Diamond Triumph Auto Glass Inc. reported that net sales for the six months ended June 30, 2005 increased $2.1 million, or 1.9 percent, to $112.4 million compared to $110.3 million for the same six months last year. Net sales for the second quarter, which ended June 30, increased $2 million, or 3.5 percent, to $58.9 million compared to $56.9 million for the second quarter of 2004.
Net income for the six months ended June 30, 2005 increased by $5 million to $5.4 million from $400,000 for the six months ended June 30, 2004. Net income for the second quarter ended June 30, increased by $4.3 million to $4.7 million compared to $400,000 for the second quarter of 2004.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the six months ended June 30, 2005 increased by $1.3 million to $8.8 million from $7.5 million for the six months ended June 30, 2004. EBITDA for the second quarter of 2005 increased by $200,000 to $5.4 million from $5.2 million for the second quarter of 2004.
Norm Harris, chief executive officer of the Kingston, Pa., based company, stated, "Despite increased sales during the second quarter of 2005 as compared to 2004, the company's earnings from operations were relatively flat due to certain rising costs. As a company, we must continue to seek opportunities to leverage costs throughout the organization and capitalize on opportunities to become more efficient in all facets of our business."
Douglas Boyle, chief financial officer added, "Our increased sales and positive cash flow enabled us to further reduce our long- term debt during the second quarter. We will continue to seek opportunities to broaden our revenue base in order to strengthen our cash flow which will allow us to further de-lever the company."
Diamond Triumph currently operates 240 company owned automotive glass service centers, approximately 1,000 mobile installation vehicles and five distribution centers in 44 states.
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