CHARLOTTE, N.C. (Nov. 13, 2003) — American Tire Distributors Inc. reported a 66-percent gain in net income for the third quarter on 4.2-percent higher sales.
ATD posted net income of $5.5 million, up from $3.3 million for the same period last year. Sales increased by $11.8 million to $291.9 million, from $280.1 million last year.
“We posted strong third quarter results, despite a very competitive replacement market,” said Richard Johnson, chairman and CEO of the Charlotte-based distributor.
Selling, general and administrative expenses increased by $500,000, primarily from increased business during the period, the company said. The same expenses fell by $800,000 for the first nine months of the year.
Also for the nine months ending Sept. 27, ATD's net income was $10.9 million, compared to $34.5 million in 2002. The year-ago figure included a $29.9 million net gain on repurchase of the company's Series D Senior notes in March 2002.
Consolidated net sales for the nine months increased by $26 million to $835.2 million from $809.2 million.
“Through the first three quarters of 2003, we have been able to outpace the growth rate of the market,” Mr. Johnson said in a statement.