Commercial Vehicle Group Announces Third Quarter 2012 Results

        Commercial Vehicle Group Announces Third Quarter 2012 Results

PR Newswire

NEW ALBANY, Ohio, Oct. 31, 2012

NEW ALBANY, Ohio, Oct. 31, 2012 /PRNewswire/ --Commercial Vehicle Group, Inc.
(Nasdaq: CVGI) today reported revenues of $204.8 million for the third quarter
of 2012, a decrease of approximately 5.6% compared to $216.9 million for the
prior-year period. Operating income for the third quarter of 2012 was $8.9
million compared to $13.5 million for the third quarter of 2011. Net income
was $30.5 million for the third quarter, or $1.07 per diluted share, compared
to $7.4 million, or $0.26 per diluted share in the prior-year quarter.
Included in the third quarter of 2012 results is an income tax benefit of
approximately $27.0 million primarily related to the release of the Company's
domestic deferred tax asset valuation allowance. 

"The decline in our revenues for this quarter compared to the run rates we
experienced in the first half of the year is evidence of the softening we had
earlier predicted in some of our key end markets," said Mervin Dunn, President
and CEO of Commercial Vehicle Group. "Despite some anticipated near-term
softness, we still believe our Company is well positioned and our strategy is
sound for the long-term. We will continue to stay focused on our strategic
growth initiatives as we do not expect near-term fluctuating market conditions
to prohibit CVG from achieving our longer-term strategic objectives," added
Mr. Dunn.

The Company did not have any outstanding borrowings under its asset-based
revolver at September 30, 2012 and, as a result, was not subject to any
financial maintenance covenants. In addition, the Company had approximately
$99.5 million of cash on its balance sheet at September 30, 2012 with an
additional $37.0 million of availability under its asset-based revolver for
total liquidity availability of approximately $136.5 million.

"With the recent trends of market softening, we will be focused on utilizing
our variable cost structure and adjusting our operations and cost structure
accordingly without compromising the foundation we've established for
achieving our long term growth objectives," said Chad Utrup, Chief Financial
Officer of Commercial Vehicle Group. "We did record a large tax benefit
during the quarter related to the reversal of certain domestic deferred tax
valuation allowances. As we've indicated in the past, the valuation
allowances may be adjusted accordingly from time to time as our deferred tax
assets are deemed usable in the future. We do have additional valuation
allowances in foreign jurisdictions which we will continue to evaluate as we
move forward," added Mr. Utrup.

A conference call to discuss the contents of this press release is scheduled
for Thursday, November 1, 2012, at 10:00 a.m. ET. To participate, dial (888)
713-4211 using access code 36308119. You can pre-register for the conference
call and receive your pin number at:

https://www.theconferencingservice.com/prereg/key.process?key=PYDLGJ7HP

This call is being webcast by Thomson/CCBN and can be accessed at Commercial
Vehicle Group's Web site at www.cvgrp.com.

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 54925146.

About Commercial Vehicle Group, Inc.

Commercial Vehicle Group, Inc. is a leading supplier of a full range of cab
related products and systems for the global commercial vehicle market,
including the heavy-duty (Class 8) truck market, the construction, military,
bus and agriculture markets and the specialty transportation markets. Our
products include static and suspension seat systems, electronic wire harness
assemblies, controls and switches, cab structures and components, interior
trim systems (including instrument panels, door panels, headliners, cabinetry
and floor systems), mirrors and wiper systems specifically designed for
applications in commercial vehicles. The Company is headquartered in New
Albany, OH with operations throughout North America, Europe, Asia and
Australia. Information about the Company and its products is available on the
internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to
risks and uncertainties. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or similar
expressions. In particular, this press release may contain forward-looking
statements about Company expectations for future periods with respect to
fluctuations in our end markets, achievement of long-term growth objectives,
growth and margin enhancement initiatives, valuation allowances in foreign
jurisdictions and the Company's financial position or other financial
information. These statements are based on certain assumptions that the
Company has made in light of its experience in the industry as well as its
perspective on historical trends, current conditions, expected future
developments and other factors it believes are appropriate under the
circumstances. Actual results may differ materially from the anticipated
results because of certain risks and uncertainties, including but not limited
to: (i) general economic or business conditions affecting the markets in which
the Company serves; (ii) the Company's ability to develop or successfully
introduce new products; (iii) risks associated with conducting business in
foreign countries and currencies; (iv) increased competition in the heavy-duty
truck market; (v) the Company's failure to complete or successfully integrate
strategic acquisitions; (vi) the impact of changes in governmental regulations
on the Company's customers or on its business; (vii) the loss of business from
a major customer or the discontinuation of particular commercial vehicle
platforms; (viii) the Company's ability to obtain future financing due to
changes in the lending markets or its financial position; (ix) the Company's
ability to comply with the financial covenants in its revolving credit
facility; and (x) various other risks as outlined under the heading "Risk
Factors" in the Company's Annual Report on Form 10-K for fiscal year ending
December 31, 2011. There can be no assurance that statements made in this
press release relating to future events will be achieved. The Company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results over time. All subsequent written and oral
forward-looking statements attributable to the Company or persons acting on
behalf of the Company are expressly qualified in their entirety by such
cautionary statements.



COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)
                    Three Months Ended September  Nine Months Ended September
                    30,                           30,
                    2012           2011           2012           2011
                    (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                    (In thousands, except per     (In thousands, except per
                    share amounts)                share amounts)
Revenues            $         $         $         $     
                    204,824       216,909       684,559       606,194
Cost of Revenues    178,419        187,087        583,920        523,980
 Gross Profit   26,405         29,822         100,639        82,214
Selling, General
and Administrative  17,445         16,210         53,989         48,427
Expenses
Amortization        91             65             275            255
Expense
Restructuring Costs -              -              -              542
 Operating      8,869          13,547         46,375         32,990
Income
Interest and Other  5,342          5,332          15,854         14,381
Expense
Loss on Early
Extinguishment of   -              -              -              7,448
Debt
Income Before
(Benefit) Provision 3,527          8,215          30,521         11,161
for Income Taxes
(Benefit) Provision (26,946)       839            (25,097)       2,677
for Income Taxes
Net Income          30,473         7,376          55,618         8,484
Less:
Non-controlling     (28)           -              (43)           -
interest in
subsidiary's loss
Net Income          $        $        $        $      
Attributable to CVG 30,501         7,376       55,661         8,484
Stockholders
Earnings per Common
Share:
Basic               $        $        $        $      
                      1.08        0.27        1.98        0.31
Diluted             $        $        $        $      
                      1.07        0.26        1.96        0.30
Weighted Average
Shares Outstanding:
Basic               28,172         27,768         28,171         27,767
Diluted             28,461         28,152         28,410         28,187



COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
                                    September 30,         December 31,
                                    2012                  2011
                                    (Unaudited)           (Unaudited)
                                    (In thousands, except share and per share

                                    amounts)
Assets
Current Assets:
Cash                                $       99,543  $       87,955
Accounts receivable, net of reserve
for doubtful accounts of $3,105 and
$3,867,                             131,155               130,297

respectively
Inventories                         90,684                79,423
Deferred income taxes               8,843                 1,837
Other current assets                8,268                 7,470
Total current assets               338,493               306,982
Property, plant and equipment, net
of accumulated depreciation of
$116,795 and                        81,128                76,672

$109,403, respectively
Intangible assets, net              7,065                 7,315
Deferred income taxes               21,401                -
Other assets, net                   14,988                15,915
Total assets                        $      463,075   $      406,884
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable                   $       72,378  $       74,239
Accrued liabilities                 38,335                38,960
Total current liabilities          110,713               113,199
Long-term debt                      250,000               250,000
Pension and other post-retirement   26,166                28,013
benefits
Other long-term liabilities         2,126                 2,897
Total liabilities                  389,005               394,109
Stockholders' Equity:
Preferred stock, $0.01 par value;
5,000,000 shares authorized, no
shares issued

and outstanding; common stock,
$0.01 par value per share;
60,000,000 shares                   285                   285

authorized; 28,174,241 and
28,170,929 shares issued and
outstanding,

respectively
Treasury stock purchased from
employees; 428,425 and 426,870
shares,                             (4,072)               (4,059)

respectively
Additional paid-in capital         222,608               219,112
Retained loss                       (119,093)             (174,754)
Accumulated other comprehensive     (25,709)              (27,818)
loss
Total CVG stockholders' equity      74,019                12,766
Non-controlling interest           51                    9
Total stockholders' equity          74,070                12,775
Total liabilities and stockholders' $      463,075   $      406,884
equity



SOURCE Commercial Vehicle Group, Inc.

Website: http://www.cvgrp.com
Contact: John Hyre, Investor Relations, Commercial Vehicle Group, Inc.,
+1-614-289-5157