Remy International, Inc. Announces Second Quarter 2008 Results
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Remy International, Inc.
600 Corporation Drive
Pendleton, IN, 46064
Press release date: August 13, 2008
(August 13, 2008) PENDLETON, Ind. - 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."
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.