ScovilleUnits
15 years ago
SRI Acquires 51% of Bolton Conductive Systems
Tuesday , October 13, 2009 09:15ET
WARREN, Ohio, Oct. 13 /PRNewswire-FirstCall/ -- Stoneridge, Inc. (NYSE: SRI) announced today that it has signed an agreement to acquire a 51% equity interest in Bolton Conductive Systems LLC (BCS), an electrical system supplier based in Walled Lake, Michigan, for initial consideration of $5,865,000 and depending on BCS's performance in 2010, 2011 and 2012, additional consideration payments in 2011, 2012 and 2013.
Subject to the customary closing conditions, Stoneridge acquired a 51% equity interest in BCS and will have the option to purchase the balance of BCS in 2013. BCS designs and manufactures a wide variety of electrical solutions for the military, automotive, and marine and specialty vehicle markets. Bolton Conductive Systems has been focusing its resources on designing, manufacturing and selling to Oshkosh, Force Protection, General Dynamics, AM General and BAE in the military market which will complement Stoneridge's efforts at Navistar.
"BCS has strong products and relationships and represents an opportunity for Stoneridge to immediately expand our presence in the military channel, which we believe has excellent strategic growth potential and is a good long-term complement to our existing business," said John C. Corey, president and chief executive officer of Stoneridge. "We expect to achieve synergies from purchasing and manufacturing for wiring, instrumentation and gauges derived from our scale and capabilities. In addition we will expand Stoneridge's product offering in the military channel and draw on BCS's strengths from its contacts in the industry."
"By becoming part of Stoneridge's outstanding global organization, we will be able to expand our capabilities and serve our customers better," said William Bolton, president and founder of BCS. "We believe this combination is a good fit and will contribute to the profitable growth of both operations." Mr. Bolton will remain BCS's president and chief executive officer through 2013.
Stoneridge also announced that it has amended its asset-based credit facility. The amendments will enable Stoneridge to acquire the 51% equity interest and option to buy the remaining 49% of BCS in 2013. In addition Stoneridge has modified the asset-based credit facility to allow certain foreign subsidiaries to become non-borrowers under the credit agreement and permit certain internal transactions that will facilitate the implementation of a more efficient European cash management structure.
ScovilleUnits
16 years ago
First-Quarter 2009 Results
http://www.knobias.com/story.htm?eid=3.1.f24478be287b23fba2b7001828e54d5969701d52d741f3a8da6a20be993cc8b4
Friday , May 01, 2009 09:19ET
- Decrease in net sales, net income attributed to dramatically reduced volumes in key markets
- Liquidity, capital structure seen as competitive advantage
WARREN, Ohio, May 1 /PRNewswire-FirstCall/ -- Stoneridge, Inc. (NYSE: SRI) today announced net sales of $121.1 million and a net loss of $11.6 million, or $(0.49) per diluted share, for the first quarter ended March 31, 2009.
Net sales decreased $82.0 million, or 40.4 percent, to $121.1 million, compared with $203.1 million for the first quarter of 2008. The decrease in net sales was primarily caused by dramatically reduced production volumes in the North American passenger car/light truck market (50.9%) and the commercial vehicle markets in Europe (55.6%) and North America (41.8%), and the effect of foreign currency translation. Foreign currency translation negatively affected first-quarter net sales by approximately $7.5 million compared with the same period in 2008. The sales decrease was partially offset by the strength in the North American agricultural and off-road market.
Net loss for the first quarter was $11.6 million, or $(0.49) per diluted share, compared with net income of $6.5 million, or $0.28 per diluted share, in the first quarter of 2008. The decrease in net income was due primarily to the severe reduction in sales volume the Company experienced in many of its markets.
As of March 31, 2009, Stoneridge's consolidated cash position was $89.2 million, $3.5 million lower than the 2008 year-end balance of $92.7 million, and its ABL facility remains undrawn. Net cash provided by operating activities for the quarter ended March 31, 2009 was $1.2 million, compared with $8.6 million for the quarter ended March 31, 2008. The decrease of $7.4 million in cash provided by operating activities was primarily due to a reduction in earnings caused by the reduction in sales offset by working capital reductions.
Chrysler announced yesterday that it has filed for a quick and efficient bankruptcy. To minimize Stoneridge's exposure, the Company has filed for and has been accepted to participate in the Chrysler and General Motors U.S. Government supplier accounts receivable guarantee program.
Outlook
"The decrease in production volumes globally in the first quarter was the most severe the Company has ever experienced," said John C. Corey, president and chief executive officer. "Current market conditions have caused unprecedented turmoil throughout our industry and we are managing our operations to react rapidly and adjust to quickly changing demand. Nevertheless, we are encouraged that our cost-savings initiatives that have been implemented and our available liquidity and capital structure will allow us to operate through a protracted downturn in volume and position us for the new competitive landscape once markets recover. Although the first half of 2009 will be worse than we originally expected, we continue to expect Stoneridge to be operating income and cash flow from operations positive in 2009, with improved business conditions by late third quarter and in the fourth quarter."
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2009 first-quarter results can be accessed at 1 p.m. Eastern time on Friday, May 1, 2009, at www.stoneridge.com, which will also offer a webcast replay.
http://www.stoneridge.investorpass.com/profiles/investor/fullpage.asp?f=1&BzID=1344&to=cp&Nav=1&LangID=1&s=0&ID=4055
ScovilleUnits
16 years ago
Q4 Adj EPS 13c vs 31c EPS -58% Y/Y; Guidance Comments
Wednesday, February 25, 2009 08:52ET
QUARTER RESULTS
Stoneridge, Inc. (SRI) reported Q4 results ended December 2008. Q4 Revenues were $157.97M; -14.83% vs yr-ago. Q4 EPS was ($4.63). Adjusted Q4 EPS was 13c; -58.06% vs yr-ago.Q4 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $157.97M $185.48M -14.83% N/A N/A
---------- ------------ ------------ ---------- ------------ ----------
EPS: ($4.63) N/A N/A N/A N/A
Adj EPS: 13c 31c -58.06% N/A N/A
---------- ------------ ------------ ---------- ------------ ----------YEAR-END RESULTS
Co. also reported Year-End results ended December 2008. FY Revenues were $752.70M; +3.52% vs yr-ago. FY EPS was ($4.17). Adjusted FY EPS was 98c; +30.67% vs yr-ago.FY RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $752.70M $727.12M +3.52% N/A N/A
---------- ------------ ------------ ---------- ------------ ----------
EPS: ($4.17) N/A N/A N/A N/A
Adj EPS: 98c 75c +30.67% N/A N/A
---------- ------------ ------------ ---------- ------------ ----------GUIDANCE
FY-09 Earnings Outlook : The Company expects earnings in 2009 to be positive.
ADDITIONAL COMMENTARY:
"The environment for 2009 will most likely be the most challenging the Company has ever experienced," Corey said. "The same is true for the entire industry given the interdependence of the supply chain to the OEMs. Although we have positioned Stoneridge to weather the storm as we see it now, we have decided not to provide specific earnings guidance at this time, due to the uncertainty of market conditions. However, we expect that Stoneridge should be both earnings and cash flow positive in 2009 based on our expected sales in 2009."
ORIGINAL EARNINGS RELEASE ( http://www.knobias.com/story.htm?eid=3.1.8ebc7bd9381f363a5c7e681cacf528e5cc414f9b1b4c42a475857a109bbcffd2 )
Consensus estimate data provided by Reuters.
Visit Knobias.com for more indepth earnings information.
ScovilleUnits
16 years ago
Reschedules 4-Qtr Earnings & CC to Feb 25
Stoneridge Reschedules Fourth-Quarter 2008 Earnings Announcement and Conference Call to February 25
Wednesday, February 11, 2009 09:18ET
WARREN, Ohio, Feb. 11 /PRNewswire-FirstCall/ -- Stoneridge, Inc. (NYSE: SRI) today announced that it is rescheduling its fourth-quarter 2008 earnings release and conference call from February 12, 2009 to February 25, 2009, to allow time to complete an analysis of asset impairment including goodwill. The Company is also reaffirming its full-year earnings outlook for 2008 of $0.40 to $0.46 per diluted share excluding any goodwill-related impairment charges. Fourth-quarter and full-year 2008 results will now be released before the market opens on Wednesday, February 25, 2009. The Company will also broadcast its fourth-quarter 2008 earnings conference call live on the Internet that morning at 11 a.m. Eastern Time with President and Chief Executive Officer, John Corey; and Executive Vice President and Chief Financial Officer, George Strickler.
This webcast can be accessed through the Company's Web site, www.stoneridge.com. The webcast is also being distributed over CCBN's Investor Distribution Network. Individual investors can listen to the webcast at www.fulldisclosure.com. Institutional investors can access the webcast via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).
http://www.knobias.com/story.htm?eid=3.1.a2c1871923555c24c35d212a50c52d73a9a89eb83a74123d67c493b2e7ce589f
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