TORRANCE, CA — Edelbrock Corp. has reported an improvement in sales and earnings for its fiscal 2004 third quarter and nine months which ended on March 25.
For the quarter, revenues increased 11.3 percent to $28,551,000 from $25,658,000 in the comparable period of fiscal 2003. Net income for the third quarter of fiscal 2004 increased to $905,000, or 16 cents per diluted share, from net income of $210,000, or 4 cents per diluted share, in the third quarter of fiscal 2003. The results for the quarter were positively impacted by a pre-tax gain of $315,000 on the sale of a real estate asset (approximately $198,000, or 4 cents per diluted share, after tax).
For the nine months, revenues rose 6.5 percent to $87,950,000 from revenues of $82,547,000 in the first nine months of fiscal 2003. Net income for the period increased 17.6 percent to $2,659,000, or 48 cents per diluted share, from net income of $2,261,000, or 41 cents per diluted share, in the same period a year ago. Results for the nine month period, reflected gains on the sale of real estate assets totaling $453,000 (approximately $285,000, or $0.05 per diluted share, after tax).
The company said it attributed its improved sales for the quarter and nine month period to improvements in the national economy, favorable weather conditions that enabled enthusiasts to perform desired upgrades and continued strong customer acceptance of the Edelbrock brand and products, reinforced by the company’s marketing program. Despite a strong performance in the fiscal 2004 periods, company management noted that earnings growth continued to be hampered by continuing increases in worker’s compensation and overall insurance costs.
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