United Components Reports Fourth Quarter 2003 Results - aftermarketNews

United Components Reports Fourth Quarter 2003 Results

United Components has reported revenues of $228.7 million for the quarter which ended December 31, 2003. Revenue increased 3.5 percent over the year-ago quarter. Net income for the quarter was $1.8 million. For the fourth quarter of 2002, net income was $23.3 million.

ALBION, IL — United Components has reported revenues of $228.7 million for the quarter which ended December 31, 2003. Revenue increased 3.5 percent over the year-ago quarter. Net income for the quarter was $1.8 million. For the fourth quarter of 2002, net income was $23.3 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA), as adjusted pursuant to the company’s credit agreement for its senior credit facilities, was $30.9 million for the fourth quarter, compared with $30.8 million for the year-ago quarter.

For the full year 2003, revenue was $959.3 million, an increase of 3.9 percent over the prior year period. Net income was $13 million and $103.6 million, respectively, for the full year 2003 and 2002. EBITDA, as adjusted pursuant to the company’s credit agreement for its senior credit facilities, was $125.4 million and $130.3 million for full year 2003 and 2002, respectively.

The company said it used cash flow generated from operations to reduce borrowings under its senior credit facilities by $40 million. This voluntary pre-payment of debt occurred on March 1. Since UCI’s acquisition of the company on June 20, 2003, debt repayments have totaled $98 million.

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