(Source: PRNewswire-FirstCall)
NEW ALBANY, Ohio, April 29 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. today reported revenues of $108.5 million for the first quarter ended March 31, 2009, compared to revenues of $197.0 million for the first quarter of 2008. Operating loss for the first quarter was ($18.4) million compared to operating income of $11.5 million for the first quarter of 2008. Net loss was ($19.4) million for the quarter, or ($0.89) per diluted share, compared to net income of $0.5 million, or $0.02 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were 21.7 million compared to 21.6 million for the prior-year period.
"Market conditions for the first quarter of this year have reduced our revenues by approximately 45 percent from the same period last year. This level of top line reduction requires aggressive cost containment actions which we are continuing to identify and put into place," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "While our results were impacted in the first quarter due to the initial cost and timing of these actions, we are very pleased with our cash and liquidity position and we are optimistic about their positive impacts as we look toward the balance of this year and beyond," added Mr. Dunn.
Revenues for the quarter compared to the prior-year period decreased by approximately $88.5 million due primarily to the global economic recession impacting the Company's North American, European and Asian end markets. Included in the Company's results for the first quarter of 2009 is $1.7 million in restructuring charges relating to previously announced plant consolidations and closings, along with reductions in workforce.
Net debt (calculated as total debt less cash and cash equivalents) was $160.2 million at March 31, 2009, when compared to $157.6 million at December 31, 2008. Capital expenditures were $1.7 million, or 1.6% of revenues, for the three-month period ending March 31, 2009.
"The magnitude of these market condition changes makes them very difficult to overcome in short order. Thus our focus has been on immediate cost reduction actions and cash-based initiatives such as the elimination of fixed costs through restructuring actions, reduced capital spending, aggressive inventory reductions and overall working capital improvements," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group. "These actions are key drivers behind our success of achieving a neutral cash position through the first quarter of this year despite a $6.0 million bond interest payment and the cost of our new asset based loan agreement," added Mr. Utrup.
The Company is not providing revenue or earnings estimates; however, it does expect to comply with its financial covenant requirements for the full year 2009 at this time.
A conference call to review first quarter results is scheduled for Thursday, April 30, 2009, at 10:00 a.m. ET. To participate, dial (888) 680-0869 using access code 54733716. You can pre-register for the conference call and receive your pin number at:
https://www.theconferencingservice.com/prereg/key.process?key=P46FFMHMF
This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at http://www.cvgrp.com/.
A replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 286-8010 using access code 47691683.
About Commercial Vehicle Group, Inc.
