EVANSVILLE, IN -- United Components, Inc. (UCI), has announced results for the third quarter ended Sept. 30. UCI reported revenue of $230.7 million for the quarter, compared to $238.3 million for the year-ago quarter. The company reported revenue increases in the original equipment service channel, and declines in the retail, OEM, traditional and heavy duty channels.
Net income from continuing operations for the quarter was $8.4 million, including $1.3 million, net of tax, in special charges, primarily costs related to the integration of the company's water pump operations and establishing new facilities in China. Excluding these charges, adjusted net income from continuing operations would have been $9.7 million for the quarter. Adjusted net income for the third quarter of 2006 was $6.8 million, excluding $4.7 million in special charges, net of tax.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, for UCI’s continuing operations, as adjusted consistent with the company’s historical presentations, was $36 million for the third quarter, compared with $34 million for the year-ago quarter.
“We are pleased to report that our strong operating performance led us to another quarter of solid results,” said Bruce Zorich, Chief Executive Officer of UCI. “Even as we experienced revenue declines in several market channels this quarter, we achieved year-over-year improvement in adjusted EBITDA for the third straight quarter. Our strong operations were highlighted by continuing cost savings, including those generated by last quarter’s completion of the integration of our historical water pump operations with ASC.”
“In addition, we made significant progress during the quarter in establishing two new manufacturing facilities in China,” continued Zorich. “We’re on track to have them in operation by early 2008, continuing the expansion of our global manufacturing operations.”
As of Sept. 30, the company’s debt stood at $463.6 million. The company ended the quarter with $15.4 million in cash.
For more information about United Components, go to: www.ucinc.com.
