PENDLETON, Ind., May 15 /PRNewswire/ -- Remy International, Inc., a leading worldwide manufacturer, remanufacturer, and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid technology, announced today its operating results for the first quarter ended March 31, 2008. Sales for the quarter were $301.1 million compared to $284.7 million a year earlier, a 6% increase. Earnings before interest, taxes, depreciation, amortization, and restructuring charges (EBITDAR) for the quarter increased 45% to $19.1 million from $13.2 in the first quarter of 2007. Gross profit less S,G&A increased 55% to $13.0 million in the first quarter of 2008 from $8.4 million in first quarter of 2007. The net loss in the quarter was $6.6 million, a substantial improvement over 2007's first quarter's net loss of $24.3 million, a 73% decrease.
"Our first quarter's results show the benefits of the operational improvement actions we started last year and that are continuing from our successful emergence from the prepackage reorganization in December 2007. Remy is developing new products that feature innovative eco-friendly technologies. We are committed to flawless execution in delivering products to our customers and results to our stakeholders, and to being recognized for our industry leadership" John Weber, Remy International, President and Chief Executive Officer stated. He continued "we are experiencing growth in our heavy duty products and in our new hybrid technology products. While this growth is promising, the overall slowdown in the U.S. economy, especially the auto industry, together with large raw material and energy cost increases are putting significant pressure on our business for the remainder of 2008."
This press announcement may contain forecasts, projections, expectations, or opportunities regarding Remy that are "forward-looking statements" as defined in the Private Securities Litigation Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from anticipated results, including, but not limited to, future financial results and liquidity, development of new products and services, the effect of competitive products or pricing, the effect of commodity and raw material prices, the impact of supply chain cost management initiatives, restructuring risks, customs duty claims, litigation uncertainties and warranty claims, conditions in the automotive industry, foreign currency fluctuations, costs related to re-sourcing and outsourcing products, the effect of economic conditions, in addition to other factors identified in Remy International statements. A copy of the 2008 First Quarter's Financial Report is available on the Remy International Website at http://www.remyinc.com under Investor Relations.