NOVI, Mich. (April 5) — Cooper-Standard Holdings Inc. — the parent company of automotive parts maker Cooper-Standard Automotive Inc. — reported net earnings of $8.8 million on sales of $1.83 billion in fiscal 2005.
The year´s financial results compared to $78.8 million in earnings on sales of $1.86 billion in 2004. The decrease in net income in 2005 was mainly attributable to interest cost related to financing the acquisition of the business in 2004 and the subsequent amortization of intangibles, the company said.
An investors´ group partnership formed by Cypress Group and Goldman Sachs Capital Partners purchased the company from Cooper Tire & Rubber Co. late in 2004 for $1.17 billion.
Sales were down for the full year primarily because of reduced volume from the Big Three auto makers, the firm said.
Jim McElya, Cooper-Standard president and CEO, said 2005 was a solid year for the company in a challenging environment. "We successfully made the transition to a stand-alone company and delivered double digit (earnings before income taxes) margins while maintaining strong cash flow," he said.
In the fourth quarter, Cooper-Standard posted net earnings of $2.7 million on sales of $441.5 million, down from the $15.8 million in earnings on sales of $457.8 million reported a year earlier.