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Letter to the Editor
Thursday June 5
Keystone Automotive Industries Inc. Reports Record Revenues For Q4 and Full Year
Keystone Automotive Industries, Inc. has reported record revenues and improved operating results for its fourth quarter and fiscal year ended March 28, 2003.For the 2003 fiscal fourth quarter, net sales increased 14 percent to $122.5 million from $107.9 million in the same quarter a year ago. Net income grew 20 percent to $4.9 million, or $0.33 per diluted share, from $4.1 million, or $0.28 per diluted share, in the fiscal 2002 fourth quarter.
For the fifty-two week period ended March 28, 2003, net sales increased 15 percent to $438.9 million from $382.3 million in fiscal 2002. Net income totaled $14.8 million, or $0.99 per diluted share, compared with a net loss of $22.0 million, or $1.48 per diluted share, in fiscal 2002. The net loss in fiscal 2002 included a $28.7 million charge (net of tax) related to the cumulative effect of a change in accounting principle as a result of the early adoption of Statement of Financial Accounting Standards (SFAS No.142) "Goodwill and Other Intangible Assets"' and a $6.8 million non-recurring charge related to a write down of the company's investment in an enterprise-wide software conversion.
"`Fiscal 2003 is our second consecutive year of strong revenue and operating income growth," said Charles J. Hogarty, president and chief executive officer of Keystone Automotive Industries, Inc. "As we look forward, we remain very optimistic. We believe the insurance industry's willingness to use competitive parts will continue to increase, buoyed by generally favorable decisions coming out of the courts around the country. Keystone is uniquely positioned to benefit from that trend. Our quality initiatives such as ISO 9001 and Platinum Plus have set us apart from our competition. In addition, our growing distribution network offers unequaled service to the insurance and collision repair industries."
Hogarty said the Company's IT rollout is progressing well and upon completion of the rollout anticipates improved inventory utilization and lower administrative costs.
Results for the 2003 fiscal fourth quarter include $610,000 of income related to the settlement of litigation regarding Keystone's previous software installation, and a charge of $940,000 for severance costs and future lease costs on an abandoned master warehouse. These items were recorded in the general and administrative section of the condensed consolidated statements of operations.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 117 distribution facilities, of which 21 serve as regional hubs, located in 38 states, Vancouver, Canada and Tijuana, Mexico.
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