Printer Friendly

CHAMPION PARTS, INC. REPORTS HIGHER THIRD-QUARTER EARNINGS ON INCREASED SALES

 OAK BROOK, Ill., Nov. 9 /PRNewswire/ -- Champion Parts, Inc. (NASDAQ-NMS: CREB) today reported higher earnings on increased sales for the third quarter ended Oct. 3, 1993.
 Net sales for the third quarter were $27,472,000, 5 percent above the $26,176,000 of a year ago. Net earnings were $976,000 or 27 cents per share, compared to $162,000 or 4 cents per share, in the comparable period.
 Net sales for the nine months increased 7.1 percent to $78,429,000, from $73,243,000. Net earnings were $2,247,000 or 62 cents per share, compared to $199,000 or 5 cents per share.
 "Champion continued to experience moderately stronger sales and favorable product mix in the recently completed third quarter, compared to the same period in 1992," said Donald G. Santucci, president. "The company is expecting a significant softening in net sales and earnings for the fourth quarter, as compared to previous quarters, due to a reduction in customer orders, coupled with it traditionally being a weak quarter. The company remains focused on improvements to its operations. New members of the management team have already contributed to the company's continued efforts in improving customer service and product quality," added Santucci.
 Champion Parts is among the country's largest independent automotive replacement parts remanufacturers in the multi-billion-dollar automotive, truck and farm equipment aftermarket. It remanufactures, tests and distributes about 4 million parts each year throughout the U.S. and Canada. Its major products, representing some 80 percent of the sales volume of rebuilt parts sold by automotive jobbers and retail outlets, include fuel system products, such as carburetors, and a wide line of automotive electrical and mechanical parts. The company currently employs about 1,800 men and women and operates three major plants in the U.S. and Canada.
 CHAMPION PARTS, INC.
 CONSOLIDATED RESULTS
 Unaudited
 Third Quarter Ended Nine Months Ended
 Oct. 3, Sept. 27, Oct. 3, Sept. 27,
 1993 1992 1993 1992
 Net sales(A) $27,472,000 $26,176,000 $78,429,000 $73,243,000
 Earnings before
 interest and
 income taxes 1,613,000 861,000 4,163,000 2,096,000
 Interest 529,000 586,000 1,666,000 1,758,000
 Earnings before
 income taxes 1,084,000 275,000 2,497,000 338,000
 Income taxes 108,000 113,000 250,000 139,000
 Net earnings 976,000 162,000 2,247,000 199,000
 Net earnings per
 common share $.27 $.04 $.62 $.05
 Average shares
 outstanding 3,655,266 3,655,266 3,655,266 3,655,266
 (A) 1992 restated to reflect change in accounting for a formerly consolidated foreign affiliate.
 -0- 11/9/93
 /CONTACT: Thomas W. Blashill, executive vice president and CFO of Champion Parts, 708-573-6600; or Alex Tassos of Alex Tassos & Associates, 619-748-0787, for Champion Parts/
 (CREB)


CO: Champion Parts, Inc. ST: Illinois IN: AUT SU: ERN

ML -- DE004 -- 2090 11/09/93 09:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1993
Words:490
Previous Article:FIRST PATRIOT BANKSHARES CORPORATION ANNOUNCES INCREASED EARNINGS FOR THE QUARTER ENDED SEPT. 30, 1993
Next Article:THE RANDERS GROUP INCORPORATED REPORTS RECORD REVENUES AND IMPROVED OPERATING RESULTS FOR THE THIRD QUARTER OF 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters