FinishMaster Announces First Quarter Results
14 May 1999
FinishMaster Announces First Quarter Results; Net Income Increases 123% Over Prior Year; Earnings Per Share Increases 78% Over Prior Year
INDIANAPOLIS--May 14, 1999--FinishMaster, Inc. , the leading national distributor of automotive paints and related accessories, reported today that net income for the quarter ended March 31, 1999 increased 123% to $1,176,000 on revenues of $80,106,000, compared to net income of $528,000 on revenues of $76,024,000 in the prior year. Earnings per share increased 78% to $0.16 from $0.09. The increase in revenues between years is due primarily to the June 1998 acquisition of LDI AutoPaints, Inc."We are pleased to announce strong financial results for the quarter," said Thomas U. Young, President and Chief Operating Officer. "These results are driven by the successful execution of numerous strategic initiatives launched in the prior year that were designed to control costs and integrate the former Thompson and LDI AutoPaints operations. Combined with the recent acquisitions in Illinois, Texas and New Jersey, these results generate strong momentum as we enter the second quarter and the remainder of the year."
Selected Historical Financial Data
(000's omitted, except per share data)
Three Months Ended
March 31,
---------
1999 1998
---- ----
Revenues $80,106 $76,024
Gross margin 28,620 26,945
Income from operations 5,073 3,881
Net income $ 1,176 $ 528
Earnings per share - diluted $ 0.16 $ 0.09
Wtd. avg. shares outstanding - diluted 7,543 5,995
FinishMaster's 1998 historical results do not include the results of LDI AutoPaints, Inc. prior to June 30, 1998. Assuming the acquisition of LDI AutoPaints occurred as of January 1, 1998, the Company would have reported pro forma net income for the three months ended March 31, 1998, of $852,000 or $0.11 per share, on revenues of $81,743,000.
Selected Pro Forma Financial Data
(000's omitted, except per share data)
Three Months Ended
March 31,
---------
1999 1998
---- ----
Revenues $80,106 $81,743
Gross margin 28,620 29,310
Income from operations 5,073 4,416
Net income $ 1,176 $ 852
Earnings per share - diluted $ 0.16 $ 0.11
Wtd. avg. shares outstanding - diluted 7,543 7,539
This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ from those anticipated in such forward-looking statements as a result of numerous factors, including the Company's ability to successfully integrate its acquired operations. Please refer to the Company's cautionary statements contained in FinishMaster's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 1999.
FinishMaster is the leading national distributor of automotive paints, coatings, and related accessories to the automotive collision repair industry. The Company is headquartered in Indianapolis, Indiana and operates three major distribution centers and 152 sales outlets in 24 of the 35 largest metropolitan areas in the country.
For more information on the Company via the Internet, visit Corporate News on the Net page at http://www.businesswire.com/cnn/fmst.htm: or via fax, through the NewsOnDemand service, call 800-411-3989.