Cooper Tire & Rubber Co., Findlay, Ohio, has reported a net loss of $7 million or 11 cents per share for the second quarter and a net loss of $2 million or 3 cents per share
for the six-month period ended June 30, 2005.
The company's operations and results for the second quarter and the first half of the year were negatively impacted by the work stoppage in its Texarkana, Ark., production facility which began in March and continued into April. The work stoppage, which was resolved with the ratification of a five-year contract on April 10, 2005, had the effect of reducing net income by $9 million or 15 cents per share in the second quarter and $14 million or 22 cents per share in the first half of the year.
During the quarter the company repurchased $84 million of its publicly traded debt with maturity in 2009 through a public tender offer. The company's results reflect the $8 million in debt extinguishment costs incurred with the debt retirement.
Net sales for the company increased to $511 million in the quarter compared to $509 million in the second quarter of 2004. For the first six months of the year, the Company had net sales of $1 billion, or a 4% increase compared to $989 million in the first half of 2004.
Commenting on the quarterly results, Cooper Chairman, President and CEO Thomas A. Dattilo said, "We have worked hard to overcome some very difficult operating conditions during the quarter and the first half of the year. We made good progress once the strike was behind us and that progress was clearly evident in June, but it was not enough to offset the broad impact on sales and disruption of our manufacturing operations in the first two months of the quarter."
for the six-month period ended June 30, 2005.
The company's operations and results for the second quarter and the first half of the year were negatively impacted by the work stoppage in its Texarkana, Ark., production facility which began in March and continued into April. The work stoppage, which was resolved with the ratification of a five-year contract on April 10, 2005, had the effect of reducing net income by $9 million or 15 cents per share in the second quarter and $14 million or 22 cents per share in the first half of the year.
During the quarter the company repurchased $84 million of its publicly traded debt with maturity in 2009 through a public tender offer. The company's results reflect the $8 million in debt extinguishment costs incurred with the debt retirement.
Net sales for the company increased to $511 million in the quarter compared to $509 million in the second quarter of 2004. For the first six months of the year, the Company had net sales of $1 billion, or a 4% increase compared to $989 million in the first half of 2004.
Commenting on the quarterly results, Cooper Chairman, President and CEO Thomas A. Dattilo said, "We have worked hard to overcome some very difficult operating conditions during the quarter and the first half of the year. We made good progress once the strike was behind us and that progress was clearly evident in June, but it was not enough to offset the broad impact on sales and disruption of our manufacturing operations in the first two months of the quarter."
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