Diamond Triumph Auto Glass: sales down 4.7% in 2004

Diamond Triumph Auto Glass, Inc. announced 4 April 2005 that net sales for the year ended 31 December 2004 fell USD 10.3 million, or 4.7%, to USD 208.4 million, compared to USD 218.7 million for the y…

Diamond Triumph Auto Glass, Inc. announced 4 April 2005 that net sales for the year ended 31 December 2004 fell USD 10.3 million, or 4.7%, to USD 208.4 million, compared to USD 218.7 million for the year ended 31 December 2003. Due primarily to a valuation reserve of approximately USD 40.0 million established against its deferred tax asset, Diamond Triumph experienced a USD 41.2 million net loss in 2004 as compared to USD 0.8 million of net income in 2003. EBITDA for the year ended 31 December 2004 was down USD 3.3 million, or 27.5%, to USD 8.7 million from USD 12.0 million for year ended 31 December 2003. Norm Harris, Diamond Triumph“s Chief Executive Officer, had the following comments regarding the Company. “As reflected in our operating results for calendar year 2004, it was a very difficult year for the industry. In addition to weaker industry demand, overall pricing conditions continue to be very challenging. As a company we continue to capitalize on opportunities to leverage costs throughout the organization; however, the uncertain pricing environment may be of ongoing concern.” Michael Sumsky, Diamond Triumph“s President and Chief Financial Officer added, “Despite the pricing and demand challenges within the industry, we were able to reduce our long-term debt during calendar year 2004 while maintaining adequate capital for operational needs. We are pleased to have capitalized on opportunities to reduce ongoing operating costs and are continuing to implement other initiatives to improve operating efficiencies.” Diamond Triumph Auto Glass, Inc., headquartered in Kingston, Pennsylvania, is a provider of automotive glass replacement and repair services. Diamond Triumph currently operates 243 company owned automotive glass service centers, approximately 1,000 mobile installation vehicles and five distribution centers in 44 states.