Kingston, Pa. based Diamond Triumph Auto Glass Inc., reported yesterday that its net sales for the quarter ended March 31 increased $100,000, or .3 percent, to $53.5 million compared to $53.4 million for the same period in 2004. Net income for the quarter was $800,000 a $900,000 increase from the $100,000 loss the company had for the quarter that ended March 31, 2004.
In the press release announcing the financial results, Michael Sumsky, Diamond Triumph's president and chief financial officer stated, "In light of our sales performance, we are pleased that we were able to maintain positive cash flow during the first quarter. Our challenge is to broaden our revenue base to generate additional cash flow to allow us to de- lever the company [reduce its debt]."
Asked by GlassBYTEs if he could be more specific in the ways the company was looking to broaden the revenue base, Sumsky repeated that it was looking but was not more specific.
Norm Harris, Diamond Triumph's chief executive officer, added, "Despite relatively flat sales versus 2004, the company was able to increase earnings by leveraging costs throughout the organization. Based on the uncertainty surrounding pricing within our industry, we must continue to explore further opportunities to become more efficient in all facets of our business."
Diamond Triumph currently operates 242 company owned automotive glass service centers, approximately 1,000 mobile installation vehicles and five distribution centers in 44 states.
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