WESTCHESTER, Ill., Aug. 4, 2015 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (Nasdaq:FENX), a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products, today filed its required Form 8-K/A providing the first quarter 2015 financial results of the other founding companies (Eiss Brothers, Inc., GO Auto Recycling, Jerry Brown, Ltd., and Leesville Auto Wreckers, Inc.). The company previously reported financial results for Fenix Parts, Inc., the designated accounting acquirer, as well as the financial statements for its accounting co-predecessors (the combined Beagell Group and the combined Standard companies) in the 10Q for the quarter ended March 31, 2015 filed on June 29, 2015. The 8-K/A also includes the pro forma statements of income for Fenix and all of the founding companies for the year ended December 31, 2014 and for the three months ended March 31, 2015, and a pro forma balance sheet for Fenix and all of the founding companies as of March 31, 2015.
As reported, the first quarter results are for a period in which the other founding companies were private companies and operated on a standalone basis. The other founding companies' revenues for the three months ended March 31, 2015 were $14.3 million compared with $13.2 million for the first quarter of 2014.
"Since our May IPO, we have been focused on bringing together our management team, integrating our founding companies and executing our expansion strategy," said Kent Robertson, CEO of Fenix Parts. "Art Golden and John Blaseos recently joined Fenix as Chief Operating Officer and EVP-Supply Chain, respectively, completing the formation of our senior management team. They provide a demonstrated history of execution with consolidation, business process improvement, logistics and customer service."
"As we further integrate the businesses, our expanded inventory of quality parts, broader distribution network and focus on service has been well received by our customer base. In addition, we are pleased that our acquisition pipeline continues to grow as more auto recyclers recognize that Fenix Parts presents an opportunity for like-minded companies seeking long-term growth," Robertson concluded.
As previously announced, company management will hold a conference call on Wednesday, August 5, 2015 at 9:00 a.m. Eastern Time to further discuss the results. The conference call can be directly accessed from the U.S. and Canada at (877) 312-8825, internationally at (330) 863-3331, or through the investor relations section of the company's website at www.fenixparts.com. For those unable to participate in the live conference call or webcast, a replay will be available beginning August 5, 2015 at 12:00 p.m. ET until August 12, 2015 at 11:59 p.m. ET. To access the replay, dial (855) 859-2056 or (404) 537-3406 and refer to the confirmation code 94634051. The replay will also be available on the company's website.
About Fenix Parts
Fenix Parts is a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products. The company's primary business is auto recycling, which is the recovery and resale of OEM parts, components and systems reclaimed from damaged, totaled or low value vehicles. Customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. Fenix provides its customers with high-quality recycled OEM products, extensive inventory and product availability, responsive customer service and fast delivery.
Fenix was founded in January 2014 to combine eight founding companies and create a network that offers sales, fulfillment and distribution in key regional markets in the United States and Canada. The founding companies have been in business an average of 25 years and operate from 13 locations.
This press release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. Our actual results could differ materially from those discussed or implied herein.
We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings. These filings are available online at www.sec.gov, www.fenixparts.com or upon request from Fenix Parts.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.
CONTACT: At Fenix Parts: Scott Pettit Chief Financial Officer firstname.lastname@example.org Investor and Media Inquiries: Chris Kettmann Clermont Partners 312-690-6002 email@example.comSource:Fenix Parts, Inc.