COLMAR, Pa. — Dorman Products has announced its financial results for the third quarter ended Sept. 25.
Revenues for the three months increased 22 percent over the prior year to $119.2 million from $98 million last year. Net income in the third quarter of 2010 was up 60 percent to $12.8 million from $8 million in the same period last year. Diluted earnings per share rose 61 percent in the third quarter of 2010 to 71 cents from 44 cents last year.
Revenues in 2010 increased 18.7 percent over the prior year to $333.2 million from $280.7 million last year. The company said revenue growth was driven by strong overall demand for its products and higher new product sales.
Net income in 2010 was up 80 percent to $33.9 million from $18.8 million last year. Diluted earnings per share in 2010 rose 80 percent to $1.87 from $1.04 in 2009.
Chairman and CEO Richard Berman said, "Our customers’ success with our ‘New to the Aftermarket’ products continues to drive Dorman’s sales growth. We continue to make further investments in our new product development capabilities as we believe the opportunities for further growth are significant. As a result, we are planning on having the largest number of new product releases in our history in 2011, for both new and existing product lines. These investments along with the publication and distribution of our tri-annual Dorman Stocking Guide and our monthly new product alert program will help further support Dorman’s leadership position in delivering new products and revenue growth to the aftermarket.”
Berman added that the company has begun an expansion of its Warsaw, Ky., distribution facility to provide additional capacity to support current and projected future growth of the business. The addition and related equipment, which will cost approximately $9 million, will add approximately 175,000-square-feet of warehouse space and is expected to be completed in the spring of 2011.
Steven Berman, president and chief operating officer of Dorman Products, added, "We are excited about the opportunity this expansion provides us to more effectively serve the needs of our customers in the automotive aftermarket. We continue to invest in the development and distribution of new products for our customers and the expansion of our Warsaw Distribution Center directly supports this objective."
