DIAS Holding's Drop in First Quarter Sales Indicative of Automotive Industry Uncertainties
ALLEN PARK, Mich., May 21, 2009 -- DIAS Holding, Inc. (OTC:DSHL) (BULLETIN BOARD: DSHL) announced its first quarter 2009 earnings and sales totaling $1.76 million were significantly impacted by weakness in the North American automobile industry.
Eric Huang, Chairman & CEO, said that discussions with several major customers in the OEM and aftermarket sectors reflect the uncertainty but that positive steps were taken to ensure the delivery of inventory in the U.S. on an extended schedule that will conclude by the end of the year.
In the 10Q report submitted to the Securities & Exchange Commission, the Company reported its First Quarter sales of $1.76 million were just short of Fourth Quarter 2008 sales. In the report, it cites this outlook:
"We believe the North American automotive new car market will be weak throughout 2009, and financial and organizational challenges within the U.S. OEMs remain, causing business uncertainty within the supply chain. Where possible, the Company will continue its effort to enlarge and expand its relations with automotive supplier consortiums and organizations in greater China that will provide attractive sourcing alternatives for both sectors."
"We have adjusted our organization to be leaner, and shifted to an account management team structure, dedicating personnel resources to our senior managers who are based in the U.S. and speak to our customers daily," said Mr. Huang, "This allows us to manage the details of each customer seamlessly during this difficult period. We who have significant experience in this industry also know that difficult periods come to an end and we are looking forward to a brighter future following this period."