Hayes Lemmerz estimates first-quarter sales fell 55% to $285 million

By Caroline Salls

Pittsburgh, June 10 - Hayes Lemmerz International, Inc. said it expects to record roughly $285 million of total sales for the quarter ended April 30, a 55% decrease from the same quarter of 2008, according to a 12b-25 filed Wednesday with the Securities and Exchange Commission.

The company said the reduction in sales was primarily the result of significantly lower production volumes at North American and European vehicle manufacturers, which have been negatively affected by the global recession and troubled capital and credit markets.

As a result of the unprecedented decline in volumes, Hayes Lemmerz said it expects a slight gross loss for the quarter, compared to a gross profit of $63.7 million posted in the quarter ended April 30, 2008.

In addition, net losses are expected be significantly worse than the $12.8 million net loss reported in the first quarter of 2008.

According to the filing, the company has not been able to complete the work necessary to file its 10-Q quarterly report because of the demands its bankruptcy filings have placed on its management.

The company said it will file the 10-Q as soon as possible.

Hayes Lemmerz is a Northville, Mich., maker of automotive and commercial highway wheels. It filed for Chapter 11 on May 12 in the U.S. Bankruptcy Court for the District of Delaware. Its case number is 09-11655.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.