American Tire Distributors Announces 2003 Results; Fiscal 2003 Sales Increased 4.9%.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--March 26, 2004 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Tire Distributors, Inc., a nationwide distributor of tires, wheels and automotive accessories, today announced its operating results for the fiscal year ended December December: see month. 27, 2003. Consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for fiscal 2003 improved 4.9% or $52.1 million to $1,112.5 million versus $1,060.4 million in fiscal 2002. The Company's fiscal 2003 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income was $27.2 million compared to $62.7 million for fiscal 2002. Excluding the fiscal 2002 gain on repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of Series D Senior Notes, fiscal 2003 pre-tax income increased $14.2 million from fiscal 2002. "Our 2003 results indicate that our single-minded and strategic focus on being a distributor, and not a retail operator, is the right direction for the company," said Richard P. "Dick" Johnson, Chairman and Chief Executive Officer of American Tire Distributors. "Each and every day, we strive to grow our dealers' businesses. We do not compete with our dealers; therefore, we recognize that their sales growth drives our sales growth. We must provide unsurpassed service and value to earn our dealers' business every day." Selling, general and administrative expenses increased by $2.2 million to $168.7 million in fiscal 2003. This slight increase was primarily due to increased costs associated with the Company's group health plan, higher freight costs and other net increases. As a percentage of sales, selling, general and administrative expenses decreased to 15.2% in fiscal 2003 compared to 15.7% in fiscal 2002. The Company evaluates performance based on several factors. The primary financial measure is earnings from continuing operations before interest, taxes, depreciation and amortization and gain on repurchase of Series D Senior Notes ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become "). EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in 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. . EBITDA from continuing operations increased $8.0 million to $48.2 million in fiscal 2003 compared to $40.2 million in fiscal 2002. The Company's financial statements are included on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 26, 2004, with the Securities and Exchange Commission. The following table is a reconciliation of income from continuing operations to EBITDA:
Year Ended
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December 27, December 28,
2003 2002
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in thousands
Income from continuing operations $16,087 $37,910
Interest expense 14,082 18,705
Provision for income taxes 11,089 24,783
Depreciation and amortization of
other intangibles 6,957 8,610
Gain on repurchase of Series D Senior Notes ---- (49,759)
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EBITDA $48,215 $40,249
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About American Tire Distributors American Tire Distributors is one of the nation's largest independent suppliers of tires to the replacement tire market. It operates 60 distribution centers servicing 35 states. The Company is focused on helping independent tire dealers compete with larger retailers by offering the most complete, coast-to-coast selection of tires, wheels and related products and value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. . American Tire Distributors employs approximately 1,900 employees across its nationwide distribution center network, including more than 200 employees in its Charlotte-area Field Support Center and distribution center. |
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