NEW ALBANY, Ohio, Feb. 15, 2012 /PRNewswire/ -- Commercial Vehicle
Group, Inc. (Nasdaq: CVGI) today reported revenues of $225.8 million for the fourth quarter of 2011, up
42.9% compared to $158.1 million for
the prior-year period. Operating income for the fourth
quarter was $16.1 million compared to
$5.4 million for the fourth quarter
of 2010. Net income was $10.1
million for the fourth quarter, or $0.36 per diluted share, compared to $4.0 million, or $0.14 per diluted share in the prior-year
quarter. Diluted shares outstanding were 28.2 million for the
quarter and for the prior-year period.
"Our fourth quarter marks our highest revenue and operating
income levels since the fourth quarter of 2006 and our eleventh
consecutive quarter of operating income improvement, when excluding
impairment and restructuring charges. We are very pleased
with our performance this past year and this most recent quarter.
Given our strong financial structure and liquidity position,
we remain heavily focused on seeking opportunities that fit our
long-term strategic goals of growth and diversification," said
Mervin Dunn, President and CEO of
Commercial Vehicle Group.
The Company did not have any outstanding borrowings under its
asset-based revolver at December 31,
2011 and, as a result, was not subject to any financial
maintenance covenants. In addition, the Company had
approximately $88.0 million of cash
on its balance sheet at December 31,
2011 with an additional $37.3
million of availability under its asset-based revolver.
The Company does not expect to trigger the requirement to
comply with financial maintenance covenants in 2012.
Revenues for the year ended December 31,
2011 were $832.0 million, an
increase of $234.2 million, or 39.2%,
compared to the prior-year period, due primarily to the increase in
both the North American Class 8 heavy-duty truck market and global
construction market, the Company's acquisitions of Bostrom Seating
and Stratos Seating and improvements in the general global economic
conditions in many of the Company's key end markets.
Operating income for the year ended December 31, 2011 improved to $49.1 million compared to $16.7 million for the prior year. Net
income for the year ended December 31,
2011 was $18.6 million, or
$0.66 per diluted share, compared to
$6.5 million, or $0.24 per diluted share, in the prior year.
"Sequentially, when compared to the third quarter of this year,
our revenues increased $8.9 million
and operating income increased $2.5
million, which represents a 28% contribution margin.
We are very pleased with our results and continued
improvement in our revenues and operating earnings as well as our
fourth quarter diluted earnings per share of 36 cents, which marks the highest reported level
since the fourth quarter of 2006," said Chad M. Utrup, Chief Financial Officer of
Commercial Vehicle Group.
A conference call to discuss the contents of this press release
is scheduled for Thursday, February 16,
2012, at 10:00 a.m. ET.
To participate, dial (888) 680-0893 using access code
94035283. You can pre-register for the conference call and
receive your pin number at:
https://www.theconferencingservice.com/prereg/key.process?key=PQVFT3KJG
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 22097403.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group is a leading supplier of fully
integrated system solutions for the global commercial vehicle
market, including the heavy-duty truck market, the construction and
agriculture market and the specialty and military transportation
markets. The Company's products include suspension seat
systems, interior trim systems, such as instrument and door panels,
headliners, cabinetry, molded products and floor systems, cab
structures and components, mirrors, wiper systems, electronic
wiring harness assemblies and controls and switches specifically
designed for applications in commercial vehicle cabs. The
Company is headquartered in New Albany,
OH with operations throughout North America, Europe and Asia. Information about the Company and
its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
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 the
Company's financial covenant compliance, long-term strategic goals,
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) the
impact of changes in governmental regulations on the Company's
customers or on its business; (vi) the loss of business from a
major customer or the discontinuation of particular commercial
vehicle platforms; (vii) the Company's ability to obtain future
financing due to changes in the lending markets or its financial
position; and (viii) 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,
2010 and under the heading "Risk Factors" in the Company's
Quarterly Report on Form 10-Q for the quarter ended March 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.
COMMERCIAL
VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in
thousands, except per share amounts)
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
$
225,828
|
|
$
158,073
|
|
$
832,022
|
|
$
597,779
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
192,450
|
|
137,788
|
|
716,430
|
|
522,982
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
33,378
|
|
20,285
|
|
115,592
|
|
74,797
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
17,094
|
|
14,699
|
|
65,521
|
|
56,111
|
|
|
|
|
|
|
|
|
|
|
|
|
AMORTIZATION EXPENSE
|
91
|
|
60
|
|
346
|
|
240
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING COSTS
|
127
|
|
158
|
|
669
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
16,066
|
|
5,368
|
|
49,056
|
|
16,716
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE
(INCOME)
|
363
|
|
(979)
|
|
353
|
|
(4,780)
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
5,179
|
|
3,995
|
|
19,570
|
|
16,834
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS ON EARLY EXTINGUISHMENT OF
DEBT
|
-
|
|
-
|
|
7,448
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Provision
(Benefit) for Income Taxes
|
10,524
|
|
2,352
|
|
21,685
|
|
4,662
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION (BENEFIT ) FOR INCOME
TAXES
|
418
|
|
(1,624)
|
|
3,095
|
|
(1,825)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
$
10,106
|
|
$
3,976
|
|
$
18,590
|
|
$
6,487
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Non-controlling interest in subsidiary's earnings
|
(15)
|
|
-
|
|
(15)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
COMMON STOCKHOLDERS
|
$
10,121
|
|
$
3,976
|
|
$
18,605
|
|
$
6,487
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.36
|
|
$
0.14
|
|
$
0.67
|
|
$
0.25
|
|
|
Diluted
|
$
0.36
|
|
$
0.14
|
|
$
0.66
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
28,088
|
|
27,660
|
|
27,848
|
|
26,247
|
|
|
Diluted
|
28,195
|
|
28,210
|
|
28,190
|
|
26,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands, except
share and per share amounts)
|
|
|
December
31,
|
|
December
31,
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
ASSETS
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash
|
$
87,955
|
|
$
42,591
|
|
Accounts receivable,
net
|
130,297
|
|
91,101
|
|
Inventories,
net
|
79,423
|
|
66,622
|
|
Other current
assets
|
9,307
|
|
11,109
|
|
Total current
assets
|
306,982
|
|
211,423
|
|
PROPERTY, PLANT AND EQUIPMENT,
net
|
76,672
|
|
59,321
|
|
INTANGIBLE ASSETS,
net
|
7,315
|
|
3,848
|
|
OTHER ASSETS, net
|
15,915
|
|
11,615
|
|
TOTAL ASSETS
|
$
406,884
|
|
$
286,207
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts
payable
|
$
74,239
|
|
$
61,216
|
|
Accrued
liabilities
|
38,960
|
|
34,130
|
|
Total current
liabilities
|
113,199
|
|
95,346
|
|
LONG-TERM DEBT
|
250,000
|
|
164,987
|
|
PENSION AND OTHER
POST-RETIREMENT BENEFITS
|
28,013
|
|
23,343
|
|
OTHER LONG-TERM
LIABILITIES
|
2,897
|
|
2,643
|
|
Total
liabilities
|
394,109
|
|
286,319
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
Preferred stock, $0.01 par
value; 5,000,000 shares authorized, no shares issued and
outstanding;
common stock, $0.01 par value
per share; 60,000,000 shares authorized; 28,170,929 and
27,756,759 shares issued and
outstanding
|
285
|
|
280
|
|
Treasury stock purchased
from employees; 426,870 and 285,208 shares, respectively
|
(4,059)
|
|
(2,851)
|
|
Additional paid-in
capital
|
219,112
|
|
215,491
|
|
Retained loss
|
(174,754)
|
|
(193,359)
|
|
Accumulated other
comprehensive loss
|
(27,818)
|
|
(19,673)
|
|
Total
stockholders’ equity
|
12,766
|
|
(112)
|
|
Non-controlling
interest
|
9
|
|
-
|
|
Total equity
|
12,775
|
|
(112)
|
|
TOTAL LIABILITIES AND EQUITY
|
$
406,884
|
|
$
286,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Commercial Vehicle Group, Inc.