Hayes Lemmerz operating loss, net sales drop in quarter ended April 30

By Caroline Salls

Pittsburgh, June 19 - Hayes Lemmerz International, Inc. reported a $41 million operating loss for the three months ended April 30 on $258.2 million in net sales, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The figures represented a significant decline from the $21.7 million operating profit the company posted for the three months ended April 30, 2008 on $573.8 million in net sales.

According to the 10-Q, the drop in net sales resulted from ongoing trends and conditions facing North American and European vehicle manufacturers, which have been negatively impacted by the global recession, troubled capital markets and volatile commodity prices.

The net loss for the quarter ended April 30 was $59.1 million, widening from a $6.3 million net loss reported for the same period of 2008.

The company had $56.7 million in cash and cash equivalents at April 30, compared with $107.5 million at April 30, 2008.

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.

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