Cooper Standard Automotive Reports First Quarter 2005 Results

From PEsource

Earnings
Cooper Standard Automotive Reports First Quarter 2005 Results
By Novi, MI
May 17, 2005, 19:18

Cooper-Standard Holdings Inc., the parent of Cooper-Standard Automotive Inc., today reported results for its first full quarter as a stand-alone company. The company posted revenue of $470.1 million for the first quarter ended March 31, 2005, compared to a record $497.0 million for the prior year same quarter.

Cooper Standard's EBITDA was $41.1 million for the first quarter 2005 compared to $59.1 million for the same period in 2004. Adjusting for restructuring, one-time inventory write-up, and unrealized foreign exchange losses on acquisition-related indebtedness, Adjusted EBITDA was $53.5 million, or 11.4% of sales in 2005, compared to $68 million for the same period in 2004. The company generated after-tax cash flow of $24.3 million in the first quarter before transaction-related payments.

Net income for the first quarter was a loss of $0.5 million, which included $19.2 million in non-cash expenses representing accounting adjustments related to the purchase of the company in December 2004. These items consist of a $9.8 million one-time inventory write-up, $7.1 million impact on depreciation and amortization from adjusting fixed assets and recording other intangibles in purchase accounting, and $2.3 million of unrealized foreign exchange losses on acquisition-related indebtedness. In addition, the first quarter loss included $15.9 million of interest expense on the acquisition-related debt. Cooper Standard had net income of $26.5 million for the first quarter of 2004.

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Cooper-Standard Automotive Inc.

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Cooper-Standard Automotive Inc., headquartered in Novi, Mich., specializes in the manufacture and marketing of systems and components for the global automotive industry. Products include body sealing systems, NVH control systems and fluid handling systems. Cooper-Standard Automotive Inc. employs more than 14,000 across 46 facilities in 14 countries.

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