American Tire Distributors Inc. (ATD) posted net income of $5.5 million on consolidated net sales of $291.9 million for the third quarter ended Sept. 27, 2003. That compares to net income of $3.3 million on consolidated net sales of $280.1 million for the same period last year.
"We posted strong third quarter results despite a very competitive replacement market," says Dick Johnson, ATD's chairman and CEO.
Selling, general and administrative expenses increased by $500,000, primarily due to increased business activity during the period. However, EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations increased $2 million to $13.8 million in the third quarter of 2003 compared to the third quarter of 2002.
For the first nine months of the year, ATD recorded net income of $10.9 million on net sales of $835.2 million. That compares to net income of $34.5 million on net sales of $809.2 million for the same period in 2002.
Without a $29.9 million net gain on the repurchase of the company’s Series D Senior Notes on March 27, 2002, ATD recorded net income of $4.6 million through the first nine months of last year.
"Through the first three quarters of 2003, we have been able to outpace the growth rate of the market," says Johnson. "We have focused on providing excellent service to our customers, while refining our internal efficiency. This combination has driven our growth."
