Remy International, Inc. Announces Second Quarter 2008 Results

2008-08-06 16:00:00

Remy International, Inc. Announces Second Quarter 2008 Results

    PENDLETON, Ind., Aug. 6 /EMWNews/ -- Remy International, Inc., a

leading worldwide manufacturer, remanufacturer, and distributor of heavy

duty systems, starters and alternators, locomotive products and hybrid

technology, announced today its operating results for the second quarter

ended June 30, 2008. Sales for the quarter were $297.7 million compared to

$290.0 million a year earlier, a 3% increase. Earnings before interest,

taxes, depreciation, amortization, and restructuring charges (EBITDAR) for

the quarter increased 123% to $27 million from $12.1 in the second quarter

of 2007. Gross profit less S, G&A increased 221% to $21.5 million in the

second quarter of 2008 from $6.7 million in second quarter of 2007. The net

profit in the quarter was $2.9 million, a substantial improvement over

2007's second quarter's net loss of $29.2 million.



    "Our second quarter results reflect the benefits of sales mix,

continued cost control, and savings resulting from our Global Savings

Program initiatives. These results were achieved in spite of dramatic

vehicle production declines in the U.S. market, which we were able to

offset with stronger Hybrid and Heavy Duty market sales," stated John

Weber, Remy International President and Chief Executive Officer. He

continued, "while we are pleased with EBITDAR growth and profit improvement

in operations, we face challenging market conditions and earnings pressure

for the rest of 2008 due to continued high raw material costs, unfavorable

currency rates and the downturn in North American automotive sales."



    This press announcement may contain forecasts, projections,

expectations, or opportunities regarding Remy that are "forward-looking

statements" as defined in the Private Securities Litigation 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, in addition to other factors identified in Remy International

statements.



    A copy of the 2008 Second Quarter's Financial Report is available on

the Remy International Website at http://www.remyinc.com under Investor

Relations.





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