Cooper Tire Annual Meeting
5 May 1999
Cooper Tire Annual Meeting
FINDLAY, Ohio--May 4, 1999--COOPER TIRE & RUBBER COMPANY today presented a review of financial highlights for 1998 and first quarter 1999 along with an update on operations at the annual meeting of stockholders.Addressing the company's financial performance, Philip G. Weaver, vice president and chief financial officer, highlighted the record-setting sales and earnings for both year-end 1998 and first quarter 1999. Among other key financial measurements of the company's success, Weaver commented, "Our company maintains a very strong balance sheet with long-term debt representing only 19 percent of total capital measured, using book value of equity as we report in our financial statements, or close to 11 percent of total capital when equity is measured using the April closing market price. The strength of our balance sheet gives us the resources to take advantage of future growth opportunities."
In his remarks to stockholders present at the meeting, Thomas A. Dattilo, president and chief operating officer, reviewed various customer awards received by the company during the past year, new business activities for both the tire and engineered products operations, Cooper's year 2000 readiness, and progress made as a result of the company's strategic planning initiative. Dattilo summarized the company's strategic intent, "Our 'Cooper 21' plan includes becoming a premier global supplier of automotive rubber products, providing products and services that meet or exceed our customers' expectations, building global sales, continuing our low-cost manufacturing processes while building on technological differentiation, enhancing stockholder value and maintaining a high level of trust with customers and employees. Our operations have focused on achieving these long-term goals and we are optimistic about our continued progress."
Patrick W. Rooney, chairman and chief executive officer, updated stockholders on Cooper's recently announced strategic alliance with Pirelli Tyres of Milan, Italy. "We know change in the tire industry is inevitable. As the industry continues to consolidate and expand upon the tier concept of good, better, best offerings, it became evident Cooper needed to broaden its high performance product offering. This agreement with Pirelli will help satisfy the needs of our customers and so far our expectations have materialized," Rooney said.
At the meeting stockholders re-elected Edsel D. Dunford, John Fahl, Deborah M. Fretz and Dennis J. Gormley to the board for terms expiring in 2004.
REGULAR DIVIDEND DECLARED ON COOPER TIRE STOCK
The board of directors of Cooper Tire & Rubber Company declared a quarterly dividend of 10.5 cents per share on common stock, payable June 30, 1999 to stockholders of record June 2, 1999.