Commercial Vehicle Group Inc (CVGI)

[Stock-n-Seeds]

Commercial Vehicle Group Reports Second Quarter 2009 Results

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-04-2009/0005071952&EDATE=

NEW ALBANY, Ohio, Aug. 4 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $103.5 million for the second quarter ended June 30, 2009, compared to revenues of $209.2 million for the second quarter of 2008. Net loss was ($22.5) million for the quarter, or ($1.04) per diluted share, compared to net income of $3.1 million, or $0.14 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter and prior-year period were 21.7 million. Included in the Company's results for the second quarter is a non-cash expense of approximately $10.4 million related to the impairment of certain tangible and intangible assets.

"Market conditions for the second quarter of this year remained weak as our revenues were reduced by approximately 51 percent from the same period last year; however, the detrimental impact to our bottom line continues to be minimized by the significant savings programs we have implemented over the past six to nine months," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "The sizable impact of our global cost initiatives is outlined best when comparing this second quarter to the first quarter of this year as our revenues dropped by an additional $5.0 million yet operating profit improved by approximately $6.6 million, when excluding the non-cash asset impairments. With this kind of cost structure change in place, we are very excited about the potential when our markets return," added Mr. Dunn.

Revenues for the quarter compared to the prior-year period decreased by approximately $105.7 million, or 50.5%, due primarily to the global economic decline impacting the Company's North American, European and Asian end markets.

Net debt (calculated as total debt less cash and cash equivalents) was $147.3 million at June 30, 2009, when compared to $157.6 million at December 31, 2008.

"Our focus remains on cash generation as evidenced by our dramatic reduction in inventory levels and capital spending as well as our profit improvement over the first three months of this year. These efforts combined with our recent bond exchange and senior credit facility amendment puts us in a better position towards market recovery," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group.

The Company is not providing revenue or earnings estimates at this time.

A conference call to review second quarter results is scheduled for Wednesday, August 5, 2009, at 10:00 a.m. ET. To participate, dial [phone] using access code 37957012. You can pre-register for the conference call and receive your pin number at:

https://www.theconferencingservice.com/prereg/key.process?key=PJK8KFQWE

This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com, where it will also be archived for a period of one year.

A replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial [phone] using access code 83819775.