Commercial Vehicle Group (NASDAQ:CVGI)

First Quarter 2012 Results

• Revenues of $237.0 million for the first quarter of 2012, an increase of approximately 30% compared to $182.5 million for the prior-year period.
• Operating income for the first quarter of 2012 was $18.5 million compared to $8.1 million for the first quarter of 2011.
•  Net income was $12.0 million for the first quarter, or $0.42 per diluted share, compared to $3.3 million, or $0.12 per diluted share in the prior-year quarter.

"We are very pleased with our first quarter results, which represents our twelfth consecutive quarter of operating income improvement, when excluding impairment and restructuring charges, and surpasses the fourth quarter of 2011 as our highest revenue and operating income levels since the fourth quarter of 2006. Our results reflect our continued focus on capturing results from our top line growth as well as our commitment to our long-term strategy for growth and diversification," said Mervin Dunn, President and CEO of Commercial Vehicle Group.

The Company did not have any outstanding borrowings under its asset-based revolver at March 31, 2012 and, as a result, was not subject to any financial maintenance covenants. In addition, the Company had approximately $90.9 million of cash on its balance sheet at March 31, 2012 with an additional $37.0 million of availability under its asset-based revolver. The Company does not expect to trigger the requirement to comply with financial maintenance covenants in 2012.

"In addition to our continued improvements in revenue and operating income, we are pleased to report our highest diluted earnings per share of 42 cents since the fourth quarter of 2006. Our results highlight our focus and commitment to operating improvement and leveraging our flexible cost structure," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group.