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Commercial Vehicle Group, Inc. (NASDAQ:CVGI)

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Tuesday, May 15, 2018

Research

GBR Silversun Technologies Inc. (NASDAQ:SSNT) ($3.86; $17.3M market cap), a national provider of transformational business technology solutions and services, announced Q1 2018 results:

Sales of $9.3 million vs $8.0 million in the prior year
Non-GAAP EPS of $0.04 vs $0.08 in the prior year

Quotes from management:

“Sales, marketing and general and administrative expenses all increased in the first quarter, as we continued to invest in the resources and infrastructure necessary to support a larger organization. This has had a temporary negative impact on profitability, but we have taken steps to more closely align our cost structure with our growth targets, and we expect to deliver on our target operating margins in the second quarter and beyond. All in all, we are extremely optimistic about our prospects for the balance of 2018, and look forward to continuing to deliver positive results for the benefit of all our stakeholders in the coming months and years ahead.”

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Tuesday, July 24, 2012

Comments & Business Outlook

Second Quarter 2012 Results

Revenues of $242.7 million for the second quarter of 2012, an increase of approximately 17% compared to $206.8 million for the prior-year period.
Net income was $13.2 million for the second quarter, or $0.46 per diluted share, compared to a loss of $2.2 million, or ($0.08) per diluted share in the prior-year quarter. Included in the second quarter of 2012 results is a loss of approximately $0.4 million related to the mark to market of the Company's foreign exchange contracts for the period. Included in the results for the second quarter of 2011 are $7.4 million of one-time expenses related to the early extinguishment of debt for the period.

"We are very pleased with our second quarter results, which represents our thirteenth consecutive quarter of operating income improvement, when excluding impairment and restructuring charges, and surpasses the first quarter of 2012 as our highest revenue and operating income levels since the fourth quarter of 2006," said Mervin Dunn, President and CEO of Commercial Vehicle Group. "While there has been recent public pessimism related to uncertain economic and market conditions in the near term, we could not be more excited about our opportunities for future organic growth and acquisitions. We are not focused solely on the near-term North American truck industry, but remain focused on the global commercial vehicle industry for the next several years," added Mr. Dunn.

The Company did not have any outstanding borrowings under its asset-based revolver at June 30, 2012 and, as a result, was not subject to any financial maintenance covenants. In addition, the Company had approximately $87.6 million of cash on its balance sheet at June 30, 2012 with an additional $37.0 million of availability under its asset-based revolver.

"In addition to our continued improvements in revenue and operating income, we are pleased to report diluted earnings per share of 46 cents, our highest since the fourth quarter of 2006," said Chad M. Utrup, Chief Financial Officer of Commercial Vehicle Group. "Our cash and liquidity position remains strong and we are focused on putting this capital to use in the best ways possible, which includes continued investments towards organic growth and cost improvement programs, as well as acquisitions, both domestically and internationally," added Mr. Utrup.

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Thursday, May 3, 2012

Comments & Business Outlook

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.

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