Shiloh Industries reports third quarter earnings
Ohio steelmaker Shiloh Industries Inc. reported its third quarter net sales declined 4.8 percent due to decreases in
production by domestic
automotive and light truck manufacturers.
Net sales fell to $139.4 million for the third quarter 2005, a year-on-year decrease of 4.8 percent from $146.5 million. Year-to-date net sales were reported as $457.7 million, a 2.1 percent decrease from $467.2 million for same period in 2004.
Net income increased 31 percent to $5.5 million, or $0.33 per diluted share, compared to $3.8 million, or $0.23 per diluted share, from the third quarter 2004. Year-to-date 2005 net income was $18.7 million, a 29 percent increase from year-to-date 2004 net income of $13.3 million.
Theodore K. Zampetis, president and CEO, said, "The third quarter, as expected, has been a challenging period in a difficult competitive environment. In spite of the limited workdays and reduced
production volumes of our major domestic customers, we were able to adjust our cost structure effectively and respond with continued earnings and strong cash flow. During the third quarter, several of our
manufacturing operations were focused on difficult and complex new program launches.
He went on to add, Once the launches are complete and
production of the vehicles is underway at anticipated levels, these programs are expected to have significant impact on the revenues of the Company in the future. In the third quarter of fiscal 2005, we also resolved several tax issues enabling the Company to use operating losses of previous years to impact cash flow favorably and strengthen the Company's financial position."
Headquartered in Valley City, Ohio, Shiloh Industries is a leading manufacturer of first operation blanks, engineered welded blanks, complex stampings and modular assemblies for the
automotive and heavy truck industries. The Company has 15 wholly owned subsidiaries at locations in Ohio,
Georgia, Michigan, Tennessee and
Mexico, and employs approximately 2,000.