LKQ, based in Chicago, reported net income of $8.1 million and revenue of $160.3 million in the first six months of 2003, compared to a net loss of $43.5 million and revenue of $144.1 million generated in the year-ago period.
The company, which buys vehicles at auction and dismantles them to recycle their component parts, operates 38 sales and processing centers and 12 redistribution facilities.
LKQ plans to expand its national network through a combination of internal development and acquisitions.
Chief Executive Joseph Holsten was formerly the chief operating officer of Waste Management (WMI: news, chart, profile), the solid-waste disposal giant. CFO Mark Spears also came from Waste Management, and board member Donald Flynn was a former chief financial officer at Waste Management.
The company also recently filed with the Securities and Exchange Commission for an initial public offering for as much as $75 million in common stock.
In a preliminary prospectus filed with the SEC, the Chicago-based company did not provide details such as the number of shares it is planning for the IPO or the estimated price per share.