The Fastenal Company of Winona, MN (Nasdaq: FAST) reported the results of the quarter ended September 30, 2008. Except as otherwise noted below, dollar amounts are in thousands.

Net sales for the three-month period ended September 30, 2008 totaled $625,037, an increase of 17.1% over net sales of $533,750 in the third quarter of 2007. The third quarter of 2008 benefited from one additional selling day (64 in 2008 versus 63 in 2007). Absent this additional selling day, our sales growth would have been 15.3% for the quarter. Net earnings increased from $62,142 in the third quarter of 2007 to $72,909 in the third quarter of 2008, an increase of 17.3%. Basic and diluted earnings per share increased from $.41 to $.49 for the comparable periods. The third quarter of 2008 included a $10,000 legal settlement. This is discussed in greater detail later in the release. This settlement lowered our basic and diluted earnings per share by just over $0.03 in the quarter.

Net sales for the nine-month period ended September 30, 2008 totaled $1,795,466, an increase of 16.4% over net sales of $1,542,613 in the first nine months of 2007. Net earnings increased from $176,431 in the first nine months of 2007 to $217,169 in the first nine months of 2008, an increase of 23.1%. Basic and diluted earnings per share increased from $1.17 to $1.46 for the comparable periods.

During the first nine months of 2008, Fastenal opened 140 new stores (Fastenal opened 147 new stores in the first nine months of 2007). These 140 new stores represent an increase in stores since December 31, 2007 of 6.5%. There were 2,160 stores on December 31, 2007. There were 13,417 total employees as of September 30, 2008, an increase of 11.7% from December 31, 2007 and 12.7% from September 30, 2007.

For more information, visit http://www.fastenal.com