LKQ achieves record results

LKQ Corporation announced results for its fourth quarter and full year ended December 31, 2009. Income from continuing operations for the fourth quarter was $36.5 million and diluted earnings per share from continuing operations was $0.25. For the full year, income from continuing operations was $127.1 million and diluted earnings per share from continuing operations was $0.88. Excluding restructuring expenses of $0.6 million for the fourth quarter and $2.6 million for the full year, and excluding the gain on bargain purchase related to the purchase of Greenleaf Auto Recyclers LLC, of $4.3 million for both periods, diluted earnings per share from continuing operations would have been $0.23 and $0.86 for the quarter and full year, respectively.

For the full year of 2009, revenue was $2.0 billion compared with $1.9 billion for the full year of 2008, an increase of 7.3 percent. Income from continuing operations for the full year was $127.1 million compared with $97.1 million for the prior year, an increase of 30.9 percent. Income from continuing operations for the full year included $2.6 million, or $1.6 million after tax, of restructuring expenses compared to $8.6 million, or $5.2 million after tax, for the prior year. The results of 2009 also included an after tax gain on bargain purchase of $4.3 million. The organic revenue growth rate for parts and services was 7.0 percent for the full year of 2009.

As of December 31, 2009, LKQ’s balance sheet reflected cash and equivalents of $108.9 million and long-term debt, including the current portion, of $603.0 million. The company had no borrowings on its revolving credit facility of $100 million, although availability was reduced by $25.8 million of outstanding letters of credit. In addition, during the fourth quarter of 2009, the company elected to prepay $22.4 million of its term loan payments scheduled for 2010.