PENDLETON, Ind., April 16 /PRNewswire/ -- Remy International, Inc.
("Remy International" or the "Company"), a leading worldwide manufacturer,
remanufacturer, and distributor of heavy duty systems, starters and
alternators, locomotive products and hybrid technology today released its
Annual Report for 2007.
The Company emerged from Prepackaged Reorganization effective December
6, 2007, and adopted fresh-start reporting in accordance with The American
Institute of Certified Public Accountants; Statement of Position 90-7.
Accordingly, the Company's consolidated financial statements on or after
November 30, 2007 (emergence effective date) are basically those of a
different enterprise and are not comparable to its pre-emergence
consolidated financial statements.
Highlights of the Company's consolidated financial results for 2007
were: Revenue of $1,129.0 million, EBITDAR of $53.1 million, and Capital
Expenditures of $15.5 million. Gross profit less SG&A for 2007 was $30.6M
compared to $(10.3) M for 2006. These results exclude the M. & M. Knopf
Auto Parts business that was divested in 2007 and recorded as discontinued
operations. In 2007, the Company also completed the sale of its Diesel
business that had been classified as discontinued operations in 2006.
"These positive results for 2007 were achieved as the Company
successfully emerged in less than 60 days from its Prepackaged
Reorganization filing in the fourth quarter of 2007," said John Weber,
President and Chief Executive Officer of Remy International, Inc. Weber
went on to comment, "Our business groups delivered on their commitments in
2007 and built the foundation that should improve their results in future
years.
Our original equipment (OE) operations benefited from improved pricing
with key customers. In addition the transfer of our Heavy Duty Reman
operations, in conjunction with the sale of Franklin Power assets to
Caterpillar, resulted in significant cost reductions.
Remy's 2007 increased focus on price realization in its various markets
also delivered more consistent results in the light-duty and heavy-duty
aftermarket.
New product introductions and performance stability in our Aftermarket
Business, offset faster and deeper than expected declines in the Heavy Duty
market due to changes in 2006 EPA standards.
Our critical global savings plan projects achieved the expected level
of cost savings for 2007. We are pleased with these results delivered in
the midst of a quick but disruptive Prepackaged Reorganization proceeding."
In lieu of a conference call to further discuss results, Remy
International's executive management team will host an Investor's Meeting
for lenders and shareholders of record and their advisors on Tuesday, May
13, 2008 at 1:00 PM (EDT) at its headquarters at 600 Corporation Drive,
Pendleton, IN 46064. Lenders and shareholders who wish to attend in person
or by phone should call Angela Matney at 765-778-6675 to register for the
meeting and obtain further details. Remy management will discuss the
Company's performance for 2007, first quarter 2008, and overall business
conditions. A copy of the 2007 Annual Report will be available on the Remy
International Website at http://www.remyinc.com under Investor Relations.
This press announcement may contain forecasts, projections,
expectations, or opportunities regarding Remy that are "forward-looking
statements" as defined in the Private Securities Litigation Act of 1995.
Such forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from anticipated results,
including, but not limited to, future financial results and liquidity,
development of new products and services, the effect of competitive
products or pricing, the effect of commodity and raw material prices, the
impact of supply chain cost management initiatives, restructuring risks,
customs duty claims, litigation uncertainties and warranty claims,
conditions in the automotive industry, foreign currency fluctuations, costs
related to re-sourcing and outsourcing products, the effect of economic
conditions, in addition to other factors identified in Remy International
statements.
SOURCE Remy International, Inc.
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Related links:
http://www.remyinc.com
http://www.prnewswire.com/comp/111635.html /
CONTACT:
James Steel of Remy International, Inc.,
+1-765-778-6769
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