BOUCHERVILLE, QUEBEC -- Uni-Select has reported sales of $359 million for the third quarter of 2009, up 16.6 percent over sales of $308 million for the same period of 2008. The increase in sales for the company is primarily due to acquisitions concluded in previous quarters, a 4.2 percent organic growth and the foreign currency variation. Earnings from continuing operations reached $13 million in the third quarter or 66 cents per share, compared to $12 million or 60 cents per share for the corresponding quarter last year, an increase of 10 percent.

Year to date, sales for continuing operations reached $1.1 billion an increase of $200 million or 22.3 percent compared with the same period in 2008. Earnings from continuing operations reached $38 million or $1.93 per share, compared to income of $32 million or $1.62 per share for the same period in 2008, an increase of 19.1 percent.

Factoring in the non-recurring loss of $5 million resulting from the disposal of assets of the Heavy Duty division announced in July, net income for the quarter reached $8 million or 40 cents per share compared to $12 million or 63 cents per share last year. For the nine-month period ended Sept. 30, net income was $31 million or $1.59 compared to $31 million or $1.58 per share.

Third-quarter sales for Automotive Group USA reached $220 million compared with $172 million for the third quarter of 2008. The acquisitions completed in recent quarters contributed $32.4 million to higher sales in the quarter, to which should be added increased organic growth to the order of 3 percent and the favorable impact of the exchange rate variation. The operating margin for the group decreased slightly at 6.6 percent compared with 7 percent in 2008. However, on a comparative basis, excluding the impact of the latest acquisitions whose integration is at an early stage, the operating margin was 7.7 percent and comparable to that of the previous period. Year-to-date, sales were $695 million, a 41.7 percent increase over the same period in 2008. This increase in sales is derived from acquisitions realized in recent quarters, the exchange rate variation and organic growth of 1.2 percent. The operating margin, excluding recent acquisitions, showed improvement, going from 7 percent to 7.3 percent in 2009.

Automotive Group Canada experienced organic sales growth of 5.8 percent in the third quarter of 2009, partially offset by the effect of the disposal of 11 stores earlier in recent quarters. Sales for the Group stood at $139 million compared to $136 million in the same period of 2008. The operating margin of the Group reached 9 percent, up from 8.1 percent in the third quarter of last year. Year to date, sales were $400 million, down 1.2 percent from the same period in 2008. For purposes of comparison, excluding the store disposals mentioned above, organic growth was 1.6 percent. The operating margin stood at 8.7 percent, an improvement of 1.2 percent compared to 7.5 percent in 2008.

"We are pleased with the organic growth recorded during the course of the quarter notwithstanding the difficult economic situation currently rampant in the United States. Results for the quarter continue to benefit from the impact of business development programs and cost reduction initiatives instituted over the course of recent years," said Richard Roy, president and chief executive officer of Uni-Select. "From the onset of the fiscal year, the company has significantly reduced its net indebtedness through the disposal of redundant and non strategic assets such as the disposal of assets of the Heavy Duty Group, the reduction of inventory surplus and the renegotiation of payment terms with suppliers. Over the coming quarters, the results of our U.S. operations will benefit from the increased participation of our U.S. subsidiary following the purchase of all of the outstanding stock of its minority shareholders. The company also intends to continue its expansion projects both in Canada and the United States. Furthermore, the company will maintain its strict asset management which may result in the sale or closure of certain stores in Canada and the U.S. in areas with less potential."

*Unless indicated otherwise, all figures in this release are in Canadian dollars.