Cooper-Standard posts revenue increase

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Cooper-Standard posts revenue increase

3 j( f( }7 t4 V/ sFriday, August 12, 2011
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Novi, MI - Cooper-Standard Holdings, the parent company of Cooper Standard Automotive reported revenue of $760.5 million for the second quarter of 2011, compared with $628.4 million in the second quarter of 2010, reflecting increased sales resulting from its recently established joint venture with Fonds de Modernisation des Equipementiers Automobiles (FMEA), higher industry volumes, and favorable foreign currency exchange movement. Revenue for the six months ended June 30, was $1.45 billion, compared to $1.22 billion in the same period of 2010. Cooper Standard reported net income of $19 million in the second quarter of 2011. This includes a $36 million restructuring charge related to the closing of a French joint venture facility. Net income reported for the prior year’s comparable periods included accounting adjustments related to the Company’s reorganization and therefore does not offer a reasonable basis for comparison. Net income for the six months ended June 30, 2011 was $64.0 million. Net income for both the quarter and year-to-date periods was favorably impacted by higher volumes and mix, partially offset by higher raw material costs, additions to engineering and customer support staff, and launch costs. Gross profit for the quarter increased to $123.7 million, or 16.3% of sales, from $106.2 million, or 16.9% of sales, in the second quarter of 2010. For the six-month period, gross profit was $244.5 million, or 16.9% of sales, compared to $210.7 million, or 17.2% of sales, in last year’s comparable period. The percentage-of-sales decline reflects lower margins at acquired businesses and increased raw material prices. Cooper Standard also reported second quarter 2011 adjusted EBITDA of $90.3 million, or 11.9% of sales, compared with $73.8 million, or 11.7% of sales, in the second quarter of 2010. Adjusted EBITDA for the six month period was $182.2 million, compared to $147.6 million for the six months ended June 30.