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Remy International, Inc. Announces 2nd Quarter 2010 Results
16 Aug, 2010 @ 05:18 pm EDT
PENDLETON, Ind., Aug. 16 /PRNewswire/ -- Remy International, Inc., a leading worldwide manufacturer, remanufacturer, and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid/electric motors, announced today its operating results for the second quarter ended June 30, 2010. Sales for the second quarter were $279.4 million, EBITDAR was $39.0 million and Net Income was $15.2 million. These results include a $3.5 million increase in the warranty reserve and without this one-time, non cash, balance sheet adjustment EBITDAR would have been $42.5 million and Net Income would have been $18.7 million.
In the second quarter of 2009 the Company reported sales of $234.0 million, EBITDAR of $37.6 million and Net Income of $9.4 million. The reported 2009 numbers include the effects of several one time transactions and inventory sales. The 2009 comparable numbers, without those one time transactions, are $198.5 million in sales, $25.8 million in EBITDAR and Net Income of negative $2.5 million.
"These results were driven by improved Light Duty and Heavy Duty off highway segment sales, increased passenger car and freight miles driven, and strong management action to continue to control costs, maintain price discipline, and expand our business. We continued to effectively contain costs so incremental sales are contributing materially to bottom line results," stated John Weber, Remy International President and Chief Executive Officer.
OE sales were up 75% in the second quarter from last year's depressed levels, led by significant increases in light duty and heavy duty motors and alternators.
Hybrid sales were up 20% in the second quarter versus the second quarter of 2009. During the second quarter we continued our rhythm of new business wins in Hybrid such as our recent agreement with Enova (for commercial vehicle applications in North America and China) and AMP (a company engaged in emission-free electric vehicles).
Net Working Capital (accounts receivable plus inventory less accounts payable) Turns in the second quarter 2010 improved 34% from second quarter 2009 and 15% over 2009 year-end. Change in cash balance was $14.2 million for the second quarter 2010.
"Our liquidity remains fully sufficient to meet our needs and we expect it to remain so for the rest of the year. Availability remains strong at approximately $80 million. We exceeded all our covenants for the second quarter and forecast to exceed all financial covenants for 2010," added Fred Knechtel, Remy International CFO and Treasurer.
During the second quarter of 2010 the company revised the assumptions and methodology used to calculate certain future warranty claim obligations related to sales prior to June 30, 2010. Based on this analysis, the company adjusted its estimated obligations, which resulted in a $3.5 million increase to the warranty reserve. The company believes that this change in estimate better reflects the company's obligations of all warranty claims.
"This change in estimate gives us confidence that we are accurately reflecting the future obligations of our warranty claims and by no means reflects any negative changes to our quality. By any measure, whether it is the number of claims or claims as a percent of sales, our quality has continued to dramatically improve every year for the past four years," added Weber.
Remy announced that it has agreed to a nonbinding confidential Term Sheet with holders owning 84% of its outstanding Preferred Share to exchange their shares for newly issued shares of Company Common Stock. As part of this exchange offer the Company will commence a rights offering to existing Common Shareholders to offer them the right to purchase Common Shares at the same price as the exchange. The Company will solicit Shareholder Approval as required by its Charter next month. Details of these offers will be included in such solicitation.
This press announcement contains forecasts, projections, expectations, or opportunities regarding Remy that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from anticipated results, including, but not limited to, future financial results and liquidity, development of new products and services, the effect of competitive products or pricing, the effect of commodity and raw material prices, the impact of supply chain cost management initiatives, restructuring risks, customs duty claims, litigation uncertainties and warranty claims, conditions in the automotive industry, foreign currency fluctuations, costs related to re-sourcing and outsourcing products, the effect of economic conditions, and other factors identified in Remy International statements.
2009 EBITDAR and Net Income reflect quarter cost restatements that occurred within 2009 and properly reflect performance in the period in which it occurred.
A copy of the 2nd Quarter 2010 Financial Report is available on the Remy International Website at http://www.remyinc.com under Investor Relations.
SOURCE Remy International, Inc.
For more iinformation, go to www.prnewswire.com
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