Keystone Automotive Industries Reports 16-Percent Increase in Sales

Pomona, Calif.-based Keystone Automotive Industries Inc. has reported what it calls record results for its third quarter ended December 26, 2003, reflecting continued momentum in its aftermarket collision parts business.

Net income for the fiscal third quarter climbed 25 percent to $4.5 million, or $0.29 per diluted share, from $3.6 million, or $0.24 per diluted share, a year ago. Net sales for the fiscal third quarter increased 16 percent to a record $126.3 million compared with $108.5 million last year.

For the nine months, net income increased 16 percent to $11.4 million, or $0.75 per diluted share, from $9.8 million, or $0.65 per diluted share, a year earlier. Net sales for the nine months increased 14 percent to $361.0 million from $316.4 million in fiscal 2003.

"Results for the quarter and nine months reflect the continued strength of Keystone's Platinum Plus private label product line and increased utilization of aftermarket collision replacement parts by insurance companies," said Charles J. Hogarty, president and chief executive officer.

He emphasized that favorable economics of aftermarket parts compared with original equipment parts and Keystone's quality assurance programs are important factors driving the acceptance of the company's products by the insurance industry, body shops and consumers.