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"The common law of business balance prohibits paying a little and getting a lot... it can't be done. If you deal with the lowest common bidder it is well to add something for the risk you run. And if you do that, you will have enough to pay for the something better."

- John Ruskin

P hilo sophe r ( I 8 I 9 - I 900 )

HWI Enjoys Record Year

Hardware Wholesalers, Inc. reduced overhead to 2.72Vo in fiscal 1994 for the first time while increasing member purchases and rebates. With a 16%o gun in members, purchases and total sales of $1.628 billion. IIWI returned $68.183 million to members, up l2.8%o from last year. Averaging l3.LBVo on warehouse purchases this year, member rebates will be distributed during the annual shareholder's meeting Ocl 22-25 in Indianapolis, In.

John Laird, v.p.-sales & marketing, says electronic data interchange and vendor-managed inventory facilitated handling increased volume and added member services with current staff.