Stoneridge Reports First-Quarter 2001
Results
WARREN, Ohio, April 24 Stoneridge, Inc. today
announced sales of $156.2 million and earnings of $3.1 million, or $0.14 per
share, for the first quarter ended March 31, 2001.
Net sales decreased $28.0 million or 15.2 percent to $156.2 million
compared with $184.2 million for the first quarter of 2000. The decrease in
sales revenues was due primarily to the continued decline in the automotive
and commercial vehicle markets. Net income for the first quarter was
$3.1 million, or $0.14 per share, compared with net income of $12.5 million or
$0.56 per share, for the quarter ended March 31, 2000.
Lower earnings during the first quarter were primarily the result of lower
production volumes in the North American markets. Other factors that impacted
the earnings performance during the first quarter included new product
development and launch costs, unstable production volumes, pricing pressure
and unfavorable foreign exchange rates.
"The financial impact of the first quarter's significant reduction in
production volume, continued pricing pressure and erratic production schedules
have been partially offset by austerity measures that began at the end of
2000," said Cloyd J. Abruzzo, president and chief executive officer. "We
continue to aggressively realign our capacity and cost structure to match
industry production volumes. Consistent with our strategy, we remain
intensely focused on cash generation to support product development
requirements for future revenue growth."
A live internet broadcast of Stoneridge's conference call regarding 2001
first-quarter results can be accessed, and a Webcast replay will be archived,
at http://www.vcall.com and http://www.stoneridge.com beginning at 11:00 am Eastern Time on
April 25, 2001.
Stoneridge, Inc., headquartered in Warren, Ohio, is a leading independent
designer and manufacturer of highly engineered electrical and electronic
components, modules and systems principally for the automotive, medium and
heavy-duty truck, agricultural and off-road vehicle markets. Additional
information about Stoneridge can be found on the World Wide Web at
http://www.stoneridge.com .
Statements in this release that are not historical fact are forward-
looking statements, which involve risks and uncertainties that could cause
actual events or results to differ materially from those expressed or implied
in this release. Factors that may cause actual results to differ materially
from those in the forward-looking statements include, among other factors, the
loss of a major customer, a decline in automotive, medium and heavy-duty truck
or agricultural vehicle production, the failure to achieve successful
integration of any acquired company or business, labor disputes involving the
Company or its significant customers, risks associated with conducting
business in foreign countries, or a decline in general economic conditions.
Further information concerning issues that could materially affect financial
performance related to forward-looking statements contained in this release
can be found in Stoneridge's periodic filings with the Securities and Exchange
Commission.
Stoneridge, Inc.
Consolidated Operating Results
(In thousands, except per share data)
Three Months Ended
March 31
(Unaudited)
2001 2000
Net Sales $156,154 $184,211
Operating Income 12,871 26,592
Earnings Before Taxes 4,740 18,974
Provision for Income Taxes 1,683 6,458
Net Income 3,057 12,516
Basic & Diluted Earnings Per Share $0.14 $0.56
Condensed Balance Sheet Items
(In thousands)
March 31, December 31,
2001 2000
(Unaudited) (Audited)
Current Assets $205,417 $194,754
Property, Plant and Equipment 114,072 113,855
Total Assets 704,421 696,995
Current Liabilities 118,376 114,685
Non-Current Portion of Term Debt 295,876 296,079
Total Liabilities 443,969 434,809
Shareholders' Equity 260,452 262,186
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