FINDLAY, OH — Cooper Tire & Rubber has reported all-time record high sales of $967 million, as well as a 20 percent increase in net income for the quarter which ended Dec. 31, 2003. The record sales represent a 15 percent increase compared to the same period a year earlier, said the company.
Net income increased by 20 percent to $28 million, compared to $23 million in the fourth quarter of 2002. Basic and diluted earnings per share for the fourth quarter of 2003 were 38 cents or 19 percent higher than the earnings per share of 32 cents reported in the fourth quarter of 2002. These results include restructuring charges of 5 cents per share in the fourth quarter of 2003 and 1 cent per share in the fourth quarter of 2002. Excluding the restructuring charges, the company’s basic and diluted earnings per share in the fourth quarter of 2003 would have been 43 cents compared to 33 cents in the fourth quarter of 2002.
For the year ended Dec. 31, 2003, the company recorded net income of $74 million or $1 diluted earnings per share on net sales of $3.5 billion. By comparison, net income in 2002 was $112 million and earnings per share were $1.51. These full-year results include restructuring charges of $15 million or 13 cents per share in 2003 and $5 million or 4 cents per share in 2002.
“This was our second consecutive record-setting quarter and we are extremely pleased with our strong sales performance as we have once again significantly outpaced the growth rate of our industries,” said Cooper chairman, president and CEO Thomas Dattilo. “Our Automotive Group’s sales and operating profit improved significantly on the strength of new business ramping up and improved operational efficiency. Our full year results were hampered by difficult market conditions in the first half of the year but our results in the last two quarters are much more representative of what we see moving forward.”
For more information, visit the company’s web site at: www.coopertireandrubber.com.
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