CHICAGO -- LKQ Corp. has announced results for its second quarter ended June 30. Revenue for the second quarter of 2009 was $492.8 million, an increase of 1.7 percent from $484.4 million in the second quarter of 2008. Net income for the second quarter of 2009 was $28.9 million, as compared to $31 million in the second quarter of 2008. Diluted earnings per share was 20 cents for the second quarter of 2009, as compared to 22 cents for the same period of last year.

"All of the operating groups performed well during the quarter," said Joseph Holsten, president and chief executive officer. "Our aftermarket and recycled product businesses realized strong revenue gains, aided in part by good inventory levels. The revenue growth greatly mitigated the effect of lower commodity prices on our operating income during the quarter. Miles-driven appears to have stabilized, with modest increases during April and May. However, we believe there still are signs of economic weakness that are impacting our business."

For the second quarter of 2009, organic revenue declined by 3.3 percent as a result of the effect of lower commodity prices and fewer self service and crush-only vehicles on Other Revenue. Excluding the Other Revenue category, aftermarket and recycled product and service revenue was $446.6 million, an increase of 11.5 percent as compared to $400.6 million for the second quarter of 2008. Organic revenue growth, excluding Other Revenue, was 7.7 percent for the quarter, with relatively equal growth rates for the aftermarket, other new and refurbished products and the recycled products and services businesses.

On a six month year-to-date basis, revenue was $1 billion, an increase of 3.5 percent from $976.3 million for the same six month period of 2008. Net income for the first six months of 2009 was $61.2 million, as compared to $61.9 million for the first half of 2008. Diluted earnings per share was 43 cents for the first six months of 2009, as compared to 44 cents for the same six month period of 2008.

On a six month year-to-date basis, organic revenue declined by 1.9 percent; however, excluding Other Revenue, organic revenue growth was 6.3 percent.

"Recently, we acquired our sixth heavy duty truck parts recycling business. Operating in Maryland from a nine acre recycling facility with a 77,000 square foot warehouse, the business provides us with significant efficiencies in both obtaining trucks under our national fleet acquisition programs and in the export of trucks and truck parts. While it had only $2.0 million of historical annual revenue, it provides a key presence near a port city along the eastern seaboard," added Holsten.

As of June 30, LKQ's balance sheet reflected cash and equivalents of $129.5 million as compared to $79.1 million as of Dec. 31, 2008. Debt as of June 30, was $636.6 million as compared to $642.9 million at the end of 2008. Liquidity available under LKQ's revolving credit agreement was $65.3 million at the end of the quarter.

Organic revenue growth, excluding other revenue, is projected to grow at a rate of 6 percent to 8 percent. Excluding the impact of any restructuring expenses, LKQ anticipates full year 2009 net income will be in the range of $116.5 million to $124 million and diluted earnings per share will be in the range of 81 cents to 86 cents.

Net cash provided by operating activities for 2009 is projected to be approximately $145 million. Capital expenditures related to property and equipment, excluding expenditures for acquiring businesses, are projected to be in the range of $71 million to $77 million. Maintenance or replacement capital expenditures are expected to be less than $15 million.

Weighted average diluted shares outstanding are anticipated to be approximately 144 million for 2009. Share numbers are estimates and will be affected by factors such as future stock issuances, the number of options exercised in subsequent periods, and changes in stock price.