Stoneridge Reports Record First-Quarter Results
27 April 2000
Stoneridge Reports Record First-Quarter Results
Sales Up 3.7%, Net Income Up 15.7%
WARREN, Ohio, April 27 Stoneridge, Inc. (NYSE: SRI) today
announced record sales of $184.2 million and record earnings of $12.5 million,
or $.56 per share, for the first quarter ended March 31, 2000.
Net sales for the first quarter of 2000 were $184.2 million, an increase
of 3.7 percent, compared with $177.7 million for the same period in 1999.
Sales of core products increased by $21.7 million, or 13.4 percent, to
$184.2 million compared with $162.5 million in the same period of 1999. Sales
revenues were driven by strong automotive and commercial vehicle markets while
the agricultural equipment market continued to show weakness.
Net income for the first quarter ended March 31, 2000 was $12.5 million,
or $.56 per share, an increase of 15.7 percent compared with net income of
$10.8 million, or $.48 per share, for the quarter ended March 31, 1999.
"We remain cautiously optimistic about the remainder of 2000; however, we
are beginning to see signs of slowing commercial vehicle sales," said Cloyd J.
Abruzzo, president and chief executive officer.
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. Sales in 1999
were approximately $675 million. 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.
Condensed Operating Results
(In thousands, except per share data)
Three Months Ended
March 31
(Unaudited)
2000 1999
Net Sales $184,211 $177,654
Operating Income 26,592 26,257
Earnings Before Taxes 18,974 18,007
Provision for Income Taxes 6,458 7,234
Net Income 12,516 10,773
Basic & Diluted Earnings Per Share $0.56 $0.48
Weighted Average Shares Outstanding 22,397 22,397
Stoneridge, Inc.
Condensed Balance Sheet Items
(In thousands)
March 31, December 31,
2000 1999
(Unaudited) (Audited)
Current Assets $214,054 $192,316
Property, Plant and Equipment 109,558 106,163
Total Assets 718,318 698,309
Current Liabilities 136,977 115,204
Noncurrent Portion of Term Debt 318,419 331,898
Total Liabilities 474,800 466,681
Shareholders' Equity 243,518 231,628