American Tire Distributors Inc.'s sales for the first quarter of 2003 were $257.7 million, a 2.4% increase over the same period last year.
However, the company's net income for Q1 2003 totaled $1 million vs. $29.2 million reported during the first quarter of 2002.
The drop was "due in large part to a 4.7% reduction in operating expenses and a 40.7% reduction in interest expense," according to American Tire Distributors (ATD) officials.
"Net income from first quarter 2002 included the $30 million net gain on repurchase of the company's Series D Senior Notes transacted March 27, 2002."
