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Automotive News
KLM Performance's Automotive News coverage is updated daily with news updates published as they are released to the media. These updates cover the latest developments in trucks, add-on components, racing, and the truck enthusiast lifestyle. Feel free to discuss any news releases in KLM's Discussion Forum.
Friday, July 6, 2007
CalSpeed Karting 4 Hour Endurance Challenge
CalSpeed Karting 4 Hour Endurance ChallengeWho Won - FONTANA, Calif. -- The most interesting thing about endurance races, whether it is the 24 hours of LeMans, the 12 hours of Sebring, or the CalSpeed Karting 4-hours of Fontana, is that no matter how long the race distance, the race can often be broken Team Modena reflects on Le MansMotorsport.com - Overview: We are proud of the performance of all Team Modena members in the toughest motorsport event in the world Discuss this article in the Motorsport.com Forums channel: LEMANS 0.036 | The Drill: '08 Draft: A helping of MayoMilwaukee Journal Sentinel - Mike Beasley, PF, Kansas State. He is powerful and skilled, and playing for the U.S. in the U-19 World Championships hints at a level of commitment he previously has hidden. 5. Nicolas Batum, SF, LeMans Sarthe Basket, France. Batum made a strong CBS Sports starts its engines with first of five races from '07 CBS Sportsline - CBS Sports revs up its engines for the first of five races from its 2007 Auto Racing schedule with the American LeMans LONE STAR GRAND PRIX on Sunday, April 29 (1:00-3:00 PM, ET; taped 4/21) from Reliant Park in Houston, Texas. The world’s most Velva couple corrals parts businessMinot Daily News - Then in 1992, JD said he bought a 1989 Pontiac Lemans and used it to carry 1,000 pounds of parts to different shows. “I toted the parts to wherever. I had a pretty hard-core passion for it (selling the parts),” JD said. “While I was selling Featured PRFirmPRWeb - Rolls-Royce and race cars display at American Le Mans Series "Festival of Speed" at World Financial Center Winter Garden. Display of 25 exotic cars including Ferrari, Lamborghini, Rolls-Royce and others to celebrate the American LeMans Series Saini Leads MX-5 Cup Practice at HoustonRace Site - The 45-minute race will take place the same evening, at 8:45 p.m., following the American LeMans Series race. For full results, live timing and lap notes visit www.mx-5cup.com. HOUSTON, Texas - Results from Friday night's practice session for LEMANS: 2007 24 Hours of Le MansMotorsport.com - | Postcard | Test day Friday | Experimental | Test day Saturday | Test day afternoon session | Test day morning session | Monday scrutineering | Teams photoshoot | Tuesday scrutineering | Wednesday qualifying 1 | Wednesday qualifying 2 | Thursday Junior focusing on winning now and laterESPN.com - In 2004, there was the fiery crash in an American LeMans Series race that resulted in serious burns to Earnhardt Jr.'s neck, chin and legs. In 2005, there was the split with Eury and a failure to make the Chase. In 2006, there was the reunion Lime Rock: Acura Motorsports previewMotorsport.com - alms & lemans acura sports car teams ready for northeast grand prix after recent impressive le mans runs le mans winner brabham seeks
posted by automotive-news # 4:15 PM
Chrysler Group Continues Global Sales Growth During the Second Quarter 2007
Chrysler Group Continues Global Sales Growth During the Second Quarter 2007 - Sales in non-U.S. markets increase 10.2 percent in the second quarter - Sales outside North America increase 20.4 percent, Canada advances 10.7 percent, Mexico declines 8 percent - Chrysler Group continues with plan to double international growth in five years - Sales increases in global markets driven by new models including Dodge Caliber, Jeep(R) Patriot and the Jeep Compass AUBURN HILLS, Mich., July 6 /PRNewswire-FirstCall/ -- The Chrysler Group today announced that the company achieved growing sales numbers in markets outside the United States in the second quarter of 2007. From April to June, the Chrysler Group sold 159,993 vehicles outside of the U.S., an increase of 10.2 percent compared to the same period of 2006. These second quarter figures include a sales increase of 10.7 percent in Canada (70,148 units) and a 20.4 percent sales increase outside of North America (61,743 units). In line with the decline of the Mexico automotive industry during the second quarter, DaimlerChrysler Mexico sales fell 8 percent to 28,102 units. The increases in sales were driven by the worldwide appeal and strong customer interest in the Chrysler Group's new fuel-efficient models including the Chrysler Sebring, Jeep(R) Compass, Jeep Patriot, Dodge Avenger and the Dodge Caliber. "The growth in the second quarter of 2007 demonstrates that the Chrysler Group's plan for sustainable, international growth is working," said Tom LaSorda, President and CEO, Chrysler Group. "Building on the solid sales momentum established during the first quarter of 2007, the second quarter sales increase is in line with the company's plan to double international growth in five years." Second Quarter Global Sales Results The Chrysler Group's worldwide vehicle sales increased by 3.3 percent during the second quarter of 2007 to a total of 735,837 units (2006: 712,521 units). In the highly competitive market environment of the U.S., Chrysler Group sales declined 1.4 percent to 183,347 units in June 2007. For the second quarter, sales rose 1.5 percent to 575,844 units (2006: 567,302 units). The company now offers five fuel-efficient, four-cylinder engine compact car and SUV models in the U.S., including the Chrysler Sebring, Jeep Compass, Jeep Patriot, Dodge Avenger and the Dodge Caliber. Following its most aggressive product launch in company history of 10 all-new vehicles in 2006, the Chrysler Group continues its product offensive with the launch of eight all-new vehicles in 2007. Maintaining its position as the second-largest seller of vehicles in Canada to date, DaimlerChrysler Canada finished the second quarter of 2007 by increasing sales 10.7 percent to 70,148 units (2006: 63,380 units). For the month of June, sales rose 24 percent to 22,029 units. "We are very pleased with the strong Canadian market response to our new vehicles," said Reid Bigland, President and CEO of DaimlerChrysler Canada, Inc. "Driven primarily by retail sales of the fuel-efficient Dodge Caliber, Jeep Patriot and Jeep Compass models, Chrysler Group's sales in Canada have risen for 11 straight months." Posting its highest month ever of sales outside of North America in June 2007, Chrysler Group's International sales accelerated 20.7 percent to 22,901 units. Also, sustaining 25 consecutive months of year-over-year sales gains; Chrysler Group's International sales increased 20.4 percent to 61,743 units during the second quarter of 2007 (2006: 51,280 units). "The strength of our new product portfolio coupled with the support of our dealer network outside North America is driving the growth we have seen so far this year," said Michael Manley, Executive Vice President - International Sales, Marketing and Business Development, Chrysler Group. "We expect to maintain the double digit growth this year, including record export numbers, and continue to strategically grow production volumes and sales outlets outside North America for all three brands." Posting its best June ever, DaimlerChrysler Mexico sales rose 0.3 percent to 10,120 units in June 2007. From April to June, second quarter sales declined 8 percent to 28,102 units (2006: 30,559 units) yet Chrysler Group SUVs posted a quarterly sales gain of 60.5 percent. "DaimlerChrysler Mexico delivered fantastic sales results last month, reporting its best June ever for Chrysler, Jeep and Dodge brands," said Joe ChamaSrour, President and Managing Director of DaimlerChrysler de Mexico. "This was a great way to close the second quarter." Understanding the Customer is a Key Element in Recovery and Transformation Plan (RTP) Focusing on customer loyalty and winning new customers is a major part of the Chrysler Group's revenue strategy under the Recovery and Transformation Plan (RTP). The company has a number of research efforts in place to learn more about consumer wants and needs in order to help increase future sales. "We're focusing on the customer loyalty of our current owner base and we plan to address new customers, or the people that trade in their vehicles from another brand," said Steven Landry. "One of the issues we strive to understand better is how to retain our current customers and bring in new ones. It is a tough game out there and we need to make sure that we provide the customer with an opportunity that is different and better than the competition." Euro Camp Jeep, Europe's largest single-brand 4x4 customer event takes place in France More than 1,500 customers and 650 Jeep vehicles are gathering in southern France for the ultimate celebration of all things Jeep. For the first time ever, the Camp Jeep event will be split into two different programs (June 30 to July 3 and July 4 to 7) to accommodate the growing number of participants. Jeep aficionados, their families and friends will flock to Euro Camp Jeep to explore a full range of activities, including off-road driving trails, fun vehicle-related challenges, navigation and orienteering trials and invigorating regional drives through scenic countryside. Participants will also be given a privileged look at the new Jeep Grand Cherokee, making its first appearance in Europe with a refreshed interior and exterior. First Call Analyst:
FCMN Contact: jc954@dcx.com
Source: Chrysler Group
CONTACT: Lori McTavish, +1-248-512-2642, cell, +1-248-202-9908,
lm7@dcx.com, or Lori Pinter, +1-248-512-2882, cell, +1-248-505-4070,
lap@dcx.com, both of Chrysler Group Web site: http://www.media.daimlerchrysler.com/
http://www.daimlerchrysler.com/ NOTE TO EDITORS: Additional information and news from Chrysler Group is available at http://cgmedia.daimlerchrysler.com. -------
Profile: automotive-news
posted by automotive-news # 2:53 PM
Goodyear Gives NASCAR Fans a Chance to Own a Piece of the Action
Goodyear Gives NASCAR Fans a Chance to Own a Piece of the Action Forty-Three (43) Autographed Race-Used Tires to be Auctioned Off for Charity DAYTONA BEACH, Fla., July 6 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company, the exclusive tire supplier of NASCAR, today announced it will provide 43 autographed race-used Goodyear Eagle tires for a special auction to benefit The NASCAR Foundation. The Goodyear 'Get there'(TM) Charity Auction, held online at www.goodyeargarage.com and hosted by The NASCAR Foundation, will run from 12:00 Noon Eastern on Friday, July 6th through 11:59 p.m. Sunday, July 15th and offers fans the opportunity to bid on 43 authentic Goodyear tires individually autographed by the top NASCAR NEXTEL Cup Series drivers, including Dale Earnhardt Jr., Jeff Gordon, Jimmie Johnson, Carl Edwards and others. All proceeds from the sale of these Goodyear tires will be donated to The NASCAR Foundation to benefit charities that the individual drivers select. This is the largest collection of certified, autographed race-used Goodyear Eagle tires that NASCAR and Goodyear have combined to offer at auction. (Photo: http://www.newscom.com/cgi-bin/prnh/20070706/CLF003 )
(Logo: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO )
Each autographed race-used Goodyear Eagle will come with a certificate of authenticity that includes the driver's name and car number, the race in which the tire was used, the driver's finish in that race and the tire's RFID number. A minimum sale price has been set for each tire depending upon expected interest levels and ranges from $100 to $250; minimum sale prices will be displayed in each individual listing.
"Goodyear has been synonymous with NASCAR for more than 50 years and we are proud to help support The NASCAR Foundation by offering fans the opportunity to get a piece of the action," said Stu Grant, Goodyear's general manager of global race tires. "NASCAR fans have always been able to experience the technological innovations of Goodyear's Eagle tires on their personal vehicles, but now we're offering them the chance to take home an autographed tire that actually carried their favorite driver around the track in the heat of competition." A display featuring all forty-three (43) autographed race-used tires was unveiled today in the Goodyear Legends of Daytona exhibit at the Daytona International Speedway Fan Zone and will remain in place during the Pepsi 400 Weekend (July 6-7). The display includes six Internet-ready kiosks, enabling fans onsite to bid on the tire of their favorite driver. Fans nationwide will be able to bid anytime for the duration of the auction by visiting www.goodyeargarage.com. "We are very proud to be working with Goodyear to give fans this unique opportunity to own a piece of NASCAR history," said NASCAR President Mike Helton. "The winning bidders can feel especially good knowing the proceeds from the auction will go directly to furthering the work of industry foundations." Goodyear is the "Exclusive Tire Supplier" of the NASCAR NEXTEL Cup Series, the NASCAR Busch Series and the NASCAR Craftsman Truck Series through 2012. The Company has had an uninterrupted commitment to NASCAR since becoming a race tire supplier in the 1950s. This relationship has become one of the longest-running supply programs in any sport and over those years, Goodyear has worked to bring innovation to its racing products, which, in turn, has helped foster heightened competition on the track. Goodyear also takes innovations and cutting-edge technology from the racetrack and applies that technology to tires that consumers use on streets and highways. About NASCAR The National Association for Stock Car Auto Racing, Inc. (NASCAR), which began in 1948, is the sanctioning body for one of America's premier sports. NASCAR is the No. 1 spectator sport - holding 17 of the top 20 attended sporting events in the U.S., the No. 2-rated regular season sport on television with broadcasts in more than 150 countries, and has 75 million fans that purchase more than $2.1 billion in NASCAR-licensed merchandise each year. These fans are the most brand loyal in all of sports and as a result, more Fortune 500 companies participate in NASCAR than any other sport. NASCAR consists of three major national series (NASCAR NEXTEL Cup Series, NASCAR Busch Series, and the NASCAR Craftsman Truck Series) as well as four regional racing series. NASCAR sanctions 1,300 races at 100 tracks across more than 30 U.S. states, Canada and Mexico. Based in Daytona Beach, NASCAR has offices in Bentonville (Ark.), Charlotte, Concord (N.C.), Conover (N.C.), Los Angeles, New York, Mexico City and Toronto. About the NASCAR Foundation The NASCAR Foundation embodies the compassion of the NASCAR Family and its commitment to serving communities. The Foundation supports a wide range of charitable initiatives that reflect the core values of the entire NASCAR Family. The NASCAR Foundation will use the strength of the sport and its people to make a difference in the lives of people who need it most. 100% of the proceeds raised from the sale of items goes to support charity. The NASCAR Foundation will provide every winning bidder with a tax receipt along with their item. www.nascar.com/foundation About Goodyear Goodyear is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. For more tire information on Goodyear tires, go to www.goodyeartires.com.
First Call Analyst:
FCMN Contact: greg_dooley@goodyear.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070706/CLF003
http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN2
PRN Photo Desk, photodesk@prnewswire.com
Source: The Goodyear Tire & Rubber Company
CONTACT: Jim Davis, Goodyear, +1-330-796-4114; or Andrew Giangola,
NASCAR, +1- 212-326-1880 Web site: http://www.goodyear.com/
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Profile: automotive-news
posted by automotive-news # 1:48 PM
'Quake on the Lake' Receives Major Boost From Sponsor and Boating Enthusiast Szott Chrysler Jeep
'Quake on the Lake' Receives Major Boost From Sponsor and Boating Enthusiast Szott Chrysler Jeep 8th Annual APBA Inboard Hydroplane Races at Pontiac Lake State Recreation Area Set for July 21 - 22, 2007 Rainbow Connection Benefits From One of Fastest One-mile Racecourses in Nation Located on Pontiac Lake PONTIAC, Mich. July 6 /PRNewswire/ -- The 8th Annual Quake on the Lake to benefit the Rainbow Connection returns to shake up summertime fun with a big boost from sponsor, neighbor and boating enthusiast Tom Szott of Szott M-59 Chrysler Jeep in White Lake Township. This year's Inboard Hydroplane races will be held on Saturday, July 21 and Sunday, July 22nd at the Pontiac Lake State Recreation Area in White Lake/Waterford Townships. Eighty of the nation's top drivers in the sport will make massive waves, tons of noise and lots of fun on the Pontiac Lake from 11 a.m. until 5 p.m on one of the fastest one-mile racecourses in the nation. "My family, our store employees and I all love boating," Szott said. "This event takes family fun and boating to the extreme in a great recreational setting, and it supports a terrific organization." All proceeds from the event benefit the Rainbow Connection, a local non- profit charity which grants wishes to children with terminal or life threatening illnesses. The race event has attracted record crowds of nearly 175,000 since 2000. In the last six years alone, 13 American Power Boat Association (APBA) records have been established on the challenging one-mile course in five different racing classes. This year, Szott and UAW P3 Team Members (People, Pride and Product) will be on hand to pass out Employee Choice numbers to give those without a Chrysler-Jeep vehicle the chance to get the best deal possible on a new Chrysler, Jeep or Dodge. The UAW P3 Team was formed in 2003 to encourage Chrysler employees to "buy what they build." Festivities include vehicle displays along with the Flaming Pistons Classic Car Club showcasing classic vehicles of every make and model. Current Chrysler vehicles will be featured. New this year is the Sandblast Volleyball Tournament scheduled for Saturday, July 21st and a silent auction, featuring sports memorabilia, hydroplane prints and gift cards. There is also a Family Fun Zone featuring great attractions for kids of all ages including Moonwalks, face painting and much more. Sponsor and neighbor, Szott M-59 Chrysler Jeep, sits in the back yard of the race site at Pontiac Lake State Recreation Area. "Oakland County has super summer festivities for the entire family, Quake on the Lake is the complete package for fun in the sun," added Szott. Admission is $5 for adults and $2 for children ages 3-12. Children two years and younger are free. Information on Quake On The Lake is available from www.QuakeOnTheLake.org. Information on Tom Szott M-59 Chrysler Jeep can be found at www.szottauto.com or call (248) 889-8989. First Call Analyst:
FCMN Contact:
Source: Szott M-59 Chrysler Jeep
CONTACT: Michelle Martinez Bassett, or Leland K. Bassett, Bassett &
Bassett, Incorporated, +1-313-965-3010 Web site: http://www.quakeonthelake.org/
http://www.szottauto.com/
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Profile: automotive-news
AK Steel Announces August 2007 Surcharges For Electrical and Stainless Steels
AK Steel Announces August 2007 Surcharges For Electrical and Stainless Steels MIDDLETOWN, Ohio, July 6 /PRNewswire-FirstCall/ -- AK Steel (NYSE:AKS) has advised its customers that a $225 per ton surcharge will be added to invoices for electrical steel products shipped in August 2007. August 2007 surcharges for the broad range of stainless steel products that AK Steel produces can be found on the company's web site at http://www.aksteel.com/ . AK Steel's surcharges are based on reported prices for raw materials and energy used to manufacture the products, with the June 2007 purchase cost used to determine the August 2007 surcharges. Headquartered in Middletown, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets. First Call Analyst:
FCMN Contact: barry.racey@aksteel.com
Source: AK Steel
CONTACT: Media, Alan H. McCoy, Vice President, Government and Public
Relations, +1-513-425-2826; Investors, Albert E. Ferrara, Jr., Vice President,
Finance & CFO, +1-513-425-2888 Web site: http://www.aksteel.com/
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Profile: automotive-news
SAF-HOLLAND Launches IPO Roadshow
SAF-HOLLAND Launches IPO Roadshow BESSENBACH, Germany, July 6/PRNewswire/ -- - Price Range for SAF-HOLLAND Shares set at EUR 22.50 to EUR 28.00 - Planned Placement of up to 11,514,798 Million Shares (Plus Greenshoe of
a Further 1,727,220 shares) - First Listing on Frankfurt Stock Exchange's Prime Standard Planned for
24 July SAF-HOLLAND S.A., Luxembourg, a leading world provider of high-quality
product systems to the truck and trailer industry, published the key data of
its planned IPO today. The offering consists of up to 5,120,000 shares from a
capital increase and up to 6,394,798 existing shares owned by existing
shareholders. The existing shareholders are also making about 1,727,220
shares available as a greenshoe. If full use is made of the greenshoe, the
free float will be approximately 70%, with a total of 18,837,375 shares
outstanding. The price range was set by the company and existing shareholders jointly
with Morgan Stanley, the sole bookrunner, at EUR 22.50 to EUR 28.00. The
issue size is up to EUR 371 Mio. "With the merger of SAF and HOLLAND we have made SAF-HOLLAND a
leading global provider of high-quality product systems for large commercial
vehicles. We are now ready to go public and will be presenting our growth
story to the capital market in the days ahead," said SAF-HOLLAND S.A. CEO
Rudi Ludwig. SAF-HOLLAND S.A. shares will be offered to the public in
Germany from 9 July 2007 to 20 July 2007. This will be accompanied by an
international private placement with institutional investors outside of
Germany and the US. "We aim to use the IPO proceeds to make good use of our
international market opportunities, profiting from the strong growth of the
logistics sector. We will be stepping up the expansion of our production and
our service and distribution network, especially in the growth markets of
Brazil, Russia, India and China," Ludwig said. SAF-HOLLAND S.A. shares are to be traded on the Frankfurt stock market in
the Prime Standard segment under the symbol SFQ and the ISIN LU0307018795. About SAF-HOLLAND: SAF-HOLLAND pro-forma sales in 2006 totalled about EUR 770
million. The company has over 3,100 employees at 20 locations on five
continents. Pro-forma adjusted EBIT was approximately EUR 65 million. Its
product portfolio ranges from premium axles and axle systems, truck and
trailer chassis, fifth wheels and king pins, the trailer counterpart to the
fifth wheel, to trailer couplings and supports for articulated trucks.
SAF-HOLLAND customers include most leading truck and trailer manufacturers
around the world. Products are sold via a worldwide service and distribution
network to original equipment manufacturers (OEMs), original equipment
suppliers (OESs) and via the spare parts market directly to end users and
service workshops. At present the equity investment company Pamplona Capital
Partners I, LP holds 61% of the shares in SAF-HOLLAND. The remainder is held
by the founding families and the management. This publication is neither an offer to sell nor an invitation to buy
securities of any kind. The offering in Germany is solely via and on the
basis of the prospectus that has been published on the company's website
(www.safholland.com) and is available free of charge from the company and the
syndicate banks. These materials are not an offer of securities for sale in the United
States. The securities to which these materials relate have not been
registered under the US Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act.
There will be no public offering of the securities in the United States. Not
for publication or distribution in the United States, Canada, Japan or
Australia. This document is only distributed to and aimed at (i) persons outside the
United Kingdom or (ii) professional investors as per Article 19(5) of the
Financial Services and Markets Act 2000 and the Financial Promotion Order
2005 (the "Order"), or (iii) high net wealth companies and other high net
wealth persons as per Article 49(2)(a) to (d) of the Order (these persons
jointly being termed "qualified persons"). All of the securities named herein
are available only to qualified persons and any invitation, offer or
agreement to subscribe to, buy or otherwise acquire them is made only to
qualified persons. Persons who are not qualified persons should on no account
act with regard to or in confidence in this information or its contents.
Media Contact:
Merlin Koene, CNC AG
+49-173-204-6365
merlin.koene@cnc-communications.com Source: SAF-HOLLAND Media Contact: Merlin Koene, CNC AG, +49-173-204-6365, merlin.koene@cnc-communications.com
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Profile: automotive-news
Metaldyne Names DeFauw Vice President / General Manager, Powertrain Products Group
Metaldyne Names DeFauw Vice President / General Manager, Powertrain Products Group PLYMOUTH, Mich., July 6 /PRNewswire/ -- Bob DeFauw has been named vice president and general manager, Powertrain Products Group, effective immediately, Metaldyne Corp., an Asahi Tec company, announced today. (Photo: http://www.newscom.com/cgi-bin/prnh/20070706/CLF027 ) In his new role, DeFauw will oversee the operations in Hamburg, Mich., Middleville, Mich., Fremont, Ind., Bluffton, Ind., Niles, Ill., Twinsburg, Ohio, Pyeongtaek, S. Korea and the technical center in Solon, Ohio. "Bob has shown great leadership and strong operations skills," said Tom Chambers, president and COO. "He is committed to operational excellence and will be a strong force as we continue to work to provide the high quality powertrain products our customers demand in a timely, efficient manner." DeFauw was most recently vice president and general manager of Metaldyne's Vibration Control Products. Metaldyne is currently assessing potential candidates for DeFauw's replacement. He also served as director of Powertrain Operations and plant manager of Metaldyne's Middleville facility. Prior to coming to Metaldyne, DeFauw held several operations and supervisory positions at Eaton Corp., including product line manager for the company's heavy-duty engine valve plant, quality manager, manufacturing services for the Engine Components and Air Controls Division and several engineering positions. He holds a bachelor of science degree in engineering from the University of Michigan and has a master's degree in management and supervision from Central Michigan University. About Asahi Tec Headquartered in Shizuoka, Japan, Asahi Tec primarily designs, manufactures and sells ductile iron cast auto parts for truck and construction machinery OEMs, aluminum casting parts for truck and passenger car OEMs and aluminum wheels for automobile OEMs. Asahi Tec also designs, manufactures and sells environmental systems, equipment and development technologies used by local governments and municipalities and electrical hardware and equipment used by electricity generators. Its subsidiary, Metaldyne, is a leading global designer and supplier of metal-based components, assemblies and modules for transportation related powertrain and chassis applications including engine, transmission/transfer case, wheel-end and suspension, axle and driveline, and noise and vibration control products to the motor vehicle industry. It is headquartered in Plymouth, Mich. Asahi Tec has annual revenues of approximately $2.7 billion and employs approximately 10,000 employees at 55 facilities in 15 countries. For more information, please visit http://www.asahitec.co.jp/ and http://www.metaldyne.com/.
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070706/CLF027
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN1
PRN Photo Desk, photodesk@prnewswire.com
Source: Metaldyne Corp.
CONTACT: Marge Sorge, +1-734-207-6597, Tammera Hallums, +1-734-207-6713,
both of Asahi Tec - Metaldyne; or Jennifer Lee of The Millerschin Group,
+1-248-276-1970 Web site: http://www.metaldyne.com/
http://www.asahitec.co.jp/
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Profile: automotive-news
Aflac Becomes NASCAR's Official Supplemental Insurance Partner
Aflac Becomes NASCAR's Official Supplemental Insurance Partner Carl Edwards to Drive the No. 60 Aflac Ford in July 6 NASCAR Busch Series Race at Daytona International Speedway COLUMBUS, Ga., July 6 /PRNewswire/ -- Aflac Incorporated (NYSE:AFL) today announced that it will partner with NASCAR through the 2010 season and become the sanctioning body's exclusive supplemental insurance sponsor. Aflac's sponsorship of NASCAR comes on the heels of the insurer's recent partnership with Roush Fenway Racing to sponsor its drivers in four NASCAR NEXTEL Cup races and four NASCAR Busch Series races. "Aflac is excited to expand its venture into the motorsports arena through its sponsorship with NASCAR," said Paul S. Amos II, president, Aflac; COO, U.S. Operations. "As the cornerstone of Aflac Racing, our association with NASCAR will help us reach more consumers and businesses by bringing the Aflac brand closer to racing fans across the country." "NASCAR's strategy is to partner with best-of-class, blue-chip companies that make the most of our sport's unparalleled marketing platform," said Jim O'Connell, Vice President of Corporate Marketing at NASCAR. "Aflac is a leader in supplemental insurance and knows how to reach consumers with breakthrough advertising and marketing. We're very pleased to welcome the company to the NASCAR family of official partners." Aflac's Senior Vice President and Chief Marketing Officer, Jeff Herbert added: "With our recent sponsorship of Roush Fenway Racing and now our new partnership with NASCAR, sports marketing will become an integral business strategy for Aflac allowing us to maximize the excitement surrounding motorsports. It is a chance to activate innovative marketing and promotional events that fans of both racing and the Aflac Duck can enjoy." On July 6, Carl Edwards will drive the No. 60 Aflac Ford in the Winn-Dixie 250 at Daytona International Speedway (ESPN2 7:30 p.m.) as part of the Rousch Fenway Racing sponsorship. Currently, Edwards leads in the NASCAR Busch Series and ranks seventh in the NASCAR NEXTEL Cup series championship points standings. Greg Biffle drove the No. 16 Aflac Ford for its debut at the NEXTEL Cup race on July 1. For more information on Aflac Racing, including the race schedule, car paint schemes, latest news and driver bios, visit www.aflacracing.com. Upcoming Races:
Carl Edwards - No. 60 Aflac Ford, Busch Series
* July 6, Daytona International Speedway Greg Biffle - No. 16 Aflac Ford, NASCAR NEXTEL Cup Series
* July 15, USG Sheetrock 400, Chicagoland Speedway (TNT, 3 p.m.)
* Sept. 2, NASCAR NEXTEL Cup Series 500, California Speedway
(ESPN, 7 p.m.)
* Sept. 30, Kansas 400, Kansas Speedway ABC, 1 p.m.) Matt Kenseth - No. 17 Aflac Ford, NASCAR Busch Series
* Aug. 11, Zippo 200, Watkins Glen International (ESPN, 3 p.m.) Jamie McMurray - No. 26 Aflac Ford, NASCAR Busch Series
* Aug. 24, Food City 250, Bristol Motor Speedway (ESPN2, 7:30 p.m.)
* Sept. 7, Emerson Radio 250, Richmond International Raceway
(ESPN2, 7:30 p.m.) About Aflac
For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine's listing of America's Most Admired Companies for seven consecutive years and in Fortune magazine's list of the 100 Best Companies to Work For in America for nine consecutive years. Aflac has also been recognized three times by both Fortune magazine's listing of the Top 50 Employers for Minorities and Working Mother magazine's listing of the 100 Best Companies for Working Mothers. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.
About NASCAR The National Association for Stock Car Auto Racing, Inc. (NASCAR), which began in 1948, is the sanctioning body for one of America's premier sports. NASCAR is the #1 spectator sport - holding 17 of the top 20 attended sporting events in the U.S., the #2 rated regular-season sport on television with broadcasts in over 150 countries, and has 75 million fans who purchase over $2 billion in annual licensed product sales. These fans are the most brand loyal in all of sports and as a result, more Fortune 500 companies participate in NASCAR than any other sport. NASCAR consists of three major national series (NASCAR NEXTEL Cup Series, NASCAR Busch Series and the NASCAR Craftsman Truck Series) as well as eight regional series and one local grassroots series. NASCAR sanctions 1,500 races at over 100 tracks in 38 states, Canada and Mexico. Based in Daytona Beach (Fla.), NASCAR has offices in Bentonville (Ark.), Charlotte (N.C.), Concord (N.C.), Conover (N.C.), Los Angeles, New York, Mexico City and Toronto. (Logo: http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO) Media Contacts:
Mechell Clark Andrew Giangola
Aflac Incorporated NASCAR
706-243-8004 212-326-1880
meclark@aflac.comagiangola@nascar.com First Call Analyst:
FCMN Contact: Photo: http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com
Source: Aflac Incorporated
CONTACT: Mechell Clark of Aflac Incorporated, +1-706-243-8004,
meclark@aflac.com; or Andrew Giangola of NASCAR, +1-212-326-1880,
agiangola@nascar.com Web site: http://www.aflac.com/
http://www.aflacracing.com/
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Profile: automotive-news
Local Soldier Hero to be Honored for Service in Iraq at Customized Car Show
Local Soldier Hero to be Honored for Service in Iraq at Customized Car Show ORLANDO, Fla., July 6 /PRNewswire-USNewswire/ -- The following is being issued by Operation Tribute to Freedom: WHAT: Capt. Jenny Iglesias-Hamann with the Army Reserve Movement Control
Team will be honored for her service in Iraq during the Boost
Mobile "Hot Import Nights" customized car show this Saturday at
the Orange County Convention Center in Orlando, Fla. She is being
recognized for her service in support of Operation Iraqi Freedom. A haven for car show enthusiasts, the "Hot Import Nights" shows
feature performances by hip-hop artists alongside tricked-out
cars. Soldier recognition ceremonies are scheduled for each stop
on the 20-city tour between now and December. The recognitions are
part of the Army's Operation Tribute to Freedom program, which
honors returning Soldiers for their service in Iraq and
Afghanistan. WHO: Capt. Jenny Iglesias-Hamann served in support of Operation Iraqi
Freedom with the Movement Control Team on the Jordanian border.
She was also a Transportation Plans Officer at the Balad Airbase
where she analyzed and studied different routes and plans to
distribute supplies to Soldiers throughout Iraq more efficiently.
She returned home this past March, and is currently stationed with
the 194th Transportation Company Detachment, an Army Reserve unit.
She resides in Orlando. **Capt. Iglesias-Hamann is available for interviews before and
after the recognition. ** WHEN: Saturday, July 7, 2007 at 5 p.m. EDT
Recognition activities will take place at 7:20 p.m. on the Boost
Urban Stage. WHERE: Orange County Convention Center, 9800 International Drive,
Orlando, Fla. About Operation Tribute to Freedom
Operation Tribute to Freedom (OTF) recognizes and honors Soldiers returning from operations in Iraq and Afghanistan through speaking and recognition events in communities across the country. For more information, visit http://www.army.mil/otf.
First Call Analyst:
FCMN Contact:
Source: Operation Tribute to Freedom
CONTACT: Nicole Hayes, w: +1-202-828-6321, c: +1-785-230-2247, for
Operation Tribute to Freedom Web site: http://www.army.mil/otf NOTE TO EDITORS: Contact Nicole Hayes at (202) 828-6321 to coordinate specific times and locations for Soldier interviews. -------
Profile: automotive-news
posted by automotive-news # 9:41 AM
Autoweb Selected As Finalist For SoftwareCEO Awards
Autoweb Selected As Finalist For SoftwareCEO Awards ROCHESTER HILLS, Mich., July 6 /PRNewswire/ -- Autoweb, a global provider of data management and interoperability solutions for the automotive, aerospace and manufacturing industries, is a finalist in the Computing Technology Industry Association's (CompTIA) SoftwareCEO Software Innovation Awards for its WorkwiseCX software. Autoweb's WorkwiseCX is a virtual work area that enables teamwork in a shared virtual space, regardless of location. The software allows users to create rooms with specific business functions, providing a safe, secure and traceable environment to efficiently facilitate collaborative product development initiatives. The SoftwareCEO Software Innovation Awards recognize innovative software products and new business models in eight different categories. Autoweb's WorkwiseCX was selected among submitted entries for the category of most innovative small and medium-sized infrastructure software. Autoweb, headquartered in Rochester Hills, Michigan, is a global software service provider of data management and interoperability solutions that drive productivity and cost reductions within the manufacturing process. Autoweb is responsible for managing its clients' most sensitive data. Companies like BAE Systems, Chrysler, Ford, General Motors, Nissan and thousands more currently deploy Autoweb solutions. The Autoweb Network connects manufacturers and their supply chains, with over 20,000 users and 2,600 client companies in 40 countries; Autoweb links the global manufacturing community. For additional information regarding Autoweb, visit http://www.autoweb.net/.
First Call Analyst:
FCMN Contact:
Source: Autoweb
CONTACT: Company contact: Nina DiMeglio-Zaleski of Autoweb,
+1-248-601-7157, ndimeglio@autoweb.net; Media Contacts: Andrea Wilmes,
awilmes@usautocom.com, or Jen Howell, jhowell@usautocom.com, of AutoCom
Associates, +1-248-647-8621, for Autoweb Web site: http://www.autoweb.net/
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Profile: automotive-news
posted by automotive-news # 9:38 AM
Live Earth: Against Climate Change with smart
Live Earth: Against Climate Change with smart - The Biggest Music Event of all Time Launches Tomorrow - smart Is the Official Partner of all Eight Concerts - smart Comes to the USA in the First Quarter of 2008 NEW YORK, July 6 /PRNewswire-FirstCall/ -- The countdown for the world's largest fund-raising event in pop and rock music history has begun: Tomorrow afternoon, the Live Earth concerts against global warming are to start and offer life music for a period of 24 hours across eight cities and on all continents. (Logo: http://www.newscom.com/cgi-bin/prnh/20020212/DCXLOGO ) Bon Jovi, Genesis, John Mayer, Madonna, Shakira and The Police -- more than 100 top international acts are to mobilize against the threat of climate change for 24 hours. With smart, DaimlerChrysler is the only car manufacturer to support the "Save Our Selves -- SOS" initiative launched by Kevin Wall and Al Gore and is the official partner of all eight concerts. smart is accompanying the climate protection initiative with a range of activities and is providing the official shuttle service for the concerts. "We care" -- this is the motto the automobile manufacturer is using in its support for the climate protection initiative. "In environmental protection what matters most is what people do as individuals. It's about making conscious decisions and asking questions about specific matters. Initiating this movement is the fundamental idea of the smart brand. smart came about because we asked ourselves what the car of the future should look like -- how much space it can take up in our cities and how fast it should be able to drive, what kind of stress can it place on the environment. For this reason it is simply consistent that we are committing ourselves to an event such as Live Earth," said Dieter Zetsche, Chairman of DaimlerChrysler AG and head of the Mercedes Car Group. Environmentally-friendly shuttle service DaimlerChrysler is operating the official shuttle service for the artists and celebrity guests -- with the most environmentally friendly fleet which sets new benchmarks for CO2 emissions worldwide. At the concert in Hamburg, Germany, for example, smart fortwo cdi (diesel) and Mercedes-Benz E 320 BLUETEC vehicles will be used to bring the artists to their performances and back to their hotels in an environmental friendly manner. At only 88 grams per kilometer, the smart fortwo cdi has the world's lowest CO2 emissions -- and is thus the CO2-World-champion. It is the only car produced in a large series which actually has fuel consumption of only three liters for 100 kilometers. The Mercedes-Benz E 320 BLUETEC is the world's cleanest diesel vehicle in the premium segment which was launched in the U.S. in October 2006. BLUETEC provides innovative modular emission technology which DaimlerChrysler has taken to production level, reducing the emissions of diesel drives down to the level of gasoline engines. Global advertising campaign and special smart website Since the end of June, smart's climate protection commitment has been accompanied by an international advertising campaign in TV and print media and a special, interactive website in seven languages. The objective of this measure is to create a new sense of awareness. "We want to encourage thinking about one's own mobility behavior and to act more responsibly," explained Anders Jensen, Vice President for Marketing & Sales at smart. Thus the TV spots and print advertisements raise fundamental issues -- for example: Is size the measure of all things? Are 200 HP really necessary for a driver? Why use two liters of petrol to get a liter of milk? On the interactive website it is possible to publish one's own answers to these questions. In addition, the website offers extensive information on the Live Earth concerts, on the issue of "Ecological driving" and on the smart brand. The micro site address is www.smart.com/liveearth. The concerts -- the launch of a global movement Live Earth is a project of the "Save Our Selves -- SOS" initiative of Kevin Wall, who has already organized Live Aid concerts, and the former American Vice President, Al Gore. The objective is to start a global movement by mobilizing more than two billion people in the battle against climate change. The group event is the starting point for a campaign over many years headed by the Alliance for Climate Protection and other non-governmental organizations. All eight Live Earth concerts will be broadcast via television, radio and internet in more than 120 countries. The only concert in the U.S. starts at 2:30 pm at New York's Giants Stadium. The following artists are to perform: AFI, Akon, Alicia Keys, Bon Jovi, Dave Matthews Band, Fall Out Boy, John Mayer, Kanye West, Kelly Clarkson, KT Tunstall, Ludacris, Melissa Etheridge, Roger Waters, Smashing Pumpkins and The Police. smart comes to the USA in 2008 Since its introduction in October 1998, nearly 800,000 people in 36 countries have made the smart fortwo the "in" car for fuel-efficient urban transportation. As a DaimlerChrysler brand, smart benefits from the parent company's engineering expertise and many years of experience in the automotive industry. The new smart fortwo was released in Europe in April 2007 and will become available in the U.S. for the first time in the first quarter of 2008. smart -- as one of the industry's youngest brands -- stands for innovation, functionality and lust for life. Drivers of smart vehicles can be categorized more in terms of their attitudes than their age, profession or gender. On July 7th, pictures of the concerts and shuttle services will be continuously uploaded to our media site www.media.daimlerchrysler.com for you to download. First Call Analyst:
FCMN Contact: kerstin.arthurs@daimlerchrysler.com Photo: http://www.newscom.com/cgi-bin/prnh/20020212/DCXLOGO
Source: DaimlerChrysler
CONTACT: Jessica Gamarra of smart USA, +1-248-648-2445,
jgamarra@smartusa.com; or Julia Engelhardt, DaimlerChrysler Corporate
Communications, julia.engelhardt@daimlerchrysler.com, +1-212-909-9062 Web site: http://www.daimlerchrysler.com/
http://www.smart.com/liveearth
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Profile: automotive-news
posted by automotive-news # 9:04 AM
American Axle & Manufacturing to Webcast and Teleconference Second Quarter 2007 Financial Results on July 27, 2007
American Axle & Manufacturing to Webcast and Teleconference Second Quarter 2007 Financial Results on July 27, 2007 DETROIT, July 6 /PRNewswire-FirstCall/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, will hold a briefing with institutional investors and security analysts, news media representatives and other interested parties at 10:00 a.m. EDT on Friday, July 27, 2007. AAM's Co-Founder, Chairman & CEO Richard E. Dauch and Vice President - Finance & CFO Michael K. Simonte will co-host the call. AAM will discuss its second quarter 2007 financial results as well as other matters. This briefing may be accessed via conference call or webcast. To participate by phone, please dial:
(877) 278-1452 from the United States
(706) 643-3736 from outside the United States
Callers should ask to be connected to the American Axle & Manufacturing earnings conference call.
AAM will broadcast the briefing for the general public via a live audio webcast that may be accessed through AAM's investor web site at http://investor.aam.com/. AAM will post its second quarter 2007 financial results at approximately 8:00 a.m. EDT on Friday, July 27, 2007 in the News Releases section of this web site. Posted data will include a copy of the press release discussing the results along with the financial statements. A replay will be available from Noon EDT on July 27, 2007 until 5:00 p.m. EDT August 3, 2007. To listen to the replay please dial: (800) 642-1687 from the United States
(706) 645-9291 from outside the United States
When prompted, callers should enter conference reservation number 4301941.
The briefing audio will also be archived in the investor's section of the AAM website for one year.
AAM is a world leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), AAM also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. For more information... Media relations contact Investor relations contact
Renee B. Rogers Jamie M. Little
Manager, Corporate Communications Director, Investor Relations
& Media Relations (313) 758-4831
(313) 758-4882 jamie.little@aam.comrenee.rogers@aam.com
Or visit the AAM website at http://www.aam.com/.
Source: American Axle & Manufacturing Holdings, Inc.
CONTACT: Media, Renee B. Rogers, Manager, Corporate Communications &
Media Relations, +1-313-758-4882, renee.rogers@aam.com, or Investors, Jamie M.
Little, Director, Investor Relations, +1-313-758-4831, jamie.little@aam.com Web site: http://www.aam.com/ Company News On-Call: http://www.prnewswire.com/comp/033813.html
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Profile: automotive-news
posted by automotive-news # 8:32 AM
Material Sciences Announces First Quarter Fiscal 2008 Results
Material Sciences Announces First Quarter Fiscal 2008 Results - First Quarter 2008 Net Sales Declined 19.9 Percent - Net Loss of $0.3 Million ($0.02 per diluted share) versus Net Income of $2.3 Million in First Quarter of Fiscal 2007 ($0.15 per diluted share) - Closed First Agreement with Transplant Manufacturer and Launched Nineteen New Quiet Steel(R) Applications During Quarter ELK GROVE VILLAGE, Ill., July 6 /PRNewswire-FirstCall/ -- Material Sciences Corporation (NYSE:MSC), a leading provider of material-based solutions for acoustical and coated applications, today reported results for the first quarter of fiscal 2008, ended May 31, 2007. Net sales for the first quarter of fiscal 2008 declined 19.9 percent to $60.7 million from $75.8 million in the first quarter of fiscal 2007. The company recorded a net loss of $0.3 million, or $0.02 per diluted common share, compared with net income of $2.3 million, or $0.15 per diluted common share, in the first quarter of fiscal 2007. "Production cuts at the three largest North American automobile manufacturers stretched into calendar year 2007 and hurt Materials Sciences' first quarter sales, as did weakness in the residential and commercial construction markets," said Clifford D. Nastas, chief executive officer for Material Sciences. "We expect this slowdown in the U.S. auto market will continue throughout this fiscal year. "Our progress in winning new customers and developing new markets in the United States and abroad has helped to balance continued weakness in the domestic auto sector. For example, European brake sales increased approximately 47 percent, partially offsetting the weakness in domestic and other acoustical sales. "We closed MSC's first contract with a transplant manufacturer this quarter, a milestone in our efforts to diversify our customer base. Our two research centers in Michigan and Germany will further spur sales by showing customers how our products and expertise can solve their noise and vibration problems," Nastas added. Results of Operations -- First Quarter Sales, Gross Profit and Income In the first quarter, acoustical sales decreased 20.3 percent to $31.2 million from $39.2 million in the first quarter of fiscal 2007, mainly due to weakness in the domestic automotive industry. The decline in sales of body panel laminate, which decreased 21.0 percent during the quarter to $17.4 million from $22.0 million in the comparable period, is due to continued production cuts at domestic automakers and the timing of orders related to a product launch planned for July at one of the company's largest customers. Sales in the brake market during the quarter decreased 27.9 percent to $6.7 million in the first quarter from $9.3 million in the comparable period, primarily due to softness in the auto industry and an overall reduction in the quantity of inventory carried by customers. These declines were partially offset by the previously mentioned growth in the European brake market. Disk drive sales declined 93.3 percent to $0.1 million from the first quarter of fiscal 2007 due to a change in disk drive design methodology at the company's largest customer in this sector. Coated sales declined 19.5 percent in the first quarter to $29.5 million from $36.6 million in the prior period. Sales of automotive gas tanks were impacted by the previously mentioned softness in the automotive sector, decreasing 17.1 percent to $10.8 million from $13.0 million. Clutch plate sales for the quarter declined 98.5 percent to less than $0.1 million from $1.1 million, as the company's largest customer in this segment transitioned to a new in-house process, eliminating the need for coated products. Sales of building products for the quarter decreased 33.6 percent to $4.0 million from $6.0 million in the first quarter of fiscal 2007, as weakness in the housing market continued to negatively impact sales. Gross profit in the first quarter was $9.7 million compared with $13.1 million in the first quarter of fiscal year 2007. Gross profit as a percent of sales decreased to 16.0 percent of sales versus 17.3 percent of sales in the comparable period. The decline in net sales, particularly the decline of higher margin acoustical products, contributed to the majority of the decrease in gross profit and gross margin percentage. Additionally, secondary sales in the quarter were $0.2 million lower than the comparable period and the company experienced quality issues related to inventory, which reduced gross profit by $0.2 million. These factors were partially offset by $0.5 million in favorable fixed production spending, mainly due to contract negotiation and health care costs in last year's quarter, and $0.4 million in improved raw material costs, as lower steel costs helped to offset the rising cost of zinc and nickel compared with the first quarter of fiscal 2007. Selling, general and administrative expenses were $10.3 million in the first quarter, an increase of 19.5 percent from $8.6 million in last year's quarter. The increase is primarily due to investment in human resources, marketing and product development to expand the company's product and customer base and increase its market share, along with higher outside professional fees relating to audit and legal services. Material Sciences recorded a loss from operations for the first quarter of $0.6 million compared with a profit of $3.9 million in the last year, due to the factors listed above. Conference Call Material Sciences will host a conference call to review the first quarter fiscal 2008 results on Friday, July 6, 2007, at 9:00 a.m. Central Daylight Time. Clifford D. Nastas, chief executive officer, and James M. Froisland, senior vice president, chief financial officer, chief information officer and corporate secretary, will discuss the company's recent financial performance and respond to questions from the financial community. The company invites interested investors to listen to the presentation, which will be carried live on the Internet at the company's Web site: http://www.matsci.com/. A replay of the call will be available on the site for the following 30 days. Those who wish to listen should go to the Web site several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event, or download the correct applications at no charge. About Material Sciences Material Sciences Corporation is a leading provider of material-based solutions for acoustical and coated applications. MSC uses its expertise in materials, which it leverages through relationships and a network of partners, to solve customer-specific problems. The Company's stock is traded on the New York Stock Exchange under the symbol MSC. This news release contains forward-looking statements that are based on current expectations, forecasts and assumptions. MSC cautions the reader that the following factors could cause its actual outcomes and results to differ materially from those stated or implied in the forward-looking statements: impact of changes in the overall economy; changes in the business environment, including the transportation, building and construction, electronics and durable goods industries; competitive factors, including domestic and foreign competition for both acoustical and coated applications as well as changes in industry capacity; changes in laws, regulations, policies or other activities of governments, agencies or similar organizations (including the ruling under Section 201 of the Trade Act of 1974); the stability of governments and business conditions inside and outside of the U.S., which may affect a successful penetration of the Company's products; acts of war or terrorism; acceptance of brake damping materials, engine components and body panel laminate parts by customers in North America, Asia and Europe; the continued successful operation of the Application Research Center in Michigan and the Application Development Center in Europe; increases in the prices of raw and other material inputs used by the Company, as well as availability; the loss, or changes in the operations, financial condition or results of operations, of one or more of the Company's significant customers; the impact of future warranty expenses; environmental risks, costs, recoveries and penalties associated with the Company's past and present manufacturing operations; and other factors, risks and uncertainties identified in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended February 28, 2007, filed with the Securities and Exchange Commission on May 11, 2007. Additional information about Material Sciences is available at http://www.matsci.com/. MATERIAL SCIENCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended
May 31,
2007 2006 Net Sales $60,665 $75,764
Cost of Sales 50,984 62,673
Gross Profit 9,681 13,091
Selling, General and Administrative
Expenses 10,288 8,610
Restructuring Expenses -- 578
Income (Loss) from Operations (607) 3,903
Other (Income), Net:
Interest (Income) Expense, Net (82) (126)
Equity in Results of Joint Venture (56) (24)
Other, Net (38) (24)
Total Other (Income), Net (176) (174)
Income (Loss) from Continuing
Operations Before Provision
(Benefit) for Income Taxes (431) 4,077
Provision (Benefit) for Income Taxes (156) 1,823
Net Income (Loss) $(275) $2,254 Basic Net Income (Loss) Per Share $(0.02) $0.15 Diluted Net Income (Loss) Per Share $(0.02) $0.15 Weighted Average Number of Common
Shares Outstanding
Used for Basic Net Income (Loss)
Per Share 14,531 14,738
Dilutive Shares -- 9
Weighted Average Number of Common
Shares Outstanding Plus Dilutive Shares 14,531 14,747 MATERIAL SCIENCES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) May 31, February 28,
2007 2007
Assets
Current Assets:
Cash and Cash Equivalents $11,083 $11,667
Receivables, Less Reserves of
$3,213 and $4,020, Respectively 31,459 48,121
Income Taxes Receivable 2,136 1,665
Prepaid Expenses 1,816 1,168
Inventories 48,704 42,174
Deferred Income Taxes 4,524 2,204 Total Current Assets 99,722 106,999 Property, Plant and Equipment 247,342 245,570
Accumulated Depreciation,
Amortization and Accretion (173,573) (170,666) Net Property, Plant and Equipment 73,769 74,904 Other Assets:
Investment in Joint Venture 2,515 2,363
Goodwill 1,319 1,319
Deferred Income Taxes 1,566 1,592
Other 218 192 Total Other Assets 5,618 5,466 Total Assets $179,109 $187,369 Liabilities
Current Liabilities:
Accounts Payable $29,448 $39,251
Accrued Payroll Related Expenses 5,248 5,414
Accrued Expenses 9,449 7,114
Current Liabilities of
Discontinued Operation - Pinole
Point Steel 81 66 Total Current Liabilities 44,226 51,845 Long-Term Liabilities:
Other 8,882 9,191 Total Long-Term Liabilities 8,882 9,191 Commitments and Contingencies Shareowners' Equity
Preferred Stock -- --
Common Stock 381 381
Additional Paid-In Capital 79,205 79,171
Treasury Stock at Cost (49,035) (48,757)
Retained Earnings 93,888 94,255
Accumulated Other Comprehensive Income 1,562 1,283 Total Shareowners' Equity 126,001 126,333 Total Liabilities and
Shareowners' Equity $179,109 $187,369 MATERIAL SCIENCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended
May 31,
Cash Flows From: 2007 2006
Operating Activities:
Net Income (Loss) $(275) $2,254
Adjustments to Reconcile Net Income
(Loss) to Net Cash Provided by
Operating Activities:
Depreciation, Amortization and Accretion 2,911 2,531
Provision for Deferred Income Taxes -- 114
Compensatory Effect of Stock Plans 34 --
Other, Net (25) (24)
Changes in Assets and Liabilities:
Receivables 16,718 (1,240)
Income Taxes Receivable (474) 1,466
Prepaid Expenses (647) (984)
Inventories (6,494) (2,194)
Accounts Payable (9,736) 899
Accrued Expenses (249) 379
Other, Net (332) (165)
Net Cash Provided by
Continuing Operations 1,431 3,036
Net Cash Provided by
(Used in) Discontinued Operations 15 (183)
Net Cash Provided by
Operating Activities 1,446 2,853 Investing Activities:
Capital Expenditures (1,763) (4,138)
Net Cash Used in
Investing Activities (1,763) (4,138) Financing Activities:
Purchases of Treasury Stock (278) --
Issuance of Common Stock -- 238
Net Cash Provided by
(Used in) Financing
Activities (278) 238 Effect of Exchange Rate Changes on
Cash 11 (37) Net Decrease in Cash (584) (1,084)
Cash and Cash Equivalents at
Beginning of Period 11,667 13,600
Cash and Cash Equivalents at End of
Period $11,083 $12,516 COMPANY CONTACT: MEDIA CONTACT:
James M. Froisland Katie Wood
Senior Vice President, Chief Financial Officer, Edelman
Chief Information Officer and Corporate Secretary 312-240-2827
847-718-8020
First Call Analyst:
FCMN Contact: kathryn.wood@edelman.com
Source: Material Sciences Corporation
CONTACT: company, James M. Froisland, Senior Vice President, Chief
Financial Officer, Chief Information Officer and Corporate Secretary of
Material Sciences Corporation, +1-847-718-8020; or media, Katie Wood of
Edelman, +1-312-240-2827, for Material Sciences Corporation Web site: http://www.matsci.com/
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Profile: automotive-news
posted by automotive-news # 8:03 AM
Soccer rumor hits Sogecable
Soccer rumor hits SogecableVariety - Mediapro bought TV rights to Formula One racing this May. The 21 clubs include four first division and 17 second division entities. Rights would run from 2009, when the Sogecable deals lapse. After the Barcelona deal in June 2006, Mediapro took 25% in Aston Martin sold to UK-led group BBC News - Mr Richards' consortium also said that earlier speculation that Prodrive may brand its cars Aston Martin when it enters Formula One racing next year was completely unfounded. Analysts have said that the greatest challenge for the new owners will be 5 questions for Martin Spalding, president of Groupe Motorise Rocky Mountain News - operates the Circuit de Gilles Villeneuve in Montreal, visited New Hampshire International Speedway recently to promote interest in the Aug. 4 Montreal 200 Busch race at the famed road course, one of the traditional venues for Formula One racing Formula 1 season! Faces - Admittedly the glitz and glamour associated with the tiny principality are still hard to ignore, but Monaco does have a lot more to offer than just gambling and Formula One racing. The Place du Palais, Monaco''s cultural heart, leads onto the The Prince He Will A-Wooing Go to Save Historic Scots Mansion Bloomberg - The marquess, who likes to be known as Johnny Bute, has an unusual past for a Scottish laird, being known as a Formula One racing driver. He didn't want two great estates and over the last four years has been trying with his advisers at Christie's With a character all of its ownThis is Wirral - Additional gearshift buttons on the steering wheel enable drivers to manually pre-select the seven forward gears as in a Formula One racing car. Permanent all-wheel drive is complemented by electronically controlled traction control and ESP. Air Helios: ‘Resign’ call to MinisterCyprus Weekly - Turkey is likely to face sanctions for breaking the rules and exclusion from the Formula One racing calendar is a distinct possibility. Istanbul was named on the 2007 Grand Prix rota this week but that was decided before the Talat fiasco. The
posted by automotive-news # 5:15 AM
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