financials Archives - Page 95 of 134 - Tyrepress

Posts

Tyre Makers Give To Earthquake Relief

Bridgestone and Michelin are among the companies offering financial aid to the Chinese earthquake relief fund. Bridgestone Corporation has donated 30 million Yen (184,440 euros) to support relief efforts. The company made the donation through the Japan Red Cross.

Michelin China Investment Co. donated the sum of 500,000 Yuan (46,125 euros). Bridgestone (China) Investment Co., Ltd., the China subsidiary of Bridgestone, also decided to donate 300,000 Chinese Yuan (27,675 euros) through the China Red Cross.

15th May 2008/by Tyrepress Editors

Conti Developed Volvo Safety System Wins First UK Award

The Continental rear-end collision prevention safety system that recently debuted on the Volvo XC60, and will be fitted standard to the vehicle when it reaches UK showrooms this October, has won its first UK award. The City Safety system took top honours in the Technology category at the Fleet World Honours Awards 2008, held in London on May 13.

Commenting on the award, Chairman of Judges George Emmerson said: “Volvo’s commitment to researching and developing groundbreaking technologies has led to a number of safety milestones. City Safety is among the cleverest so far, predicting when low-speed accidents will happen and preventing them from occurring. City Safety will offer fleets financial, operational and social benefits that deserve recognition.”

14th May 2008/by Tyrepress Editors

Pirelli Quarter Results Show Net Income Rise

Pirelli & C. Spa reports that its Pirelli Tyre operation “substantially held its position in an unfavourable quarter for the world car market” during the first quarter of the 2008 financial year. Results for the quarter ended March 31, 2008 also reflected the company’s decision to further focus upon core businesses, including the repurchase of the 38.9 per cent share in Pirelli Tyre held by shareholders in Speed SpA since August 2006.

Group revenues for the quarter amounted to 1.31 billion euros, up 2.1 per cent on the first quarter of 2007, at constant exchange rates and net of the effect of sales relating to deconsolidation of the real estate assets of DGAG. Taking into account the effect of DGAG, sales as of 31 March 2007 amounted to 1.81 billion euros. EBIT, at 114.6 million euros, was substantially in line with the figure in the first quarter of 2007 (117.5 million euros), net of the result linked to the temporary consolidation of DGAG that had characterised the previous year period. Taking into account the effect of DGAG, EBIT as of 31 March 2007 amounted to 129.5 million euros.

13th May 2008/by Tyrepress Editors

Transense Negotiating with RFID Supplier

It has emerged that battery-less TPMS developer Transense Technologies is in “early discussions” with a UK-based aftermarket TPMS supplier. The company in questions has developed a vehicle management system providing “cradle to grave” tyre information, which is said to be of a particular interest to the OTR and truck markets. The system in question incorporates a hand-held reader which reads a tyre patch RFID tag and measures tyre tread depth and pressure on a manual basis. The companies are said to be currently working on ways to incorporate SAW technology into their product.

The news is set against a varied year for Transense. Eventful is an understatement for describing Transense Technologies’ last 12 months. Nevertheless, company chairman, David Kleeman, described the last year as “probably been the most eventful in Transense’s relatively short history.” First there was the proposed reverse takeover of the Bishop Technology Group, which shareholders rejected in November 2007. Then there was the difficult task of raising £4 million at the beginning of 2008, a time when financial markets were less than keen to lend.

9th May 2008/by Tyrepress Editors

Aftermarket TPMS from Tyresure

Tyresure remind us that a car tyre’s contact with the road comes courtesy of a patch of rubber usually no bigger than a child’s footprint. Yet while we rely on them to transport our most precious of cargos, most of us rarely give them the attention they deserve. But an aftermarket solution is at hand; the company’s products allow crucial tyre pressure and temperature data to be displayed in an instant, enabling drivers to check its status without even leaving the driving seat.

Tyresure’s TPMS, says the company, utilises military-spec technology on each road wheel to display an accurate tyre pressure and temperature reading for each tyre, direct to the driver in real time. This can be accessed permanently, or set as a ‘pre-flight check’, which then updates the driver if preset safety parameters are breached. This is displayed through a compact display screen that shows safe pressures in green, changing to red if the pressure or temperature moves to a dangerous level. The system works on any type of vehicle, from family saloons to the full-size SUVs, and once the sensors have been fitted to the wheels the system is a true ‘Plug & Play’ fitment.

2nd May 2008/by Tyrepress Editors

Conti ‘On Course’ for 2008 Targets

The first three months of the year have provided Continental AG with results that indicate the company is on course to achieve its 2008 sales and operating targets – this is the word from the company on April 29, following the public release of its quarter figures. “Despite the in part unsatisfactory trends on the tyre markets, we have clearly exceeded our expectations for the corporation on the whole. A help here was the satisfactory development of car production on the whole, particularly in Europe and Asia,” said Continental Executive Board chairman Manfred Wennemer. “Backed by the solid results for the first three months, we are confident that we will achieve our targets for the year. We will counter further rises in raw material prices with price increases, improvement in our product mix and further enhanced efficiency.”

29th April 2008/by Tyrepress Editors

CTNA “Going Well”, Says Dr. Hippe

According to comments made by Continental AG CFO Dr. Alan Hippe, the company appears satisfied with the performance of its Continental Tire North America unit during the first financial quarter. Thomson Financial news reports that, on the sidelines of the company’s annual shareholder meeting, Dr. Hippe reported “the business is going well.” He further commented that the US tyre market had suffered less from the effects of lacklustre consumer spending and the US sub-prime load crisis than had been feared. While Dr. Hippe made mention of indications the market is starting to recover, he said the company cannot rule out further price rises this year to offset raw material costs.

28th April 2008/by Tyrepress Editors

SmarTire Appoints New Interim CFO

TPMS provider SmarTire Systems has named David A. Dodge as the company’s interim chief financial officer following the resignation of Jeff Finkelstein, who had served in the role since 2002 before leaving to “pursue a new opportunity”, to quote SmarTire. Mr. Dodge, whose appointment was announced on April 10, was formerly vice president and CFO of software development company NeoMedia Technologies, a position he held between 2002 and 2007. Before joining NeoMedia, Mr. Dodge was an auditor with Ernst & Young LLP. Dodge, aged 33, holds a B.A. in economics from Yale University and an M.S. in accounting from the University of Hartford, and is also a certified public accountant.

15th April 2008/by Tyrepress Editors

Yokohama Hires New Controller

Thomas Masuguchi has been hired as corporate controller by Yokohama Tire Corporation. According to Satoshi Miyata, Yokohama CFO & treasurer, “Tom’s expertise in financial reporting and extensive experience will be a tremendous asset to us.”

Masuguchi earned a bachelors degree in accounting from California State University Long Beach and has worked for KPMG LLP and a national financial services company. (Tire Review/Akron)

11th April 2008/by Tyrepress Editors

Amtel-Vredestein – Agreement with SRT Not Yet Reached

Amtel-Vredestein reports that discussions between the company and Sibur-Russian Tyres, and parent company Sibur Holding JSC, are continuing. However, Amtel-Vredestein adds that no agreement has yet been reached. Furthermore, says Amtel-Vredestein, no offer has been either made or accepted by any party, therefore the full range of strategic and financial options available continue to be explored.

11th April 2008/by Tyrepress Editors

Goodyear’s Laura Thompson Elected Company Officer

Goodyear’s Board of Directors has voted to appoint vice president of business development, Laura Thompson, as an officer of the corporation. Ms Thompson has served in her current role since June 2005 and is responsible for acquisition, divestiture and partnership activities in supporting Goodyear’s long-term strategies.

The 43-year old Akron region native began her career with Goodyear in 1983, working part-time while finishing her undergraduate degree in accounting from the University of Akron (she also holds an MBA in finance from the same establishment). Ms Thompson then served in various financial and accounting staff positions, both in business units and corporate staff, until being named manager of finance for Research and Development in 1997. In 2000, she was named director of Investor Relations and served in that capacity for two years. She became finance director for consumer tyres in the company’s North American Tire business in 2002, and was named director, business development for the unit a year later.

9th April 2008/by Tyrepress Editors

Annual Profits More than Double for Sibur-Russian Tyres

SIBUR Holding JSC reports that its Sibur-Russian Tyres JSC (SRT) operation generated 23,777 million roubles (£508 million) in revenue in the year ended December 31, 2007, an increase of 25.2 per cent on the 18,989 million (£406 million) of a year earlier. Operating profit, at 592 million roubles (£12.6 million) was a healthy 212 per cent above the previous year’s figure. In the absence of income tax or other costs, net profit for the year also stood at 592 million roubles.

Broken down into product segment, the total SRT tyre sales of 23,777 million roubles were largely made up of truck tyre sales, which stood at 13,385 million roubles (£286 million), a 26.4 per cent per cent increase on 2006 sales. Passenger car tyre sales, at 6,279 million roubles (£134 million) increased year on year by 27.4 per cent, and other tyre (including aircraft and agricultural) sales increased 18.4 per cent to 4,113 million roubles (£88 million).

3rd April 2008/by Tyrepress Editors

Annual Profits More than Double for Sibur-Russian Tyres

SIBUR Holding JSC reports that its Sibur-Russian Tyres JSC (SRT) operation generated 23,777 million roubles (£508 million) in revenue in the year ended December 31, 2007, an increase of 25.2 per cent on the 18,989 million (£406 million) of a year earlier. Operating profit, at 592 million roubles (£12.6 million) was a healthy 212 per cent above the previous year’s figure. In the absence of income tax or other costs, net profit for the year also stood at 592 million roubles.

Broken down into product segment, the total SRT tyre sales of 23,777 million roubles were largely made up of truck tyre sales, which stood at 13,385 million roubles (£286 million), a 26.4 per cent per cent increase on 2006 sales. Passenger car tyre sales, at 6,279 million roubles (£134 million) increased year on year by 27.4 per cent, and other tyre (including aircraft and agricultural) sales increased 18.4 per cent to 4,113 million roubles (£88 million).

3rd April 2008/by Tyrepress Editors

BFNT Factory Going Green with Hydrogen Forklifts

Quiet, emission-free forklifts powered by hydrogen fuel cells are now moving materials around the Bridgestone Firestone North American Tire (BFNT) plant in Aiken County, South Carolina. BFNT officials, along with the Economic Development Partnership of South Carolina, unveiled at the plant on March 31 a new “green-powered” forklift fleet that is replacing traditional battery-powered forklifts. Officials also announced the installation of a hydrogen fuel pump across from the plant that will be used by BFNT as well as other surrounding businesses. The plant is exchanging 23 forklifts this year and 20 in 2009 to create an all-hydrogen fleet. The fuel cells are a direct replacement that last longer than batteries and save time by refuelling instead of recharging.

“We are very excited about this new green initiative,” said Plant Manager Mike Rose. “This is a natural step for a technology-focused company like Bridgestone. Using this cutting-edge technology in a practical way helps our teammates and plant visitors get familiar with this clean, alternative energy. We’re proud to be among the first in the neighbourhood to use this green, clean fuel in our material movers.”

1st April 2008/by Tyrepress Editors

Revenue Down, Losses Up at SmarTire

Manufacturer of active TPMS systems, SmarTire Systems Inc, has announced that company revenue in the second quarter of the 2008 financial year decreased to US$740,848 from the $946,665 attained in the second quarter of last year. Six-month revenue for the period ending January 31, 2008 also decreased from a year earlier, down to $1,663,874 from $1,798,444.

SmarTire’s net loss for quarter two 2008 was $8.2 million or ($0.01) per share compared to a net loss of $5.3 million or ($0.02) per share in the same quarter of 2007. Net loss for the six months ended January 31, 2008 was $13.5 million or ($0.02) per share as compared to a net loss of $10.6 million or ($0.05) per share for the six months ended January 31, 2007. In the second quarter of 2008, SmarTire’s net loss from operations decreased by 33 per cent to $1.4 million from $2.1 million in quarter two of 2007. Net loss from operations for the six months ended January 31, 2008 decreased by 41 per cent to $2.6 million from $4.4 million for the six months ended January 31, 2007. SmarTire’s net other expenses increased by $3.6 million in the second quarter 2008 to $6.8 million. Net other expenses increased by $4.8 million to $11.0 million for the six months ended January 31, 2008, primarily due to an increase in non-cash interest and financing charges.

25th March 2008/by Tyrepress Editors