Attention Business/Financial Editors:
AADCO Announces second quarter profit
AADCO Automotive Inc. (AA: TSX - Venture Exchange)
BRAMPTON, ON, March 2 /CNW/ - AADCO today reported its financial results for the second quarter of 2005 ended December 31, 2004. Second quarter sales increased by $178,237 or 16% to $1,262,891 for the three months ended December 31, 2004 compared to $1,084,654 in the same period last year. Sales for the six months ended December 31, 2004 increased by $756,552 or 36% to $2,868,286 compared to $2,111,686 in the same period in 2003.
The profit for this quarter was $17,414 or $.00 per share versus a loss of ($213,279) or ($.00) per share in the same quarter last year, and for the 6 month period ended December 31, 2004 a profit of $158,673 or $.00 per share versus a loss of ($210,979) or ($.00.) for the same period in 2003.
In October 2004 AADCO started moving to a new facility in Brampton that offered better access to the 400 Series HWY system without having to travel on the expensive 407, significantly lower rent and TMI, as well as the ability to configure the space to better meet our needs and include the Coreline acquisition in the new premises.
States Charlie Hodgkinson, CEO, "The move to the new premises was a major component in our cost reduction strategy designed to align the cost structure and business opportunity".
About AADCO
AADCO Automotive Inc. is a growing, Canadian public company with a unique business model committed to complete vehicle dismantling to provide quality used OEM parts, recyclable core from insurance salvage and aftermarket parts to meet the needs of the collision/ mechanical repair industry, as well as the remanufacturing industry through it's Coreline division. AADCO serves over 3,000 mechanical and collision repair clients across Ontario through its LKQ parts division. AADCO maintains one of the largest unbolted inventory of quality used OEM parts in Canada at its 87,000 sq. ft. facility in Brampton, Ontario. AADCO is the only auto recycler to have been awarded the Ecologo for environmental stewardship.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Please contact: AADCO Automotive Inc. - (905) 789-9313, Charles Hodgkinson, CEO, chodgkinson@aadco.ca
