Your Source for Up-To-Date News and Research on the Collision Repair Industry 

 

click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email

SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor

Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide

Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...

Feedback
Letter to the Editor

Keystone Automotive Industries Reports Q4 Net Income Up 28.5% and Sales Climb 14%

Net income for the fiscal fourth quarter climbed 28.5 percent to $6.3 million, or $0.41 per diluted share, from $4.9 million, or $0.33 per diluted share, a year ago. Net sales for the fiscal fourth quarter increased 14 percent to a record $140.1 million compared with $122.7 million last year.

For the full fiscal year, net income increased 20.2 percent to $17.7 million, or $1.16 per diluted share, from $14.7 million, or $0.99 per diluted share, a year earlier. Net sales for the same period climbed 14 percent to $501.1 million from $439.1 million in fiscal 2003.

"Results for fiscal 2004 represent the third consecutive year of strong revenue, cash flow and earnings growth. This solid performance is the result of increased utilization of aftermarket collision replacement parts by insurance companies," said Charles J. Hogarty, president and chief executive officer.

He emphasized the favorable economics of the company's aftermarket parts compared with original equipment parts and stated that 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 fourth quarter and fiscal year increased approximately seven percent and nine percent, respectively, compared with the same periods a year ago. Gross profit as a percentage of sales was 44.0 percent for the fourth quarter and 43.7 percent for the full year, primarily as a result of product mix and pricing, compared with 43.5 percent and 43.5 percent in the prior year, respectively.

He stressed Keystone's ongoing strategy to continue strengthening its distribution capabilities, having completed six acquisitions during fiscal 2004, including two acquisitions in Canada, and the establishment of two Greenfield operations.

Hogarty noted that the company's strong financial condition will enable it to continue to pursue strategic acquisitions and Greenfield opportunities as they arise.

To date, the company has converted 85 sites to its new management information system and expects to convert the remaining 56 sites (excluding only sites in Canada and certain recently acquired sites) by November.

Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 125 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada.

©2004 Collision Repair Industry INSIGHT
All Rights Reserved

FEATURED
LINKS:

INSIGHT Supports the NABC!
Do You?