CLEVELAND-Sudbury Inc.'s net income rose 19.1 percent for its fiscal 1996 second quarter, ended last Nov. 30, on a 3-percent improvement in sales. The parent company of service truck manufacturer Iowa Mold Tooling (IMT) reported net income of $4 million, up from $3.43 million for the same period a year earlier. Net sales rose to $76.6 million from $74.4 for the second quarter of fiscal 1995.
Improved profitability at both IMT and Sudbury's Wagner Castings units, in addition to lower interest costs related to the company's reduced borrowing levels, helped produce the significant increase in net income for the quarter, Sudbury said.
Jacques R. Sardas, Sudbury's chairman, president and CEO, said that despite slower sales growth, the company's strong showing was the result of ``a number of operational improvements that generated higher operating margins'' for Wagner and IMT.
CGT wins Nissan quality award
DETROIT-For the ninth consecutive year, Continental General Tire Inc. (CGT) has been presented with Nissan Motor Manufacturing Corp. U.S.A.'s 1995 Quality Master Award.
The auto maker also gave CGT a 1995 Zero Defects Award.
The Quality Master rating is awarded to suppliers that achieve a high level of points based on evaluations from Nissan's engineering, manufacturing, product quality, production control and purchasing divisions.
Pep Boys reports record 3rd quarter
PHILADELPHIA-Despite what it called continuing ``extremely low consumer confidence levels in the Mid-Atlantic States and California,'' which had a negative impact on sales, Pep Boys-Manny, Moe and Jack still reported record sales and earnings for its third quarter, ended Oct. 28.
The Philadelphia-based retailer of tires, automotive parts and accessories said its sales rose to a record $411.8 million-13.4 percent over the $363.2 million reported for the same quarter the previous year. Earnings rose 3.9 percent over the year-earlier period, to $21.44 million.
Sales for the nine months ended Oct. 28 hit a record $1.18 billion, which was 10.5 percent higher than the same 1994 period, Pep Boys said, while same-period earnings rose 1.9 percent to $62.9 million.
The company said it anticipated opening 19 of its Supercenters and 16 Parts USA stores during the fourth quarter, and approximately 100 stores in fiscal 1996.
Feds OK Oliver's retread process
ATHENS, Ga.-Oliver Rubber Co.'s retreading process has been approved by the Federal Tire Program for meeting or exceeding the government's Quality Assurance Facility Inspection Program (QAFIP) ZZ-T-441 (retread services) requirements.
The approval is effective September 1995 and extends through September 1996.
The QAFIP is granted each year to companies whose retreading processes meet federal standards for passenger car, light truck and truck/bus tread pattern classifications. Athens-based Oliver manufactures and markets tread rubber and complete systems for the retreading of all types of tires.
Hayes Wheels net sales grow 12.5%
ROMULUS, Mich.-Hayes Wheels International Inc. saw its third quarter net income grow by 1.3 percent to $8 million, boosted by a 12.5-percent increase in net sales of $157.9 million over the same period the previous year.
The company said the improvement in sales for the quarter ended Oct. 31 was due primarily to increases in full-face, styled steel wheel sales; new platforms launched in both North America and Europe; greater aluminum penetration rates in Europe; and higher selling prices resulting from the pass-through of increased raw material costs.
For the nine months ended Oct. 31, the Romulus-based wheel maker's sales were up 17.7 percent over 1994 to $469.0 million, while its net income grew 2.2 percent to $23.5 million.