Keystone Will Sell Warehouses, Parts Stores

Keystone Automotive Industries Inc. reported fiscal first-quarter net income of $3.8 million, or 26 cents a diluted share, on revenue of $69.9 million. That compares with net income of $2.7 million, or 23 cents, on sales of $62.7 million, in the year-ago quarter. Pomona-based Keystone said it will sell eight warehouses and 75 automotive parts stores to General Parts Inc. The warehouses and stores are located in California and eight other states and had revenue of about $94 million in 1997. The transaction is expected to close by the end of August. Other details of the agreement with Raleigh, N.C.-based General Parts weren’t disclosed. Keystone distributes most of its products to collision repair shops in the U.S. through 104 service centers. Its shares fell 25 cents to close at $19.75 in Nasdaq trading.