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Letter to the Editor

Genuine Parts Company Reports Record Results for 2000

ATLANTA -- Genuine Parts Company has completed its 73rd year of operations with record sales and earnings for the year ended December 31, 2000.

Sales in 2000 were $8.37 billion, a 5 percent increase over 1999 sales of $7.95 billion. Net income increased 2 percent to $385 million, compared with $378 million recorded in the prior year. 2000 earnings reached $2.20 per share versus $2.11 per share in 1999, an increase of 4 percent.

Larry Prince, Chairman of the Board of Directors, said: "We are pleased to report that each of our four segments contributed to our growth in 2000. The Automotive Parts Group improved sales by 2 percent, the Motion Industries Industrial Group by 9 percent and the S. P. Richards Office Products Group increased 10 percent. The EIS Electrical/Electronic Materials Group increased their sales by 7 percent."

Sales increased 3 percent to $2.02 billion in the fourth quarter ended December 31, 2000, as compared to $1.97 billion for the same period in 1999. Net income in the fourth quarter of 2000 was $105.3 million versus $108.4 million in the fourth quarter of 1999. Earnings per share in the fourth quarter were even with the prior year at 61 cents per share.

Genuine Parts Company also announced an increase of 4 percent in the regular quarterly cash dividend for 2000. On February 19, 2001, the Board of Directors increased the cash dividend payable to an annual rate of $1.14 per share compared with the previous dividend of $1.10 per share. The quarterly cash dividend of 28 1/2 cents per share is payable April 2, 2001 to shareholders of record March 9, 2001.

Mr. Prince stated, "We are pleased to report that cash dividends to shareholders were increased for the 45th consecutive year."

Mr. Prince continued: "The Company's financial condition remains sound and our Balance Sheet continues to be strong. For the year, capital expenditures amounted to $71 million, working capital increased 3 percent, and current assets were 3.1 times current liabilities. We remain active in our share repurchase program and purchased approximately 5.5 million shares in 2000."

2001 Outlook

"We continue to feel fortunate that we are in four separate businesses and we have a high level of balance and diversity to lead us into 2001. We remain committed to our sales and profit growth and expect 2001 to be another record year of increased sales and earnings," concluded Mr. Prince.

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