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'Our largest segment, Automotive Parts, experienced modest growth
in 2001 with sales increasing 2% and we believe fundamentals for continued improvement are in place for 2002,' said Larry
Prince, chairman of the board of directors. 'Our ...
'Our largest segment, Automotive Parts, experienced modest growth
in 2001 with sales increasing 2% and we believe fundamentals for continued improvement are in place for 2002,' said Larry
Prince, chairman of the board of directors. 'Our Office Products Group had sales growth of 3% in 2001 and we have confidence
in their ability to maintain growth again this year. The Industrial Parts Group and the Electrical/Electronic Group reported
sales decreases of 5% and 30%, respectively, resulting primarily from the economic slowdown in the industrial manufacturing
and telecommunications sectors of the economy. Both companies are expected to improve in the course of the year.'
Sales
decreased 3.5% to $1.95 billion in the fourth quarter ended Dec. 31, 2001, as compared to $2.02 billion for the same period
in 2000. Genuine Parts recorded non-recurring charges in the fourth quarter of 2001 of $107.8 million pre-tax, or $64.4 million
after tax. Charges include $24.6 million for expenses related to facilities consolidation and severance, $49.4 million for
impairment of several technology investments, $17.4 million for inventory-related exit costs and $16.4 million for other charges.
'The
company's financial condition is excellent and our balance sheet remains strong,' Prince said. 'For the year, capital expenditures
amounted to $42 million, current assets were 3.4 times current liabilities and long-term debt to equity ratio was 26%. We
were able to generate approximately $440 million in free cash flow. We continue to focus our efforts on improving our return
on assets and were pleased with the progress made in accounts receivable and inventory.'
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