COLMAR, PA — R&B, Inc., a leading supplier of OE Dealer “Exclusive” automotive replacement parts, automotive hardware and brake products, has announced its financial results for the third quarter, which ended on Sept. 25. For the third quarter ended, sales increased 10 percent to $64.1 million from $58.2 million in the same period last year. Net income in the third quarter was $4.4 million compared to net income of $3.7 million in the same period last year. Diluted earnings per share in the third quarter increased 17 percent to 48 cents from 41 cents in the same period last year.
For the nine months, which ended on Sept. 25, sales increased 11 percent to $184.4 million from $166.5 million in the same period last year. Diluted earnings per share for the first nine months increased 35 percent to $1.42 compared to $1.05 in the same period last year. Net income for the first nine months was $13 million compared to net income of $9.5 million in the same period last year.
The company said volume in 2004 increased primarily as a result of continued sales growth from recently introduced new products. Results in the third quarter were negatively impacted by approximately $0.7 million in incremental expediting costs incurred to maintain satisfactory customer fill rates resulting from material shortages for certain items and higher-than-planned demand.
Richard Berman, chairman, president and CEO, said, “Our customers are benefiting from the sales growth and industry interest generated by our Driving ReveNEW program. This initiative demonstrates our commitment to new products, trade advertising and promotional support designed to improve our customers’ revenues from products that were previously exclusive to the OE dealer. We are intensifying this effort with a goal of having 15 percent of our customer revenue generated from new products. This leadership position will provide lasting, tangible benefits to our company, our customers and the end users of our products.”
For more information about R&B, go to: www.rbinc.com.
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