COLMAR, Pa. Dorman Products announced financial results for the second quarter ended June 26, 2010.
Revenues for the three months ended June 26, 2010, increased 20 percent over the prior year to $115 million from $96.2 million last year. Net income in the second quarter of 2010 was up 83 percent to $11.5 million from $6.3 million in the same period last year. Diluted earnings per share rose 80 percent in the second quarter of 2010 to $0.63 from $0.35 last year.
For the 26 weeks ended June 26, 2010 and June 27, 2009:
Revenues in 2010 increased 17.1 percent over the prior year to $214.0 million from $182.7 million last year. Revenue growth in both periods was driven by strong overall demand for our products and higher new product sales.
Net income in 2010 was up 95 percent to $21.1 million from $10.8 million last year. Diluted earnings per share in 2010 rose 95 percent to $1.17 from $0.60 in 2009.
Gross profit margin was 37.9 percent in 2010 compared to 33.1 percent in 2009. The increase in margin is the result of a reduction in freight expenses and certain material costs, along with lower product return costs.
Richard Berman, chairman and chief executive officer, said, “We reported a 20 percent increase in sales in the second quarter, and sales growth of 17 percent for the year. Continued growth in our New to the Aftermarket product lines along with strong market demand for most other product lines are the primary reasons for these sales increases. Our organization remains focused on continuing to strengthen the fundamentals of our business, all of which are centered on new product development and satisfying the needs of our customers and end users. We are committed to growing all existing Dorman product lines and enhancing this growth with further investments in new product