Keystone Automotive Industries Reports First Quarter Results
From Primezone Media Network POMONA, CA — Keystone Automotive Industries, Inc. has reported record earnings and sales for its fiscal 2008 first quarter ended June 29 supported by ongoing industry demand for generic automotive replacement parts and management’s continued focus on operating leverage. Net income for the fiscal first quarter climbed 20.8 percent to $7.4
Keystone Automotive to Host Open Houses in North Carolina
Keystone Automotive Industries is hosting three open houses in North Carolina to show appreciation for past business and to welcome new customers.The open house events will feature vendors displaying popular 2007 products, gifts for new customers, opportunities to win valuable prizes, additional discounts available on all products at the show, as well as food and refreshments.
LKQ to Acquire Keystone Automotive Industries
LKQ Corp. has signed a definitive merger agreement to acquire Keystone Automotive Industries, a provider of aftermarket vehicle collision replacement parts, for $48 per share in cash. The merger, which is subject to approval of the shareholders of Keystone and other customary conditions, is currently expected to close early in the fourth quarter of 2007.
Keystone Automotive Concludes 2007 Customer Satisfaction Survey
Keystone Automotive Industries has announced the results of its fiscal year 2007 Customer Satisfaction Survey. According to Keystone, the company’s combined satisfaction score was 96.3 percent, a slight increase from 2005’s score of 95.28 percent. For the survey, Keystone measures specific areas of operations including staff knowledge, communication, delivery service, paperwork, credits and returns and problem resolution
Keystone Automotive Industries Reports Record Fiscal 2007 Year-End Results
Keystone Automotive Industries has reported record earnings and sales for its fiscal 2007 fourth quarter and year ended March 30. Net income for the fiscal fourth quarter climbed 51.1 percent to $11.4 million, or 69 cents per diluted share, from $7.6 million, or 46 cents per diluted share, a year ago. Net income for the fiscal 2007 fourth quarter included one-time gains of approximately $886,000, or 5 cents per diluted share, related to insurance recoveries for prior-year property loss claims and the company’s portion of an antitrust lawsuit settlement concerning automotive refinishing paint pricing between Jan. 1, 1993 and Dec. 31, 2000. Operating income increased 33.6 percent to $17.1 million from $12.8 million a year ago. Operating margin was 8.5 percent compared with 7.1 percent a year earlier. Net sales for the fiscal fourth quarter climbed 11.3 percent to $200.2 million from $179.9 million last year. Same store sales growth for the fourth quarter was 11.2 percent.
Keystone Automotive Sponsors First Ever ABPA/FAIA Joint Industry Convention
Keystone Automotive Industries recently signed on to be a Gold Sponsor of the first ever joint convention between the Automotive Body Parts Association (ABPA) and the Florida Automotive Industry Association (FAIA). This will be ABPA’s 28th and FAIA’s 53rd annual meeting, but their first joint venture.
Keystone Automotive Acquires Tulsa-Based Aftermarket Parts Business
Keystone Automotive Industries has acquired the assets of Auto Panels Plus, based in Tulsa, OK. Auto Panels recorded sales of approximately $5 million for the twelve months ended March 31, and operates locations in the Tulsa and Oklahoma City markets. Terms of the transaction were not disclosed.
Keystone Automotive Operations, Inc. Reports Strong Fiscal 2006 Results
EXETER, PA — Keystone Automotive Operations has announced financial results for the year ended Dec. 30, 2006. For the fiscal year ended Dec. 30, 2006, sales were $618.7 million, an increase of $109.6 million, or 21.5 percent, compared to $509.1 million in the prior year. Gross profit for the fiscal year was $197.4 million, a
Keystone Automotive Names Grimes New CFO
Specialty automotive accessories distributor Keystone Automotive Operations has appointed Don Grimes as its chief financial officer, effective Jan. 22. Grimes joins Keystone after a successful 15-year career at Brown-Forman Corp., an international beverage company, and the owner of such leading brands as Jack Daniel’s, Finlandia, Fetzer Wines and Hartmann Luggage. Grimes was most recently vice president, director of Beverage Finance responsible for all finance activities for Brown-Forman’s $2.6 billion beverage business, and had deep involvement in strategic resource allocation and pricing initiatives as well as organic growth efforts that helped the business grow at an annual rate double the industry average.
The Boy Scouts of America Honor Keystone Automotive’s CEO
Keystone Automotive Industries CEO Richard Keister accepted the 2006 Automotive Distinguished Good Scout Award from the San Gabriel Valley Council, Boy Scouts of America. A luncheon was held in honor of Keister Dec. 1 at the Sheraton Fairplex. The event raised funds to help reach youth in Pomona, CA.