Finishmaster Announces Financial Results for 2000
INDIANAPOLIS--March 9, 2001--FinishMaster, Inc. , the leading national independent distributor of automotive paints and related accessories, reported today that net income for the year ended December 31, 2000 was $3,727,000 on net sales of $337,213,000, compared to net income of $3,711,000 on net sales of $324,490,000 in the prior year. Earnings per share were $0.49 for both the current and prior year periods.For the fourth quarter ended December 31, 2000, net income was $805,000 on net sales of $79,600,000, compared to net income of $182,000 on net sales of $78,712,000 in the prior year. Earnings per share were $0.11 compared to $0.02 in the prior year period. Year-end inventory and accounts payable, and fourth quarter gross margins were higher in the current year period as a result of large inventory purchases prior to manufacturers' price increases.
"2000 was a successful year for us with steady growth in both net sales and operating income, reduced debt levels through net working capital management, and the completion of six strategic acquisitions," said Wes Dearbaugh, President and Chief Operating Officer. "Higher interest expense which offsets the increase in operating income resulted in flat net income and earnings per share for the year."
Selected Historical Financial Data
(000's omitted, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2000 1999 2000 1999
---- ---- ---- ----
Net sales $ 79,600 $ 78,712 $337,213 $324,490
Gross margin 30,312 28,727 122,995 117,002
Gross margin % 38.1% 36.5% 36.5% 36.1%
Total expenses 25,820 25,053 103,423 98,257
Income from operations 4,492 3,674 19,572 18,745
Interest expense 2,698 2,742 11,604 10,802
Income tax expense 989 750 4,241 4,232
Net income $ 805 $ 182 $ 3,727 $ 3,711
Earnings per share-diluted $ 0.11 $ 0.02 $ 0.49 $ 0.49
Wtd. avg. shares
outstanding-diluted 7,542 7,554 7,551 7,545
EBITDA $ 7,379 $ 6,345 $ 30,210 $ 29,418
Selected Historical Financial Data
(000's omitted, except per share data)
December 31,
2000 1999
---- ----
Cash $ 1,513 $ 619
Accounts receivable, net 29,063 30,135
Inventory 63,346 56,830
Intangible assets, net 102,858 108,115
Property, equipment & all other assets 21,537 18,536
Total assets $218,317 $214,235
Accounts payable $ 46,470 $ 25,856
Current & long-term debt 101,642 123,121
Accrued expenses & all other liabilities 13,399 12,189
Shareholders' equity 56,806 53,069
Total liabilities & shareholders' equity $218,317 $214,235
FinishMaster is the leading national independent distributor of automotive paints, coatings, and related accessories to the automotive collision repair industry. FinishMaster is headquartered in Indianapolis, Indiana and operates three major distribution centers and 156 branches in 24 of the 35 largest metropolitan areas in the country.
For more information on FinishMaster via the Internet, visit FinishMaster's website at http://www.finishmaster.com/ or Corporate News on the Net page at http://www.businesswire.com/companyspecific/.