Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • HUMANITARIAN
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
November 15, 2001 01:00 AM

Heafner suffers $4.75 million 3rd.-qtr. loss

Bruce Davis
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    HUNTERSVILLE, N.C. (Nov. 15, 2001)—Heafner Tire Group Inc. fell $4.75 million into the red for the quarter ended Sept. 30 in part due to losses on the disposal of discontinued operations, according to the company's 10-Q form filed with the Securities and Exchange Commission. Heafner's sales slid 10.5 percent, to $293.2 million, reflecting the sale earlier this year of the Winston Tire retail activities in California as well as weaker consumer demand.

    For the nine month period, Heafner's net loss ballooned to $26 million, as higher interest payments—related to the 2000 acquisitions of T.O. Haas Co. and American Tire Distributors—and one-time charges to cover consolidation measures took their toll. Sales for the nine months rose 6.5 percent to $862.8 million.

    Heafner's document also shows the company fell into the red on an operating basis for the quarter, while operating income for the nine-month period slid 88.4 percent.

    Separately, Heafner disclosed the sale price for the T.O. Haas retail activities in Nebraska and Kansas—sold to management in October—was about $5.4 million, although this figure is still subject to adjustment.

    Heafner received $2.4 million at closing in October and will receive about $1 million in payments in January 2002 and 2003. In addition, T.O. Haas L.L.C. assumes $700,000 in liabilities, and part of the payment involves restructured payments to Haas executives related to Heafner's purchase of Haas in 2000. Heafner retained Haas' wholesale activities.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Tire Discounters grows again, adds Skip Cottrell's
    2
    Icahn-owned Auto Plus files for Chapter 11 protection
    3
    Truck sector leads U.S. tire market; consumer down
    4
    K&M welcomes dealers to annual conference in Vegas
    5
    Black's Tire Service holds leadership conference
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • HUMANITARIAN
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION