ANDERSON, IN --
Remy International has reported its financial results for the three month
Period, which ended March 31.
Net sales for the first quarter increased $70 million to $351.6
million, a 24.9 percent increase, compared with $281.6 million reported in the
corresponding period last year. The increase reflects the full quarter
impact of the Unit Parts Company acquisition in March 2005, as well as a
39.4 percent increase in Powertrain sales and a 22.7 percent increase in OEM sales.
The company reported an adjusted EBITDA for the first quarter of $24
million, a $3.4 million increase, compared to adjusted EBITDA of $20.6
million in the first quarter 2005. The increase in adjusted EBITDA
primarily reflects the sales increases discussed above combined with
savings from our cost savings programs undertaken in 2005.
The company reported an operating income of $15.7 million in the first
quarter 2006, compared with operating income of $14.9 million in the first
quarter 2005.
Net loss for the first quarter increased $5.2 million to $8.1 million
compared with $2.9 million reported in the corresponding period last year.
Net cash used in operating activities for the first was $8.6 million, compared with cash provided by operating
activities of $2.6 million for the corresponding period last year. The cash
usage in the first quarter of 2006 includes $7.7 million for previously
announced restructuring payments including the UAW settlement reached in
January. The company's liquidity as of March 31 was approximately
$106.4 million, consisting of $86.6 million of availability on its senior
credit facility in addition to unrestricted cash of $19.8 million on the
consolidated balance sheet.
The company reaffirmed its prior guidance and said it believes that full year
2006 sales and adjusted EBITDA will be in the ranges of $1,275 to $1,300
million and $90 to $110 million, respectively, with adjusted EBITDA
comprised of $60 to $80 million of operating income and about $30 million
of depreciation and amortization. The company expects net cash provided by
operating activities for 2006 will be in the range of $10 to $20 million
including cash usage for restructuring payments. Capital expenditures for
2006 are expected to be approximately $35 million.
For more information about Remy International, visit: remyinc.com .
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