Aftermarket Technology Third Quarter Earnings

Autoparts Report, Nov 3, 2001

Aftermarket Technology Corp., said total revenue from continuing operations increased by $11.8 million to $100.4 million in the third quarter of 2001 versus $88.6 million in the prior year's third quarter. Excluding the previously announced special charges recorded during the three months ended September 30, 2001, the company reported income from continuing operations increased by $2.7 million or 48.2 percent to $8.3 million with EPS increasing to $0.39 from $0.26 during the previous year's third quarter. This increase was primarily attributable to growth in demand for the company's remanufactured transmissions combined with increased profitability in the company's logistics segment, AutoZone said.

For the nine months ended September 30, 2001, revenue from continuing operations increased by $17.9 million, to $291.9 million, from $274.0 million for the nine months ended September 30, 2000. Excluding special charges, income from continuing operations increased $4.9 million, or 28.8 percent, to $21.9 million from $17.0 million for the nine months ended September 30, 2000.

For the nine months ended September 30, 2001, earnings per share before special charges increased 31 percent to $1.05 from $0.80 for the same period last year.

In commenting on the company's results, Mike DuBose, Chairman, President and CEO said, " I am pleased to report another solid quarter for ATC, exceeding our original estimates during a difficult market environment. In our Drivetrain segment, we saw increased strength in our remanufactured transmission volume and our 2001 lean and continuous improvement initiatives are producing enhanced operational efficiencies across the company."