Diamond Triumph Auto Glass, Inc. Announces Record 2000
Results
KINGSTON, Pa., April 2 Diamond Triumph Auto Glass, Inc.
announced today that net sales for the year ended December 31, 2000 increased
$19.5 million, or 11.9%, to $184.0 million as compared to $164.5 million for
the year ended December 31, 1999. EBITDA for 2000 increased by $4.6 million,
or 33.3%, to $18.4 million from $13.8 million for 1999.
Diamond Triumph Auto Glass, Inc.
($ in Millions)
Year Ended
December 31
2000 1999
Net Sales $184.0 $164.5
Cost of Sales 56.6 51.4
Gross Profit 127.4 113.1
Operating Expenses 111.8 101.9
Income From Operations $15.6 $11.2
Net Income Before Extraordinary Item $2.9 $0.0
Extraordinary Loss on Extinguishment of Debt,
Net of Taxes 0.5 0.0
Net Income $2.4 $0.0
EBITDA (a) $18.4 $13.8
Cash Interest $9.7 $10.1
Total Long-Term Debt $100.5 $107.5
(a) EBITDA represents income before taxes, interest expense, depreciation
and amortization expense.
Norm Harris, Diamond Triumph's President had the following comments
regarding the Company: "We are extremely pleased with our 2000 operating
results. We experienced a record sales volume and solid earnings. It was
very rewarding after the challenging industry conditions faced in 1999 to
respond with earnings growth in excess of 33%. We feel our performance is a
direct reflection of our solid team of service and distribution center, sales
and administrative personnel who have consistently displayed quality
leadership and performance."
Michael Sumsky, Diamond Triumph's Executive Vice President and Chief
Financial Officer added, "Our advantageous capital structure and low cost
strategy allowed us to generate strong cash flow during 2000 to repay
$7 million of our outstanding bank debt. This structure has allowed us to
support our business needs during tougher industry conditions and to generate
meaningful free cash flow during periods of increased earnings."