PENDLETON, Ind., Aug. 6 /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 second quarter
ended June 30, 2008. Sales for the quarter were $297.7 million compared to
$290.0 million a year earlier, a 3% increase. Earnings before interest,
taxes, depreciation, amortization, and restructuring charges (EBITDAR) for
the quarter increased 123% to $27 million from $12.1 in the second quarter
of 2007. Gross profit less S, G&A increased 221% to $21.5 million in the
second quarter of 2008 from $6.7 million in second quarter of 2007. The net
profit in the quarter was $2.9 million, a substantial improvement over
2007's second quarter's net loss of $29.2 million.
"Our second quarter results reflect the benefits of sales mix,
continued cost control, and savings resulting from our Global Savings
Program initiatives. These results were achieved in spite of dramatic
vehicle production declines in the U.S. market, which we were able to
offset with stronger Hybrid and Heavy Duty market sales," stated John
Weber, Remy International President and Chief Executive Officer. He
continued, "while we are pleased with EBITDAR growth and profit improvement
in operations, we face challenging market conditions and earnings pressure
for the rest of 2008 due to continued high raw material costs, unfavorable
currency rates and the downturn in North American automotive sales."
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 Second 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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