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Letter to the Editor

Keystone Automotive Industries Reports Record Q3 Results

Net income for the fiscal third quarter climbed 25 percent to $4.5 million, or $0.29 per diluted share, from $3.6 million, or $0.24 per diluted share, a year ago. Net sales for the fiscal third quarter increased 16 percent to a record $126.3 million compared with $108.5 million last year.

For the nine months, net income increased 16 percent to $11.4 million, or $0.75 per diluted share, from $9.8 million, or $0.65 per diluted share, a year earlier. Net sales for the nine months increased 14 percent to $361.0 million from $316.4 million in fiscal 2003.

"Results for the quarter and nine months reflect the continued strength of Keystone's Platinum Plus private label product line and increased utilization of aftermarket collision replacement parts by insurance companies," said Charles J. Hogarty, president and chief executive officer.

He emphasized that favorable economics of aftermarket parts compared with original equipment parts and Keystone's quality assurance programs are important factors driving the acceptance of the company's products by the insurance industry, body shops and consumers.

Hogarty noted that same store sales for the third quarter and nine-month period increased approximately 10 percent compared with a year ago. Gross margin for the third quarter improved to 44 percent from the preceding quarter, primarily as a result of improved pricing.

He stressed Keystone's ongoing strategy to further strengthen its distribution capabilities, having completed six acquisitions this fiscal year -- including the purchase of New Orleans-based Sam's Bumper Service in December and in January the aftermarket collision parts distribution businesses of Quinte Bumper & Fender, based in Ontario, Canada.

Since its fiscal year end in March, the company has converted an additional 44 distribution facilities to its new management information system, bringing to 58 the total number of conversions to date.

Keystone Automotive Industries, Inc. currently has 126 distribution facilities, of which 22 serve as regional hubs, located in 38 states, Canada and Mexico.

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