ATD moves from red to black in 3Q
American Tire Distributors Inc. (ATD) posted net income of nearly $1.5 million on net sales of $831 million for its third quarter ended Oct. 1, 2011. That compares to a net loss of $18.9 million on sales of $647.3 million for the same period last year.
ATD's operating income for the quater was $20.2 million. In 3Q 2010, the company recorded an operating loss of $4.8 million.
For the first three quarters of fiscal 2011, ATD posted a net loss of $586,000 on net sales of $2.2 billion. Operating income was $51.1 million.
"In the first nine months of 2011, we continued to execute on our plans to expand our distribution services into new domestic geographic markets," said the company in its SEC Form 10-Q filing.
"During this time, we have opened new distribution centers in Seattle, Wash.; Chicago, Ill.; Detroit, Mich.; Cleveland, Ohio; Totowa, N.J.; Philadelphia, Pa.; Boston, Mass.; and Wichita, Kan. In addition, we opened distribution centers in Cincinnati, Ohio, and Indianapolis, Ind., during the second half of 2010.
"We will continue to evaluate additional domestic geographic markets during 2011 and beyond."