Stoneridge Reports Second-Quarter Results
21 July 2000
Sales Up 2.7%, Net Income Up 3.6%
WARREN, Ohio - Stoneridge, Inc. today announced sales of $182.8 million and
earnings of $11.6 million, or $.52 per share, for the second quarter ended June
30, 2000.
Net sales increased 2.7 percent compared with $178.0 million for the same
period in 1999. Sales of core products increased $11.4 million, or
6.7 percent, to $182.8 million compared with $171.4 million in the same period
of 1999. Sales revenues were driven by the automotive market combined with an
improving trend in the agricultural equipment market. The commercial vehicle
market demonstrated lower activity compared with the prior year.
Net income for the second quarter of $11.6 million, or $.52 per share,
increased 3.6 percent compared with net income of $11.2 million, or $.50 per
share, for the quarter ended June 30, 1999.
"Second-quarter results were consistent with our expectations given the
prevailing market conditions in our sector," said Cloyd J. Abruzzo, president
and chief executive officer. "As indicated in our June 28 press release, we
anticipate a slower growth rate for the remainder of 2000 due to general
economic factors as well as certain strategic business decisions."
"During the second quarter of 2000 we received a record level of new
business awards. While our increased investment in new products is impacting
our results in the near term, Stoneridge remains committed to its long-term
strategy of aggressively investing in new value-added product opportunities,"
Abruzzo said.
For the six months ended June 30, 2000 net sales were $367.0, an increase
of 3.2 percent, compared with $355.7 in the same period of 1999. Net income
for the six months ended June 30, 2000 was $24.1 million, an increase of 9.5
percent, compared with net income of $22.0 million for the same period in
1999.
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.
Stoneridge, Inc.
Consolidated Operating Results
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
(Unaudited) (Unaudited)
2000 1999 2000 1999
Net Sales $182,768 $178,048 $366,979 $355,703
Operating Income 25,210 25,661 51,802 51,918
Earnings Before Taxes 17,792 18,560 36,767 36,567
Provision for Income Taxes 6,202 7,352 12,661 14,586
Net Income 11,590 11,208 24,106 21,981
Basic & Diluted Earnings
Per Share $0.52 $0.50 $1.08 $0.98
Weighted Average Shares
Outstanding 22,397 22,397 22,397 22,397
Condensed Balance Sheet Items
(In thousands)
June 30, December 31,
2000 1999
(Unaudited) (Audited)
Current Assets $210,850 $192,316
Property, Plant and Equipment 109,742 106,163
Total Assets 714,290 698,309
Current Liabilities 133,158 115,204
Noncurrent Portion of Term Debt 307,179 331,898
Total Liabilities 460,195 466,681
Shareholders' Equity 254,095 231,628