Attention Business/Financial Editors:
AADCO announces record revenues for June 2005
AADCO Automotive Inc. (AA: TSX - Venture Exchange)
BRAMPTON, ON, July 6 /CNW/ - AADCO today reported that its revenues (unaudited) for the month of June 2005 reached an all time high of $736,731. Sales for June 2004 were $573,442. The sales for June represent a 29% increase over the previous year's June sales.
Sales for both the LKQ and Coreline divisions performed above expectations stated Charles Hodgkinson CEO. "With June being the last month of our fiscal year, a strong finish to the year is always a pleasure."
The recent capital injection by Quorum Managed Funds allowed AADCO to have more inventory ready for sale and take advantage of certain market opportunities.
It also allowed the company to significantly improve its balance sheet as it meets with Asset Backed Lenders for a significant line of credit for ongoing inventory purchases and sales, which would be a first in this industry space.
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
