Hayes Lemmerz International has reported that sales for the fiscal third quarter ended October 31, 2004, rose 4.8% to $556.2 million, compared with $530.9 million in the fiscal third quarter of 2003. Sales for the nine months ended October 31, 2004 were $1,674.0 million compared with $1,549.0 million for the nine months ended October 31, 2003, an increase of 8.1%.
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The company reported a net loss of $9.5 million, or 25 cents per share, for the fiscal third quarter ended October 31, 2004, compared with a loss of $10.0 million or 33 cents per share in the fiscal third quarter of 2003. For the nine months ended October 31, 2004, the company reported a net loss of $22.2 million, or 59 cents per share. Results for the prior year’s period are not comparable because the company emerged from financial reorganization on June 3, 2003.
“We are continuing to pursue our strategy of aggressive cost reductions, investment in the right geographic markets, and investment in the right products,” said Curtis Clawson, Chairman, President, and CEO. “We are taking action for long-term value creation.”
Mr. Clawson cited acquisition of an aluminium wheel production facility in Mexico and establishment of a new joint venture aluminium wheel production facility in Turkey, as well as acquisition of a majority position in a truck wheel plant in Turkey, as important strategic expansions during 2004. “We expect to continue to expand aluminium wheel production in low-cost countries, including Mexico, Brazil, Thailand, and the Czech Republic, with a goal of having nearly two thirds of our aluminium wheel production in low-cost countries within five years,” he said.
“During 2004, Hayes Lemmerz launched over $325 million of follow-on and conquest business globally and continues to build a strong book of business,” Mr. Clawson said.
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