excise taxes. Gross margin growth in our food/non-food categories was negatively impacted by a $5.3 million reduction in floor stock income due to lower manufacturers' price inflation.
At December 31, 2010, we had approximately 991 transportation department personnel, including delivery drivers, shuttle drivers, routers, training supervisors and managers who focus on achieving safe, on-time deliveries. Our daily orders are picked and loaded nightly in reverse order of scheduled delivery. At December 31, 2010, our trucking fleet consisted of approximately 700 tractors, trucks and vans, of which nearly all were leased. We have made a significant investment over the past few years in upgrading our trailer fleet to tri-temperature (“tri-temp”) which gives us the capability to deliver frozen, chilled and non-refrigerated goods in one delivery. As of December 31, 2010, approximately 70% of our trailers were tri-temp, with the remainder capable of delivering refrigerated and non-refrigerated foods. This provides us the multiple temperature zone capability needed to support our focus on delivering fresh products to our customers. Our fuel consumption costs for 2010 totaled approximately $9.5 million, net of fuel surcharges passed on to customers, which represented an increase of approximately $4.6 million, from $4.9 million in 2009, due to higher fuel prices, a 6.9% increase in miles driven excluding FDI, and the acquisition of FDI.
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