Commercial Vehicle Group Reports First Quarter 2008 Results

NEW ALBANY, Ohio, April 23 -- Commercial Vehicle Group, Inc. reported revenues of $197.0 million for the first quarter ended March 31, 2008, compared to revenues of $198.8 million for the first quarter of 2007. Operating income for the first quarter was $11.5 million, including a $6.1 million gain on the sale of the Company's Seattle, Washington facility, compared to $10.6 million for the same period last year. Net income for the first quarter of 2008 was $0.5 million, or $0.02 per diluted share, compared to $3.0 million, or $0.14 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were approximately 21.6 million compared to 21.7 million in the prior-year quarter.

"Our first quarter 2008 operating results were better than our expectations due to a slightly higher truck build rate as well as strength in our construction, military and specialty markets," said Mervin Dunn, president and chief executive officer. "While we remain cautious about the rebound of the North American Class 8 market this year, our focus on the development of other key markets is proving positive for us and will remain an integral part of our strategy as we continue forward," added Dunn.

Included in the Company's results for the first quarter of 2008 is a pre- tax non-cash expense of approximately $9.7 million from the marking to market of foreign currency forward exchange contracts, as well as a pre-tax cash- based gain of approximately $6.1 million from the sale of the Company's Seattle facility.

The Company is increasing its previously disclosed 2008 full year estimates for revenues by approximately $12.0 million to a range of $774.0 to $826.0 million and projected operating income is increasing by approximately $9.5 million to a range of $26.5 to $39.5 million. The Company is maintaining its previously stated fully diluted earnings per share range for the year of $0.10 to $0.50, based on 21.7 million diluted shares. These estimates are based on North American Class 8 truck production levels in the range of 180 thousand to 220 thousand units, an increase of 5 thousand units over previous estimates.

"We have increased our revenue and operating income estimates as a result of our revised end market and operational expectations for the full year, in addition to the non-operating events from the first quarter," said Chad M. Utrup, chief financial officer of Commercial Vehicle Group. "Overall, our full year estimates for operating income were increased by about $9.5 million for the year, which is comprised of approximately $3.4 million, or $0.11 per diluted share, for our revised market and performance outlook and approximately $6.1 million, or $0.18, from the sale of our Seattle facility this quarter. These positive adjustments were then offset by the $9.7 million, or $0.29, mark to market expense from the first quarter," added Utrup.

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 18531483.

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. Information about the Company and its products is available on the internet at CVGRP.