Cooper-Standard records losses for 2006

NOVI, Mich. (April 5) -- Cooper-Standard Holdings Inc. reported a net loss of $8.4 million for 2006 and a loss of $7 million for the fourth quarter.

Amidst the losses, Cooper-Standard reported record sales of $2.2 billion for the year and $526 million for the fourth quarter. That compared to a fourth-quarter 2005 net profit of $2.7 million on sales of $441.5 million.

Results for 2006 were affected positively by the acquisition of ITT Industries Inc.'s automotive fluid handling systems business and negatively by $37.1 million in one-time, pre-tax adjustments related to restructuring and impairment charges. Of the one-time charges, $22 million came in the fourth quarter.

Jim McElya, Cooper-Standard chairman and CEO, said performance was strong for the first half of 2006, and despite North American production costs in the second half, the company ended the year with strong operational results.

From Rubber & Plastics News (A Crain publication)

Press release from Cooper Standard