6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Motion's parent, Genuine Parts Company, Atlanta, GA, reported sales totaling $2.2 billion in the third quarter ended Sept. 30 were up 2% compared to the third quarter of 2002. Net income was $88 million, compared to $94 million for the third quarter of 2002. For the nine months ended Sept. 30, 2003, sales totaled $6.4 billion, up 2% as compared to the same period in 2002. Net income for the nine months, before the cumulative effect of changes in accounting principles related to cash consideration from vendors and goodwill as discussed below, was $266.9 million compared to $277.1 million for the same period in the prior year, a decrease of 4%.
The Automotive Group improved revenues by 3% for the quarter and by 2% for the nine months. S. P. Richards, Genuine's office products company, was up 5% for the quarter and 4% for the nine months, showing steady improvement. Motion Industries, the industrial group, was down 3% for the quarter and down slightly for the nine months reflecting the contracting manufacturing economy and declining capacity utilization. EIS, the electrical group, was down 6% for the quarter and 8% for the nine months.
"We are pleased with the initiatives in each segment and we are committed to the execution of these plans," said Genuine Parts Chairman Larry Prince. "Our priorities will be continued gradual sales improvement with close attention to operating costs and margin improvement. We are also fortunate to have a strong balance sheet and financial condition to support our activities as we move forward."
Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S. and in Canada through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes product nationwide in the U.S. and in Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S. and Mexico.