Accuride Corp. reported third quarter net sales of $77.7 million compared to $104.4 million for the third quarter of 2000.
Net loss for the quarter was $10.3 million, compared to a $1.2 million loss a year ago. Income from operations was $2.1 million versus $10.8 million last year.
The company said the sales decline was due to the cyclical downturn of the heavy/medium commercial vehicle market, with Class 8 production down more than 36% from the prior year's third quarter. Industry Class 8 production for the first nine months of 2001 was down 47% from the prior year.
Accuride noted that its liquidity position remains strong, with $27.2 million in cash and $52.5 in available credit. Total debt for the quarter has been reduced by $17.5 million.
"The results for the third quarter were in line with our expectations," said Bill Greubel, Accuride's President and CEO. "It now appears that some of our markets served continue to test trough levels which will challenge the entire organization over the next few quarters. The major issue facing this industry is the murkiness of the economy going forward.
"However, we continue to see improvement in our operations and market share, which will bode well going forward. We continue to successfully work on our continuous improvement programs and maintain our focus on the processes we have control over."
Net loss for the quarter was $10.3 million, compared to a $1.2 million loss a year ago. Income from operations was $2.1 million versus $10.8 million last year.
The company said the sales decline was due to the cyclical downturn of the heavy/medium commercial vehicle market, with Class 8 production down more than 36% from the prior year's third quarter. Industry Class 8 production for the first nine months of 2001 was down 47% from the prior year.
Accuride noted that its liquidity position remains strong, with $27.2 million in cash and $52.5 in available credit. Total debt for the quarter has been reduced by $17.5 million.
"The results for the third quarter were in line with our expectations," said Bill Greubel, Accuride's President and CEO. "It now appears that some of our markets served continue to test trough levels which will challenge the entire organization over the next few quarters. The major issue facing this industry is the murkiness of the economy going forward.
"However, we continue to see improvement in our operations and market share, which will bode well going forward. We continue to successfully work on our continuous improvement programs and maintain our focus on the processes we have control over."
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