whytestocks
4 years ago
News: $CVGI Commercial Vehicle Group Announces Second Quarter 2020 Results
NEW ALBANY, Ohio , Aug. 10, 2020 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company" or "CVG") (NASDAQ: CVGI) today reported financial results for the second quarter ended June 30, 2020, including revenues of $126 .9 million, net loss of $12.5 million , EPS of $(0.4...
In case you are interested CVGI - Commercial Vehicle Group Announces Second Quarter 2020 Results
whytestocks
5 years ago
News: $CVGI Commercial Vehicle Group, Inc. Awarded Design and Production of Cabin Structure and Other Components of Autocar's Severe-Duty Vocational Truck
NEW ALBANY, Ohio , Aug. 29, 2019 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company" or "CVG") (NASDAQ: CVGI) announced today the award of the design and production of the cabin structure and other components of Autocar's severe-duty vocational truck. At full volume, annual reve...
Got this from Commercial Vehicle Group, Inc. Awarded Design and Production of Cabin Structure and Other Components of Autocar's Severe-Duty Vocational Truck
Stock-n-Seeds
15 years ago
Commercial Vehicle Group Reports Second Quarter 2009 Results
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-04-2009/0005071952&EDATE=
NEW ALBANY, Ohio, Aug. 4 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $103.5 million for the second quarter ended June 30, 2009, compared to revenues of $209.2 million for the second quarter of 2008. Net loss was ($22.5) million for the quarter, or ($1.04) per diluted share, compared to net income of $3.1 million, or $0.14 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter and prior-year period were 21.7 million. Included in the Company's results for the second quarter is a non-cash expense of approximately $10.4 million related to the impairment of certain tangible and intangible assets.
"Market conditions for the second quarter of this year remained weak as our revenues were reduced by approximately 51 percent from the same period last year; however, the detrimental impact to our bottom line continues to be minimized by the significant savings programs we have implemented over the past six to nine months," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "The sizable impact of our global cost initiatives is outlined best when comparing this second quarter to the first quarter of this year as our revenues dropped by an additional $5.0 million yet operating profit improved by approximately $6.6 million, when excluding the non-cash asset impairments. With this kind of cost structure change in place, we are very excited about the potential when our markets return," added Mr. Dunn.
Revenues for the quarter compared to the prior-year period decreased by approximately $105.7 million, or 50.5%, due primarily to the global economic decline impacting the Company's North American, European and Asian end markets.
Net debt (calculated as total debt less cash and cash equivalents) was $147.3 million at June 30, 2009, when compared to $157.6 million at December 31, 2008.
"Our focus remains on cash generation as evidenced by our dramatic reduction in inventory levels and capital spending as well as our profit improvement over the first three months of this year. These efforts combined with our recent bond exchange and senior credit facility amendment puts us in a better position towards market recovery," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group.
The Company is not providing revenue or earnings estimates at this time.
A conference call to review second quarter results is scheduled for Wednesday, August 5, 2009, at 10:00 a.m. ET. To participate, dial (888) 713-4217 using access code 37957012. You can pre-register for the conference call and receive your pin number at:
https://www.theconferencingservice.com/prereg/key.process?key=PJK8KFQWE
This call is being webcast by Thomson/CCBN and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com, where it will also be archived for a period of one year.
A replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 286-8010 using access code 83819775.
hang ten
16 years ago
Commercial Vehicle Group Selected as Development Partner for Nissan Diesel
Last update: 7/9/2009 3:39:00 PM
CVG Products to be Used on Multiple Nissan Vehicles ---
Primary Markets will be Japan, South America, Asia, Australia and the U.S.
NEW ALBANY, OHIO, July 9, 2009 /PRNewswire-FirstCall via COMTEX/ -- Commercial Vehicle Group, Inc. (CVGI) announced today that it has been selected as the Development Source Partner for a new seat and suspension program with Nissan Diesel Motors, a subsidiary of Volvo AB. This joint initiative is a result of CVG's efforts to expand its global presence along with Volvo AB's global sourcing objectives. The new program includes seating and interior products and is currently scheduled for a late 2009 launch. The new seats, as well as other interior components such as bunks, are planned for use in multiple Nissan Diesel vehicles. These vehicles will be assembled in Japan for domestic use and are expected to be exported to certain global markets including South America, Asia, Australia and the United States. CVG will produce and supply the new model seats from its Shanghai, China facility. Mervin Dunn, Chief Executive Officer of Commercial Vehicle Group, Inc. stated, "We are very pleased to announce this joint development and supplier program with Nissan Diesel Motors. Nissan Diesel and their parent, Volvo AB, are excellent, highly-regarded leaders in the global heavy truck industry. Their selection of CVG as their Development Source Partner is a testament to our engineering expertise and global manufacturing capabilities." "This initiative fits directly with CVG's strategy to expand our Company's geographic footprint and manufacturing presence in the emerging markets of Europe and Asia and we look forward to a long relationship with Nissan Diesel," added Mr. Dunn.
wwwewewew
16 years ago
Commercial Vehicle Group Adopts Stockholder Rights Plan
NEW ALBANY, Ohio, May 21 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI - News) today announced that its Board of Directors has adopted a Stockholder Rights Plan (Rights Plan). The Rights Plan is designed to provide Commercial Vehicle Group's stockholders a fair and equal treatment in the event an unsolicited or hostile attempt is made to acquire the Company or a substantial portion of the Company.
{"s" : "cvgi","k" : "c10,l10,p20,t10","o" : "","j" : ""} Commercial Vehicle Group's Board of Directors believes that the future earning potential and full value of CVG's assets are not reflected in the current market price of the Company's stock. This may leave the Company vulnerable to coercive or abusive takeover tactics. The Company believes that the adoption of the Rights Plan will help protect stockholders against takeover tactics that may be used to gain control of the Company without paying a full and fair price that is in the best interest of Commercial Vehicle Group's stockholders.
This Rights Plan is similar to those adopted by numerous publicly traded companies. It is not intended to prevent a takeover of the Company on terms which the Company's Board of Directors believes are fair to, and in the best interests of, all the Company's stockholders. The issuance of these rights will have no dilutive effect and will not impact reported earnings per share for the Company.
Scott D. Rued, Chairman of the Board of Directors, stated, "Commercial Vehicle Group's Board of Directors adopted this Rights Plan with the single intention to help protect the long-term interests of our stockholders. This Rights Plan will not prohibit the acquisition of the Company. It does, however, establish certain mechanisms and rights that will help ensure that CVG will be in a better position to maximize value and obtain terms that are equitable to all CVG stockholders in the event of an unsolicited or hostile acquisition offer."
"This plan is not related to, nor is it in response to, any particular proposal, however current market conditions can lead to short-term opportunists making an offer that is not in the best interests of our stockholders," added Mr. Rued.
Under the Rights Plan, with certain exceptions, the Rights will become exercisable only if a person or group acquires 20 percent or more of the outstanding common stock of the Company or commences a tender or exchange offer that could result in ownership of 20 percent or more of the Company's common stock. The Rights Plan has a term of 10 years and will expire on May 20, 2019, unless the Rights are earlier redeemed or terminated by the Board of Directors of CVG.
Under the Rights Plan, the Company has declared a dividend of Rights and will distribute one Right on each share of the Company's common stock held by stockholders of record at the close of business on June 1, 2009. Initially, these Rights will not be exercisable and will trade with the shares of the Company's common stock. Under the Rights Plan, these Rights will generally be exercisable only if a person or group becomes an "acquiring person" by gaining beneficial ownership of 20 percent or more of the Company's common stock or commencing a tender or exchange offer for 20 percent or more of the Company's common stock.
Each Right will entitle its holder to buy one-one hundredth of a share of a newly created class Series A preferred stock of the Company at an exercise price of $10.00, subject to adjustment. Upon the acquisition of 20 percent or more of the Company's outstanding common stock by a person or group, the holders of the Rights (other than the acquiring person and its affiliates and associates) will be entitled to purchase new shares of common stock at half price. In the event of a subsequent merger or other acquisition of the Company, Commercial Vehicle Group stockholders will have the right to buy shares of common stock of the acquiring entity at 50 percent of the market price of those shares. These Rights are redeemable by the Board of Directors at any time before any person or group becomes an acquiring person for $.01 per Right, subject to adjustment.
The Company will be filing a Form 8-K with the United States Securities and Exchange Commission (SEC) that will contain additional information regarding the terms and conditions of the Commercial Vehicle Group Stockholder Rights Plan. Upon filing, the Form 8-K and other CVG SEC filings will be available on the Company's Web site at www.cvgrp.com.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
stocktrademan
8 years ago
insymbols
9 years ago
kmx_swing
12 years ago
Penny Roger$
13 years ago
Hot Features
Premium
