6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
During the nine months ended Sept. 30, 2002, sales totaled $6.3 billion, which were flat with the same period in 2001. Net income for the nine months, before the cumulative effect of a change in accounting principle related to goodwill, was $277.1 million, an increase of 2%, compared to $272.2 million for the same period in the prior year..
Mr. Prince stated: "We were encouraged by the results in each of our business segments with all showing continued progress. Automotive sales were up 3% for the quarter and were led by a 4% gain in our NAPA U.S. Automotive Parts Group. We expect this picture of gradual improvement to continue in the fourth quarter with gains in the 3% to 4% range for our Automotive Group."
Mr. Prince further commented: "S.P. Richards, our Office Products Group, recorded our strongest gain with sales improving by 5% in the quarter. We believe this was reflective of their own sales and marketing efforts more so than industry improvement and we are pleased with their progress. EIS, our Electrical/Electronics Group, was down 9%, which is another step in the right direction following the 17% decline reported in the second period. We believe their fourth quarter will show further improvement. Motion Industries, our Industrial Group, was up 3% for the period and this is their second consecutive quarter to report an increase and we would expect to see continued growth in the fourth quarter."
Mr. Prince concluded: "We enter the final period of 2002 with circumstances very similar to those reported to you at mid-year. Our balance sheet remains in excellent shape and we are doing a reasonably good job of managing our expenses. We will be making every effort to improve even further as we move through the final quarter. We will also be pushing hard on the sales side as we move into the remaining months of the year. We appreciate the efforts of the entire GPC team and are encouraged as we enter the final quarter."