ATD posts net income of $5.3 million in 3Q
American Tire Distributors Holdings Inc. posted net income of $5.3 million on net sales of $549.5 million for the third quarter ended Oct. 3, 2009. That compares to income of $6.5 million on sales of $502 million for the same period a year ago.
The 9.4% increase in net sales was driven by American Tire Distributors' acquisition of AM-PAC Tire Distributors Inc. in December 2008; the purchase contributed $63.4 million to the quarter-over-quarter increase.
"Excluding AM-PAC Tire, softer tire unit sales of $2.3 million, combined with a decline in wheel and equipment and supply sales, collectively $8.8 million, partially offset the (quarter-over-quarter) increase," said the company in its filing with the Securities and Exchange Commission.
American Tire Distributors (ATD) recorded operating income of $25.9 million for 3Q 2009, 1.1% less than in 3Q 2008.
For the first nine months of the year, ATD posted net income of $2.3 million on net sales of $1.6 billion. Compared to 2008, income was down 77% while sales were up 8.4%.