Stoneridge Reports First-Quarter 2001 Results

Apr 24, 2001, 01:00 ET from Stoneridge, Inc.

    WARREN, Ohio, April 24 /PRNewswire/ -- Stoneridge, Inc. (NYSE:   SRI) today
 announced sales of $156.2 million and earnings of $3.1 million, or $0.14 per
 share, for the first quarter ended March 31, 2001.
     Net sales decreased $28.0 million or 15.2 percent to $156.2 million
 compared with $184.2 million for the first quarter of 2000.  The decrease in
 sales revenues was due primarily to the continued decline in the automotive
 and commercial vehicle markets.  Net income for the first quarter was
 $3.1 million, or $0.14 per share, compared with net income of $12.5 million or
 $0.56 per share, for the quarter ended March 31, 2000.
     Lower earnings during the first quarter were primarily the result of lower
 production volumes in the North American markets.  Other factors that impacted
 the earnings performance during the first quarter included new product
 development and launch costs, unstable production volumes, pricing pressure
 and unfavorable foreign exchange rates.
     "The financial impact of the first quarter's significant reduction in
 production volume, continued pricing pressure and erratic production schedules
 have been partially offset by austerity measures that began at the end of
 2000," said Cloyd J. Abruzzo, president and chief executive officer. "We
 continue to aggressively realign our capacity and cost structure to match
 industry production volumes.  Consistent with our strategy, we remain
 intensely focused on cash generation to support product development
 requirements for future revenue growth."
     A live internet broadcast of Stoneridge's conference call regarding 2001
 first-quarter results can be accessed, and a Webcast replay will be archived,
 at www.vcall.com and www.stoneridge.com beginning at 11:00 am Eastern Time on
 April 25, 2001.
     Stoneridge, Inc., headquartered in Warren, Ohio, is a leading independent
 designer and manufacturer of highly engineered electrical and electronic
 components, modules and systems principally for the automotive, medium and
 heavy-duty truck, agricultural and off-road vehicle markets. Additional
 information about Stoneridge can be found on the World Wide Web at
 www.stoneridge.com .
 
     Statements in this release that are not historical fact are forward-
 looking statements, which involve risks and uncertainties that could cause
 actual events or results to differ materially from those expressed or implied
 in this release.  Factors that may cause actual results to differ materially
 from those in the forward-looking statements include, among other factors, the
 loss of a major customer, a decline in automotive, medium and heavy-duty truck
 or agricultural vehicle production, the failure to achieve successful
 integration of any acquired company or business, labor disputes involving the
 Company or its significant customers, risks associated with conducting
 business in foreign countries, or a decline in general economic conditions.
 Further information concerning issues that could materially affect financial
 performance related to forward-looking statements contained in this release
 can be found in Stoneridge's periodic filings with the Securities and Exchange
 Commission.
 
                                Stoneridge, Inc.
                         Consolidated Operating Results
                     (In thousands, except per share data)
 
                                                      Three Months Ended
                                                            March 31
                                                           (Unaudited)
                                                        2001       2000
 
     Net Sales                                       $156,154    $184,211
     Operating Income                                  12,871      26,592
     Earnings Before Taxes                              4,740      18,974
     Provision for Income Taxes                         1,683       6,458
     Net Income                                         3,057      12,516
     Basic & Diluted Earnings Per Share                 $0.14       $0.56
 
 
                           Condensed Balance Sheet Items
                                   (In thousands)
 
 
                                                     March 31,   December 31,
                                                        2001        2000
                                                     (Unaudited) (Audited)
 
     Current Assets                                   $205,417    $194,754
     Property, Plant and Equipment                     114,072     113,855
     Total Assets                                      704,421     696,995
     Current Liabilities                               118,376     114,685
     Non-Current Portion of Term Debt                  295,876     296,079
     Total Liabilities                                 443,969     434,809
     Shareholders' Equity                              260,452     262,186
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X83351083
 
 

SOURCE Stoneridge, Inc.
    WARREN, Ohio, April 24 /PRNewswire/ -- Stoneridge, Inc. (NYSE:   SRI) today
 announced sales of $156.2 million and earnings of $3.1 million, or $0.14 per
 share, for the first quarter ended March 31, 2001.
     Net sales decreased $28.0 million or 15.2 percent to $156.2 million
 compared with $184.2 million for the first quarter of 2000.  The decrease in
 sales revenues was due primarily to the continued decline in the automotive
 and commercial vehicle markets.  Net income for the first quarter was
 $3.1 million, or $0.14 per share, compared with net income of $12.5 million or
 $0.56 per share, for the quarter ended March 31, 2000.
     Lower earnings during the first quarter were primarily the result of lower
 production volumes in the North American markets.  Other factors that impacted
 the earnings performance during the first quarter included new product
 development and launch costs, unstable production volumes, pricing pressure
 and unfavorable foreign exchange rates.
     "The financial impact of the first quarter's significant reduction in
 production volume, continued pricing pressure and erratic production schedules
 have been partially offset by austerity measures that began at the end of
 2000," said Cloyd J. Abruzzo, president and chief executive officer. "We
 continue to aggressively realign our capacity and cost structure to match
 industry production volumes.  Consistent with our strategy, we remain
 intensely focused on cash generation to support product development
 requirements for future revenue growth."
     A live internet broadcast of Stoneridge's conference call regarding 2001
 first-quarter results can be accessed, and a Webcast replay will be archived,
 at www.vcall.com and www.stoneridge.com beginning at 11:00 am Eastern Time on
 April 25, 2001.
     Stoneridge, Inc., headquartered in Warren, Ohio, is a leading independent
 designer and manufacturer of highly engineered electrical and electronic
 components, modules and systems principally for the automotive, medium and
 heavy-duty truck, agricultural and off-road vehicle markets. Additional
 information about Stoneridge can be found on the World Wide Web at
 www.stoneridge.com .
 
     Statements in this release that are not historical fact are forward-
 looking statements, which involve risks and uncertainties that could cause
 actual events or results to differ materially from those expressed or implied
 in this release.  Factors that may cause actual results to differ materially
 from those in the forward-looking statements include, among other factors, the
 loss of a major customer, a decline in automotive, medium and heavy-duty truck
 or agricultural vehicle production, the failure to achieve successful
 integration of any acquired company or business, labor disputes involving the
 Company or its significant customers, risks associated with conducting
 business in foreign countries, or a decline in general economic conditions.
 Further information concerning issues that could materially affect financial
 performance related to forward-looking statements contained in this release
 can be found in Stoneridge's periodic filings with the Securities and Exchange
 Commission.
 
                                Stoneridge, Inc.
                         Consolidated Operating Results
                     (In thousands, except per share data)
 
                                                      Three Months Ended
                                                            March 31
                                                           (Unaudited)
                                                        2001       2000
 
     Net Sales                                       $156,154    $184,211
     Operating Income                                  12,871      26,592
     Earnings Before Taxes                              4,740      18,974
     Provision for Income Taxes                         1,683       6,458
     Net Income                                         3,057      12,516
     Basic & Diluted Earnings Per Share                 $0.14       $0.56
 
 
                           Condensed Balance Sheet Items
                                   (In thousands)
 
 
                                                     March 31,   December 31,
                                                        2001        2000
                                                     (Unaudited) (Audited)
 
     Current Assets                                   $205,417    $194,754
     Property, Plant and Equipment                     114,072     113,855
     Total Assets                                      704,421     696,995
     Current Liabilities                               118,376     114,685
     Non-Current Portion of Term Debt                  295,876     296,079
     Total Liabilities                                 443,969     434,809
     Shareholders' Equity                              260,452     262,186
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X83351083
 
 SOURCE  Stoneridge, Inc.