CHARLOTTE, N.C. (Aug. 12, 2004) — American Tire Distributors Inc. (ATD) posted double-digit increases in earnings for the second quarter and first half as sales grew faster than operating expenses and interest expenses declined.
ATD's sales increased 9.8 percent in the second quarter as shipments of light truck tires, wheels and equipment improved and manufacturer price increases helped.
The Charlotte-based distributor reported net income in the quarter of $6.28 million, up 43 percent from $4.39 million last year. Sales rose to $314.1 million from $286.1 million.
For the first half of the year, net income more than doubled to $11.9 million from $5.37 million a year ago. Consolidated sales rose 13.1 percent to $615.5 million from $544.2 million last year.
ATD said the net income increase was partially offset by an increase in an income tax provision. Operating income for the half grew to $26 million from $16.4 million in 2003.