CHARLOTTE, NC — American Tire Distributors has reported its operating results for the fiscal year, which ended Dec. 27, 2003. Consolidated net sales from continuing operations for fiscal 2003 improved 4.9 percent or $52.1 million to $1,112.5 million versus $1,060.4 million in fiscal 2002. The company’s fiscal 2003 pre-tax income was $27.2 million compared to $62.7 million for fiscal 2002. Excluding the fiscal 2002 gain on repurchase of Series D Senior Notes, fiscal 2003 pre-tax income increased $14.2 million from fiscal 2002.
“Our 2003 results indicate that our single-minded and strategic focus on being a distributor, and not a retail operator, is the right direction for the company,” said Dick Johnson, chairman and CEO of American Tire Distributors. “Each and every day, we strive to grow our dealers’ businesses. We do not compete with our dealers; therefore, we recognize that their sales growth drives our sales growth. We must provide unsurpassed service and value to earn our dealers’ business every day.”
Selling, general and administrative expenses increased by $2.2 million to $168.7 million in fiscal 2003. This slight increase was primarily due to increased costs associated with the company’s group health plan, higher freight costs and other net increases. As a percentage of sales, selling, general and administrative expenses decreased to 15.2 percent in fiscal 2003 compared to 15.7 percent in fiscal 2002.
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