Tower Automotive posts $90.77 million 2005 operating loss

By Caroline Salls

Pittsburgh, June 27 - Tower Automotive, Inc. reported a $90.77 million operating loss for the year ended Dec. 31, 2005 on $3.28 billion in revenues, according to a 10-K filing with the Securities and Exchange Commission.

The figures show an improvement over a $256.05 million operating loss for 2004 on $3.18 billion in revenues.

According to the filing, the improvement in revenues can be attributed to pricing and favorable foreign exchange effects, as well as steel price recoveries. These positive factors were partially offset by an unfavorable volume/product mix effect of $13.2 million.

The net loss for 2005 was $373.37 million, compared with a net loss in 2004 of $551.62 million.

The company had $65.8 million of cash on hand at Dec. 31, 2005, and its balance sheet reflected $38.1 million of working capital.

Cash at the end of 2004 was $149.1 million.

The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-10578.

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