EVANSVILLE, Ind. — United Components Inc. (UCI) has announced results for the quarter ended March 31. Revenue of $219.9 million decreased $9.4 million over the year-ago quarter. Excluding the effects of obtaining new customer business in both quarters, revenue decreased by 3.5 percent from the year-ago quarter. On this basis, the company reported revenue increases in the retail and traditional channels and declines in the OEM, OES and heavy duty channels. 
Net income attributable to UCI for the quarter was $1.6 million, including $2.9 million in special charges, net of tax, including costs related to obtaining new business, reductions in force, defending class action litigation, the establishment of new facilities in China and integration of water pump operations. Excluding these charges, adjusted net income would have been $4.5 million. Net income attributable to UCI for the first quarter of 2008 was $6.8 million, including $1.8 million of special charges, net of tax, related to the establishment of new facilities in China, costs of obtaining new business and integration of water pump operations. Excluding these charges, adjusted net income would have been $8.6 million.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted consistent with the company’s historical presentations, was $25.2 million for the first quarter, compared with $32.6 million for the year-ago quarter.
“In the midst of this serious economic downturn, we are very pleased with our results for the quarter, particularly the significant improvement over the fourth quarter of 2008,” said Bruce Zorich, chief executive officer of UCI. “We saw the beginnings of a return in consumer demand, especially in the retail sector, and we are encouraged by a continuing up tick in demand as we head into the second quarter.”
“In addition, our aggressive cost structure initiatives resulted in significant savings over last year’s first quarter, with additional savings to come in the second quarter,” continued Zorich. “We are very well positioned to capitalize on the opportunities that we see as the economy recovers.”
As of March 31, the company’s debt stood at $425.1 million. The company ended the quarter with $73 million in cash, up from $46.6 million at Dec. 31, 2008. The company had no outstanding balance under its revolving credit facility at March 31, with $20 million outstanding at Dec. 31, 2008.
