Commercial Vehicle Group Inc. (CVGI) filed Quarterly Report for the period ended 2009-09-30.
Commercial Vehicle Group supplies interior systems vision safety solutions and other cab-related products for the global commercial vehicle market including the heavy-duty (Class 8) truck market the construction market and other specialized transportation markets. The company's products include suspension seat systems interior trim systems such as instrument and door panels headliners cabinetry and floor systems mirrors wiper systems controls and switches specifically designed for applications in commercial vehicle cabs. Commercial Vehicle Group Inc. has a market cap of $113.9 million; its shares were traded at around $5.24 with and P/S ratio of 0.1.
Highlight of Business Operations:
Revenues. Revenues decreased approximately $82.1 million, or 42.5%, to $110.8 million in the three months ended September 30, 2009 from $192.9 million in the three months ended September 30, 2008. This decrease resulted primarily from the decline in global economic conditions, which negatively impacted our North American end market revenues by approximately $55.9 million and our European and Asian end market revenues by approximately $23.7 million. In addition, translation of our foreign operations into U.S. dollars decreased our revenues by approximately $2.5 million over the prior year period.
Gross Profit. Gross profit was approximately $3.6 million for the three months ended September 30, 2009 compared to gross profit of $16.9 million in the three months ended September 30, 2008, a decrease of approximately $13.3 million, or 78.6%. As a percentage of revenues, gross profit was 3.3% for the three months ended September 30, 2009 compared to gross profit of 8.8% in the three months ended September 30, 2008. This decrease was primarily the result of our inability to reduce our costs in proportion with the $82.1 million decrease in our revenues from the prior year period.
Revenues. Revenues decreased approximately $276.3 million, or 46.1%, to $322.8 million in the nine months ended September 30, 2009 from $599.1 million in the nine months ended September 30, 2008. This decrease resulted primarily from the decline in global economic conditions, which impacted our North American end market revenues by approximately $170.0 million and our European and Asian end market revenues by approximately $93.1 million. In addition, translation of our foreign operations into U.S. dollars decreased our revenues by approximately $13.2 million over the prior year period.
Gross (Loss) Profit. Gross loss was approximately $0.7 million for the nine months ended September 30, 2009 compared to gross profit of $61.1 million in the nine months ended September 30, 2008, a decrease of approximately $61.8 million, or 101.2%. As a percentage of revenues, gross loss was 0.2% for the nine months ended September 30, 2009 compared to gross profit of 10.2% in the nine months ended September 30, 2008. This decrease was primarily the result of our inability to reduce our costs in proportion with the $276.3 million decrease in our revenues from the prior year period.
As of September 30, 2009, we had an aggregate of $160.9 million of outstanding indebtedness excluding $1.7 million of outstanding letters of credit under various financing arrangements and an additional $35.8 million of borrowing capacity under our Loan and Security Agreement, which is subject to a $10.0 million availability block. The indebtedness consisted of the following:
The Second Amendment further provided that we need not comply with any minimum EBITDA requirement or fixed charge coverage ratio requirement for as long as we maintain at least $5.0 million of borrowing availability (after giving effect to the $10.0 million availability block) under the Loan and Security Agreement. If borrowing availability (after giving effect to the $10.0 million availability block) is less than $5.0 million for three consecutive business days or less than $2.5 million on any day, we will be required to comply with revised monthly minimum EBITDA requirements for
CVGI is in the portfolios of Arnold Schneider of Schneider Capital Management.
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