HOPE, AR — Champion Parts, Inc., a remanufacturer of underhood automotive parts, has announced net income of $21,000, or 1 cent per share, for the third quarter, which ended on Sept. 26, compared to $12,000, or no cents per share for the same period in 2003. Net sales were $4,578,000, compared to $5,000,000 in 2003.
For the nine months, the company reported net income of $678,000, or 18 cents per share, compared to $909,000 or 25 cents per share for the same period in 2003. Net sales were $15,171,000, compared to $18,169,000.
According to Jerry Bragiel, president and CEO of Champion Parts, a strong demand for carburetors contributed to the company’s continued profitability in the third quarter.
“However, we were confronted with lower than expected seasonal demand for air conditioning products in an overall soft market for replacement parts. The third quarter remains the low point in our sales cycle,” he added.
Despite lower sales, the company continued to operate profitably.
“We have positioned the company to capitalize on any new or increased sales volume, especially in the area of OEM products,” Bragiel explained.
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