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Letter to the Editor
Tuesday March 13
Finishmaster Announces Financial Results for 2000
INDIANAPOLIS -- FinishMaster, Inc., the national independent distributor of automotive paints and related accessories, has reported that net income for the year ended December 31, 2000 was $3,727,000 on net sales of $337,213,000, compared to net income of $3,711,000 on net sales of $324,490,000 in the prior year. Earnings per share were $0.49 for both the current and prior year periods.
For the fourth quarter ended December 31, 2000, net income was $805,000 on net sales of $79,600,000, compared to net income of $182,000 on net sales of $78,712,000 in the prior year. Earnings per share were $0.11 compared to $0.02 in the prior year period. Year-end inventory and accounts payable, and fourth quarter gross margins were higher in the current year period as a result of large inventory purchases prior to manufacturers' price increases.
"2000 was a successful year for us with steady growth in both net sales and operating income, reduced debt levels through net working capital management, and the completion of six strategic acquisitions," said Wes Dearbaugh, President and Chief Operating Officer. "Higher interest expense which offsets the increase in operating income resulted in flat net income and earnings per share for the year."
FinishMaster is a leading national independent distributor of automotive paints, coatings, and related accessories to the automotive collision repair industry. FinishMaster is headquartered in Indianapolis, Indiana and operates three major distribution centers and 156 branches in 24 of the 35 largest metropolitan areas in the country.
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