Midas Reports Third Quarter Results
Midas has reported net income of $1.5 million — or 9 cents per diluted share — for the third quarter ending Oct. 1, after special items related to the company’s exit from exhaust manufacturing and distribution.
Editor’s Ink: Making Progress Through Partnership
Consider all the challenges our industry faces. And then consider that the solution to them just might be in your own hometown.
Alfred State College Holds Automotive Industry “Open House”
Under the banner of ‘Progress Through Partnership,’ Alfred State College’s Automotive Trades program held an Automotive and Heavy Duty Industry Open House late last week at its Wellsville, NY campus.
Robert Pitt to Lead Sales Effort for Affinia Canada
Robert Pitt has accepted a promotion in Affinia to the position of vice president, CRM Branded Sales, Canada.
AAIA Board and Executive Committee Nominations Sought
The AAIA Nominating Committee will be meeting at the Board and Committee Meetings in Reston, VA, on Sept. 15, to review qualified candidates who have submitted a request to be considered to serve on the association’s Board of Directors and Executive Committee.
R. L. Polk & Co.’s Ask the Industry Looks at the Future of U.S. Manufacturing
While the reasons the U.S. manufacturing landscape have changed over the past few years are numerous, a few reasons stand out like bright red flags, causing concern for the future of manufacturing in the United States. Among those red flags are the increasing pricing pressures automotive suppliers are experiencing and the increasing presence, and increasing quality, of offshore product — two issues currently putting a serious squeeze on the U.S. manufacturing base. here exactly is U.S. manufacturing headed? Are we destined to become a nation of merely packagers, marketers and retailers?
Hedahls Parts Plus Adds Six Stores
Hedahls Parts Plus late last week announced an agreement with Mann’s Automotive to purchase its six stores in North Dakota. The acquisition will bring Hedahls’ total number of locations in the upper Midwest to 22, with the Mann’s Automotive stores located in Minot, Williston, Crosby, Mohall and Garrison, ND. Hedahls’ existing store in Dickinson, ND, will be merged with the Mann’s Automotive store in Dickinson, under the Hedahls Parts Plus name.
Record Numbers Attend AAIA Leadership Days; Board Officers Announced
The Automotive Aftermarket Industry Association (AAIA) reported this week that a record number of people — 380 to be specific — converged upon Huntington Beach, Calif., last week to attend AAIA’s Spring Leadership Days. Volunteer board and committee members, VIP guests and professional staff participated in 28 group meetings and eight social events during the three-day program.
Midas Reports Positive Full Year Earnings
Midas this week reported positive full-year net earnings for the first time since 2001. For the fiscal year ending Jan. 1, Midas earned $4.1 million, or 26 cents per diluted share, including the effects of $5.9 million in special charges. Net income for the fourth quarter was $2 million – or 12 cents per diluted share, after special charges of $1.2 million. Net income for both the fourth quarter and full year benefited from the reversal of a $1.8 million tax reserve that was no longer needed due to the favorable resolution of a 1999 foreign tax matter. Excluding the effects of both the special charges and the tax credit, net income was 36 cents per diluted share for the year and 6 cents per diluted share for the fourth quarter.
Mike Lambert and Mike Kamal Share Details on ADN
On Jan. 14, aftermarketNews.com broke the news of the merger between the Parts Plus and IAPA programmed distribution groups. This major news follows closely on the heels of the merger between Quebec’s Uni-Select and New York-based MAWDI, which seems to confirm the sea change that has been taking place over the past few years — with strong but small groups merging to form even stronger collaborations, in an effort to ensure their future in the automotive aftermarket distribution market. Mike Kamal, executive director of IAPA and Mike Lambert, president of Parts Plus, will serve as co-presidents of the new group, to be called the Automotive Distribution Network (ADN). Yesterday, Kamal and Lambert spoke at length with aftermarketNews.com about the merger – how it came together, the synergies involved and thoughts on the future of The Network.