Automotive electrical and drivetrain/powertrain product maker Delco Remy has announced a loss for the first quarter ended March 31, 2003.
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A net loss from continuing operations of $US47.8 million in the first quarter of 2003 compares with income of $4.2 million in the first quarter of 2002.
The loss in the first quarter of 2003 reflects a $45.1 million restructuring charge, and income in the first quarter of 2002 reflects a $4.4 million restructuring credit and related income tax effect of $1.7 million.
In the first quarter of 2003, the company reported net sales of $256.6 million, an increase of $7.8 million, or 3.1 percent, over the first quarter of 2002.
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