CHARLOTTE, N.C. (May 14, 2003) — American Tire Distributors Inc. increased sales in the first quarter 2.4 percent, or $6.1 million, to $257.7 million, the Charlotte-based tires, wheels and automotive accessories distributor said.
Sales in the same 2002 period were $251.6 million. For the quarter, ATD reported net income of $1.0 million, compared to net income of $29.2 million in the first quarter 2002. Net income last year included a $30 million net gain on repurchase of senior notes that year.
ATD said a 4.7-percent reduction in operating expenses and a 40.7-percent decrease in interest expenses helped net income in the quarter.
“As the industry in total reports declining sales, our team has made a tremendous investment in outpacing the industry's growth and increasing our market share,” said Richard P. Johnson, ATD's chairman and CEO.