Welcome!

News Feed Item

Commercial Vehicle Group Announces Fourth Quarter 2012 Results

NEW ALBANY, Ohio, Feb. 14, 2013 /PRNewswire/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $173.4 million for the fourth quarter of 2012, down 23.2% compared to $225.8 million for the prior-year period.  Operating loss for the fourth quarter was $2.3 million compared to operating income of $16.1 million for the fourth quarter of 2011.  Net loss was $5.6 million for the fourth quarter, or ($0.20) per diluted share, compared to net income of $10.1 million, or $0.36 per diluted share in the prior-year quarter.  Diluted shares outstanding were 28.4 million for the quarter compared to 28.2 million for the prior-year period. 

"Our fourth quarter revenues declined compared to both the prior-year quarter and the third quarter of 2012 reflecting both lower North American truck production levels and construction equipment build rates.  Production in the North American Class 8 market declined approximately 23% compared to the fourth quarter of 2011 and our construction market revenues declined approximately 29% for this same period.  We also saw a decline in orders for both our military and aftermarket products, which further impacted our results," said Mervin Dunn, President and CEO of Commercial Vehicle Group.  "We believe the weak market conditions we experienced in the third and fourth quarters of 2012 are short-term.  As a result, we responded appropriately by reducing labor and other costs to minimize the impact of lower volumes while, at the same time, not making major cut backs in areas that affect our five-year strategic plan of growth and diversification.  We must not sacrifice our long-term momentum for short-term success," added Mr. Dunn. 

Revenues for the year ended December 31, 2012 were $857.9 million, an increase of $25.9 million, or 3.1%, compared to the prior-year period, due primarily to the overall increase in the North American Class 8 market.  Operating income for the year ended December 31, 2012 was $44.1 million compared to $49.1 million for the prior year.  Net income for the year ended December 31, 2012 was $50.1 million, or $1.76 per diluted share, compared to $18.6 million, or $0.66 per diluted share, in the prior year, primarily as a result of the income tax benefit of $27.0 million recorded for the year ended December 31, 2012.   This tax benefit was driven primarily by a non-recurring release of the Company's domestic deferred tax asset valuation allowance in the third quarter of 2012.

"Sequentially, compared to the third quarter of 2012, our results were negatively impacted by approximately $1.0 million related to foreign exchange expense primarily as a result of the decline in the Japanese Yen, approximately $0.3 million of incremental start-up costs related to our Ukraine operation and approximately $0.5 million incremental costs related to the two acquisitions we announced in the fourth quarter.  While we believe these costs are short-term in nature and unique to the quarter, they nonetheless impacted our fourth quarter results," stated Chad M. Utrup, Chief Financial Officer for Commercial Vehicle Group. 

The Company did not have any outstanding borrowings under its asset-based revolver at December 31, 2012 and, as a result, was not subject to any financial maintenance covenants.  In addition, the Company had approximately $68.4 million of cash on its balance sheet at December 31, 2012 with an additional $37.5 million of availability under its asset-based revolver for total liquidity of approximately $105.9 million.  The Company does not expect to trigger the requirement to comply with financial maintenance covenants in 2013. 

A conference call to discuss the contents of this press release is scheduled for Thursday, February 14, 2013, at 10:00 a.m. ET.  To participate, dial (888) 713-4217 using access code 46855216.  You can pre-register for the conference call and receive your pin number at: 

https://www.theconferencingservice.com/prereg/key.process?key=P3EMUK8KH

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 14936214. 

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.

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 weak market conditions, Class 8 production levels, construction build rates, utilization of inventory in the construction market, decline in our end markets, our long-term strategy for growth and profitability, cost reduction efforts 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) the Company's 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.


 

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)

 



Three Months Ended December 31,


Twelve Months Ended December 31,


2012


2011


2012


2011


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)










(In thousands, except per share amounts)


(In thousands, except per share amounts)





Revenues

$                 173,357


$                 225,828


$                 857,916


$                 832,022









Cost of Revenues

157,458


192,450


741,378


716,430









     Gross Profit

15,899


33,378


116,538


115,592









Selling, General and Administrative Expenses

17,960


17,094


71,949


65,521









Amortization Expense

218


91


493


346









Restructuring Costs

-


127


-


669









     Operating (Loss) Income

(2,279)


16,066


44,096


49,056









Interest and Other Expense

5,160


5,542


21,014


19,923









Loss on Early Extinguishment of Debt

-


-


-


7,448









(Loss) Income Before (Benefit) Provision for Income Taxes 

(7,439)


10,524


23,082


21,685









(Benefit) Provision for Income Taxes

(1,851)


418


(26,948)


3,095









Net (Loss) Income

(5,588)


10,106


50,030


18,590









Less:  Non-controlling interest in subsidiary's loss

(4)


(15)


(47)


(15)









Net (Loss) Income Attributable to CVG Stockholders

$                   (5,584)


$                   10,121


$                   50,077


$                   18,605









(Loss) Earnings per Common Share:








Basic

$                     (0.20)


$                       0.36


$                       1.77


$                       0.67

Diluted

$                     (0.20)


$                       0.36


$                       1.76


$                       0.66









Weighted Average Shares Outstanding:








Basic

28,404


28,088


28,230


27,848

Diluted

28,404


28,195


28,428


28,190









COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)






December 31


December 31,

2012


2011


(Unaudited)


(Unaudited)






(In thousands, except share and per share amounts)



Assets

Current Assets:




Cash

$             68,369


$             87,955

Accounts receivable, net of reserve for doubtful accounts of $3,393 and $3,867, respectively

114,573


130,297

Inventories

86,318


79,423

Deferred income taxes

8,381


1,837

Other current assets

6,446


7,470

Total current assets 

284,087


306,982

Property, plant and equipment, net of accumulated depreciation of $117,359 and $109,403, respectively

83,304


76,672

Goodwill

8,986


-

Intangible assets, net

23,001


7,315

Deferred income taxes

23,615


-

Other assets, net

14,509


15,915

Total assets

$           437,502


$           406,884





Liabilities and Stockholders' Equity





Current Liabilities:




Accounts payable 

$             55,900


$             74,239

Accrued liabilities

32,869


38,960

Total current liabilities 

88,769


113,199

Long-term debt

250,000


250,000

Pension and other post-retirement benefits

28,273


28,013

Other long-term liabilities

4,152


2,897

Total liabilities 

371,194


394,109

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; 28,463,479 and 28,170,929 shares issued and outstanding, respectively

290


285

Treasury stock purchased from employees; 590,154 and 426,870 shares, respectively

(5,264)


(4,059)

Additional paid-in capital 

223,822


219,112

Retained loss

(124,677)


(174,754)

Accumulated other comprehensive loss

(27,885)


(27,818)

Total CVG stockholders' equity

66,286


12,766

Non-controlling interest 

22


9

Total stockholders' equity

66,308


12,775

Total liabilities and stockholders' equity

$           437,502


$           406,884





SOURCE Commercial Vehicle Group, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...