Cooper Standard Automotive Reports First Quarter 2005 Result
(Akron/Tire Review) Cooper-Standard Holdings, the parent of Cooper-Standard Automotive, has reported results for its first full quarter as a stand-alone company. The company posted revenues of $470.1 million for the first quarter, which ended on 31 March, compared to a record $497 million for the prior year same quarter.
Cooper Standard’s EBITDA was $41.1 million for the first quarter 2005 compared to $59.1 million for the same period in 2004. Adjusting for restructuring, one-time inventory write-up and unrealised foreign exchange losses on acquisition-related indebtedness, adjusted EBITDA was $53.5 million, or 11.4 per cent of sales in 2005, compared to $68 million for the same period in 2004. The company generated after-tax cash flow of $24.3 million in the first quarter before transaction-related payments.
Net income for the first quarter was a loss of $0.5 million, which included $19.2 million in non-cash expenses representing accounting adjustments related to the purchase of the company in December 2004. These items consist of a $9.8 million one-time inventory write-up, $7.1 million impact on depreciation and amortization from adjusting fixed assets and recording other intangibles in purchase accounting, and $2.3 million of unrealised foreign exchange losses on acquisition-related indebtedness. In addition, the first quarter loss included $15.9 million of interest expense on the acquisition-related debt. Cooper Standard had net income of $26.5 million for the first quarter of 2004.