Auto Service World
News   September 20, 2005   by Auto Service World

Keystone Automotive Hit by Katrina Losses


Keystone Automotive Industries Inc., a distributor of automotive parts focused on the collision repair industry, said Monday it expects damage related to Hurricane Katrina to reduce second-quarter sales by about $1 million U.S.
The company also said it sees write-offs of about $450,000 relating to account receivables and insurance deductibles for property damage. Five of its six locations in the region are operational, but the company said its New Orleans facility will take several months to rebuild.
Separately, Keystone said its Greenville, Mich. plant, which recycles plastic bumpers, was destroyed in a fire. Property damage resulting from the fire is estimated at about $250,000.
Shares of Keystone Automotive shed 12 cents to $29.26 U.S. in afternoon trading on the Nasdaq.


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