Auto parts distributor Uni-Select posts Q2 loss amid restructuring
by The Canadian Press
Montreal-based firm posted US$9.3-million net loss, lower adjusted earnings for quarter
BOUCHERVILLE, Que.—Uni-Select Inc. posted a US$9.3-million net loss and lower adjusted earnings in the second quarter, the Montreal-based auto parts distributor announced.
The US$35.2-million of restructuring items included inventory liquidations, site closures and employee severance benefits.
Adjusted earnings slipped to $15.6-million from nearly $16-million a year earlier.
Uni-Select, which reports in American currency, said its revenue also declined slightly to $476.2-million from $476.7-million.
Sales from Canadian operations totalled $136.6-million, down from $139.4-million in the second quarter of 2012, while sales in the United States were steady at $476.2-million.
“We are progressing in a solid industry that offers growth opportunities. We believe in our ability to meet expectations and generate beneficial value to all stakeholders,” said Richard Roy, Uni-Select’s president and CEO.
“We remain committed to achieving previously stated goals such as the reduction of indebtedness and carrying out our sales strategy to diversify our market, increase market share and pursue our development.”