Automotive blanks specialist Shiloh Industries has reported sales of $171.3 million compared to $153.7 million for the fourth quarter (ended 31 October) of fiscal 2003, an increase of $17.6 million, or 11.4%.
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Net income for the fourth quarter of fiscal 2004 was $5.4 million, or $0.34 per share compared to net income of $3.3 million, or $0.21 per share for the fourth quarter of fiscal 2003.
Sales for fiscal year 2004 were $638.5 million, an increase of $54.2 million, or 9.3%, from sales of $584.3 million for fiscal 2003. Net income for fiscal 2004 was $18.7 million, or $1.18 per share compared with 2003’s $3.6 million, or $0.22 per share.
New fourth quarter vehicle launches for which Shiloh is supplying parts included the Chevrolet Cobalt and Pontiac G6 models as well as the Ford Mustang, Nissan Frontier, Pathfinder and Xterra and other tier one programmes.
Operating income of $10.8 million in the fourth quarter of fiscal 2004 was 25.9% ahead of the fourth quarter fiscal 2003 operating income of $8.6 million. For the full year, fiscal 2004 operating income was $39.7 million compared to $21.3 million.
In spite of the costs of major launches related to the new programmes as well as issues relating to the availability, quality and cost of steel, productivity improvements and operating efficiencies in most operations continued to favourably affect operating results.
President and CEO Theodore Zampetis said: “Shiloh has returned to profitability and has positioned itself for future growth. Operationally, the company has continued to improve productivity and quality and reduce waste costs in a very demanding and competitive environment.”
