Commercial Vehicle Group Reports Second Quarter 2008 Results

NEW ALBANY, Ohio, July 22 -- Commercial Vehicle Group, Inc. today reported revenues of $209.2 million for the second quarter ended June 30, 2008, compared to revenues of $158.6 million for the second quarter of 2007. Operating income for the second quarter was $6.3 million, compared to $0.8 million for the second quarter of 2007. Net income was $3.1 million for the quarter, or $0.14 per diluted share, compared to a net loss of $0.2 million, or ($0.01) per diluted share, in the prior-year quarter. Fully-diluted earnings per share for the second quarter of 2008 included a non-cash, non-operating gain on the marking-to-market of forward foreign exchange contracts of approximately $3.7 million, or $0.11 per diluted share, and fully-diluted earnings per share for the second quarter of 2007 included a non-cash, non-operating gain on the marking-to-market of forward foreign exchange contracts of $1.7 million, or $.05 per diluted share. Fully diluted shares outstanding for the quarter were 21.8 million.

"This most recent quarter was filled with increasing economic pressures on a global basis," said Mervin Dunn, president and chief executive officer of Commercial Vehicle Group. "We continue to experience the impacts of the current economic environment through our supply chain, foreign currency transactions and across our overall cost structure. Despite these difficult times, we continue to forge ahead with our long-term strategy while placing a great deal of emphasis on cost improvement and containment throughout our company," added Dunn.

Revenues for the quarter compared to the prior-year period increased by approximately $50.7 million due primarily to the increase in the North American Class 8 heavy truck market as well as acquisitions made during the fourth quarter of 2007. Operating income increased by approximately $5.6 million from the prior year quarter and net income increased by approximately $3.3 million from the prior year quarter.

The Company reported revenues of $406.2 million for the six-month period ended June 30, 2008 compared to $357.4 million in the prior-year period. Operating income for the six-month period ended June 30, 2008 was $17.8 million compared to $11.4 million last year. Net income for the six-month period was $3.6 million, or $0.16 per diluted share, compared to net income of $2.7 million, or $0.13 per diluted share, in the prior six-month period. Fully diluted shares outstanding for the six-month period ended June 30, 2008 and June 30, 2007 was 21.7 million.

"The impact from dramatically rising fuel and raw material costs together with fluctuating currencies make for very trying times for our company and difficult to provide definitive guidance on results for the balance of the year," said Chad M. Utrup, chief financial officer of Commercial Vehicle Group. "We will discuss these items as well as the North American Class 8 market and global construction market trends in further detail on our earnings call on July 23rd," added Utrup.

A conference call to review second quarter results is scheduled for Wednesday, July 23, 2008 at 10:00 a.m. ET. To participate, dial (888) 713-4213 using access code 24853793. You can pre-register for the conference call and receive your pin number at:

This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at 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 91195981.

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.