Aftermarket Technology Corp. Reports First
Quarter 2001 Results
Earnings Exceed First Quarter Forecast
WESTMONT, Ill., April 26 Aftermarket Technology Corp.
, today reported financial results for the quarter ended
March 31, 2001.
Total revenue from continuing operations increased to $92.4 million in the
first quarter of 2001 versus $86.5 million in the prior year's first quarter.
As expected, income from continuing operations declined to $6.0 million from
the first quarter 2000 level of $7.8 million primarily due to planned spending
on growth and re-engineering initiatives, management delayering and severance
costs, the impact of price and inventory reductions at DaimlerChrysler, and
the impact of the favorable resolution of certain unusual items during the
prior year. These factors were partially offset by continued growth in the
Logistics segment and strong market demand for remanufactured transmissions.
On a per share basis, income from continuing operations was $0.29 per
diluted share for the three months ended March 31, 2001, exceeding previously
expected results of $0.27 per diluted share, versus $0.37 per diluted share
for the three months ended March 31, 2000. Total EPS, including discontinued
operations for the three months ended March 31, 2000, was $0.25 per diluted
share.
Mike DuBose, Chairman, President and CEO said, "We are pleased to report
better than expected financial results for the first quarter on strong sales.
The progress on our internal initiatives combined with overall strong market
demand for our products and services reinforce our 2001 outlook of $1.30 per
share, representing another positive year for ATC."
ATC is headquartered in Westmont, Illinois. The Company's continuing
operations include drivetrain remanufacturing, third party logistics and
material recovery services. ATC also remanufactures electronic control
modules, instrument and display clusters and radios.
The preceding paragraphs contain statements that are not related to
historical results and are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include those that are predictive or express expectations, that
depend upon or refer to future events or conditions, or that concern future
financial performance (including future revenues, earnings or growth rates),
ongoing business strategies or prospects, or possible future Company actions.
Forward-looking statements involve risks and uncertainties because such
statements are based on current expectations, projections and assumptions
regarding future events that may not prove to be accurate. Actual results may
differ materially from those projected or implied in the forward-looking
statements. The factors that could cause actual results to differ are
discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 2000 and other filings made by the Company with the Securities
and Exchange Commission.
AFTERMARKET TECHNOLOGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the three months
ended March 31,
2001 2000
(Unaudited)
Net sales $92,421 $86,502
Cost of sales 61,468 55,128
Gross profit 30,953 31,374
Selling, general and
administrative expense 14,481 11,661
Amortization of intangible assets 1,256 1,257
Income from operations 15,216 18,456
Interest income 356 -
Other income, net 6 52
Interest expense 5,790 5,836
Income from continuing operations,
before income taxes 9,788 12,672
Income tax expense 3,768 4,841
Income from continuing operations 6,020 7,831
Loss from discontinued operations, net
of income taxes - (2,494)
Net income $6,020 $5,337
Per common share - basic:
Income from continuing operations $0.29 $0.38
Loss from discontinued operations - (0.12)
Net income $0.29 $0.26
Weighted average number of common shares
outstanding 20,578 20,539
Per common share - diluted:
Income from continuing operations $0.29 $0.37
Loss from discontinued operations - (0.12)
Net income $0.29 $0.25
Weighted average number of common and
common equivalent shares outstanding 20,763 21,387
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