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Diamond Triumph Auto Glass, Inc. announces record 2001 results
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Diamond Triumph Auto Glass, Inc. announced today that net sales for the year ended December 31, 2001 increased $17.4 million, or 9.5%, to $201.4 million as compared to $184.0 million for the year ended December 31, 2000. Ebitda for 2001 increased by $3.1 million, or 16.8%, to $21.5 million from $18.4 million for 2000. Diamond Triumph Auto Glass, Inc. ($ in Millions) Year Ended December 31, 2001 2000 Net Sales $201.4 $184.0 Cost of Sales 58.1 56.6 Gross Profit 143.3 127.4 Operating Expenses 124.5 111.8 Income (Loss) From Operations $18.8 $15.6 Net Income (Loss) Before Extraordinary Item $5.0 $2.9 Extraordinary Loss on Extinguishment of Debt, Net of Taxes 0.0 0.5 Net Income $5.0 $2.4 Ebitda (A) $21.5 $18.4 Cash Interest $9.3 $9.7 Total Long-Term Debt $100.0 $100.5 (A) EBITDA represents income before taxes, interest expense, depreciation and amortization expense.
Norm Harris, Diamond Triumph's Chief Executive Officer, had the following comments regarding the Company. "The Company was on pace to realize even stronger operating results prior to the events of September 11, 2001. We are extremely pleased to have achieved a record sales volume and solid earnings even after we absorbed the adverse impact of these tragic events."
Michael Sumsky, Diamond Triumph's President and Chief Financial Officer added, "The Company generated strong profits and built $6.6 (m) in cash reserves during a year in which we continued our national expansion and made significant investments in our MIS infrastructure. The historically mild winter weather experienced throughout a large portion of the United States combined with the aftermath of September 11th contributed to more difficult fourth quarter industry conditions. However, we believe our advantageous capital structure and low cost strategy will allow us to maintain our competitive advantage."
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March 16th, 2002
Source: FT |
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