PENDLETON, Ind. -- Remy International has announced today its operating results for 2009.

Sales for the year were $910.7 million compared to $1.1 billion a year earlier. Earnings before interest, taxes, depreciation, amortization and restructuring charges (EBITDAR) for the year was $121.2 million compared to $103.5 million in 2008. Gross profit less SG&A was $88.2 million in 2009 compared to $74.7 million in 2008. Net income attributable to Remy International for the year was $10.8 million, compared to 2008's net loss of $5.8 million.

"2009 was a challenging year with a sudden and dramatic decline in Original Equipment (OE) light duty and heavy duty sales midway through the year," stated John Weber, Remy International president and CEO. "We experienced encouraging improvement in OE sales as the year progressed, and are seeing improved OE sales continue into the first part of 2010. Remy Power Product sales in 2009 benefited from our strong and increasing position with retailers, in addition to winning select new warehouse distributor customers.

"I am confident the Remy team will build on the successful results of 2009, responding to improving markets, while maintaining our cost discipline. Simultaneously we are making significant investments in our hybrid motor technology, where our market and technology leadership is reinforced by the steady rhythm of new customer agreements. Those customers are recognizing the value we can bring to their applications, speeding their development and delivering world class performance. We have over a billion miles of on the road proven reliability with our hybrid products.

"In 2009, Remy met all financial covenant requirements. We made significant improvements in cash flow and working capital which drove improvement in our liquidity. In 2010, we expect to have more than sufficient liquidity to meet our needs and also to exceed all financial covenants. Working capital will continue to be a focus for the company in 2010."