COLMAR, Pa. -- Dorman Products has announced financial results for the third quarter ended Sept. 26.
 
Revenues for the three months increased 8.2 percent over the prior year, excluding the impact of foreign currency exchange. Sales for the quarter were up 7.5 percent to $98 million from $91.2 million last year. For the nine months ended Sept. 26, revenues before the impact of exchange and the sale of our Canadian business were up 9.1 percent while reported sales for the nine month period rose 7.3 percent to $280.7 million from $261.6 million last year. Revenue growth in both periods was driven by strong overall demand for our products and higher new product sales.

Net income in the third quarter of 2009 was $7.9 million compared to net income of $5 million in the same period last year. Diluted earnings per share in the third quarter of 2009 rose 57 percent to 44 cents compared to 28 cents in the same period last year. Net income in the first nine months of 2009 was $18.8 million compared to net income of $13 million in the same period last year. Diluted earnings per share for the nine months ended were up 44 percent to $1.04 from 72 cents last year.
    
For the thirteen weeks ended Sept. 26, 2009, and Sept. 27, 2008, gross profit margin was 36 percent in 2009 compared to 32.4 percent in the prior year. The increase is primarily the result of lower warranty and product return costs along with a reduction in freight expenses and certain material costs.

Selling, general and administrative expenses in 2009 increased 6.2 percent to $22.3 million from $21 million in 2008.

Richard Berman, chairman and chief executive officer, said, "Dorman sales increases continue to be driven by new product growth. This growth is fueled by Dorman's recent new product successes and strong market acceptance of our new product lines and line extensions. The strength of our balance sheet has allowed us to continue to fund these growth opportunities. Our recent decision to move to a four-month distribution cycle for our Service Dealer Guide, which highlights many of these new products, will help increase awareness of the new items to our customers and end users. We look forward to showcasing some of our new product opportunities for our customers during next week's AAPEX Show."