ORLANDO, Fla. -- General Automotive Co., a North American provider of aftermarket parts and advanced technology for the automotive industry, has announced financial results for its third quarter ended Sept. 30.

Gross margin improved 20.39 percent for the quarter ended Sept. 30 to 10.74 percent compared to 8.92 percent for the same quarter in 2008. Sustained improvements in purchasing practices and product sourcing at its OE Source subsidiary have resulted in a year-over-year reduction in cost of goods sold and the realization of 12.5 percent gross profit margin for the nine months ended Sept. 30. The company achieved a reduction in its loss from operations of 47.62 percent, to $378,712 from $723,171 for the nine months ending Sept. 30 in 2009 and 2008, respectively.

Earnings before interest and taxes continued to improve in the quarter, to a net loss of $171,161 from an operating loss of $215,068 for the quarter ended Sept. 30, 2008. Through sustained operating initiatives GAC reported a reduced net loss of $706,052, or 4 cents per basic and diluted share for the nine months ended Sept. 30, 2009, versus a net loss of $2.4 million or 20 cents per basic and diluted share, in the nine months ended Sept. 30, 2008. The year-over-year net loss included $1.6 million, or 13 cents per basic and diluted share, related to discontinued operations.

President and CEO Dan Valladao, commented, "General Automotive has continued to focus on building a platform for the company's future growth. We're pleased with our gross profit increase, which was driven by initiatives such as working more closely with our major international suppliers and streamlining overall corporate costs. To increase the efficiency of our operations going forward, we've also continued expanding our Asia sourcing activities and supplier quality programs. All of these actions are putting General Automotive in a good position to execute our growth strategy going forward. We remain very focused on growth both organically and via acquisition within the auto parts and accessories product market."

General Automotive is focused on expanding its operating growth platform through multiple and ongoing acquisitions of successful niche manufacturing companies in the automotive industry. The company's wholly owned subsidiary, OE Source imports and sells hard-to-get auto parts from proprietary sources domestically and abroad, fulfilling critical portions of its customers' supply chain. These customers include large, multi-national distributors. OES specializes in engine management products such as O2 sensors, which is a rapidly growing and government mandated segment of the auto supply industry. General Automotive is also a partner in the Advance Composite Technology joint venture with SenCer Inc., the advanced ceramics research laboratory whose proprietary "Ultra-Temp" technology is a potential game changer in the fields of oxygen sensors and SOFC fuel cells for powering automobiles.