CHICAGO — LKQ Corp. has reported results for its first quarter, which ended on March 31. The company reported revenues of $100.1 million and net income of $5.6 million, representing growth over the first quarter of 2003 of 26.3 percent and 43 percent, respectively.
“Our first quarter results showed revenue growth from acquisitions of 9.3 percent and organic revenue growth of 17 percent, as a result of strong demand from our collision repair customer base,” said Joe Holsten, president and CEO. “We are very pleased with the progress to date in integrating Global Trade Alliance, Inc. (GTA) into LKQ, and while much work remains to be done, the initial reaction from our customer base has been positive. Our recently acquired self-service retail business is also performing according to expectations, and has been rapidly integrated into our business management systems.”
On February 20, LQK acquired GTA, one of the largest suppliers of aftermarket collision automotive replacement parts in the Midwestern United States. GTA operates primarily under the trade names Action Crash Parts and Midwest Fender. GTA competes in the aftermarket automotive parts industry, and its primary product lines include fenders, hoods, headlights, taillights, bumper covers, radiators, door mirrors, and grills. This acquisition represents our entry into the aftermarket replacement parts industry and complements our existing recycled parts business.
GTA’s revenue included in our first quarter 2004 results was $5.5 million and its related gross margin was 44.3 percent.
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