ALGONA, IOWA -- Universal Mfg. Co., announced that earnings for the fiscal year ended July 31, were $4.41 per share on sales of $21 million, compared to $1.09 per share on sales of $22 million the previous year.

On July 2, Universal Mfg. Co. sold its distribution subsidiary, Universal Distribution LLC. Sales for 2007 reflect 11 months of sales by that subsidiary, which distributed remanufactured Ford and Motorcraft branded engine and transmission assemblies and other powertrain related components.

Earnings for 2007 reflect the gain and expense incurred by the sale of Universal Distribution, which accounts for approximately $3.70 per share. Universal Distribution operations accounted for approximately 62 cents per share. Universal Mfg. Co. continued remanufacturing and marketing replacement automotive parts and added about 9 cents per share after significant year end inventory re-evaluations.

According to Don Heupel, president of Universal Mfg. Co., the company experienced an increase in remanufactured parts sales in fiscal 2007, despite an overall softer market. The customer base was expanded, and the sales force was strengthened, with representation in new market areas. Additional expansion of the customer base is expected in 2008.

Heupel added that the company’s goals for 2008 are to significantly increase sales and earnings of the remanufacturing operations. Universal Distribution LLC accounted for more than half of the sales volume and two thirds of the earnings the past few years, and the challenge is to replace those earnings, Heupel said.