NEW ALBANY, OH — Commercial Vehicle Group, Inc. (CVGI) reported revenues of $234.8 million for the second quarter ended June 30, up 19.7 percent compared to $196.1 million in the prior-year quarter. Operating income for the second quarter was $26.8 million, a 3.9 percent increase, compared to $25.8 million last year. Net income for the quarter was $15.5 million, or 72 cents per diluted share, compared to $14.2 million, or 78 cents per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were 21.5 million compared to 18.3 million in the prior-year quarter. This increase in shares outstanding is primarily the result of the company’s stock offering during 2005.

Revenues were approximately $5.9 million higher for the quarter compared to the company’s estimates, due primarily to the increase in both organic growth and market share growth achieved by the company. The company increased adjusted earnings before interest, taxes, depreciation and amortization, gains/losses on foreign currency transactions, gains/losses on the early extinguishment of debt and miscellaneous income/expenses (Adjusted EBITDA) to $30.7 million in the second quarter of 2006, or approximately $0.8 million higher than its estimate for the quarter.

Included in the company’s Operating Income and Adjusted EBITDA results for the quarter was a one time pre-tax net gain of approximately $1.8 million as a result of changes made to certain retiree medical programs during the quarter, which was more than offset by certain unexpected material pricing and supply related cost increases as well as other operational and administrative cost increases during the quarter. In addition, included in the company’s Net Income and fully diluted earnings per share for the quarter was a favorable pre-tax gain of approximately $1.3 million resulting from the marking to market of its foreign currency contracts.

The company reported revenues of $464.1 million for the six months ended June 30, up 33.2 percent compared to $348.5 million in the prior-year period. Operating income for the six-month period was $52.3 million compared to $42.5 million last year. Net income for the six-month period was $28.9 million, or $1.35 per diluted share, compared to $25.1 million, or $1.37 per diluted share, in the prior six-month period. Fully diluted shares outstanding for the six-month period were 21.5 million compared to 18.3 million in the prior-year period. This increase in shares outstanding is primarily the result of the company’s stock offering during 2005.

The company has revised its estimates for the remainder of the year to include revenues in the range of $227.5 to $231.5 million for the third quarter 2006 and $917 to $925 million for the full year 2006 and fully diluted earnings per share to be in the range of 68 cents to 70 cents for the third quarter 2006 and $2.73 to $2.77 for the full year 2006 based upon 21.5 million fully diluted shares.

The company revised its estimated revenues from previous estimates as a result of its second quarter 2006 actual results and an estimated 90,000 North American Class 8 truck build rate in the third quarter 2006 and approximately 362,000 Class 8 build rate for the full year 2006. This is a 3,000 unit increase from its previous estimates of 87,000 units in the third quarter and 359,000 units for the full year.

In addition, the company has revised its revenue and fully diluted earnings per share estimates for the remainder of 2006 to include estimates for increases in revenue content and market share; currency translation impacts for the remainder of 2006; material cost impacts related primarily to the copper industry and; the effects of the sale of its medical business during the second quarter 2006.

For more information about CVGRP, go to: www.cvgrp.com .

_______________________________________

Click here to view the rest of today’s headlines.