NEW ALBANY, OH — Commercial Vehicle Group reported revenues of $229.3 million for the first quarter, which ended March 31, up 50.5 percent compared to $152.4 million in the prior-year period. Operating income for the first quarter was $25.5 million, a 52.7 percent increase, compared to $16.7 million last year. Net income for the quarter was $13.4 million, or 62 cents per diluted share, compared to $10.9 million, or 59 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.
“We are pleased with our operating improvements and financial performance achieved during the first quarter and look forward to the remainder of this year and our continued focus towards globalization, integration and operating effectiveness,” said Mervin Dunn, president and chief executive officer of Commercial Vehicle Group.
Revenues for the quarter compared to the prior-year period increased by $76.9 million, due primarily to the 2005 acquisitions of Mayflower, Monona Wire and Cabarrus Plastics and an increase in the North American class 8 Heavy-duty truck market. The company increased earnings before interest, taxes, depreciation and amortization to $29 million in the first quarter of 2006 from $19.4 million in the prior-year quarter. Included in the company’s results for the quarter was a one time pre-tax curtailment gain of approximately $1.4 million as a result of the freezing of one of its salary pension programs during the quarter. The company recorded approximately $0.6 million of pre-tax expense, or 2 cents per diluted share, related to the adoption of SFAS123(R), Share-Based Payment, during the quarter. The company’s net debt position at the end of the quarter was approximately $163.7 million.
For more information about Commercial Vehicle Group, visit: www.cvgrp.com .
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