International Speedway Reports Fourth Quarter And Year-End Results
International Speedway Corp. (ISC) has reported results for the fourth quarter and year, which ended on Nov. 30, 2003. Total revenue for the 2003 fourth quarter was $164.7 million, compared to $171.7 million in 2002. Operating income for the fourth quarter was $56.5 million compared to $65.3 million for the prior year. Net income was $31.6 million, or $0.60 per diluted share, compared to $37 million, or $0.70 per diluted share, in the fourth quarter of 2002.
Save the Date: MEMA Legislative and Public Policy Summit – Advancing American Manufacturing, May 5-6
MEMA and its market segment associations – AASA, HDMA and OESA – will host the inaugural “MEMA Legislative and Public Policy Summit: Advancing American Manufacturing” on Thursday and Friday, May 5-6 in Washington, DC. The Summit has been created to raise awareness among Washington policymakers of the supplier industry’s many contributions to the nation’s economy. MEMA intends to bring members to Washington, DC, to collectively share their priorities and concerns with members of Congress and the Bush administration. While in Washington, they will discuss best practices in government affairs for our industry, and provide updates and dialogue on legislative, regulatory and political developments from senior administration officials, members of Congress and other experts.
Monro Muffler Brake Reports 26 Percent Increase in Third Quarter Net Income
Monro Muffler Brake has announced record sales and net income for the third quarter and nine months, which ended December 27, 2003. During the third quarter, sales totaled $64.5 million compared to $60.7 million last year. Comparable store sales experienced a four percent increase following a 3.8 percent comparable store sales increase in the same period for the prior year. The key drivers of the comparable store sales increase included an approximate 10 percent increase in the brake category, a 2 percent increase in exhaust sales, a 25 percent increase in scheduled maintenance and a 12 percent increase in commercial sales.
More Details on the Future of Honeywell’s Friction Materials Business
Yesterday, Honeywell announced that it had terminated discussions with Federal Mogul regarding the possible sale of its friction materials business, which manufactures and markets the well-known aftermarket brand Bendix. After several months of negotiations, the parties were unable to agree on terms of a deal. Now Honeywell has reported that the friction materials division will remain part of Honeywell and will become closely aligned with the company’s business initiatives and operating plan. According to Joe Puishys, president of Honeywell friction materials, the company is in the process of making investments in both the aftermarket and OE segments of the business.
Tenneco Automotive Announces Executive Appointment
Tenneco Automotive has named Paul Novas vice president of finance and administration for the company’s European operations. Novas will also continue in his current role as corporate treasurer. Novas has served as vice president and corporate treasurer for Tenneco since 1999. He joined Tenneco Inc. in 1996 as assistant treasurer, responsible for corporate finance and North American treasury activities. He played an integral role in executing the financial transactions leading to the separation of Tenneco’s energy and shipbuilding businesses in 1996 and the separation of the packaging and automotive businesses in 1999.
Executive Interview with Rich White, Vice President of Marketing & Communications, AAIA, and Executive Director of the Car Care Council
Rich White is vice president of marketing and communications for the Automotive Aftermarket Industry Association (AAIA). He oversees marketing, public relations, media relations, publications, Web sites and most recently, the Car Care Council and the “Be Car Care Aware” consumer education campaign. With National Car Care Month just around the corner, White provided aftermarketNews.com with an update on the “Be Car Care Aware” consumer education campaign and the Car Care Council’s plans for this year. He also shared how aftermarket companies can become more involved in the campaign.
Oxford Automotive Names Two to Top Management Positions
Oxford Automotive, a $1 billion Tier 1 supplier of specialized welded metal assemblies, has announced two key management changes. Jeffrey Wilson, current president of Oxford Automotive’s North American division, has been appointed president and COO of Oxford Automotive Inc. Patrick Flynn, current vice president of strategic planning, has been named CFO, replacing Martin Welch who resigned last week to pursue other interests.
R. L. Polk Canada Announces Management Changes
Kendra Rawls has been appointed vice president, R. L. Polk & Co. and general manager, R. L. Polk Canada, Inc. In this position, Rawls is responsible for managing Polk’s activities in Canada including vehicle registration reporting, automotive intelligence and analysis and marketing solutions. Rawls replaces Bill Murray who has been named vice president of international development at Polk’s international headquarters in Southfield, Mich. Murray is now responsible for overseeing operations in Brazil, Canada and Mexico plus the development of product offerings in Polk’s emerging markets.
Stoneridge Adds Two New Directors to Its Board
Automotive components manufacturer Stoneridge has appointed John Corey and William Lasky to the company’s board of directors. Corey is president and CEO of Safety Components International, a supplier of air bags and components. He previously held positions as president of the Stanley Mechanics Tools Division, AlliedSignal’s automotive aftermarket products division and Moog Automotive. Lasky is chairman, president and CEO of JLG Industries, a diversified construction and industrial equipment manufacturer. Prior to joining JLG, Lasky spent 22 years in various positions of increasing responsibility with Dana, including president of its Filtration Products Worldwide business from 1997 to 1999.
Federal-Mogul Appoints Jay Burkhart, Vice President, Global Marketing and Brand Strategy
Federal-Mogul has appointed Jay Burkhart to vice president, global marketing and brand strategy. In this new role, he will be responsible for marketing and brand strategy in aftermarket sales locations throughout the world. Prior to this promotion, Burkhart, who joined the company in 1998, was responsible for marketing in the North American aftermarket. He has been instrumental in helping the Federal-Mogul North American aftermarket organization achieve record performance in sales and numerous awards for marketing excellence, including most recently, the prestigious PACE Award for product innovation.