Aftermarket Technology Reports Third Quarter Financial Results; Net Income Up 40% Over Comparable Quarter Last Year.WESTMONT Westmont is the name of some places in the United States:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATAC ATAC Arimidex, tamoxifen and combination therapy ), a leading remanufacturer and distributor of drive train products used in automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. repair, today announced its financial and operating results for the quarter ended September September: see month. 30, 1997. The Company reported record revenues of $88.4 million for the third quarter, up 29 percent over the same quarter a year ago. Net income for the quarter was $5.7 million, up 40 percent as compared to $4.1 million for the comparable quarter of 1996, and net income per share was 29 cents compared to 26 cents for the same quarter of last year. The number of shares used in the calculation of net income per share was 19.4 million for the third quarter of 1997, as compared to 15.7 million for the comparable quarter of 1996. The increase in shares resulted primarily from the Company's initial public offering in December December: see month. 1996. For the nine months ended September 30, revenues were $256.5 million, an increase of 29 percent over last year. Income before extraordinary item for the nine months was $17.1 million, up 39 percent from $12.3 million for the comparable nine months of 1996, and on a per share basis was 89 cents compared to 79 cents for the comparable nine months of last year. The number of shares used in the per share calculations was 19.3 million and 15.6 million, respectively. The extraordinary item consisted of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $3.7 million, net of tax, recorded in February February: see month. 1997 which primarily related to the early retirement of debt. "We continued to experience positive growth in our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and Independent Aftermarket businesses during the quarter," commented Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and J. Perkins Per·kins , Frances 1882-1965. American social reformer and public official. As U.S. secretary of labor (1933-1945) she was the first woman to hold a cabinet position. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aftermarket Technology. "The quarterly results also benefited from acquisition activity which contributed $14.7 million in sales for the quarter." The Company completed two strategic acquisitions during the quarter: ATS Remanufacturing Remanufacturing is the process of disassembly and recovery at the module level and, eventually, at the component level. It requires the repair or replacement of worn out or obsolete components and modules. (ATS) in late July July: see month. , and Trans Mart, Inc. in August. Both acquisitions were financed with borrowing under Aftermarket Technology's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. "We are very pleased with the overall contributions from our acquisitions from both financial and operational perspectives," said Perkins. "ATS has brought our company a new and productive OEM relationship with General Motors, while Trans Mart has provided complementary distribution services supported by telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. and overnight delivery." On October 28, Aftermarket Technology completed the public offering of 3,650,000 shares of the Company's common stock at $23.25 per share. Of these shares, 2,200,000 shares were sold by the Company and 1,450,000 shares were sold by certain stockholders. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company from the offering of the 2,200,000 shares were used to repay a portion of the outstanding indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. under the Company's revolving credit facility. Aftermarket Technology is a leading remanufacturer and distributor of drive train products used in the repair of vehicles in the automotive aftermarket. Aftermarket Technology's principal products include remanufactured transmissions, torque converters and engines, as well as remanufactured and new parts for the repair of automotive drive train assemblies. The Company's customers include original equipment manufacturers, independent transmission rebuilders, general repair shops, distributors and retail automotive parts stores. Established in 1994, the Company maintains over 50 distribution centers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. -0-
AFTERMARKET TECHNOLOGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Sept. 30,
1997 1996
--------- ---------
(unaudited)
Net sales $ 88,392 $ 68,288
Cost of sales 54,519 42,290
--------- ---------
Gross profit 33,873 25,998
Selling, general and
administrative expense 18,741 13,525
Amortization of intangible assets 1,184 932
--------- ---------
Income from operations 13,948 11,541
Interest and other income 449 317
Interest expense 4,945 4,967
--------- ---------
Income before income taxes
and extraordinary item 9,452 6,891
Provision for income taxes 3,800 2,840
--------- ---------
Income before extraordinary item 5,652 4,051
Extraordinary item--
net of income tax
benefit of $2,520 -- --
--------- ---------
Net income $ 5,652 $ 4,051
========= =========
Per share of common stock:
Income before extraordinary item $ 0.29 $ 0.26
Extraordinary item, net of tax -- --
========= =========
Net income per share $ 0.29 $ 0.26
========= =========
Shares used in calculation of
net income per share 19,411 15,722
========= =========
Nine Months Ended Sept. 30,
1997 1996
--------- ---------
(unaudited)
Net sales $ 256,490 $ 199,307
Cost of sales 157,679 122,458
--------- ---------
Gross profit 98,811 76,849
Selling, general and
administrative expense 54,477 38,651
Amortization of intangible assets 3,175 2,781
--------- ---------
Income from operations 41,159 35,417
Interest and other income 1,457 715
Interest expense 13,968 15,145
--------- ---------
Income before income taxes
and extraordinary item 28,648 20,987
Provision for income taxes 11,517 8,646
--------- ---------
Income before extraordinary item 17,131 12,341
Extraordinary item--
net of income tax benefit of $2,520 3,749 --
--------- ---------
Net income $ 13,382 $ 12,341
========= =========
Per share of common stock:
Income before extraordinary item $ 0.89 $ 0.79
Extraordinary item, net of tax (0.20) --
========= =========
Net income per share $ 0.69 $ 0.79
========= =========
Shares used in calculation of
net income per share 19,328 15,644
========= =========
CONTACT: Kaufer Miller Revell Communications John Snyder, 425/450-9965, johns@kmrc.com http://www.kmrc.com or Aftermarket Technology John Kent, 630/455-6000 JKent@ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered .atcaff.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion