Uni-Select reports that acquisitions were the main driving force behind a 32% increase in sales and 13% increase in net earnings.
The North American distribution network is reporting sales of $373,873,000 for the fourth quarter of 2008, an increase of 32.1% compared to sales of $283,111,000 in 2007. The increase in sales for the company is primarily due to various acquisitions completed in the past few quarters.
Net earnings increased to $14,816,000 in the fourth quarter of
2008 or $0.75 per share, compared to $13,080,000 or $0.66 per share last year, an increase of 13.3%. For the year ended December 31st, sales were $1,316,930,000, an increase of $148,641,000 or 12.7% over the same period last year. The consolidated operating margin has increased by $12,479,000 to 7% compared to 6.8% in 2007.
Net earnings increased 12.4%, to $45,920,000 or $2.33 per
share compared to net earnings of $40,841,000 or $2.07 per share in 2007. Excluding the impact of non-recurring costs related to store closures in lesser performing markets, net earnings for the year would have been $2.37 per share and $0.79 for the quarter.