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March 12, 2003

USA: Delco Remy shows small profit for full year 2002

Delco Remy International on Wednesday announced its financial performance for the fourth quarter and year ended December 31, 2002, showing a slight profit for the full year.

By bcusack

Delco Remy International on Wednesday announced its financial performance for the fourth quarter and year ended December 31, 2002, showing a slight profit for the full year.

For the year 2002, the company reported net sales of $US1,069.4 million, an increase of $62.2 million, or 6.2%, over 2001. Net income from continuing operations of $0.6 million in 2002 compares with a net loss of $47.8 million in 2001. Excluding a $4.4 million post-employment benefit curtailment gain and related income tax effect of $1.7 million recorded in the first quarter of 2002 and the non-recurring charges totalling $70.0 million and the related income tax effect of $26.6 million recorded in 2001, the net loss from continuing operations was $2.1 million in 2002 compared with $4.4 million in 2001.

For the fourth quarter, the company reported net sales of $259.8 million, an increase of $13.0 million, or 5.3%, over the fourth quarter of 2001. A net loss from continuing operations of $7.5 million in the fourth quarter of 2002 compares with a net loss of $48.1 million in the fourth quarter of 2001. Excluding special charges totaling $26.4 million, a restructuring charge of $33.4 million and the related income tax effect of $22.7 million, the net loss from continuing operations was $11.0 million in the fourth quarter of 2001.

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