Cooper-Standard Holdings Inc., the parent company of body sealing, fluid handling and NVH components specialist Cooper-Standard Automotive Inc., has announced its fourth quarter and full year 2006 financial results. For the full year 2006 it reported record sales of $2.2 billion, and after one-off pre-tax adjustments related to restructuring and impairment charges of $37.1 million, reported a net loss of $8.4 million.
Net sales increased 18.4% from 2005, primarily due to the acquisition of FHS and favourable foreign exchange rates ($36.5 million), partially offset by lower unit sales volumes and customer price concessions.
Operating profit in 2006 was $12.0 million lower than in 2005, decreasing from $76.3 million to $64.3 million, primarily due to increased restructuring costs ($20.9 million), increased amortisation of intangibles ($2.9 million), and an impairment of goodwill and other intangible assets at Cooper-Standard’s NVH business ($13.2 million).
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