Westchester, Illinois -- August 30, 2017 -- Fenix Parts has recently announced its fourth quarter and full year 2016 results.
Consolidated net revenues were $33.2 million for the fourth quarter of 2016, compared to $32.5 million in the third quarter of 2016, and $31.3 million on a pro forma combined basis in the fourth quarter of 2015. Sales of recycled OEM products were $29.1 million for the fourth quarter of 2016, up 5 percent from $27.8 million in the third quarter of 2016 and up 9 percent from $26.7 million on a pro forma combined basis in the fourth quarter of 2015, including sales contributed by Ocean County, Butler and Tri-City (which the company acquired during the second half of 2015) during both comparative periods.
Sales from other ancillary products, representing the sale of commodities including scrap metal, were $4.1 million in the fourth quarter of 2016, compared to $4.7 million in the third quarter of 2016 and $4.1 million in the fourth quarter of 2015 on a pro forma combined basis. Sales from the Company’s Canadian operations were $3.5 million in the fourth quarter of 2016, up slightly compared to $3.3 million for the third quarter of 2016 and down slightly compared to $3.7 million in the fourth quarter of 2015.
“Fourth quarter 2016 revenues increased sequentially due to improved sales to repair shop customers, partially offset by lower scrap metal revenues during the period as a result of lower volumes. Adjusted Operating Income increased to $0.5 million, despite continued high professional fees. We want to thank our shareholders for their patience during this arduous process of completing our first audit with our new auditors and filing our 10-K for 2016. With this audit base now achieved, we are optimistic that our future filings can be made on a more timely basis,” said Kent Robertson, CEO of Fenix Parts. “We continue to face challenges related to our strained liquidity position, high professional fees and the inability to borrow under our existing credit facility. We are working closely with our bank to navigate these challenges. With the assistance of our investment bankers, we also continue to evaluate strategic alternatives that will provide the Company with improved liquidity and maximize shareholder value. Looking at the business, we are pleased with the growth in sales to repair shops and will remain focused on providing exceptional service and high-quality parts to our customers.”
For more information, please visit fenixparts.com.