Diamond Triumph Auto Glass, Inc. Announces 2003 Results

Diamond Triumph Auto Glass, Inc. announced today that net sales for the year ended December 31, 2003 increased $17.1 million, or 8.5%, to $218.7 million as compared to $201.6 million for the year ended December 31, 2002.

Net income for 2003 increased by $0.9 million, or 947.19%, to $0.8 million from ($0.1) million loss in 2002. EBITDA for 2003 remained at $12.0 million, which was flat compared to 2002.

Norm Harris, Diamond Triumph's Chief Executive Officer, had the following comments regarding the Company. "We are pleased that we were able to drive more units through our service center network during 2003, which allowed us to achieve a record high annual sales volume despite weak industry pricing. Overall pricing continues to be a very difficult issue for our industry. Our challenge as a company will be to sustain our unit growth as we continue to explore opportunities to broaden our revenue base and leverage costs throughout the organization."

Michael Sumsky, Diamond Triumph's President and Chief Financial Officer, added, "Our 2003 performance combined with our capital structure and reduced interest expense allowed us to generate additional cash reserves despite the industry's pricing environment. Our cash position allowed us to repurchase an additional $13.2(m) in aggregate principal amount of senior notes during 2003 at a financial gain of approximately $1.1 (m). Since December 2002, we have repurchased approximately $20.2(m) in aggregate principal amount of senior notes. We are satisfied with this reduction in ongoing interest expense, and we will continue to explore opportunities to de-lever the Company."

Diamond Triumph Auto Glass, Inc., headquartered in Kingston, PA, is a leading provider of automotive glass replacement and repair services. Diamond Triumph currently operates 277 company owned automotive glass service centers, approximately 1,100 mobile installation vehicles and six distribution centers in 46 states. For more information about Diamond Triumph, visit the website at www.diamondtriumph.com.

Diamond Triumph Auto Glass, Inc.'s Senior Management has scheduled a conference call to discuss fiscal year 2003 financial results on Thursday, April 1, 2004, at 12:00 EST. To participate in this conference call please contact our Investor Relations Department at 800-999-2688, extension 3182.

(1) EBITDA represents net income before interest, taxes, depreciation and amortization. Diamond Triumph presents EBITDA because it considers it an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industry, many of which present EBITDA when reporting their results.
Diamond Triumph believes issuers of "high yield" securities also present EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet debt service obligations. Diamond Triumph believes EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges.

More on the source link.....

600450 Diamond Triumph Auto Glass, Inc. Announces 2003 Results glassonweb.com

See more news about:

Others also read

The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Christmas got a little bluer for the local glass industry this week with the closure of yet another plant.

Add new comment