TORONTO-Reflecting continued growth in North America and in Europe, Speedy Muffler King Inc.'s first quarter revenues and profits rose over the same 1993 period. Consolidated revenues rose 19 percent to $117.6 million compared with $98.8 million in the first quarter of 1993. North American revenues improved 9.1 percent, while European revenues increased 33.9 percent, the company said.
Net income for the quarter was $636,000 million, up $1.9 million from a loss of $1.3 million in the same year-earlier period.
Speedy Muffler has 874 company-owned stores in North America and continental Europe specializing in while-you-wait brakes, exhaust, road handling and steering system repairs. Last year Speedy added alignment and lube/oil services, and began tire sales in some markets.
Vehicle scrappage lowest since 1983
DETROIT-Motor vehicle scrappage over the past year was the lowest in 10 years, according to R.L. Polk & Co., a statistician for the U.S. and European auto industries.
Latest figures show that 9.3 million cars and trucks failed to be re-registered as of July 1, 1993, and are presumed to be scrapped.
Countering that number, the firm reported 13.2 million new vehicles were registered in 1993-up from 12.8 million the previous year. While new passenger car registrations were off slightly, the numbers for new trucks rose 10.9 percent over 1992, indicating ``an insatiable appetite for new trucks in the U.S. market,'' a Polk spokesman noted.
Midas International Corp.'s distribution center in Perrysburg, Ohio, was honored May 18 by the U.S. Occupational Health and Safety Administration (OSHA) for its excellent safety standards and performance.
OSHA specifically cited the 75,000-sq.-ft. facility-one of 12 operated by Midas in the U.S.-for engineering techniques, consistently enforced safety rules, employee use of protective equipment, preventive maintenance, training programs, emergency preparedness and administrative controls.
The Specialty Equipment Market Association (SEMA) has expanded its presence in Washington, D.C. with the hiring of Linda M. Spencer, who will serve as director of government relations.
Most recently, Ms. Spencer was with the Economic Strategy Institute where she focused on international investment issues and served as its Congressional liaison. She has also been a senior policy analyst for TRW Inc.
The U.S. Department of Labor has available a workbook and videotape program on ``Substance Abuse in the Workplace'' which is aimed at cutting workplace accidents, absenteeism and health-care costs.