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Letter to the Editor
Monday August 11
Keystone Automotive Industries Net Income Up 18% in Q2
Keystone Automotive Industries, Inc. has reported results for its first fiscal quarter ended June 27, 2003, reflecting continued upward momentum in its aftermarket collision parts business.Net income for the first fiscal quarter climbed 18 percent to $4.2 million, or $0.28 per diluted share, from $3.5 million, or $0.23 per diluted share, a year ago. Net sales for the same period increased 10.7 percent to a record $118.1 million from $106.7 million a year earlier.
Charles J. Hogarty, president and chief executive officer, said, "Results for the quarter reflect the continued strength of Keystone's Platinum Plus private label product line and increased utilization of aftermarket collision replacement parts by insurance companies."
He noted that operating results for the first fiscal quarter represent the tenth year-over-year increase in quarterly operating performance for the company.
Hogarty emphasized that favorable economics of aftermarket parts compared with original equipment parts and Keystone's quality assurance programs are important factors driving the company's acceptance by the insurance industry, body shops and consumers.
Same store sales for the first fiscal quarter increased approximately ten percent over the same period a year ago. Since its fiscal year end in March, the company has converted an additional 19 distribution facilities to its new management information system, bringing to 33 the total number of conversions to date.
Hogarty also stressed the benefits of Keystone's ongoing strategy of strengthening its distribution capabilities, noting additional geographic expansion through its acquisition in April 2003 of Landmark Auto Parts located in the Newport News/Norfolk Virginia area. Keystone also strengthened its position in the Lexington, Louisville and eastern Kentucky areas by acquiring in June 2003 certain assets of U.S. Crash Parts.
Keystone Automotive Industries, Inc. operates 117 distribution facilities, of which 21 serve as regional hubs, located in 38 states, Vancouver, Canada and Tijuana, Mexico.
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