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Letter to the Editor

Keystone Automotive Q4 Net Income Up Record 74%

Net income for the fiscal fourth quarter increased 74 percent to $7.6 million, or $0.46 per diluted share, from $4.3 million, or $0.27 per diluted share, a year ago. Net sales for the same period climbed 18 percent to $179.9 million from $152.5 million last year.

For the full fiscal year, net income jumped 56.1 percent to $22.3 million, or $1.38 per diluted share, from $14.3 million, or $0.90 per diluted share last year. Net sales for the fiscal year climbed 12.7 percent to $628.3 million from $557.7 million in fiscal 2005.

Same store sales growth for the fourth quarter and fiscal year were 11.6 percent and 11.3 percent (adjusted to reflect the 53-week period a year ago), respectively.

"Fiscal 2006 was an outstanding year for Keystone. Our results for fiscal 2006 reflect, among other things, improved fulfillment rates to our customers, improved operating efficiencies, increased momentum within the aftermarket collision repair industry and the dedication of the Keystone team to continuous improvement," said Richard L. Keister, president and chief executive officer.

Keister noted that the company's acquisition in October 2005 of Veng USA, a provider of generic collision parts in New England, contributed to the company's solid performance. He added that in April, the company successfully converted the Veng locations to Keystone's ERP systems and processes.

Subsequent to its fiscal year end, Keystone announced its intention to relocate some of the company's senior executives to new offices in Nashville, Tennessee, with a majority of the company's accounting, IT, and marketing operations remaining in California. Select corporate offices relocating to Nashville include the chief executive officer, the chief financial officer, and the chief people officer. As previously indicated, the decision to relocate the offices of certain corporate executives to Nashville reflects the strategic evolution of Keystone.

"With more than 3,700 team members located across the United States and more than half of the company's operations east of the Mississippi River, the practical benefits of relocating the senior team to a central geographic location are clearly significant," Keister added.

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