STERLING HEIGHTS, MI — Advanced Accessory Systems, LLC (AAS), a manufacturer of exterior accessories for both OEMs and the aftermarket, has announced its financial results for 2005.
The company said net sales in 2005 were $443.5 million, representing an increase of $51.7 million or 13.2 percent compared with net sales of $391.8 million for the year ended Dec. 31, 2004. OEM sales were up $44.5 million, primarily related to new roof rack program launches.
Additionally, towing systems sales to aftermarket customers in both North America and Europe increased $5.4 million during fiscal 2005 compared to the same period in the prior year. Operating income (loss) in 2005 was $(43.4) million including a non-cash charge for impairment of goodwill and intangible assets of $43.1 million representing a decrease of $53 million compared with operating income of $9.6 million in 2004.
EBITDA defined as net income (loss) adding back the provision for taxes, interest expense, depreciation, amortization of intangible assets, impairment of goodwill and intangible assets on a trailing twelve-month basis as of Dec. 31, 2005 was $18.3 million compared to $24.6 million for the period ending Sept. 30, 2005, down $6.3 million. The net change is evenly related to plant operating issues in the U.S. OEM business and foreign exchange related to the U.S. dollar denominated intercompany indebtedness.
For more information about AAS, go to: www.advancedaccessorysystems.com .
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