PENDLETON, Ind., May 15 /PRNewswire/ -- Remy International, Inc., a
leading worldwide manufacturer, remanufacturer, and distributor of heavy
duty systems, starters and alternators, locomotive products and hybrid
technology, announced today its operating results for the first quarter
ended March 31, 2008. Sales for the quarter were $301.1 million compared to
$284.7 million a year earlier, a 6% increase. Earnings before interest,
taxes, depreciation, amortization, and restructuring charges (EBITDAR) for
the quarter increased 45% to $19.1 million from $13.2 in the first quarter
of 2007. Gross profit less S,G&A increased 55% to $13.0 million in the
first quarter of 2008 from $8.4 million in first quarter of 2007. The net
loss in the quarter was $6.6 million, a substantial improvement over 2007's
first quarter's net loss of $24.3 million, a 73% decrease.
"Our first quarter's results show the benefits of the operational
improvement actions we started last year and that are continuing from our
successful emergence from the prepackage reorganization in December 2007.
Remy is developing new products that feature innovative eco-friendly
technologies. We are committed to flawless execution in delivering products
to our customers and results to our stakeholders, and to being recognized
for our industry leadership" John Weber, Remy International, President and
Chief Executive Officer stated. He continued "we are experiencing growth in
our heavy duty products and in our new hybrid technology products. While
this growth is promising, the overall slowdown in the U.S. economy,
especially the auto industry, together with large raw material and energy
cost increases are putting significant pressure on our business for the
remainder of 2008."
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. A copy of the 2008 First Quarter's Financial Report is
available on the Remy International Website at http://www.remyinc.com under
Investor Relations.
SOURCE Remy International, Inc.
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Related links:
http://www.remyinc.com
http://www.prnewswire.com/comp/111635.html /
CONTACT:
Jim Steel of Remy International, Inc.
+1-765-778-6769
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