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Uni-Select Reports 7 Percent Increase in Adjusted Earnings for the Third Quarter


12/14/2010

Adjusted earnings from continuing operations reached $14.6 million in the third quarter of 2010 or 74 cents per share compared to $14.1 million or 71 cents per share last year.
 
BOUCHERVILLE, Quebec — Uni-Select has reported sales of $349 million for the third quarter of 2010, compared to $359 million in 2009. Despite the decrease in total sales, the company said it benefited from organic growth of 1.7 percent in the quarter; the conversion of the results of U.S. operations into Canadian dollars had, due to the appreciation of the Canadian dollar, the effect of reducing sales by $12.1 million, while the sale and closure of non-strategic corporate stores during the course of previous quarters decreased sales by $5 million.

Adjusted earnings from continuing operations reached $14.6 million in the third quarter of 2010 or 74 cents per share compared to $14.1 million or 71 cents per share last year. Notably, the effects of the fluctuation of the U.S. dollar had an unfavorable impact of nearly $0.4 million or 2 cents per share on results for the quarter.

Excluding this item, adjusted earnings from continuing operation for the quarter would have been 76 cents per share, 7 percent more than in 2009.

Year-to-date, sales totaled $1,014 million compared to $1,094 million in 2009. Uni-Select sales recorded an organic growth of 1.5 percent. However, the conversion of the results in Canadian dollars reduced sales by $80 million for the period. Adjusted earnings from continuing operations totaled $38.5 million or $1.95 per share compared to $39.1 million or $1.98 per share recorded for the same period of 2009.

Variation in the U.S. dollar had a $2.6 million negative impact on results for the period or more than 13 cents per share. Excluding this item, adjusted earnings per share from continuing operations would have been $2.08 per share for the period, a 5.1 percent increase over the same period last year.

Results for the previous quarter include a non-recurring loss of $5.1 million for the disposal of the Heavy Duty Group.
Sales for the U.S. operations reached $213 million in the third quarter compared to $220 million in the third quarter of 2009. Excluding the effects of foreign exchange variations, U.S. operations benefited from an increase in organic growth of 3.5 percent in the third quarter. Year-to-date, sales were $622 million compared to $695 million a year earlier. Excluding the effects of the foreign exchange, organic growth of 2.3 percent was registered.

The Canadian operations recorded a decrease in organic growth of 1.2 percent. Sales totaled $136 million, a $3 million decrease compared to the corresponding period in 2009.

Year-to-date, sales were $392 million compared to $400 million a year earlier. It is, however, notable that the decrease in Canada in 2010 is exclusively due to the closure of corporate stores during the preceding quarters. Canadian operations recorded a slight increase in organic growth for the period.












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