Superior Industries Reports 2008 Fourth Quarter, Full Year Financial Results
For the 2008 full year, net loss was $26.1 million, or 98 cents per share, compared to net income of $9.3 million, or 35 cents per diluted share, for 2007.
Superior Industries Reports 2008 Third Quarter Financial Results
Superior Industries International has reported a net loss of $14.2 million, or 53 cents per share, for the third quarter of 2008, which included a $5 million pretax charge for the impairment of long-lived assets related to the previously announced closing of the company’s Pittsburg, Kan., facility.
Superior Industries to Close Kansas Plant, Reduce Work Force at Other U.S. Plants
Following the completion of a strategic review, Superior Industries has said it will take two significant actions to reduce costs and balance its manufacturing capacity in the face of reduced demand for SUVs and light trucks. The company will close its manufacturing facility in Pittsburg, Kan., effective Dec. 19, which will result in a reduction of approximately 600 employees. The company expects to incur severance and related costs as a result of this plant closure of approximately $1.8 million over the next six months.
Superior Industries Reports Increased Net Income for the Second Quarter 2008
Superior Industries International announced that net income for the second quarter of 2008 increased to 19 cents per diluted share compared to net income of 12 cents per diluted share for the second quarter of 2007, despite lower revenues and unit wheel shipments. For the three months ended June 30, consolidated net sales decreased 14.8 percent to $217.4 million compared to $255.2 million for the second quarter of 2007. Unit wheel shipments decreased 17.3 percent, as our shipments of light truck and SUV wheels decreased 36.8 percent, partially offset by shipments of passenger car wheels increasing 31.7 percent compared to the prior year.
Superior Industries Promotes Kakar to Senior VP, Corporate Engineering and Product Development
Superior Industries International has appointed Parveen Kakar to the position of senior vice president, corporate engineering and product development. Parveen Kakar, 42, joined Superior in 1989 and most recently served as Superior’s vice president, program development. He holds a bachelor of science in mechanical engineering from Punjab Engineering College in India.
Superior Industries Reports Fourth Quarter and 2007 Results
Superior Industries International announced sharply improved operating results for the fourth quarter and 2007 versus the same periods of the prior year. For the three months ended Dec. 31, 2007, consolidated net sales increased 8 percent to $229,243,000 compared to $212,169,000 for the fourth quarter of 2006, despite a reduction of $945,000 in wheel program development revenues. This revenue growth included a 1.5 percent increase in unit wheel shipments and a 7.1 percent increase in average selling prices, due principally to a higher percentage of larger diameter wheels in the sales mix than in the prior year.
Michael O’Rourke Named Executive Vice President of Superior Industries
VAN NUYS, CA — Michael O’Rourke, senior vice president, Sales and Administration for Superior Industries, has been promoted to the position of executive vice president. "I am pleased to announce Mike O’Rourke’s well-earned promotion to executive vice president, where he will continue to head up all marketing and sales functions for Superior and will assist
Erika Turner Named CFO of Superior Industries
Erika Turner has been named chief financial officer (CFO) for Superior Industries International. Prior to joining Superior, Turner was chief financial officer/VP Finance since 2004 at Monogram Systems, Carson, CA, a leading supplier of cabin systems and equipment to the global aerospace industry. Earlier, she served as CFO of the Storage Solutions Group at Quantum Corp., in Irvine, CA. From 2000 to 2003, Turner was controller of Rockwell Collins Passenger Systems in Pomona, CA, following several years as division chief financial officer at Arvin Meritor (formerly Rockwell Automotive) in Frankfurt, Germany. She also served as chief financial officer at the Autospecialty division of TRW, Carson, CA.
Superior Industries Reports Financial Results for the Second Quarter
VAN NUYS, CA — Superior Industries International, Inc. has announced financial results for the second quarter of 2007, highlighted by solid increases in unit wheel shipments, net sales, gross margin and pre-tax income from continuing operations compared to the second quarter of 2006. "The benefits of our hard work during the past several years to
Steven Borick Named Chairman, Louis Borick Named Founding Chairman of Superior Industries
VAN NUYS, CA — Superior Industries International, Inc. announced that President and Chief Executive Officer Steven Borick has been named chairman of the board, and Louis Borick has been named to the new, non-executive position of founding chairman, where he will serve as senior advisor to the board and continue to serve as a director.