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Letter to the Editor
Tuesday February 14
Keystone Automotive Industries Reports Record Quarterly and Nine-Month Results
Keystone Automotive Industries, Inc. has reported record earnings and sales for its fiscal 2006 third quarter and year to date, ended December 30, 2005.Net income for the fiscal third quarter climbed 77.1 percent to $7.1 million, or $0.44 per diluted share, from $4.0 million, or $0.25 per diluted share, a year ago. Net sales for the same period increased 20.3 percent to $164.4 million from $136.6 million last year.
Net income for the nine months jumped 48.2 percent to $14.7 million, or $0.91 per diluted share, from $9.9 million, or $0.63 per diluted share, a year earlier. The nine-month period ended December 30, 2005, contained 39 weeks compared with 40 weeks a year earlier. Net sales for the nine months increased 10.7 percent to $448.4 million from $405.2 million a year ago (13.5 percent when adjusted for the one less week in the current fiscal year). Year-to-date results were restated to include an expense of $897,000 as a result of the SFAS No. 13 lease expense adjustment. Excluding the SFAS No. 13 adjustment, prior-year net income as originally reported was $0.66 per diluted share.
Same store sales for the fiscal third quarter and the nine-month period increased 15.0 percent and 11.0 percent (adjusted to reflect the 40-week period a year ago), respectively.
"These types of performance records only occur because 3,700 team members care deeply about our company, our customers, and each other. They are the ones who make it happen. Sure, management has provided a few new tools in terms of sales, supply chain, accountability, and cost initiatives, but in this business it's all about our people making it happen for their customers every day," said Richard L. Keister, president and chief executive officer.
In other company news, John M. Palumbo has resigned as chief financial officer at Keystone Automotive Industries to accept a similar position with a Los Angeles-based solar energy company. Terry Tuttle, currently the company's controller, has been named vice president finance. A search for Palumbo's replacement has commenced and an orderly transition initiated.
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