PENDLETON, Ind. -- Remy International has released its Annual Report for 2007. Highlights of the company's consolidated financial results for 2007 include revenues of $1,129 million, EBITDAR of $53.1 million and capital expenditures of $15.5 million. Gross profit less SG&A for 2007 was $30.6 million, compared to $(10.3) million for 2006. These results exclude the M&M Knopf Auto Parts business that was divested in 2007 and recorded as discontinued operations. In 2007, the company also completed the sale of its diesel business, which had been classified as discontinued operations in 2006.

The company emerged from Prepackaged Reorganization on Dec. 6, 2007, and adopted fresh-start reporting in accordance with The American Institute of Certified Public Accountants; Statement of Position 90-7. Accordingly, the company said its consolidated financial statements on or after Nov. 30, 2007 (emergence effective date) are basically those of a different enterprise and are not comparable to its pre-emergence consolidated financial statements.

"These positive results for 2007 were achieved as the company successfully emerged in less than 60 days from its Prepackaged Reorganization filing in the fourth quarter of 2007," said John Weber, president and chief executive officer of Remy International, Inc. Weber went on to comment, "Our business groups delivered on their commitments in 2007 and built the foundation that should improve their results in future years.

“Our original equipment (OE) operations benefited from improved pricing with key customers. In addition, the transfer of our Heavy Duty Reman operations in conjunction with the sale of Franklin Power assets to Caterpillar, resulted in significant cost reductions. Remy's 2007 increased focus on price realization in its various markets also delivered more consistent results in the light duty and heavy duty aftermarket. New product introductions and performance stability in our Aftermarket Business, offset faster and deeper than expected declines in the Heavy Duty market due to changes in 2006 EPA standards. Our critical global savings plan projects achieved the expected level of cost savings for 2007. We are pleased with these results delivered in the midst of a quick but disruptive Prepackaged Reorganization proceeding."

For more information about Remy International, go to: http://www.remyinc.com.