Despite Continued Low Sales Levels, New Vehicle Retail Sales Show Signs of Stabilizing, Says J.D. Power
Incremental demand estimated to increase by 20 million units during the next five years.
Earl Scheib Reports 2008 Net Sales of $43 Million
SHERMAN OAKS, Calif. — Earl Scheib Inc. reported its results for the fourth quarter and fiscal year ended April 30. Net sales for the fiscal year ended April 30 were $43 million compared to $46.2 million in the fiscal year ended April 30, 2007, a decrease of 6.9 percent, resulting primarily from a decrease in
SmarTire Names New President, CEO
The board of directors for SmarTire Systems Inc. has promoted vice president of sales and marketing, David Warkentin to president and chief executive officer of SmarTire. Prior to joining SmarTire in August 2005, Warkentin was the vice president of sales for Intrinsyc Software International, Inc., a Canadian provider of engineering services to wireless mobile device makers and licensable software for the wireless telephone handset market.
O’Reilly Automotive Reports Fourth Quarter and Annual Earnings
O’Reilly Automotive has announced record revenues and earnings for the fourth quarter and year ended December 31, 2005, representing 13 consecutive years of record revenues and earnings and positive comparable store product sales increases for O’Reilly since becoming a public company in April 1993.
Visteon Completes Independent Accounting Review
Visteon today announced that the Audit Committee of its board of directors has completed its independent review of the accounting for certain transactions relating to the company’s North American purchasing group. Based on the results of this review, the company concluded that its financial statements for the years ended December 31, 2004, 2003 and 2002 included in its 2004 Form 10-K (and the related 2004 Management Report on Internal Control Over Financial Reporting) should no longer be relied upon, and that restatements will be required for these periods.
Visteon Releases Preliminary Fourth Quarter and Full Year 2004 Results
Visteon Corp. has announced preliminary fourth quarter and full year results for 2004. The company is announcing only preliminary results because during the course of the year-end closing process, errors were discovered in the company’s accounting for certain retiree health care and pension benefits and income taxes. Visteon is currently in consultation with its independent registered public accounting firm PricewaterhouseCoopers LLP reviewing prior reports filed with the Securities and Exchange Commission to determine if any other adjustments or corrections are necessary.
Executive Interview with Hoon Chung, President & CEO of DST, Inc.
Our latest edition of “Executive Interview” features Hoon Chung, who was recently named president and CEO of DST, Inc., in Mission Viejo, Calif. Chung has more than 20 years of management experience in supply chain management and technology deployment services. Prior to his role as the Automotive Group senior vice president and general manager at Activant, he was the COO of Adexa, Inc., which delivers intelligent enterprise business planning and performance management solutions that link strategic, tactical and operational aspects in optimizing enterprise-wide supply chain planning and synchronization. Chung recently talked with aftermarketNews.com about his new appointment to lead DST, what he envisions for the company’s future and what he brings from his experience in other industries.
WIX Filters First Supplier to Become PIES Certified
WIX Filters has become the first aftermarket supplier to receive certification under the Automotive Aftermarket Industry Association’s (AAIA) Product Information Exchange Standard (PIES). PIES was developed by a subcommittee of AAIA’s technology group following a 2002 product data study conducted by AAIA that found aftermarket product data was inaccurate and incomplete. The study revealed that data errors were costing the aftermarket $1.7 billion annually.