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Letter to the Editor
Tuesday March 1
LKQ Corporation 2004 Q4 Net Income Results Up 68%
LKQ Corporation has reported results for its fourth quarter and year ended December 31, 2004, with revenue of $113.8 million for the quarter and $424.8 million for the year. This represents growth over 2003 of 35 percent for the quarter and 30 percent for the full year. Net income was $5.0 million for the quarter and $20.6 million for the year, representing growth over 2003 of 68 percent and 41 percent, respectively."Our company achieved an impressive revenue growth of 35 percent for the quarter and 30 percent for the year. Our organic revenue growth was 8 percent for the quarter and 11 percent for the year. While our net income for the full year increased by 41 percent, our EPS showed a 15 percent increase as we had a 23% increase in the number of shares outstanding. We made several excellent business acquisitions in 2004 as we continued our geographic and product line expansions," said Joe Holsten, President and Chief Executive Officer.
For the fourth quarter of 2004, revenue increased 35 percent to $113.8 million compared with $84.2 million for the fourth quarter of 2003. Approximately $23.0 million in revenue growth for the quarter was from businesses acquired. For the quarter, net income increased 68 percent to $5.0 million compared with $3.0 million for the fourth quarter of 2003. Diluted earnings per share was $0.22 for the quarter compared with $0.14 for the fourth quarter of 2003.
For the year ended 2004, revenue increased 30 percent to $424.8 million compared with $328.0 million in 2003. Approximately $60.6 million in revenue growth for the year was from business acquisitions. Consolidated aftermarket collision replacement parts revenue in 2004 was $43.0 million. For the year ended December 31, 2004, net income increased 41 percent to $20.6 million compared with $14.6 million in 2003. Diluted earnings per share was $0.92 for the year ended December 31, 2004 compared with $0.80 in 2003.
On February 1, 2005, we acquired for approximately $15.4 million, net of acquired cash, Bodymaster Auto Parts, Inc. and a related company that operate in the aftermarket collision automotive replacement parts business. This business operates from two locations near Philadelphia and Washington, D.C. The revenue of this business in 2004 was approximately $19.5 million.
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