- Net Sales and Income Increase Year-over-Year
- Second-Quarter 2008 Net Income per Diluted Share Increases to $0.20, up 82% from 2007
- Company Reaffirms Full-Year 2008 Earnings Outlook of $0.75 to $0.85 Per Diluted Share
Net sales increased
Net income for the second quarter was
'We continued our improved performance in the second quarter in the face
of deteriorating conditions in our North American light vehicle markets,' said
For the six months ended
Net cash provided by operating activities for the six months ended
Outlook
'Based upon our first-half performance and the current industry forecasts,
we are maintaining our previously issued guidance for full-year 2008 earnings
of
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2008
second-quarter results can be accessed at
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in
Forward-Looking Statements
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. Things 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 significant change in automotive, medium- and heavy-duty truck or agricultural and off-highway vehicle production; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company's facilities or at any of the Company's significant customers or suppliers; the ability of the Company's suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
STONERIDGE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Net Sales $213,229 $183,802 $416,299 $368,830
Costs and Expenses:
Cost of goods sold 163,875 144,920 315,128 287,101
Selling, general and
administrative 36,731 33,598 73,021 66,730
(Gain) loss on sale of property,
plant and equipment, net 153 (1,653) 145 (1,688)
Restructuring charges 1,713 31 3,135 72
Operating Income 10,757 6,906 24,870 16,615
Interest expense, net 4,880 5,619 10,252 11,103
Equity in earnings of investees (3,016) (2,298) (6,835) (4,418)
Loss on early extinguishment of
debt 271 - 770 -
Other expense (income), net (124) 224 278 512
Income Before Income Taxes 8,746 3,361 20,405 9,418
Provision for income taxes 4,062 666 9,174 1,853
Net Income $4,684 $2,695 $11,231 $7,565
Basic net income per share $0.20 $0.12 $0.48 $0.33
Basic weighted average shares
outstanding 23,286 23,114 23,327 23,052
Diluted net income per share $0.20 $0.11 $0.47 $0.32
Diluted weighted average shares
outstanding 23,690 23,702 23,722 23,603
STONERIDGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2008 2007
ASSETS (Unaudited) (Audited)
Current Assets:
Cash and cash equivalents $81,342 $95,924
Accounts receivable, less reserves of
$5,587 and $4,736, respectively 142,472 122,288
Inventories, net 70,175 57,392
Prepaid expenses and other 17,365 15,926
Deferred income taxes 9,963 9,829
Total current assets 321,317 301,359
Long-Term Assets:
Property, plant and equipment, net 90,611 92,752
Other Assets:
Goodwill 65,730 65,176
Investments and other, net 47,962 39,454
Deferred income taxes 20,774 29,028
Total long-term assets 225,077 226,410
Total Assets $546,394 $527,769
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $76,809 $69,373
Accrued expenses and other 56,104 47,198
Total current liabilities 132,913 116,571
Long-Term Liabilities:
Long-term debt 183,000 200,000
Deferred income taxes 2,909 2,665
Other liabilities 2,168 2,344
Total long-term liabilities 188,077 205,009
Shareholders' Equity:
Preferred Shares, without par value,
authorized 5,000 shares, none issued - -
Common Shares, without par value,
authorized 60,000 shares, issued
24,755 and 24,601 shares and
outstanding 24,660 and 24,209 shares,
respectively, with no stated value - -
Additional paid-in capital 156,467 154,173
Common Shares held in treasury, 95
and 373 shares, respectively, at
cost (129) (383)
Retained earnings 49,603 38,372
Accumulated other comprehensive
income 19,463 14,027
Total shareholders' equity 225,404 206,189
Total Liabilities and Shareholders'
Equity $546,394 $527,769
STONERIDGE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
2008 2007
OPERATING ACTIVITIES:
Net cash provided by (used for)
operating activities $12,574 $4,019
INVESTING ACTIVITIES:
Capital expenditures (11,641) (10,814)
Proceeds from sale of property, plant
and equipment 307 4,951
Business acquisitions and other (980) -
Net cash used for investing
activities (12,314) (5,863)
FINANCING ACTIVITIES:
Repayments of long-term debt (17,000) -
Share-based compensation activity,
net 1,162 1,796
Premiums related to early
extinguishment of debt (553) -
Net cash (used for) provided by
financing activities (16,391) 1,796
Effect of exchange rate changes on
cash and cash equivalents 1,549 232
Net change in cash and cash
equivalents (14,582) 184
Cash and cash equivalents at
beginning of period 95,924 65,882
Cash and cash equivalents at end of
period $81,342 $66,066
SOURCE Stoneridge, Inc.
