PENDLETON, Ind. -- Remy International has reported its operating results for the first quarter ended March 31.

Sales for the first quarter were $260.4 million compared to $212.4 million for the first quarter of 2009. Earnings before interest, taxes, depreciation, amortization and restructuring charges (EBITDAR) for the first quarter 2010 were $33.4 million compared to $15.9 million in the first quarter of 2009. Gross profit less SG&A was $25.8 million in the first quarter of 2010 compared to $8.5 million in the first quarter of 2009. Net income attributable to Remy International in the first quarter 2010 was $9.7 million, compared to 2009's first quarter's loss of $7.9 million.

"Remy's strong first quarter EBITDAR and net income results were achieved due to strong light duty sales and beginning recovery in the heavy duty off highway segment. We continued to effectively contain costs so incremental sales are contributing materially to bottom line results," said John Weber, Remy International president and CEO.

OE sales were up 43 percent in the first quarter from last year's depressed levels, led by significant increases in light duty motors and alternators.

Hybrid sales were down slightly at 2.3 percent in the first quarter versus the first quarter of 2009, as the company's customers' sales for hybrid products declined. During the first quarter, Remy announced a series of new business wins in the hybrid segment, such as its recent agreement with Aptera.

Remy Power Products unit volume increased 1 percent versus first quarter 2009. Remy Power Products continued to gain share in its market place.
 
Net Working Capital (accounts receivable plus inventory less accounts payable) in the first quarter 2010 was reduced by $17.8 million from last year's first quarter. Cash Flow before financing was $10.4 million for the first quarter 2010.

"Remy continued to meet its loan covenants for the first quarter of 2010 and expects to be in full compliance with all loan covenants for all of 2010. Our liquidity remains fully sufficient to meet our needs, and we expect it to remain so for the balance of the year," added Weber.

First quarter 2010 results include a reserve for associated costs relating to a recall of certain alternator products sold in Remy's OE and aftermarket business due to a supplier component failure. A NHTSA notice was filed.