Commercial Vehicle Group Announces Second Quarter 2012 Results
July 23, 2012 at 16:30 PM EDT
NEW ALBANY, Ohio, July 23, 2012 /PRNewswire/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $242.7 million for the second quarter of 2012, an increase of approximately 17% compared to $206.8 million for the prior-year period. Operating income for the second quarter of 2012 was $19.0 million compared to $11.3 million for the second quarter of 2011. Net income was $13.2 million for the second quarter, or $0.46 per diluted share, compared to a loss of $2.2 million, or ($0.08) per diluted share in the prior-year quarter. Included in the second quarter of 2012 results is a loss of approximately $0.4 million related to the mark to market of the Company's foreign exchange contracts for the period. Included in the results for the second quarter of 2011 are $7.4 million of one-time expenses related to the early extinguishment of debt for the period.
"We are very pleased with our second quarter results, which represents our thirteenth consecutive quarter of operating income improvement, when excluding impairment and restructuring charges, and surpasses the first quarter of 2012 as our highest revenue and operating income levels since the fourth quarter of 2006," said Mervin Dunn, President and CEO of Commercial Vehicle Group. "While there has been recent public pessimism related to uncertain economic and market conditions in the near term, we could not be more excited about our opportunities for future organic growth and acquisitions. We are not focused solely on the near-term North American truck industry, but remain focused on the global commercial vehicle industry for the next several years," added Mr. Dunn.
The Company did not have any outstanding borrowings under its asset-based revolver at June 30, 2012 and, as a result, was not subject to any financial maintenance covenants. In addition, the Company had approximately $87.6 million of cash on its balance sheet at June 30, 2012 with an additional $37.0 million of availability under its asset-based revolver.
"In addition to our continued improvements in revenue and operating income, we are pleased to report diluted earnings per share of 46 cents, our highest since the fourth quarter of 2006," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group. "Our cash and liquidity position remains strong and we are focused on putting this capital to use in the best ways possible, which includes continued investments towards organic growth and cost improvement programs, as well as acquisitions, both domestically and internationally," added Mr. Utrup.
A conference call to discuss the contents of this press release is scheduled for Tuesday, July 24, 2012, at 10:00 a.m. ET. To participate, dial (888) 680-0879 using access code 13241097. You can pre-register for the conference call and receive your pin number at:
This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com.
A replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 286-8010 using access code 78018958.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group, Inc. is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the heavy-duty (Class 8) truck market, the construction, military, bus and agriculture markets and the specialty transportation markets. Our products include static and suspension seat systems, electronic wire harness assemblies, controls and switches, cab structures and components, interior trim systems (including instrument panels, door panels, headliners, cabinetry and floor systems), mirrors and wiper systems specifically designed for applications in commercial vehicles. The Company is headquartered in New Albany, OH with operations throughout North America, Europe, Asia and Australia. Information about the Company and its products is available on the internet at www.cvgrp.com.
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. In particular, this press release may contain forward-looking statements about Company expectations for future periods with respect to organic growth, acquisitions, capital investments and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to: (i) general economic or business conditions affecting the markets in which the Company serves; (ii) the Company's ability to develop or successfully introduce new products; (iii) risks associated with conducting business in foreign countries and currencies; (iv) increased competition in the heavy-duty truck market; (v) our failure to complete or successfully integrate strategic acquisitions; (vi) the impact of changes in governmental regulations on the Company's customers or on its business; (vii) the loss of business from a major customer or the discontinuation of particular commercial vehicle platforms; (viii) the Company's ability to obtain future financing due to changes in the lending markets or its financial position; (ix) the Company's ability to comply with the financial covenants in its revolving credit facility; and (x) various other risks as outlined under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for fiscal year ending December 31, 2011 There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
SOURCE Commercial Vehicle Group, Inc.