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Saturday, Feb 4, 2023

Superior Losses Spin Downward

Closing manufacturing plants in Van Nuys and Kansas and continued turmoil in the auto industry contributed to Superior Industries International Inc. posting net losses for the fourth quarter and fiscal 2008. The Van Nuys-based maker of aluminum wheels continues to streamline its operations to make the company more efficient, said Chairman, CEO, and President Steven Borick. “While we could not have predicted the extent and duration of the global economic downturn and its impact on the automotive industry, we have taken appropriate actions to stem losses and strengthen the company for the near and long-term,” Borick said. Superior reported a net loss of $20.1 million, or $0.75 per diluted share, on revenues of $151.9 million for the quarter ending Dec. 31. For the same period the previous year, the company had net income of $4.7 million, or $0.18 per diluted share, on revenues of with $229.2 million. For the full fiscal year, Superior had a net loss of $26.1 million, or $0.98 per diluted share, on revenues of $754.9 million. For the 2007 fiscal year, the company had net income of $9.3 million, or $0.35 per diluted share, on revenues of $956.9 million. The quarterly results included $12.8 million in costs for closing plants in Van Nuys, and Pittsburgh, Kansas and an equity loss of $1.8 million from its joint venture aluminum wheel manufacturing facility in Hungary. Mark R. Madler

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