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Letter to the Editor
Tuesday March 15
FinishMaster Announces Year End Financial Results
FinishMaster, Inc. has reported net income for the year ended December 31, 2004 of $13,304,000, or $1.71 per share, compared with net income of $11,852,000, or $1.52 per share, in the prior year period. For the three months ended December 31, 2004, net income was $3,364,000, or $0.43 per share, compared to net income of $2,493,000, or $0.32 per share, in the prior year period.The improvement in net income for the quarter and year compared to the prior year periods was a result of higher net sales and decreased interest expense. A lower effective income tax rate also contributed to the improved financial performance.
The increase in net sales for the quarter and year was due to positive same branch sales growth and acquisitions. All of the company's geographical regions realized growth in same branch sales. Acquisitions, principally Automotive Refinish Technologies, also had an impact on the increase in sales.
FinishMaster is a leading national independent distributor of automotive paints, coatings, and related accessories to the automotive collision repair industry. The company is headquartered in Indianapolis, Indiana, and operates three major distribution centers and 169 branches in 27 of the 35 largest metropolitan areas in the country.
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