Edelbrock Posts Year-end Results
September 24, 2004
Filed under Features
Edelbrock Corporation, Torrance, Calif., reported revenues for its fourth quarter ended June 30, 2004, were $38,030,000 as compared to revenues of $32,678,000 for the same period of fiscal 2003. Net income for the fourth quarter of fiscal 2004 was $1,320,000, or $0.24 per diluted share, compared to net income of $709,000, or $0.13 per diluted share, for the fourth quarter of fiscal 2003. Results for the quarter ended June 30, 2004 reflected professional fees and similar costs associated with the proposed "going-private" transaction totaling $496,000.
For the year ended June 30, 2004, revenues totaled $125,980,000 compared to revenues of $115,225,000 in fiscal 2003. Net income for fiscal 2004 was $3,979,000, or $0.72 per diluted share, compared to net income of $2,970,000, or $0.54 per diluted share, for fiscal 2003. Results for the year ended June 30, 2004 reflected gains on the sale of real estate assets totaling $445,000 (approximately $282,000 or $0.05 per diluted share, after tax) and professional fees related to the proposed "going-private" transaction totaling $496,000.
Edelbrock attributed its increase in sales for both the fourth quarter and fiscal 2004 to improvements in the national economy, favorable weather conditions that encouraged enthusiasts to perform desired upgrades, and growing customer acceptance reinforced by it's marketing program. Despite Edelbrock's strong performance in the fiscal 2004 periods, however, management noted that earnings growth continued to be hampered by continuing increases in worker's compensation, utilities, and overall insurance costs.