Remy International, Inc. Announces 1st Quarter 2009 Results
PENDLETON, Ind., May 18, 2009 -- Remy International, Inc., a leading worldwide manufacturer, remanufacturer, and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid technology, announced today its operating results for the first quarter ended March 31, 2009. Sales for the quarter were $212.4 million compared to $301.1 million a year earlier. Earnings before interest, taxes, depreciation, amortization, and restructuring charges (EBITDAR) for the quarter were $14.7 million compared to $19.4 million in the first quarter of 2008. Gross profit less SG&A was $7.4 million in the first quarter of 2009 compared to $13.0 million in the first quarter of 2008. The net loss attributable to Remy International in the quarter was $7.9 million, compared to 2008's first quarter's net loss of $6.6 million.
"Our first quarter EBITDAR, though less than last year's first quarter, was in line with our expectations for first quarter 2009 results," stated John Weber, Remy International President and Chief Executive Officer. "These results were achieved in spite of the continued drastic sales decline in the light duty segment, and continued softness in the heavy duty segment. These declines were somewhat offset by robust sales in the Aftermarket as consumers replace starters and alternators on their aging vehicles. In recent weeks we have seen further dramatic and unexpected deterioration in our Heavy Duty OE build forecasts.
"We continue to meet this declining revenue challenge with aggressive cost controls and savings from our Global Savings Program initiatives. In addition to a 20% headcount reduction in 2008, we recently implemented another reduction in force, and all Remy leadership and staff salary will be reduced 10% for the remainder of 2009.
"The Remy team continues to take the necessary action to deliver superior performance in these difficult times."