FINDLAY, Ohio, March 5 /PRNewswire-FirstCall/ --

We are issuing an amended version of the press release issued on March 2, 2010 in order to conform the presentation of certain balance sheet items to the Form 10-K which was filed on the same day.  No changes have been made to the narrative of the press release.

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Cooper Tire & Rubber Company Reports  

Improved Fourth Quarter Results

• Net income (attributable to Cooper Tire) of $39 million, or 63 cents per share
• 28 percent increase in unit sales
• Net sales increase of 22 percent
• Cash and cash equivalents of $427 million

Cooper Tire & Rubber Company (NYSE: CTB) today reported net income of $39 million for the quarter ended Dec. 31, 2009, a $183 million improvement from the same period in 2008.  Net sales were $773 million, an increase of $137 million, or 22 percent, from the prior year. Operating profit was $60 million for the quarter, a $224 million improvement from a loss of $164 million in 2008. The Company reported net income of 63 cents per share during the quarter on a diluted basis.  These results included income of $6 million from discontinued operations during the quarter.  

Results during the quarter included restructuring charges of $12 million, primarily related to the closure of the Albany, Ga., facility, a decrease of $64 million from the fourth quarter of 2008. During the prior year same quarter, the Company also had a $31 million non-recurring pretax charge for impairment of goodwill in the International segment.  Excluding these charges, operating profit in the fourth quarter of 2009 improved by $129 million from the same quarter in 2008.

Stronger results for the quarter when compared to the prior year were driven by lower raw material costs, improved volumes and increased utilization of manufacturing capacity.  These positive impacts were partially offset by unfavorable price and mix.

For the year 2009, Cooper generated net sales of $2.8 billion, down 4 percent from 2008.  Net income was $52 million for the year - a significant improvement from a net loss of $219 million in 2008.  The Company ended the year with $427 million in cash and cash equivalents, reflecting strong cash flows from operations and prudently managed resources.  A payment of $97 million was made to retire maturing parent Company debt during the fourth quarter of 2009.

North American Tire Operations

North American Tire Operations sales were $566 million during the fourth quarter, up from 2008 net sales of $511 million.   Increased volumes were offset by unfavorable price and mix. Total light vehicle tire shipments for Cooper's North America segment in the United States increased by 22 percent, outpacing the total industry shipment increase of 7 percent reported by the Rubber Manufacturers Association.  This improvement occurred across all product segments as the Company was able to increase market share in the replacement market.

Operating profit of $39 million for the fourth quarter rose by $148 million when compared with the same period in 2008.  Excluding restructuring charges, which dropped by $64 million, the improvement from the prior year was $84 million.  Raw material cost improvements during the quarter positively affected results by $74 million. Higher volumes improved results by $29 million.  Manufacturing operations improved by $21 million, primarily as a result of better capacity utilization. The segment's operating results also benefited by approximately $15 million from the sale of units that were valued at lower historical costs, in accordance with the use of LIFO cost-flow methodology, as the Company liquidated inventory levels to meet surging demand.  Partially offsetting these impacts were net unfavorable price and mix changes of $36 million.  Higher other costs, including those related to incentive and administrative costs, were $19 million larger than the prior year.

For the 12 months ended December 2009, the segment generated operating profit before restructuring of $160 million, or 8 percent, on sales of $2 billion.

International Tire Operations

The Company's International Tire Operations reported $274 million in sales, a substantial increase of $98 million, or 56 percent, compared with the prior year same quarter.  This was the result of increased volume offset slightly by negative price and mix.  Asian operations increased sales volumes by 92 percent, while European operations reported increased unit sales of 6 percent.

The segment's operating profit increased $77 million, to $26 million for the fourth quarter.  Excluding the non-recurrence of a $31 million write-off of goodwill that occurred in 2008, results improved by $46 million. This change, when compared to the fourth quarter of 2008, resulted partly from a $34 million improvement in raw material costs. Improved volumes contributed $12 million. The segment's better utilization and focus on reducing waste was a positive of $6 million. The segment also benefited approximately $9 million from favorable currency rates and other costs when compared with the prior year.  These positives were partially offset by negative price and mix impacts of $15 million.

International sales for the total year were $994 million, generating operating profit of $73 million, or 7 percent of net sales.

Management Commentary and Outlook

Roy Armes, Chief Executive Officer, commented, "During the fourth quarter, we were encouraged by the stronger demand in many markets for our tires. This improvement allowed the progress we have made to be more visible on the bottom line.  In recent years, we have focused on strengthening the foundation of our Company in order to leverage opportunities as they emerge and better face challenges as they arise.  We are staying the course with our strategic direction of improving our global cost structure, profitably increasing the top line, and enhancing organizational capabilities.  

"The tire industry and the global environment continue to be fluid.  Successful implementation of the three imperatives detailed in our Strategic Plan and improvement in market or industry conditions can drive improved operating results.  We recognize these results may also be subjected to uncontrollable factors that impact the replacement tire industry.  Our focus remains on prudent management of our critical resources to drive shareholder value.  With recent trends in mind, our outlook remains cautiously optimistic.  The successes we achieve, combined with improved global industry conditions, can result in an even stronger Company with a more consistent level of profitability."

Cooper's management team will discuss the financial and operating results for the quarter in a conference call today at 11 a.m. Eastern time.  Interested parties may access the audio portion of that conference call on the investor relations page of the Company's Web site at www.coopertire.com.

About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company is a global company that specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck tires and subsidiaries that specialize in motorcycle and racing tires. With headquarters in Findlay, Ohio, Cooper Tire has manufacturing, sales, distribution, technical and design facilities within its family of companies located in 10 countries around the world.  For more information, visit Cooper Tire's Web site at www.coopertire.com.

Forward-Looking Statements

This report contains what the Company believes are "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding projections, expectations or matters that the Company anticipates may happen with respect to the future performance of the industries in which the Company operates, the economies of the United States and other countries, or the performance of the Company itself, which involve uncertainty and risk.

Such "forward-looking statements" are generally, though not always, preceded by words such as "anticipates," "expects," "believes," "projects," "intends," "plans," "estimates," and similar terms that connote a view to the future and are not merely recitations of historical fact.  Such statements are made solely on the basis of the Company's current views and perceptions of future events, and there can be no assurance that such statements will prove to be true.

It is possible that actual results may differ materially from those projections or expectations due to a variety of factors, including but not limited to:

• changes in economic and business conditions in the world;
• the failure to achieve expected sales levels;
• consolidation among the Company's competitors and customers;
• technology advancements;
• the failure of the Company's suppliers to timely deliver products in accordance with contract specifications;
• changes in interest and foreign exchange rates;
• changes in the Company's customer relationships, including loss of particular business for competitive or other reasons;
• the impact of reductions in the insurance program covering the principal risks to the Company, and other unanticipated events and conditions;
• volatility in raw material and energy prices, including those of steel, petroleum based products and natural gas and the unavailability of such raw materials or energy sources;
• the inability to obtain and maintain price increases to offset higher production or material costs;
• increased competitive activity including actions by larger competitors or low-cost producers;
• the inability to recover the costs to develop and test new products or processes;
• the risks associated with doing business outside of the United States;
• changes in pension expense and/or funding resulting from investment performance of the Company's pension plan assets and changes in discount rate, salary increase rate, and expected return on plan assets assumptions, or changes to related accounting regulations;
• government regulatory initiatives, including regulations under the TREAD Act;
• the impact of labor problems, including a strike brought against the Company or against one or more of its large customers or suppliers;
• litigation brought against the Company including products liability;
• an adverse change in the Company's credit ratings, which could increase its borrowing costs and/or hamper its access to the credit markets;
• changes to the credit markets and/or access to those markets;
• inaccurate assumptions used in developing the Company's strategic plan or the inability or failure to successfully implement the Company's strategic plan including closure of the Albany, Georgia facility;
• inability to adequately protect the Company's intellectual property rights;
• failure to successfully integrate acquisitions into operations or their related financings may impact liquidity and capital resources;
• inability to use deferred tax assets;
• recent changes to tariffs on certain tires imported into the United States from the People's Republic of China;
• and changes in the Company's relationship with joint venture partners.

It is not possible to foresee or identify all such factors.  Any forward-looking statements

in this report are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected

future developments and other factors it believes are appropriate in the circumstances.

Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected.

The Company makes no commitment to update any forward-looking statement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.

Further information covering issues that could materially affect financial performance is contained in the Company's periodic filings with the U. S. Securities and Exchange Commission.

(Statements of income and balance sheets follow…)

    
                  
                               Cooper Tire & Rubber Company            
                             Consolidated Statements of Income        
                                                                          
    (Dollar amounts in thousands except per share amounts)
                                                                      
                                 Quarter Ended              Year Ended
                                 December 31                December 31
                                 -------------              -----------
                                2008        2009        2008          2009
                                ----        ----        ----          ----
                                                                     
    Net sales                  $635,832   $773,059   $2,881,811   $2,778,990
    Cost of products sold       645,589    645,278    2,805,638    2,359,963
                                -------    -------   ---------     ---------
    Gross profit (loss)          (9,757)   127,781       76,173      419,027
                                                                            
    Selling, general and
     administrative              46,256     55,162      185,064      206,990
    Impairment of goodwill       31,340          -       31,340            -
    Restructuring charges        76,402     12,272       76,402       48,718
    Settlement of retiree
     medical case                     -          -            -        7,050
                                -------     ------      -------      -------
    Operating profit (loss)    (163,755)    60,347     (216,633)     156,269
                                                                            
    Interest expense            (13,484)   (11,019)     (50,525)     (47,211)
    Debt extinguishment               -          -         (593)           -
    Interest income               1,593        454       12,887        5,193
    Dividend from
     unconsolidated subsidiary        -          -        1,943            -
    Other income - net           (7,128)       247       (4,854)       1,272
                                 ------        ---       ------        -----
    Income (loss) from
     continuing operations
     before income taxes       (182,774)    50,029     (257,775)     115,523
                       
    Income tax benefit
     (expense)                   28,327       (409)      30,274         (231)
                                -------     ------       ------      -------
    
    Income (loss) from
     continuing operations     (154,447)    49,620     (227,501)     115,292
                                                                  
    Income (loss) from
     discontinued operations, 
     net of income taxes            (16)     6,133           64      (31,653)
                                -------      -----       ------      -------
                                                                      
    Net income (loss)          (154,463)    55,753     (227,437)      83,639
    
    Net income (loss)
     attributable to                      
     noncontrolling 
     shareholders' interests    (11,009)    16,590       (8,057)      31,872
                                -------     ------       ------       ------
                                                               
    Net income (loss)
    attributable to Cooper
     Tire & Rubber Company    $(143,454)   $39,163     $(219,380)    $51,767
                               =========   =======     =========     =======
                                                                 
    Basic earnings (loss)
     per share                                     
      Income (loss) from
       continuing operations                                                
       attributable to Cooper                                        
       Tire & Rubber Company     $(2.43)     $0.55       $(3.72)       $1.40
      Income (loss) from                                       
       discontinued                                                    
       operations                 (0.00)      0.10         0.00        (0.53)
                                  -----       ----         ----        -----
        Net income (loss)
         attributable to
         Cooper Tire & Rubber                                       
         Company                 $(2.44)*    $0.65       $(3.72)       $0.87
                                                     
    Diluted earnings (loss)
     per share                               
      Income (loss) from
       continuing operations                                                  
       attributable to 
       Cooper Tire &   
       Rubber Company            $(2.43)     $0.53       $(3.72)       $1.37
      Income (loss) from                                              
       discontinued                                                   
       operations                (0.00)       0.10         0.00        (0.52)
                                 -----        ----         ----        ----- 
        Net income (loss)                                         
         attributable                         
         to Cooper Tire                                                   
         & Rubber Company       $(2.44)*     $0.63       $(3.72)       $0.85
                                                                           
    Weighted average shares
     outstanding                                                 
      Basic                     58,910      60,509       59,048       59,439
      Diluted                   58,910      62,419       59,048       60,681
    Depreciation               $34,918     $30,515     $138,805     $121,483
    Amortization                  $319        $383       $3,954       $2,028
    Capital expenditures       $28,181     $15,355     $128,773      $79,333
                                                                            
    Segment information                                              
      Net sales                                                     
        North American                                          
         Tire                 $510,766    $565,647   $2,142,139   $2,006,183
        International                          
         Tire                  175,577     273,604      975,007      993,839
        Eliminations           (50,511)    (66,192)    (235,335)    (221,032)
                                                               
    Segment profit (loss)           
        North American               
         Tire                 (109,138)     39,008     (174,065)     110,957
        International                                  
         Tire                  (50,179)     26,468      (30,094)      72,753
        Eliminations           (1,443)         (59)      (1,330)      (1,637)
        Unallocated                                    
         corporate                                   
         charges               (2,995)      (5,070)     (11,144)     (25,804)
                                                                        
    
    
                                CONSOLIDATED BALANCE SHEETS          
    
                                                    December 31    
                                         -------------------------------     
                                         2008                       2009    
                                         ----                       ----    
                                           
    Assets                                                                 
    ------                                                                  
    Current assets:                                                        
      Cash and cash equivalents       $247,672                   $426,981 
      Accounts receivable              318,109                    367,023 
      Inventories                      420,112                    298,435  
      Other current assets              58,290                     39,392  
                                        ------                     ------ 
         Total current  assets       1,044,183                  1,131,831   
                                      
    Net property, plant and equipment  901,274                    850,971  
    Restricted cash                      2,432                      2,219 
    Intangibles and other assets        95,007                    115,319  
                                        ------                    ------- 
                                    $2,042,896                 $2,100,340 
                                    ==========                 ==========  
                                                                            
             
    Liabilities and Stockholders' Equity     
    ------------------------------------   
    Current liabilities:               
      Notes payable                   $184,774                   $156,719  
      Trade payables and accrued     
       liabilities                     372,408                    459,091  
      Income taxes                       1,409                      3,955  
      Liabilities of discontinued    
       operations                        1,182                      1,061 
      Current portion of 
       long-term debt                  147,761                     15,515 
                                        -------                     ------ 
        Total current liabilities      707,534                    636,341  
                                                             
    Long-term debt                     325,749                    330,971  
    Postretirement benefits other 
     than pensions                     236,025                    244,905 
    Pension benefits                   268,773                    272,050
    Other long-term liabilities        115,803                    145,978   
    Long-term liabilities of 
     discontinued operations             8,046                      6,043  
    Deferred income taxes                    -                          -   
    Stockholders' equity               380,966                    464,052   
                                       -------                    -------   
                                    $2,042,896                 $2,100,340   
                                    ==========                 ==========   
                                  
    * Amounts do not add due to rounding.       

SOURCE Cooper Tire & Rubber Company

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