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Kraiburg report strong financial year

Gummiwerk Kraiburg closed the 2003 financial year with positive results. The company reported reports sales up by nine per cent in comparison with the previous year, and a rise in turnover amounting to six per cent. With sales up by 20 per cent, the „hotcure“ segment showed above-average progress, while „precure“ remained steady at two per cent up. Kraiburg report that the Central European market is holding up at last year’s level and the Eastern European markets are growing.

1st April 2004/by Tyrepress Editors

Pirelli returns to net profit

Pirelli has published its financial results for 2003, which show positive results from the company’s recent cost-cutting strategy. Group turnover was down slightly to 6.67 billion euro (2002: 6.72 bn), but turnover in the tyre sector rose from 2.86 billion euro in 2002 to 2.97 billion euro last year. EBITDA rose from 523 million Euro in 2002 to 628 million for the last year. The operation income is 268 million Euro (2002: 118 million Euro). Net profit increased form -405 million Euro in 2002 to +4 million Euro last year. Looking at the tyre sector, the turnover rose 11.6 per cent. 7.5 per cent of this was attributable to increased volumes and the remainder to improved prices and product mix, notably in the high performance sector. Operating income was 220 million euro (2002: 191 m); an increase of 15 per cent, while net profit was 129 million euro (78 m). Overall, prospects for 2004 are bright, says Pirelli as the company expects to continue reaping the benefits of its cost-cutting and simplification measures. In tyres, Pirelli is looking forward to yet further improvements, based on its continued focus on the high performance sector, predicted growth in the North American and Chinese markets and relocation of production to reduce costs.

1st April 2004/by Tyrepress Editors

Goodyear Delays Business Report’s Release

Goodyear Tire & Rubber Co. on Tuesday again said it needed more time to finish a financial report for federal regulators because of its probe of accounting problems at overseas operations. The company said after the markets closed that it would tell the Securities and Exchange Commission that its annual 10-K report will be delayed because of the investigation of accounting problems in Europe and elsewhere. Goodyear shares plunged more than 5.6 percent, or 44 cents, in extended trading Tuesday, after closing at 7.84 dollars, up 26 cents, on the New York Stock Exchange. However, after-hours trade climbed on the news of the delay, rising 3.5 per cent to 8.12 dollars on INET.

17th March 2004/by Tyrepress Editors

Schroeder is Cooper Tire’s Financial Director

Gary C. Schroeder has been appointed director of financial planning and analysis for Cooper’s global tyre operations. Schroeder came to Cooper Tire from the Cooper-Standard Automotive where he had been serving as global director of cost and reporting since 2002.

12th March 2004/by Tyrepress Editors

Titan International, Inc. 2003 year-end results

Titan International’s financial results showed year on year a pre-tax improvement with reported net sales of 120.5 million US Dollars for the fourth quarter (up 11 per cent from 2002) and 491.7 million US Dollars for the year ended December 31, 2003 (up 6.2 per cent from 2002). Titan recorded a loss before income taxes of 33.7 million US Dollars for the year, compared to 44.3 million US Dollars in 2002. Maurice Taylor Jr., Titan president and CEO said, “The operating results achieved in fourth quarter confirm that Titan is making progress toward our goals of profitability. We were pleased that Titan’s orders surged beginning in December 2003, and continuing through first quarter 2004.”

4th March 2004/by Tyrepress Editors

$650 Million Loan For Goodyear

Goodyear has announced the successful completion of a new $650 million secured term loan, arranged by JPMorgan and Citigroup. Around $335 million will be used to partialy repay the group’s existing 583 million U.S. $ term loan. Robert W. Tieken, executive chief vice president and chief financial officer, said: “Goodyear is now positioned to move forward with our plan to refinance the loans we put in place last year and to drive the company’s turnaround.”

24th February 2004/by Tyrepress Editors

Bridgestone Corporation Reports Sales and Earnings for Fiscal 2003

The group recorded a 96 per cent increase in net income in 2003, to ¥88.7 billion (0.8 billion US dollars), on a 2 per cent increase in net sales, to 21.5 billion US dollars. Operating income was basically unchanged, at 1.7 billion US dollars, and ordinary income rose 13 per cent 1.6 billion US dollars. Net return on shareholders’ equity was 10.5 per cent, compared with 5.6 per cent in the previous year. Contrasting geographical trends characterized the operating environment. In Japan, economic recovery was weak. In the latter half of the year the weakening of the dollar affected Japanese exports adversely. Escalating costs for natural rubber and other raw materials undercut profitability in all principal markets throughout the year. Sales of tyres increased 2 per cent to 17.2 billion US dollars. However, operating income in the tyre segment declined 4 per cent to 1.4 billion US dollars. Sales in Europe rose 20 per cent to 2.7 billion US dollars, and operating income climbed 87 per cent to 0.14 billion US dollars, reflecting success in focusing sales on high-value products and the results of a financial restructuring in the previous year.

23rd February 2004/by Tyrepress Editors

Michelin net sales up, but down

Michelin’s full-year 2003 net sales reached 15.4 billion Euro with sales volumes up 3.7 per cent. At constant scope and exchange rates, 2003 net sales are up 5 per cent. However, given the continued appreciation of the Euro, especially versus the US dollar, and further to the consolidation of Viborg in Group accounts in the 4Th quarter , net sales are down 1.8 per cent. Operating conditions (tire markets, exchange rates, raw materials …) were globally in line with Group expectations as indicated upon publication of 3 rd quarter net sales on October, 22. The main factors impacting financial year 2003 net sales were a 3.3 per cent increase in sales volume. A positive price / mix effect of +1.6 per cent at constant exchange rates. Impacted by a minus 8.3 per cent effect of the dollar/euro exchange rate.

13th February 2004/by Tyrepress Editors

Bandag net sales for 2003 decreased nine percent

For the full year 2003, Bandag reported consolidated net income of $60.2 million, or $3.11 per diluted share, compared to 2002 net income of $2.8 million, or $0.14 per diluted share, which included the write-off of goodwill, primarily of TDS (Tire Distribution Systems, Inc), of $47.3 million net of income tax. Consolidated net sales for 2003 decreased nine percent to $816.4 million from $900.5 million in 2002.

28th January 2004/by Tyrepress Editors

Amcast Reports 2004 Q1

Amcast Industrial Corporation has reported financial results for its fiscal 2004 first quarter ended November 30, 2003. First quarter sales of 112.9 million US dollars compared with 112.2 million US dollars in the prior year. Net income for the quarter was 1.0 million US dollars, versus a prior-year quarterly net loss from continuing operations of 1.8 million US dollars. Amcast’s first quarter profit was due to continued strong performance by wheel plants and by the Wapakoneta, Ohio aluminium components plant.

19th December 2003/by Tyrepress Editors

TBC Corporation predicts 2004 growth

In the USA, the TBC Corporation has issued a bullish financial outlook for 2004, boosted by the contribution of 225 National Tire & Battery retail stores, acquired last month from Sears, Roebuck & Co. TBC expects earnings of around $1.80 to $1.90 per share; a 25 per cent increase over last year’s figure. NTB’s contribution will be around 15 cents per share. Net sales are forecast to be in the region of $1.7 to $1.8 billion. TBC has plans to add 20 company-operated tyre retailers and 25 franchised Big O stores next year, giving the company a total of 1,215 retail locations.

18th December 2003/by Tyrepress Editors

Stephanie Bergeron to retire

Stephanie Bergeron (50), senior vice president, corporate financial operations for Goodyear, is to retire, effective December 31st 2003, to pursue other interests. Observers had thought that she would succeed Robert Tieken, Goodyear’s CFO, who turns 65 in May next year. According to Tieken, Bergeron has done an “outstanding job”. No successor for her post will be necassry, according to Goodyear.

18th December 2003/by Tyrepress Editors

S&P may cut Goodyear’s ratings deeper

Standard & Poor’s has said it may cut its rating on Goodyear Tire & Rubber Co. deeper into junk territory, following the company’s announcement on Wednesday of possible accounting problems in Europe. “The announcement raises potential accounting concerns in a Goodyear operation that has been seen as solidly profitable,” S&P credit analyst Martin King said in a release. “Ratings could be lowered if the investigation results in material accounting adjustments, leading to substantial financial reporting delays, or has a negative impact on the company’s prospective liquidity and access to capital,” he said. S&P said it may cut Akron, Ohio-based Goodyear’s corporate credit rating of “BB-minus”, its third-highest junk rating.

12th December 2003/by Tyrepress Editors

Michelin Signs 8-Year Partnership Agreement With IBM

Michelin and IBM have announced that they have signed a partnership agreement valued at 1 billion euros. According to this 8-year agreement, IBM will take over the management and maintenance of Michelin’s IT infrastructure in North America and Europe. This commitment includes a focus on achieving optimal financial results through the application of best practices in terms of technology adoption and utilisation as well as access to the best skills available in the domain of information technology. Around 600 current Michelin employees will join IBM in 2004. Under the terms of this agreement, IBM will be responsible for the following Michelin IT infrastructure activities: IT production operations and management, user support, technical support, solution industrialisation and distribution of servers, workstations, PCs, software and production applications.

12th December 2003/by Tyrepress Editors

Bridgestone appears in good shape again in America

Bridgestone/Firestone has survived the largest tyre recall in the history of the tyre industry in North America, and yet has switched again into forward gear. Under the guidance of its charismatic boss John Lampe, the company is now working hard on an improvement of the results, so that the record loss extending far beyond a billion dollars for 2001 will soon be forgotten.

Two years ago Lampe succeeded at Las Vegas in bringing around 4,000 tyre dealers on the side of his company and the brands Bridgestone and Firestone. And he has lost none of his persuasive power. At this year’s SEMA Show in Las Vegas Lampe presented to thousands of dealers new Firestone products and advertising campaigns, aimed to affect these Firestone customers emotionally. It became clear that the new rise of the tyre brand Firestone cannot be stopped, not even in North America.

Talking to T&A, Lampe briefly reminded us of the tough times. At the peak of the crisis the company counter-steered with the brand Bridgestone. But then again Lampe doesn’t want to hear, that Bridgestone has been made a cheaper tyre brand as planned: “A more differentiated view is necessary. With a volume line we were cheaper, because we wanted to absorb Firestone decreases, but for example with the Potenza, which represents the top line, we have always held the price and could hold it. Since the Firestone recall we carried out changes, with which we can annually sell eight million additional Bridgestone tyres by now. Today we sell more Bridgestone and Firestone tyres than before.” Before and after! Talking to John Lampe that is to be heard several times. In Lampe’s world this means: before and after the tyre recall. During the last three years a change took place towards the brands Bridgestone, Firestone and Dayton. 65 per cent of all tyres sold carry a Bridgestone or a Firestone signature; today already predominantly that of Bridgestone. And that will continue, because nowadays the OE business is exclusively carried out with Bridgestone tyres and in the longer term this should affect the company’s replacement business. Approximately 40 per cent of all passenger car and 4 x 4 tyres, that are sold in America, went “before” into the OE business. Today there is only about 30 per cent. Lampe: “Three years ago we were in a rather despairing financial situation and had to do something for relaxation. The OE business was profitable at no time. And of course we could not afford to always produce volume to whatever costs, but we have very much paid attention to profitability. Our market share is now lower than “before,” but we have the more profitable dimensions. Also Michelin acted very selectively, and into these gaps pushed some European and Asian manufacturers.”

10th December 2003/by Tyrepress Editors