AutoZone Third Quarter Sales Increase 3 Percent
AutoZone has reported net sales of $1.5 billion for its third quarter (12 weeks) ended May 3, an increase of 3 percent from fiscal third quarter 2007. Domestic same store sales, or sales for stores open at least one year, decreased 0.3 percent for the quarter. Net income for the quarter increased 4.6 percent over the same period last year to $158.6 million, while diluted earnings per share increased 14.7 percent to $2.49 per share from $2.17 per share in the year-ago quarter.
ASA Announces New Board of Directors at 2008 Celebration of Excellence
BEDFORD , Texas – The Automotive Service Association (ASA) has announced its new board of directors, installed during the association’s Annual Convention May 1-3 in Santa Clara , Calif. The installation of the board took place during ASA’s Celebration of Excellence May 3. Reggie Denney, AAM, Reggie Denney Auto Repair, Eden , N.C. , was
Delphi Files Legal Action Against Appaloosa Management and Other Plan Investors
Delphi Corp. has filed complaints against Appaloosa Management L.P. and eight other plan investors and related parties who the company said on Apr. 4 refused to honor their equity financing commitment of up to $2.55 billion and refused to participate in the closing that would have led to Delphi’s successful emergence from Chapter 11 last month. Delphi’s court filing alleges that the plan investors schemed to avoid their obligations rather than fulfill them.
Advance Auto Parts First Quarter Earnings Per Diluted Share Increased 21 Percent
Advance Auto Parts has announced its financial results for the first quarter ended April 19. First quarter earnings per diluted share increased 21 percent to 86 cents versus 71 cents last year. Total revenue for the first quarter increased 4 percent to $1.53 billion, compared with revenue of $1.47 billion in the first quarter of fiscal year 2007. The revenue increase reflected the net addition of 141 new stores in the past 12 months and a comparable store sales increase of 0.6 percent during the quarter compared to an increase of 0.7 percent in the first quarter last year.
Herman Trend Alert: Demand-Driven Workforce Development
Occasionally, we highlight organizations on the leading edge of thought and action. The Human Capital Academy (HCA) provides effective community-based, demand-driven workforce development [approved by the United States Department of Labor (DOL) Employment and Training Administration] and their paradigm is worth sharing.
James Yost Named Executive Vice President and Chief Financial Officer of Dana
TOLEDO, Ohio — Dana Holding Corp. has appointed James Yost, 59, as executive vice president and chief financial officer, effective May 22. Yost comes to Dana from Hayes Lemmerz International, where he most recently served as executive vice president and chief financial officer with responsibility for the automotive supplier’s global financial and information technology functions.
Commercial Vehicle Group Opens New R&D Center and Corporate Headquarters
Commercial Vehicle Group (CVG) has moved into its newly opened Corporate Headquarters and Research and Development Center located in New Albany, Ohio. The three-story, 89,000 square foot corporate complex combines four existing locations into one centralized research and development center directly connected to multiple CVG functional areas.
ArvinMeritor to Initiate Monthly Commodity Surcharge Beginning in June
ArvinMeritor said it plans to initiate a new commodity surcharge starting June 1. In ArvinMeritor’s second-quarter earnings report issued on April 29, the company stated that the unprecedented volatility in the commodity markets — including a global shortage of scrap steel, a rapid escalation in the price of critical raw materials such as iron ore, coking coal and metal alloys, and higher fuel and energy costs — would require it to take recovery actions to mitigate a significant impact to the company’s financial results.
Anti-Counterfeiting Legislation Passes House
On May 8, the House of Representatives passed legislation aimed at strengthening the nation’s anti-counterfeiting efforts. The legislation passed the House by an overwhelming 410-11 vote. The National Association of Manufacturers called the passage of H.R. 4279 "welcome news for consumers, manufacturers and workers alike. Counterfeiting often poses serious health and safety risks to the general public through sub-standard pirated products, including automobile parts, airplane parts, food medical devices, electrical supplies and pharmaceuticals."
Affinia Group Announces Results for the First Quarter of 2008
Affinia Group has announced a 5.4 percent increase in sales for the first quarter ended March 31, compared with the first quarter ended March 31, 2007. Additionally, operating profit for the first quarter improved by 64 percent over the same period in 2007. Operating profit was $18 million in the first quarter of 2008 compared with $11 million in the first quarter of 2007. The company also posted $18 million of operating cash flow for the first quarter of 2008, a $15 million improvement over the same period in 2007.