Followers | 32 |
Posts | 6654 |
Boards Moderated | 0 |
Alias Born | 01/21/2005 |
Friday, May 01, 2009 4:46:15 PM
http://www.knobias.com/story.htm?eid=3.1.f24478be287b23fba2b7001828e54d5969701d52d741f3a8da6a20be993cc8b4
Friday , May 01, 2009 09:19ET
- Decrease in net sales, net income attributed to dramatically reduced volumes in key markets
- Liquidity, capital structure seen as competitive advantage
WARREN, Ohio, May 1 /PRNewswire-FirstCall/ -- Stoneridge, Inc. (NYSE: SRI) today announced net sales of $121.1 million and a net loss of $11.6 million, or $(0.49) per diluted share, for the first quarter ended March 31, 2009.
Net sales decreased $82.0 million, or 40.4 percent, to $121.1 million, compared with $203.1 million for the first quarter of 2008. The decrease in net sales was primarily caused by dramatically reduced production volumes in the North American passenger car/light truck market (50.9%) and the commercial vehicle markets in Europe (55.6%) and North America (41.8%), and the effect of foreign currency translation. Foreign currency translation negatively affected first-quarter net sales by approximately $7.5 million compared with the same period in 2008. The sales decrease was partially offset by the strength in the North American agricultural and off-road market.
Net loss for the first quarter was $11.6 million, or $(0.49) per diluted share, compared with net income of $6.5 million, or $0.28 per diluted share, in the first quarter of 2008. The decrease in net income was due primarily to the severe reduction in sales volume the Company experienced in many of its markets.
As of March 31, 2009, Stoneridge's consolidated cash position was $89.2 million, $3.5 million lower than the 2008 year-end balance of $92.7 million, and its ABL facility remains undrawn. Net cash provided by operating activities for the quarter ended March 31, 2009 was $1.2 million, compared with $8.6 million for the quarter ended March 31, 2008. The decrease of $7.4 million in cash provided by operating activities was primarily due to a reduction in earnings caused by the reduction in sales offset by working capital reductions.
Chrysler announced yesterday that it has filed for a quick and efficient bankruptcy. To minimize Stoneridge's exposure, the Company has filed for and has been accepted to participate in the Chrysler and General Motors U.S. Government supplier accounts receivable guarantee program.
Outlook
"The decrease in production volumes globally in the first quarter was the most severe the Company has ever experienced," said John C. Corey, president and chief executive officer. "Current market conditions have caused unprecedented turmoil throughout our industry and we are managing our operations to react rapidly and adjust to quickly changing demand. Nevertheless, we are encouraged that our cost-savings initiatives that have been implemented and our available liquidity and capital structure will allow us to operate through a protracted downturn in volume and position us for the new competitive landscape once markets recover. Although the first half of 2009 will be worse than we originally expected, we continue to expect Stoneridge to be operating income and cash flow from operations positive in 2009, with improved business conditions by late third quarter and in the fourth quarter."
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2009 first-quarter results can be accessed at 1 p.m. Eastern time on Friday, May 1, 2009, at www.stoneridge.com, which will also offer a webcast replay.
http://www.stoneridge.investorpass.com/profiles/investor/fullpage.asp?f=1&BzID=1344&to=cp&Nav=1&LangID=1&s=0&ID=4055
Recent SRI News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 03:05:13 PM
- Stoneridge Reports First Quarter 2024 Results • PR Newswire (US) • 05/01/2024 08:50:00 PM
- Stoneridge, Inc. To Broadcast Its First-Quarter 2024 Conference Call On The Web • PR Newswire (US) • 04/18/2024 09:00:00 PM
- Stoneridge Releases Inaugural Sustainability Report • PR Newswire (US) • 04/10/2024 02:00:00 PM
- Cargo Transporters, Inc. Adopts Stoneridge's MirrorEye® Camera Monitor System • PR Newswire (US) • 03/22/2024 03:00:00 PM
- Stoneridge Appoints Troy Cooprider as Chief Technology Officer • PR Newswire (US) • 03/14/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 10:59:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:01:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 07:42:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 07:12:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 06:49:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 06:04:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 05:22:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/01/2024 08:16:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 10:13:20 PM
- Stoneridge Reports Fourth Quarter 2023 Results • PR Newswire (US) • 02/28/2024 10:10:00 PM
- Stoneridge Launching MirrorEye® Camera Monitor System with Volvo Trucks on Global Heavy-Duty Truck Platforms • PR Newswire (US) • 02/27/2024 10:00:00 PM
- Stoneridge, Inc. To Broadcast Its Fourth-Quarter 2023 Conference Call On The Web • PR Newswire (US) • 02/15/2024 10:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 03:16:21 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 05:19:16 PM
- Stoneridge's MirrorEye® Camera Monitor System Receives FMCSA Exemption Renewal • PR Newswire (US) • 02/02/2024 10:00:00 PM
- Stoneridge Publishes Inaugural Task Force for Climate-Related Financial Disclosures (TCFD) Report • PR Newswire (US) • 01/31/2024 10:00:00 PM
- Stoneridge to Present at the Stephens Annual Investment Conference • PR Newswire (US) • 11/07/2023 10:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/02/2023 12:29:01 PM
- STONERIDGE, INC. ANNOUNCES REFINANCING OF ITS EXISTING CREDIT FACILITY WITH NEW $275 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY • PR Newswire (US) • 11/02/2023 12:25:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM