From The Milwaukee Journal Sentinel
MILWAUKEE — Sheboygan-based auto parts supplier J.L. French Automotive Castings said Wednesday its restructuring efforts helped narrow its loss to $7 million in the fourth quarter from $70.5 million in the same quarter a year earlier.
The maker of aluminum die cast automotive parts including oil pans, engine front covers and transmission cases said its sales fell by more than $6 million, or 4.6 percent, to $130.3 million in the fourth quarter. Lower sales of Ford and General Motors vehicles contributed to the decline, the company said.
The company reported positive operating income during the fourth quarter. But high interest costs relating to French’s debt contributed to the loss, the company said.
Jack Falcon, French’s president and CEO since July, said the company has worked to rein in costs at its U. K. unit, closing two factories and selling a tool and die shop.
For the year, sales were $521 million, down $29 million from 2002. The company’s loss for 2003 totaled $13.27 million, down from $272.1 million in 2002.
Copyright 2004 The Milwaukee Journal Sentinel. via ProQuest Information and Learning Company; All Rights Reserved.
Click here to view the rest of today’s headlines.