Oct. 28, 2009 (PR Newswire) --
NEW ALBANY, Ohio, Oct. 28 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $110.8 million for the third quarter ended September 30, 2009, compared to revenues of $192.9 million for the third quarter of 2008. Net loss was ($15.9) million for the quarter, or ($0.73) per diluted share, compared to ($2.6) million, or ($0.12) per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were 21.7 million compared to 21.5 million for the prior-year period.
Revenues for the quarter compared to the prior-year period decreased by approximately $82.1 million, or 42.5%, due primarily to the global economic decline impacting the Company's North American, European and Asian end markets. Operating income for the quarter compared to the prior-year period decreased by approximately $8.3 million, or 10.2% of the change in revenues for the same period.
"In recent months, we have seen positive trends in some of our key markets and we continue to capitalize on our cost savings initiatives," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "We have made significant bottom line improvements during 2009 while maintaining strong focus on long-term new business programs. These key areas of focus are evident through our recent new business and product development announcements as well as the continued operating profit improvements since the beginning of this year," added Mr. Dunn.
The third quarter results include approximately $1.2 million of non-cash expense for the mark to market of the Company's forward foreign exchange contracts and $3.4 million in one-time financing, legal and other fees and expenses related to the Company's debt exchange completed in August 2009.
The Company did not have any outstanding borrowings under its asset-based revolver as of September 30, 2009.
"We continue to focus on cash generation and cost cutting initiatives, which is evident by the fact that we had zero funds borrowed under our revolving credit line at the end of the quarter and our 2009 operating income continues to improve quarter over quarter," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group. "With our realigned cost structure in place, we are very optimistic about our potential going forward," added Mr. Utrup.
The Company is not providing revenue or earnings estimates at this time.
A conference call to review third quarter results is scheduled for Thursday, October 29, 2009, at 10:00 a.m. ET. To participate, dial (888) 680-0878 using access code 81328454. You can pre-register for the conference call and receive your pin number at:
https://www.theconferencingservice.com/prereg/key.process?key=PKQ6BKEU8
This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com, where it will also be archived for a period of one year.
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 68956394.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group is a leading supplier of fully integrated system solutions for the global commercial vehicle market, including the heavy-duty truck market, the construction and agriculture market and the specialty and military transportation markets. The Company's products include suspension seat systems, interior trim systems, such as instrument and door panels, headliners, cabinetry, molded products and floor systems, cab structures and components, mirrors, wiper systems, electronic wiring harness assemblies and controls and switches specifically designed for applications in commercial vehicle cabs. The Company is headquartered in New Albany, OH with operations throughout North America, Europe and Asia.
