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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.
Thursday, February 7, 2008
First Look: Dodge Challenger SRT8, Volkswagen Routan, Hyundai Sonata, Ford Transit and Chevrolet Traverse. All These and More in TheCarConnection.com's Exclusive Coverage of the 2008 Chicago Auto Show.
First Look: Dodge Challenger SRT8, Volkswagen Routan, Hyundai Sonata, Ford Transit and Chevrolet Traverse. All These and More in TheCarConnection.com's Exclusive Coverage of the 2008 Chicago Auto Show. CHICAGO, Feb. 7 /PRNewswire/ -- Paying showgoers will have to wait for the weekend to get their first look at the more than a dozen new cars, trucks and crossovers making their debut at the 2008 Chicago Auto Show. But readers of TheCarConnection.com can get a get look already in the site's exclusive Chicago Auto Show preview, at http: www.thecarconnection.com . The star of the show? Well, there's plenty of competition, including the eagerly-awaited, 425-horsepower Dodge Challenger SRT8, which can launch from 0-60 in just 3.9 seconds. For those looking for space, rather than speed, Volkswagen has some big news, in the form of the new VW Routan, the maker's most important minivan since the era of the legendary Microbus. The Chicago Auto Show also brings the launch of the 2009 Hyundai Sonata, a sedan that could change the way midsize buyers perceive the South Korean automaker. General Motors weighs in with a variety of concepts and crossovers. That includes the sporty-looking Chevrolet Traverse CUV, as well as GMC's striking Denali XT Hybrid, an intriguing blend of car, truck and green machine. TheCarConnection.com also reports how Chevy's new flex-fuel HHR will usher in a new line-up of E85 offerings from GM. Then there's Ford Motor Co.'s big European import, the visually striking and surprisingly functional Transit Connect, which will hit U.S. showrooms by Summer 2010. In its Chicago Auto Show coverage, TheCarConnection's blog reveals that to hold down the cost of its first-ever plug-in hybrid, GM is likely to swallow thousands of dollars in costs, rather than pass them on to the consumer. The blog also reveals why Volvo is going to the dogs. And even before the Chicago Auto Show officially opens to the public, TheCarConnection.com is getting ready for the season's next big event, with a sneak peek at the Opel Meriva, one of the big debuts planned for next month's Geneva Motor Show. You'll find all this, and more, at TheCarConnection.com. First Call Analyst:
FCMN Contact:
Source: TheCarConnection.com
CONTACT: Paul A. Eisenstein, +1-248-613-8700, for TheCarConnection.com Web site: http://www.thecarconnection.com/
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Profile: automotive-news
posted by automotive-news # 6:36 PM
BorgWarner Reiterates 2008 Guidance
BorgWarner Reiterates 2008 Guidance AUBURN HILLS, Mich., Feb. 7 /PRNewswire-FirstCall/ -- BorgWarner today reiterated its expectations for 2008 full year earnings of $2.85 to $3.00 per share. Additionally, BorgWarner still expects to achieve sales growth of 8% to 10% in 2008 compared with 2007 and operating margins to be up from 2007 and within its historical range of 8.5% to 9.0%. Auburn Hills, Michigan-based BorgWarner Inc. (NYSE:BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The FORTUNE 500 company operates manufacturing and technical facilities in 64 locations in 17 countries. Customers include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address for BorgWarner is: http://www.borgwarner.com/. Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign vehicle production, the continued use of outside suppliers, fluctuations in demand for vehicles containing our products, changes in general economic conditions, and other risks detailed in our filings with the Securities and Exchange Commission, including the Risk Factors, identified in our most recently filed Annual Report on Form 10-K. We do not undertake any obligation to update any forward-looking statements. First Call Analyst:
FCMN Contact: klamb@borgwarner.com
Source: BorgWarner Inc.
CONTACT: Mary Brevard, +1-248-754-0881, or Ken Lamb, +1-248-754-0884,
both for BorgWarner Inc. Web site: http://www.borgwarner.com/
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Profile: automotive-news
posted by automotive-news # 5:55 PM
NASTF Releases Secure Data Release Model (SDRM)
NASTF Releases Secure Data Release Model (SDRM) LEESBURG, Va., Feb. 7 /PRNewswire-USNewswire/ -- The National Automotive Service Task Force (NASTF) has announced that the Secure Data Release Model (SDRM), which allows properly vetted technicians and security professionals to access key codes, immobilizer PINs and other security-related information, has been released to the industry. "The NASTF Vehicle Security Committee has been working on the SDRM model for over three years and we are pleased to have achieved this historic agreement. Until now, there has never been general access to the security-related information available directly from the vehicle manufacturers," said Charlie Gorman, NASTF Chairman. Details about the SDRM are now available on the NASTF website at www.nastf.org. This information covers the registration process and the requirements necessary for a repairer or other security professional to access this security-related information. The website also provides a link to download the necessary forms to apply for inclusion in the national registry, which prequalifies participants who will then be able to access the security-related information directly from automaker websites. "The NASTF Board of Directors is extremely proud of the Vehicle Security Committee members whose hard work and dedication helped develop the answer to one of the most difficult and important questions regarding information access," added Gorman. "In addition, I'd like to acknowledge the roles of the Automotive Service Association (ASA), the Associated Locksmiths of America (ALOA) and the National Insurance Crime Bureau (NICB), whose help was invaluable in devising a system which will meet consumer needs while protecting the integrity of vehicle security systems, the intellectual property of auto manufacturers, the privacy and property of consumers and the insurability of vehicles at affordable rates." NASTF was established in 2000 to identify, communicate and resolve gaps in the availability and accessibility of automotive service information, service training, diagnostic tools, and equipment for the benefit of automotive service professionals and their customers. NASTF was incorporated in 2006. Additional details can be found at www.nastf.org. As a 501(c)6 not-for profit organization, NASTF takes no position on any legislation that may be proposed or pending in state or national legislative bodies. First Call Analyst:
FCMN Contact:
Source: National Automotive Service Task Force
CONTACT: Mary Hutchinson National Automotive Service Task Force,
+1-703-669-6643, mhutchinson@ase.com Web Site: http://www.nastf.org/
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Profile: automotive-news
posted by automotive-news # 4:40 PM
MX vs. ATV Untamed Review
MX vs. ATV Untamed ReviewDailyGame.net - ATV Untamed is as entertaining as ever, but after playing for a while, it's clear that its shortcomings are too numerous to keep up with the veritable pack of off-road racing games available for PS3 and Xbox 360. MX vs. ATV Untamed includes five AUSTIN REED LOOKING FOR ALL THINGS BIG AT CORR RACE IN TEXASRacing West - Championship Off-Road Racing™ brings high action, four-wheel motor sports including both 2 and 4-wheel drive trucks to closed course off road arenas. The 2007 CORR season included seven events at tracks located in Los Angeles and San Diego Johnson may be the sport's most impressive discovery (cont'd)NASCAR - Other NASCAR drivers, Casey Mears and Robby Gordon among them, have come from off-road racing, but none previous have enjoyed success of the magnitude of 33 race wins, two championships and the potential for so much more. When he finally landed in INDUSTRY - The Red Bull ExperimentCycle News - On Monday, December 31, Rhys Millen will attempt to execute the first-ever backflip in an off-road racing truck and Robbie Maddison will jump the length of a football field (more than 300 feet!) and attempt to set the distance record for a Sports CalendarOttawa Citizen - Note: Listings subject to change. Auto Racing: World Series of Off-Road Racing (taped), Speed Channel, noon and 1 p.m. Beach Volleyball: AVP Crocs Tour Brooklyn Open men's final (taped), TSN, 2 p.m. Billiards: 2007 International Speed Pool Challenge
posted by automotive-news # 4:15 PM
CarTango, Inc. Launches CarTango.com to Address the Unique Needs of Female Car Shoppers
CarTango, Inc. Launches CarTango.com to Address the Unique Needs of Female Car Shoppers This new website empowers women to control their own car buying process - creating a marketplace in which dealers compete for her business CarTango saves consumers time and frustration in choosing the best car to suit their needs - providing the ultimate tools for auto shopping MANHEIM, Pa., Feb. 7 /PRNewswire/ -- CarTango, Inc. today unveiled CarTango.com, the internet's first female-centric website specifically designed to help women find their perfect automotive match, at the best possible price, without the hassle. The revolutionary new site empowers women by providing them with a safe environment where they are in the driver's seat every step of the way -- from research to purchase. CarTango.com is comprised of an arsenal of indispensable tools designed to help women navigate and manage the entire car shopping process, which allows them to: 1. Accurately determine which vehicle best suits their needs and
personality
2. Locate the perfect car via new and used inventory listings
3. Anonymously communicate with dealers about vehicles they have for sale
4. When ready, invite dealerships to compete for their business
"CarTango.com is designed to provide a better experience for the primary purchasers of automobiles in the United States -- women," says CarTango, Inc. Founder and CEO Daniel Osborne. "Women directly purchase over 50% and influence the purchase of over 80% of all vehicles sold. Unlike any other site on the internet, the functionality and exclusive features of CarTango.com were specifically designed to address the wants and needs of this powerful female demographic. CarTango ultimately makes it easier for women to locate and purchase their ideal new or used car, at the best price because it eliminates the frustrating aspects of the car-buying process that typically inhibit female consumers."
Helping Women Determine The Right Vehicle CarTango.com does more than any other site to help its users accurately determine which car best suits their needs and personality. CarTango's revolutionary Car Soulmate Survey, which suggests ideal vehicle matches based on responses to fun lifestyle questions, provides an unparalleled research launch pad for its users, as it eliminates much of the guesswork commonly experienced in the early stages of the car shopping process. Users are also provided with a comprehensive set of research tools, including: -- Comprehensive data on millions of cars, past and present
-- The ability to perform side-by-side vehicle comparisons and design cars
-- A "share" feature that makes it easy to get advice from family and
friends
-- Vehicle information provided by trusted sources of unbiased automotive
reviews
-- Video test drives
Helping Women Locate The Right Vehicle
CarTango.com provides the most convenient and efficient way to locate vehicles for sale among a vast inventory, which is provided by a nationwide network of new and used partner auto dealerships. In addition to traditional inventory search capabilities, CarTango.com is the only site to offer automated searches that continually deliver vehicle matches as inventory is updated, even while the user is offline. In addition, CarTango.com allows users to save their vehicle search history, eliminating the need for constant repetitive searches.
Helping Women Buy With Confidence CarTango.com puts women in the driver's seat when it comes to purchasing vehicles. CarTango users initiate contact with dealers anonymously -- gone are the days of intrusive, unwanted calls and e-mails from dealers. Once comfortable, users can invite dealers to compete for their business by utilizing CarTango's groundbreaking "My Tango" feature, at which time dealers submit presentations including price, service, and other relevant points in an effort to win business. About CarTango CarTango, Inc. operates CarTango.com, the internet's first female-centric website specifically designed to help women find their perfect automotive match, at the best possible price and without the hassle. CarTango.com is comprised of a suite of indispensable tools designed to help women navigate and manage the entire car shopping process; accurately determine which vehicle best suits their needs and personality; locate the perfect car via a database of new and used inventory listings; anonymously communicate with dealers about vehicles they have for sale; and when ready, invite dealerships to compete for their business. Currently, more than 25,000 new and used car dealerships promote over 750,000 vehicles on CarTango.com. Visit www.cartango.com for more information. First Call Analyst:
FCMN Contact:
Source: CarTango, Inc.
CONTACT: Consumer and Business Media Inquiries, Tara Lowenberg,
TLCommunications, +1-212-375-8660, tara@tlcommunicate.com Web site: http://www.cartango.com/
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Profile: automotive-news
posted by automotive-news # 4:12 PM
AutoTrader.com New User Functions Give Car Buyers and Sellers Most Comprehensive Set of Tools Available
AutoTrader.com New User Functions Give Car Buyers and Sellers Most Comprehensive Set of Tools Available ATLANTA, Feb. 7 /PRNewswire/ -- AutoTrader.com, the ultimate automotive marketplace, brings the most comprehensive suite of online tools, functionality and products to car buyers and sellers with the release of AutoTrader.com's latest site enhancements. (Logo: http://www.newscom.com/cgi-bin/prnh/20080205/CLTU088LOGO ) "Our latest tools, coupled with previous years of innovation, raise the bar on what car buyers and sellers can expect in terms of information gathering, ease-of-use and selling impact when they visit AutoTrader.com," said AutoTrader.com CEO Chip Perry. "Not only does AutoTrader.com have the most new and used cars posted for sale and the most monthly visitors of any auto site in the country, we now offer the best and most comprehensive tools for buying or selling cars." Many of these enhancements focus on AutoTrader.com's New Car offerings to provide customers with a complete one-stop "shopping" experience to research, compare and ultimately find the best car to purchase. Major site enhancements include:
-- Enhanced "Research and Compare" functionality. Brand new features
include consumer generated car reviews, 360-degree interior and
exterior spin views, new car photos with color-change capability and
additional content and articles about specific car makes and models.
AutoTrader.com also gives car buyers the opportunity to search for and
view both new and used cars vs. splitting searches into just "new" or
"used" categories.
-- Lifestyle Central "interest centers." The first three of these
"Lifestyle" centers - "Going Green," "Family Focus" and "Trend Watch"
- allow car buyers to learn more about specific car segments and to
search for new, used and certified pre-owned cars in these specific
categories. For instance, a buyer seeking information about hybrid
and other high-fuel-efficiency vehicles could learn more about these
cars in the "Going Green" lifestyle center and then search for cars in
this sector. "Family Focus" is aimed at buyers looking for large
automobiles to meet family transportation needs and "Trend Watch" is
for customers searching for cars with the very latest in design and
options. Two additional lifestyle centers - "Work & Play" focusing on
SUV's and recreational vehicles and "Smart Saver" aimed at people
looking for the best deal possible - will launch in February.
-- Redesigned search results page. These redesigned pages, which compile
the cars a buyer has searched for, now feature larger thumbnail photos
and more comprehensive listing information and functionality.
-- More car videos every day. Currently, AutoTrader.com has video
overviews posted for 200 car makes and models, with new videos posting
soon.
In addition to making car buyers' searches for new, used and certified pre-owned cars easier, AutoTrader.com's site enhancements allow car dealers even more robust avenues for marketing and showcasing their vehicles on the site.
"AutoTrader.com got to be the No. 1 car listings site by listening to our customers - the individuals and auto dealers posting cars for sale and the people looking to purchase cars," said Perry. "Across the board, our new products and functionality are designed with customer input in mind to maximize the ability of buyers and sellers to connect and make a purchase." About AutoTrader.com AutoTrader.com, created in 1997 and headquartered in Atlanta, Ga., is the Internet's leading auto classifieds marketplace and consumer information website. AutoTrader.com aggregates in a single location more than 3 million vehicle listings from 40,000 dealers and 250,000 private owners, which provide the largest selection of vehicles attracting more than 13 million qualified buyers each month. Through innovative merchandising products such as multiple photos and comprehensive search functionality, AutoTrader.com unites buyer and seller online - dramatically improving the way people research, locate and advertise vehicles. AutoTrader.com is a majority-owned subsidiary of Cox Enterprises. The venture capital firm Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit www.autotrader.com.
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080205/CLTU088LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: AutoTrader.com
CONTACT: Mark Scott of AutoTrader.com, +1-404-568-7905, +1-404-435-2047
(cell), mark.scott@autotrader.com Web site: http://www.autotrader.com/
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Profile: automotive-news
posted by automotive-news # 3:10 PM
Flextronics to Acquire the FRIWO Mobile Power Business Unit of CEAG
Flextronics to Acquire the FRIWO Mobile Power Business Unit of CEAG SINGAPORE, Feb. 7 /PRNewswire-FirstCall/ -- Flextronics (NASDAQ:FLEX) today announced plans to acquire the FRIWO Mobile Power (FMP) business unit of CEAG AG, a global market leader for power supplies and chargers for mobile telephones. FMP develops, produces and markets power supply and charging devices for mobile applications in the telecommunications sector. FMP will become part of Flextronics'components business unit Vista Point Technologies, which designs, builds and markets refined microsystems for end users, including camera modules, antennas, radio frequency (RF) modules, and thin film transistor (TFT) displays and power supplies. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during Flextronics' first quarter ending June 30, 2008. Flextronics will support CEAG's remaining business unit, FRIWO Power Solutions (FPS), through an EMS partnership whereby the Vista Point Technologies business unit will provide manufacturing requirements for FPS that are currently managed by FMP, which operates three manufacturing facilities in China and R&D centers in Germany and China. "This acquisition will significantly expand our capabilities in the area of low power (<10 Watts) AC/DC power supplies and will establish us as one of the top two mobile charger suppliers worldwide," said Bob Roohparvar, president of Vista Point Technologies. "Additionally, this acquisition will add significant relationships with leading mobile phone OEMs, will strengthen our vertical integration capabilities through the addition of magnetic (transformer) manufacturing and cable assembly and will add three power supply manufacturing facilities to our current Dongguan location. This is a strategic acquisition that is synergistic with our power supplies strategy and we look forward to bringing the FMP team onboard with our business unit." "This transaction fits our acquisition strategy perfectly, which is to add various component technologies and be the number one or two global supplier for each of the component technologies we offer," said Mike McNamara, chief executive officer of Flextronics. "In relation to Flextronics, these types of acquisitions are typically small, as is the case with FMP. The acquisition price is approximately US$85 million for which we will be acquiring annual revenues of approximately US$375 million at slightly higher than corporate average operating margins." About Flextronics Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. With the acquisition of Solectron, pro forma fiscal year 2007 revenues from continuing operations are more than US$30.0 billion. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, please visit http://www.flextronics.com/. Safe Harbor for Forward-Looking Statements This press release contains forward-looking statements. These forward-looking statements include statements related to plans, projections and estimates regarding the acquisition, including future financial and operating results. These forward-looking statements are based on current assumptions and expectations and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. These risks include that the revenues, cost savings, growth prospects and any other synergies expected from the acquisition may not be fully realized due to difficulties integrating the businesses, operations and product lines of FMP or may take longer to realize than expected; that the transaction may not close when expected or at all if certain regulatory approvals are not obtained; and the other risks affecting Flextronics as described under "Business -- Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our quarterly and annual reports and other filings with the U.S. Securities and Exchange Commission. The forward-looking statements in this communication are based on current expectations and Flextronics assumes no obligation to update these forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. First Call Analyst:
FCMN Contact: Renee.Brotherton@flextronics.com
Source: Flextronics
CONTACT: Thomas J. Smach, Chief Financial Officer, +1-408-576-7722,
investor_relations@flextronics.com, or Renee Brotherton, Vice President,
Corporate Communications, +1-408-576-7189, renee.brotherton@flextronics.com,
both of Flextronics Web site: http://www.flextronics.com/
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Profile: automotive-news
posted by automotive-news # 2:34 PM
Blair Creed Appointed to General Manager of Mercedes-Benz Manhattan
Blair Creed Appointed to General Manager of Mercedes-Benz Manhattan MONTVALE, N.J., Feb. 7 /PRNewswire/ -- Mercedes-Benz USA (MBUSA) today announced the appointment of Blair Creed to the position of general manager, Mercedes-Benz Manhattan, effective immediately. In this position, Creed will have overall responsibility for the operation of MBUSA's only corporately owned Mercedes-Benz dealership in the United States. In this role, Creed is a member of MBUSA's senior management team reporting directly to Alan McLaren, vice president, customer services. Creed replaces Ralph Fisher who is now general manager, Customer Assistance Center at the company's headquarters in Montvale, N.J. (Photo: http://www.newscom.com/cgi-bin/prnh/20080207/NYTH116 ) As the general manager of MB Manhattan, Creed is responsible for the sales, service and operations of the dealership's two locations in Manhattan: 41st Street at 11th Avenue and Park Avenue from 55th Street to 56th Street. Creed brings 15 years of automotive industry experience to the position. He comes to MBUSA from Downtown Toyota in Toronto, Canada where he was general manager of the dealership. Previously, from 1997 through 2006, Creed led retail divisions of Mercedes-Benz Canada, Inc., including Toronto Retail Division, Markham Retail Division, and Silver Arrow Retail Division. Originally from Collingwood, Ontario in Canada, Creed is a member of various automotive industry associations in Canada and is an active volunteer at Habitat for Humanity. He is relocating to Mahwah, N.J. with his wife and children. Mercedes-Benz USA, headquartered in Montvale, New Jersey, is responsible for the sales, marketing and service of all Mercedes-Benz and Maybach products in the United States. In 2007, MBUSA achieved an all-time sales record of 253,433 new vehicles, setting the highest sales volume ever in its history and achieving 14 consecutive years of sales growth. More information on MBUSA and its products can be found on the Internet at www.mbusa.com and www.maybachusa.com.
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080207/NYTH116
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN17
PRN Photo Desk, photodesk@prnewswire.com
Source: Mercedes-Benz USA
CONTACT: Donna Boland of Mercedes-Benz USA, +1-201-573-6893, Toll-Free,
1-888-MBNEWS1 Web site: http://www.mbusa.com/
http://www.maybachusa.com/ NOTE TO EDITORS: Accredited journalists and editors can access press materials by registering at www.media.mbusa.com and www.media.maybachusa.com. -------
Profile: automotive-news
posted by automotive-news # 2:23 PM
BorgWarner Reports Outstanding Results For 2007
BorgWarner Reports Outstanding Results For 2007 Strong Growth in Europe and Asia, Structural Improvements in North America Drive Strong Performance AUBURN HILLS, Mich., Feb. 7 /PRNewswire-FirstCall/ -- BorgWarner Inc. (NYSE:BWA) today reported record fourth quarter and full year results that reflect strong performance around the globe. Strong sales growth in Europe and Asia, coupled with the benefits of structural improvements in North America, boosted results. Fourth Quarter Highlights:
-- Sales of $1,372.9 million, up 14.2% from fourth quarter 2006
-- Sales outside of the U.S. grew 12.5% over fourth quarter 2006,
excluding the impact of currency
-- Operating income margin of 9.0%, up from a comparable 7.4% in fourth
quarter 2006
-- Earnings of $0.60 per diluted share on a U.S. GAAP basis. For
comparison with other quarters, the quarter included $(0.11) per
diluted share of unfavorable tax adjustments and $(0.02) per diluted
share for purchase accounting adjustments related to the purchase of
additional Beru shares. Excluding these items, earnings were $0.73 per
diluted share
-- Two-for-one stock split
-- Quarterly dividend increased 29% to $0.11 per share Full Year Highlights:
-- Sales of $5,328.6 million, up 16.2% from 2006
-- Sales outside of the U.S. grew 17.1% over 2006, excluding the impact of
currency
-- Earnings of $2.45 per diluted share on a U.S. GAAP basis. For
comparison with other fiscal years, the year included $0.03 per diluted
share of net favorable tax adjustments and $(0.02) per diluted share
for purchase accounting adjustments related to the purchase of
additional Beru shares. Excluding these items, earnings were $2.44 per
diluted share
-- Net cash provided by operating activities of $602.2 million
-- After-tax return on average invested capital of 13.4% Comment and Outlook: "2007 was an excellent year for our company," said Tim Manganello, Chairman and CEO. "Sales outside of the U.S. grew 17%, excluding the impact of currency, compared with vehicle production outside of the U.S. that was up 7%. Sales in our U.S. operations were flat despite lower domestic vehicle production in the U.S., which was down 3%." "2007 was also a year during which events around the globe validated our company's strategic plan. A number of governments, including the U.S., took steps toward increasingly stringent fuel economy standards, while the automotive industry continued to unveil powertrain strategies clearly focused on meeting tougher standards. BorgWarner, a global leader in powertrain technology that improves fuel economy, lowers emissions and enhances vehicle performance, is well positioned to enjoy sustained growth as the industry accelerates its investment in advanced powertrains." Financial Results: Sales were $1,372.9 million in fourth quarter 2007, up 14.2% from $1,201.7 million in fourth quarter 2006. Net income in the quarter was $71.2 million, or $0.60 per diluted share, compared with $40.9 million, or $0.35 per diluted share in fourth quarter 2006. Fourth quarter 2007 net income included unfavorable tax adjustments of $(13.3) million, or $(0.11) per diluted share, and purchase accounting adjustments related to the purchase of additional Beru shares of $(2.4) million, or $(0.02) per diluted share. Fourth quarter 2006 net income included: restructuring charges, primarily related to asset impairments in North America of $(39.2) million, or $(0.34) per diluted share; final purchase accounting adjustments of $(2.4) million, or $(0.02) per diluted share, related to the third quarter 2006 acquisition of transmission and engine controls product lines from Eaton Corporation in Monaco; and $25.0 million, or $0.22 per diluted share, related to favorable tax adjustments. The impact of foreign currencies in fourth quarter 2007, primarily the Euro, increased sales by $91 million and net income by $6 million. Sales were $5,328.6 million in 2007, up 16.2% from $4,585.4 million in 2006. 2007 net income was $288.5 million, or $2.45 per diluted share, compared with $211.6 million, or $1.83 per diluted share in 2006. 2007 net income included net favorable tax adjustments, recorded in the third and fourth quarters, of $3.4 million, or $0.03 per diluted share, and purchase accounting adjustments related to the purchase of additional Beru shares of $(2.4) million, or $(0.02) per diluted share. 2006 net income included: charges related to restructuring activities in North America, reported in the third and fourth quarters, of $(47.6) million, or $(0.41) per diluted share; final purchase accounting adjustments of $(2.4) million, or $(0.02) per diluted share, related to the third quarter 2006 acquisition of transmission and engine controls product lines from Eaton Corporation in Monaco; a gain related to a previous divestiture, reported in the third quarter, of $3.5 million, or $0.03 per diluted share; and $22.3 million, or $0.19 per diluted share, related to favorable tax adjustments. The impact of foreign currencies, primarily the Euro, added $262 million to sales in 2007 compared with 2006, and $15 million to net income. The following table reconciles the Company's non-U.S. GAAP amounts included in the press release to the most directly comparable U.S. GAAP amounts and is provided for comparisons with other results: Net earnings per share - diluted Fourth Quarter Full Year
2007 2006 2007 2006(1) Non-U.S. GAAP: $0.73 $0.49 2.44 $2.03 Reconciliations:
One-time write-off of the excess purchase
price related to the Monaco acquisition
(Eaton) in 2006 and for purchase accounting
adjustments related to the purchase of
additional Beru shares in 2007 (0.02) (0.02) (0.02) (0.02) Net gain from divestitures 0.03 Restructuring charge (0.34) (0.41) Adjustment to tax accounts (0.11) 0.19 0.03 0.19 Fourth quarter 2006 impact of annual
effective tax rate adjustment for the
first 9 months of 2006 from 27% to 26% 0.03 U.S. GAAP(1) $0.60 $0.35 $2.45 $1.83 (1)Does not add due to rounding Net cash provided by operating activities was $602.2 million in 2007 compared to $442.1 million in 2006. Investments in capital expenditures, including tooling outlays, totaled $293.9 million in 2007, compared with $268.3 million in 2006. Debt decreased $84.8 million, cash and cash equivalents increased $65.2 million and marketable securities decreased by $44.5 million during 2007. Engine Group Results: Fourth quarter 2007 sales were up 16% versus fourth quarter 2006 to $977.9 million with a 26% increase in segment earnings before interest and income taxes to $123.5 million. Sales outside of the U.S. were up 13% excluding the impact of foreign currencies, while sales in the U.S. were down 5%. For the full year, 2007 sales were up 19% versus 2006 to $3,761.3 million with a 14% increase in segment earnings before interest and income taxes to $418.0 million. Sales outside of the U.S. were up 16% excluding the impact of foreign currencies, while sales in the U.S. were up 4%. In the quarter and in the full year, the group continued to benefit from European and Asian automaker demand for turbochargers, timing systems, thermal management products and emissions products as well as higher sales of turbochargers and emissions products in the U.S. Drivetrain Group Results: Fourth quarter 2007 sales were up 9% versus fourth quarter 2006 to $401.9 million with a 16% increase in segment earnings before interest and income taxes to $30.3 million. Sales outside of the U.S. were up 12% excluding the impact of foreign currencies, while sales in the U.S. were down 1%. For the full year, 2007 sales were up 9% versus 2006 to $1,598.8 million with a 30% increase in segment earnings before interest and income taxes to $118.1 million. Sales outside of the U.S. were up 11% excluding the impact of foreign currencies and sales during the first nine months of 2007 related to the acquisition of the European transmission and engine solenoid product lines from Eaton Corporation, while sales in the U.S. were down 3%. In the quarter and in the full year, the group benefited from increased demand for dual-clutch transmission components and transmission solenoids and control modules, but was negatively impacted by lower domestic production of vehicles equipped with its traditional transmission and torque management products. Recent Highlights: During the quarter, BorgWarner announced $1.95 billion of net new business for the three-year period ending in 2010, an implied growth rate of approximately 11% for the three-year period. 50% of the net new business is expected to be in Europe, 30% in Asia, and 20% in North America. The company's board of directors declared a 29% increase in the quarterly cash dividend and approved a two-for-one stock split effected in the form of a stock dividend on its common stock. To implement the stock split, shares of common stock were issued on December 17, 2007 to stockholders of record as of the close of business on December 6, 2007. The increased cash dividend will be paid February 15, 2008 to stockholders of record as of the close of business on February 1, 2008. In the Drivetrain Group, the company announced advances in its market- leading dual-clutch transmission technology during the quarter. Innovations in materials science and controls enable its next generation dual-clutch modules to operate in a "humid" environment, with less lubrication and a smaller fluid pump, thereby delivering fuel efficiency improvements over the current modules. In addition to advances in traditional modules, the company has developed an entirely new dual-clutch transmission. The unique transmission combines leading-edge dual-clutch technology with a compact design. The transmission provides the convenience of an automatic in a wide range of power and vehicle applications from the small vehicle segment, which is expected to grow 30% worldwide over the next five years, up through the mid-size vehicle segment. In the Engine Group, BorgWarner's majority-owned subsidiary, SeohanWarner Turbo Systems, opened a facility on the BorgWarner Engine Group campus in Pyongtaek, Korea. The world-class facility includes office, production and warehousing space for a workforce expected to reach 130 within five years. In addition, the facility will house the first on-site engine and turbocharger testing cells for a turbocharger supplier in Korea. Also in Asia, BorgWarner Thermal Systems has broken ground for a new facility near Chennai, India. Located in a high-tech business park near several automakers, the new facility will include manufacturing, training, design services and administrative space for over 100 employees with room for future expansion. At 4:00 p.m. ET today, a brief conference call concerning fourth quarter and full year results will be webcast at: http://www.borgwarner.com/invest/webcasts.shtml . Auburn Hills, Michigan-based BorgWarner Inc. (NYSE:BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The FORTUNE 500 company operates manufacturing and technical facilities in 64 locations in 17 countries. Customers include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address for BorgWarner is: http://www.borgwarner.com/. Additional Important Information Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign vehicle production, the continued use of outside suppliers, fluctuations in demand for vehicles containing our products, changes in general economic conditions, and other risks detailed in our filings with the Securities and Exchange Commission, including the Risk Factors, identified in our most recently filed Annual Report on Form 10-K. We do not undertake any obligation to update any forward-looking statements. Financial Tables Follow BorgWarner Inc.
Condensed Consolidated Statement of Operations (Unaudited)
(millions of dollars, except per share data) Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006 Net Sales $1,372.9 $1,201.7 $5,328.6 $4,585.4
Cost of Sales 1,115.2 989.5 4,378.7 3,735.5
Gross profit 257.7 212.2 949.9 849.9 Selling, general and
administrative expenses 135.9 127.5 531.9 498.1
Restructuring expense - 73.2 - 84.7
Other (income) expense (1.2) (0.7) (6.8) (7.5)
Operating income 123.0 12.2 424.8 274.6 Equity in affiliates' earnings,
net of tax (12.4) (9.6) (40.3) (35.9)
Interest expense and finance
charges 8.1 11.4 34.7 40.2
Earnings before income taxes 127.3 10.4 430.4 270.3 Provision for income taxes 48.1 (37.8) 113.9 32.4
Minority interest, net of tax 8.0 7.3 28.0 26.3
Net earnings $71.2 $40.9 $288.5 $211.6 Earnings per share - Diluted $0.60 $0.35 $2.45 $1.83 Weighted average shares outstanding-
Diluted (millions) 118.3 116.2 117.8 115.9
Supplemental Information (Unaudited)
(millions of dollars)
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
Capital expenditures, including
tooling outlays $99.3 $76.4 $293.9 $268.3 Depreciation and amortization:
Fixed assets and tooling $65.8 $65.5 $243.1 $239.1
Other 8.9 7.4 21.5 17.5
$74.7 $72.9 $264.6 $256.6 BorgWarner Inc.
Net Sales by Operating Segment (Unaudited)
(millions of dollars) Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006 Engine $977.9 $840.6 $3,761.3 $3,154.9 Drivetrain 401.9 368.0 1,598.8 1,461.4 Inter-segment eliminations (6.9) (6.9) (31.5) (30.9) Operations $1,372.9 $1,201.7 $5,328.6 $4,585.4
Segment Earnings Before Interest and Income Taxes (Unaudited)
(millions of dollars)
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
Engine $123.5 $98.0 $418.0 $365.8 Drivetrain 30.3 26.1 118.1 90.6 Segment earnings before
interest and income taxes
("Segment EBIT") 153.8 124.1 536.1 456.4 Restructuring expense - 73.2 - 84.7 Corporate expenses, net of
equity in affiliates' earnings 18.4 29.1 71.0 61.2 Consolidated earnings
before interest and taxes
("EBIT") 135.4 21.8 465.1 310.5 Interest expense and finance
charges 8.1 11.4 34.7 40.2 Earnings before income
taxes and minority
interest 127.3 10.4 430.4 270.3 Provision for income taxes 48.1 (37.8) 113.9 32.4 Minority interest, net of tax 8.0 7.3 28.0 26.3 Net earnings $71.2 $40.9 $288.5 $211.6 BorgWarner Inc.
Condensed Consolidated Balance Sheet (Unaudited)
(millions of dollars) December 31, 2007 December 31, 2006 Assets Cash $188.5 $123.3
Marketable securities 14.6 59.1
Receivables, net 802.4 744.0
Inventories, net 447.6 386.9
Other current assets 127.4 124.2
Total current assets 1,580.5 1,437.5 Property, plant and equipment, net 1,605.9 1,460.7
Other non-current assets 1,769.0 1,685.8
Total assets $4,955.4 $4,584.0
Liabilities and Stockholders' Equity
Notes payable and current portion of
long-term debt $63.7 $151.7
Accounts payable and accrued expenses 993.0 843.4
Income taxes payable 27.2 39.7
Total current liabilities 1,083.9 1,034.8 Long-term debt 572.6 569.4
Other non-current liabilities 858.6 942.3 Minority interest in consolidated subsidiaries 117.9 162.1 Stockholders' equity 2,322.4 1,875.4 Total liabilities and stockholders'
equity $4,955.4 $4,584.0 BorgWarner Inc.
Condensed Consolidated Statements of Cash Flow (Unaudited)
(millions of dollars) Twelve Months Ended
December 31,
2007 2006 Operating
Net earnings $288.5 $211.6
Non-cash charges (credits) to operations:
Depreciation and amortization 264.6 256.6
Restructuring expense, net of cash paid - 79.4
Deferred income tax benefit (30.3) (46.4)
Other non-cash items 32.3 47.9
Net earnings adjusted for non-cash
charges (credits) to operations 555.1 549.1
Changes in assets and liabilities, net of
effects of acquisition and divestitures 47.1 (107.0)
Net cash provided by operating activities 602.2 442.1 Investing
Capital expenditures, including tooling outlays (293.9) (268.3)
Payments for business acquired, net of
cash acquired (138.8) (63.7)
Net proceeds from asset disposals 17.3 3.6
Purchases of marketable securities (13.0) (41.5)
Proceeds from sale of marketable securities 60.4 28.8
Net cash used in investing activities (368.0) (341.1) Financing
Net decrease in notes payable (92.6) (27.7)
Net change in long-term debt (9.1) (7.5)
Payment for purchase of treasury stock (47.0) -
Proceeds from stock options exercised 47.6 27.1
Dividends paid to BorgWarner stockholders (39.4) (36.7)
Dividends paid to minority shareholders (17.5) (15.1)
Net cash used in financing activities (158.0) (59.9) Effect of exchange rate changes on cash (11.0) (7.5) Net increase in cash 65.2 33.6 Cash at beginning of year 123.3 89.7
Cash at end of year $188.5 $123.3
First Call Analyst:
FCMN Contact:
Source: BorgWarner Inc.
CONTACT: Mary Brevard, +1-248-754-0881, or Ken Lamb, +1-248-754-0884,
both of BorgWarner Inc. Web site: http://www.borgwarner.com/
http://www.borgwarner.com/invest/webcasts.shtml
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Profile: automotive-news
posted by automotive-news # 2:06 PM
Chrysler LLC Certified Pre-Owned Vehicle (CPOV) Program Starts 2008 Posting Sales Record
Chrysler LLC Certified Pre-Owned Vehicle (CPOV) Program Starts 2008 Posting Sales Record AUBURN HILLS, Mich., Feb. 7 /PRNewswire/ -- Chrysler LLC today reported that its Chrysler, Jeep(R) and Dodge dealers sold a new monthly sales record of 9,783 Certified Pre-Owned Vehicles (CPOV) in January 2008, a 7 percent increase from 2007 sales of 9,106 units. For the month, Chrysler brand sales rose 6 percent to 3,116 units, while the Jeep and Dodge brand each rose 8 percent to 2,435 units and 4,232 units, respectively. Vehicles starting 2008 with sales gains include the Chrysler PT Cruiser up 24 percent; the Jeep Wrangler up 22 percent and the Dodge Ram pickup truck up 13 percent. "We are happy to start the year on such a positive note," Peter Grady -- Director, Remarketing and Fleet Operations, said. "And with Chrysler's recent announcement to expand CPOV program eligibility to all qualifying Chrysler, Jeep and Dodge dealers in the United States, we look for the program to grow and sales to continue in this direction." Marketed as "Brand Spankin' Used(R)," Chrysler Certified Pre-Owned Vehicles are sold only through Chrysler, Jeep and Dodge dealerships that have had a comprehensive validation of the dealership's facilities, operational processes, salesperson and technician training accreditation before they are authorized to sell Chrysler Certified Pre-Owned Vehicles. For a vehicle to be certified under Chrysler's used-vehicle program, it must be a 2003 through 2008 model pre-owned vehicle with less than 65,000 miles and pass a stringent 125-point mechanical, safety and condition standard inspection. Chrysler Certified Pre-Owned Vehicles are backed by an eight- year/80,000-mile powertrain limited warranty, 24-hour, 365-day full roadside assistance with a $35 per day rental car allowance and a three-month or 3,000- mile Maximum Care warranty that is added to any remaining 3-year/36,000-mile comprehensive new vehicle warranty. In addition, Chrysler Financial consistently offers special financing programs for qualified CPOV buyers, and along with the Carfax vehicle history report, a Carfax limited buyback guarantee is offered as part of its certified pre-owned vehicle program partnership with the automaker. Used vehicle shoppers can learn more about Chrysler's Brand Spankin' Used Certified Pre-Owned Vehicle program as well as find detailed inventory and dealer listings online at www.brandspankinused.com or by searching independent, used, vehicle search engines including AutoTrader.com, Cars.com, AutoExtra.com and AutoMart.com. First Call Analyst:
FCMN Contact:
Source: Chrysler LLC
CONTACT: Christina Biache, +1-248-512-9414 office, +1-586-243-1569 cell,
CB514@chrysler.com, or Beverly Thacker, +1-248-512-0019, office,
+1-248-420-8649 cell, bt164@chrysler.com, both of Chrysler LLC Web site: http://media.chrysler.com/
http://www.chrysler.com/
http://www.brandspankinused.com/
http://www.autotrader.com/
http://www.cars.com/
http://www.autoextra.com/
http://www.automart.com/ Note to Editors: For more information, please visit the Chrysler media site at http://www.media.chrysler.com. -------
Profile: automotive-news
posted by automotive-news # 2:03 PM
Sears Unveils DieHard(R) and Craftsman(R) Motorcycles Designed by Orange County Choppers
Sears Unveils DieHard(R) and Craftsman(R) Motorcycles Designed by Orange County Choppers DieHard Bike on Display Feb. 8 at the International Motorcycle Show in Rosemont, Ill. HOFFMAN ESTATES, Ill., Feb. 7 /PRNewswire-FirstCall/ -- This week, Sears Holdings Corp. (NASDAQ:SHLD) will unveil DieHard and Craftsman branded bikes, designed by Orange County Choppers(TM). Sears also announced a marketing agreement with Orange County Choppers (OCC) that makes DieHard the "Official Battery of Orange County Choppers". With this agreement, all custom motorcycles created as part of the "American Chopper" TV series (as seen on TLC) will be powered by DieHard. In addition, the partnership will include the following:
-- OCC will sell DieHard batteries in their new retail store in
Newburgh, NY
-- DieHard battery signage in the OCC shop along with a unique battery
maintainer station
-- A link to diehardbatteries.com from orangecountychoppers.com
-- DieHard branding on shirts worn by OCC mechanics
"This agreement brings two powerful brands together and enables DieHard to reach an important user segment -- powersports enthusiasts -- who demand the best from their motorcycles," said Richard Gerstein, senior vice president and chief marketing officer at Sears, Roebuck and Co.
"By partnering with the most recognizable brand name in batteries, we've definitely strengthened our production line of bikes," said Paul Teutul, Jr. "Thanks to Sears!" The DieHard Orange County Chopper "DieHard is America's most preferred automotive battery," said George Kurkowski, DieHard brand manager. "Our new relationship with OCC showcases the fact that the same AGM technology and legendary performance of DieHard is available to our motorcycle customers in a DieHard Gold battery. Every OCC bike leaving "America's Favorite" custom bike shop will have a DieHard battery in it." For a preview of the DieHard bike, go to http://www.diehardbatteries.com/. Consumers interested in viewing the DieHard chopper in person should visit the International Bike Show at the Stephenson Center in Rosemont, Ill. on Feb. 8-10. For more information, go to http://www.motorcycleshows.com/. Bike enthusiasts should tune into American Chopper on Feb. 28 and March 6 on TLC network at 8 p.m. Central to see the episodes featuring the DieHard (designed by Paul Teutul, Jr.) and Craftsman (designed by Paul Teutul, Sr.) OCC bikes. The intense competition to build the "best brand" bike is heightened by their natural father/son competition, a hallmark of the television show. The Craftsman Orange County Chopper The Craftsman chopper will be introduced at the Craftsman booth (W3043) in the International Builders Show in Orlando, Feb. 13-15. "Consumers have already named Craftsman as the most trusted brand in America and the brand with the highest expectations," said Mike Cassar, Craftsman brand manager. "We will be doing some amazing things in 2008 to get their attention on the innovation, quality and know-how fronts that are trademarks of our brand. This bike is a visual punctuation of our brand's message, delivered in an iconic, over-the-top way. Paul Teutul, Sr. told me early on that he's a Craftsman tool fan, ultimately his passion for our brand as well as the bike building craft has really come through in the finished piece. This bike really reinforces our belief that 'There's a Craftsman in All of Us'," Cassar added. The DieHard brand of batteries is now available at more than 2,500 locations in the U.S., including 870 Sears full-line stores, Sears Auto Centers and through a limited number of Sears Hardware, Sears Dealer and Orchard Supply Hardware stores. DieHard batteries are also available in 1,400 Kmart stores. About Sears, Roebuck and Co. Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation (NASDAQ:SHLD), is a leading broadline retailer providing merchandise and related services. Sears, Roebuck offers its wide range of home merchandise, apparel and automotive products and services through more than 2,400 Sears-branded and affiliated stores in the United States and Canada, which includes approximately 870 full-line and 1,100 specialty stores in the U.S. Sears, Roebuck also offers a variety of merchandise and services through sears.com, landsend.com, and specialty catalogs. Sears, Roebuck offers consumers leading proprietary brands including Kenmore, Craftsman, DieHard and Lands' End -- among the most trusted and preferred brands in the U.S. The company is the nation's largest provider of home services, with more than 14 million service calls made annually. For more information, visit the Sears, Roebuck website at http://www.sears.com/ or the Sears Holdings Corporation website at http://www.searsholdings.com/ . About Orange County Choppers Orange County Choppers (OCC) is a Montgomery, New York based custom motorcycle company founded by Paul Teutul, Sr. and Paul Teutul, Jr. in 1999. OCC started as a sideline to the family's steel manufacturing business which was founded by Paul, Sr. in the 1970s. The OCC shop is featured on 'American Chopper,' a reality TV show that airs on Thursday nights on TLC at 9pm EST/8pm CST. 2007 DieHard Chopper Specs Owner: DieHard
City: Hoffman Estates, IL.
General
Designer/Builder: Orange County Choppers
Year: 2007
Model: DieHard Custom Theme Bike
Frame
Year/Make: 2007 Rolling Thunder Rigid, right Side Drive, 0" up
Rake: 38 degrees in neck
Stretch: 5 inches out
Chroming: Chrome Masters
Engine
Year and Make: 2007 S&S
Displacement: 100" CID Evolution Big Twin 9.6:1 w/S&S 520 CAM
Carburetor: S&S Super G
Air Cleaner: DieHard "40th" Anniversary
Ignition: Super Stock
Pipes: OCC (Flat Black)
Coil Cover: OCC dagger (chrome)
Transmission
Year/Make: 2007 Baker (polished)
Shifting: 6 speed
Paint
Painter: OCC Design Team
Color: DieHard Branded
Accessories
Handlebars: OCC drag style with risers (chrome)
Hand Controls: (H&D) Chrome
Fenders: OCC
Indicator lights: OCC DieHard Alkaline "D" Battery replica
Rear Brake light: Primo tail light with Lisc. Plate holder
Foot controls: OCC/Accutronics
Shift Linkage: 13 inch OCC shift linkage
Mirrors: OCC DieHard Battery replica
Gas Tank: OCC
Oil tank: Hidden under transmission plate
Seat: OCC Black Leather
Primary Cover: Open DieHard Branded "Start With The Best"
Battery: DieHard Gold 20HL-BS
Front End
Type: OCC Razor (chrome)
Wheels
Make: OCC Negative and Positive (chrome with black epoxy inlay)
Size: 21x3.5" front tire and a 300 mm rear
Tires: Metzler DieHard Facts
-- Consumers rank DieHard overwhelmingly as "America's Most Preferred
Automotive Battery" according to a 2007 ASI/IPsos Consumer Survey.
Over 37% of consumers polled in an unaided survey mentioned DieHard
compared to its two nearest competitors, a distant, 2nd and 3rd.
-- DieHard celebrated its 40th anniversary as an auto battery brand in
2007.
-- Sears revolutionized the automotive batter replacement category in
1967 with the introduction of DieHard -- a tough, thin-walled
translucent plastic case 50% thinner than conventional black, rubber
type battery enclosures. The result: bigger plates, more acid and
extra starting power. More than nine years of research and development
was conducted prior to the launch of DieHard in 1967.
-- The name DieHard is derived from its unfailing operation over several
million miles on test vehicles at high and low speeds in varying
climates at high and low altitudes. Not a single failure was reported
in over 26,000 starts in temperatures ranging from sub-zero to more
than 100 degrees.
-- DieHard is the "Official Battery of Orange County Choppers".
-- In the past decade, Sears extended the DieHard brand to other
categories including battery chargers, booster cables, consumer
alkaline batteries, work boots for men and most recently, to batteries
for Craftsman cordless tools.
-- In 1970 DieHard batteries were used in sets of three to provide the
36-volt starting power for most of the 33 cars entered in the
Indianapolis 500.
-- More than 200 million DieHard automotive batteries have been sold
since 1967.
-- In 1983, Sears introduced the first DieHard Motorcycle battery, tough
enough for select Harley-Davidson Motorcycles.
-- In addition to its legendary performance as an auto battery, DieHard
has batteries to power motorcycles, boats, golf carts, garden
tractors, snowmobiles, all-terrain vehicles, personal watercraft and
various mobility equipment for the handicapped. DieHard "AAA", "AA",
"C", "D" and 9-volt alkaline batteries are also available at Sears and
Kmart.
First Call Analyst:
FCMN Contact:
Source: Sears Holdings
CONTACT: Larry Costello of Sears Holdings, +1-847-286-9036 Web site: http://www.sears.com/
http://www.searsholdings.com/
http://www.diehardbatteries.com/
http://www.motorcycleshows.com/
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Profile: automotive-news
posted by automotive-news # 1:56 PM
Insignia E2 Beta to Be Unveiled at NADA 2008
Insignia E2 Beta to Be Unveiled at NADA 2008 ROCK HILL, S.C., Feb. 7 /PRNewswire/ -- Insignia Group, a leading provider of dealership Accessory Sales Systems, will introduce a beta version of Insignia E2 at the 2008 NADA Convention & Expo in San Francisco. This revolutionary new system will be demonstrated at booth 3133W at the NADA Expo February 9-12, 2008 and will be available to Insignia affiliate dealers beginning in March 2008. A customer-inspired release, Insignia E2 is the result of feedback and suggestions from automotive dealers and distributors nationwide. Built to fully support a proven accessory sales process, E2 delivers rapid ROI and maximum dealership profit through accessory sales. Enhanced sales tools coupled with a tightly integrated interface will streamline navigation to engage sales people and retail customers, while reducing required training and dealership integration time. Insignia E2 Beta release enhancements will include: New Interface Design
Insignia E2 has an exciting and engaging new look with centralized navigation.
Slide Menu Whether searching for a part or vehicle, logging in, or editing your shopping cart, the new Slide Menu makes navigating easy and intuitive. Integrated Shopping Cart Retail customers can browse accessories and add items to their cart and the configurator in one easy step. Accurate "Factory" Colors OEM color matching is taken to the next level with color selection on individual accessories displayed in the configurator. "This is a very exciting time for Insignia. The E2 release brings dealers the highest level of data accuracy combined with a visually engaging interface to create an inviting sales tool not available from any other system," said David Copp Stringer, president of Insignia Group. Stringer explains, "On select vehicles, retail customers can now configure the look of their vehicle while simultaneously building their shopping cart. This will streamline the sales process and make the experience of purchasing accessories fun and exciting!" "We still have some surprises in store, but the initial beta phase gives customers an early chance to use the latest system enhancements available from Insignia E2, while helping us refine new features." The final release of Insignia E2 is scheduled for Spring 2008 and will include additional features including: Sales Login Level Dealership sales staff will have their own login level to track commissions, link them to their customers, and access to multiple sales reports. This Sales login will help to cultivate strong sales-to-customer relationships, as well as a profitable accessories sales program. Customizable Themes/Skins Insignia E2 will provide theme options for easy customization and integration with the dealer's website and branding. Insignia provides over 1400 automotive dealerships nationwide a complete low-cost accessories sales system to maximize dealership profits on every new and serviced vehicle. From accurate data to useful sales tools, services, and training, Insignia simplifies the accessories sales process so orders can be fulfilled quickly and easily. To learn more about selling accessories in your dealership, visit our website: www.insigniagroup.com or contact a representative at 888-579-4458 or sales@insigniagroup.com. Media Contact:
Annie Saleh
888-579-4458 Ext: 8621
Email: asaleh@insigniagroup.com
Blog: www.insigniagroup.com/blog
First Call Analyst:
FCMN Contact:
Source: Insignia Group
CONTACT: Annie Saleh, +1-888-579-4458 Ext: 8621,
asaleh@insigniagroup.com Web site: http://www.insigniagroup.com/
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Profile: automotive-news
Emergency Road Service (ERS) Call Volumes Above Normal, Says AAA
Emergency Road Service (ERS) Call Volumes Above Normal, Says AAA AAA has tips on how to cope with snow DEARBORN, Mich., Feb. 7 /PRNewswire/ -- Preparing now for slick winter weather conditions will help keep your vehicle on the road, advises AAA Michigan. Since midnight, the Auto Club has received 1,450 calls for emergency road service, well above normal levels for this time of year. AAA is giving priority to callers stranded on freeways or in traffic, where they are facing hazards. Motorists can help keep their vehicles on the road by doing the following: -- Increase your following distance. Build in a six-second time gap. Pick
a marker or sign and begin counting when the car ahead passes it --
"one-thousand-one, one-thousand-two..." -- Exercise caution. Ice is most likely to form first and be slipperiest
in shaded areas, bridges, overpasses and intersections. -- Improve visibility. Clear snow and ice from the entire car. Brush away
snow from the hood, roof, trunk, turn signals, lights, windows,
mirrors, and fender wells. -- Drive with headlights on low-beam. Lights at low-beam provide better
road illumination in snow and fog than do high-beams. -- Slow down in bad weather. Remember, posted speed limits are set for
ideal road and weather conditions. -- Avoid sudden starts, stops and turns. Accelerate carefully so car
wheels don't spin. -- Apply brakes firmly. The best technique for braking on ice or snow is
"threshold" or "squeeze" braking. Apply brakes firmly to a point just
short of lock-up and ease off the brake pedal slightly. -- Steady pressure is better than "pumping" the brakes. For anti-lock
brakes, continuous firm braking is recommended. Refer to your owner's
manual for proper procedure. -- In a skid, ease off the accelerator. Carefully steer in the direction
you want the car to go and straighten the wheel as soon as the car
begins to go in the desired direction. -- Anticipate danger. Be on the lookout for ice on bridges, snow-covered
lane markings, stalled cars and poor visibility. Watch for drivers who
are unprepared for changing road conditions.
First Call Analyst:
FCMN Contact:
Source: AAA Michigan
CONTACT: Jim Rink, +1-313-336-1513, or Nancy Cain, +1-313-336-1514, both
of AAA Michigan Web site: http://www.aaa.com/
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Profile: automotive-news
Plexus Systems, Inc. Promotes Gillespie to Director of Sales
Plexus Systems, Inc. Promotes Gillespie to Director of Sales AUBURN HILLS, Mich., Feb. 7 /PRNewswire/ -- Plexus Systems, Inc., provider of Plexus Online on-demand software for the manufacturing enterprise, today announced the promotion of Brian Gillespie to Director of Sales from Business Development Manager. He is responsible for continuing the growth of North American sales. (Logo: http://www.newscom.com/cgi-bin/prnh/20070627/CLW071LOGO ) "Brian Gillespie's deep manufacturing domain expertise and outstanding client diagnostic skills will help Plexus continue to grow its customer base," said Thomas Mackey, executive vice president of Sales for Plexus. "He brings well-rounded experience helping Plexus Systems' customers find the right fit for improving the manufacturing performance of a single facility or an entire enterprise with Plexus Online." Gillespie and Plexus Systems' growing Sales team will pursue new successes among manufacturers in the medical device, aerospace and defense industries, while maintaining a strong presence in automotive manufacturing, where the company has defined the emerging market for manufacturing performance systems. Gillespie has extensive experience in instructing and installing automated solutions. In the nineties, he launched his career as an industrial electrician for FANUC Robotics in Rochester Hills, Mich. After mastering the installation of products, he became a course developer and technical instructor on a range of high tech and basic skill topics. During most of his career at FANUC Robotics, he was the District Manager maintaining new and existing accounts for complete automated solutions. Gillespie has a Bachelor of Science degree in Business Management from Central Michigan University. Plexus Online is an on-demand solution, building on the "software as a service" (SaaS) model pioneered by Salesforce.com and NetSuite. Plexus Online offers over 350 functional modules, providing companies instant access to vital information and management functions using a simple web browser. The on-demand solution features enterprise resource planning (ERP) functions such as accounting and finance modules, customer relationship management (CRM) features such as order entry and tracking, manufacturing execution systems (MES) functions such as production scheduling and machine integration, and supply chain management (SCM) functions such as supplier quality and traceability. About Plexus Systems, Inc. Since 1995, Plexus Systems, Inc. (Auburn Hills, Mich.) has maintained a singular vision -- to drive significant cost, quality and productivity improvements for manufacturers, from the shop floor to the top floor. Plexus Online(TM) is an on-demand software for the manufacturing enterprise. Plexus Systems originated as an internal solution at a manufacturing company, designed to resolve quality challenges, including production, distribution and global supply chains management issues. Today, Plexus Online enables businesses to manage accounting, financials, compliance and human resources and other critical priorities. Plexus Systems serves a global cross section of manufacturing industries (OEM and suppliers), particularly automotive, defense, medical device and aerospace companies. In 2006, Apax Partners (www.apax.com) made a strategic investment in Plexus Systems, joining the founding investment group as stakeholders in Plexus. For more information, visit www.plex.com.
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070627/CLW071LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Plexus Systems, Inc.
CONTACT: Peggy Fenwick for Plexus Systems, Inc., +1-248-391-8000,
+1-734-516-6490 (cell), pr@plex.com Web site: http://www.plex.com/
http://www.apax.com/
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Profile: automotive-news
Move Over Grease Monkeys, Here Come the Clothes Horses
Move Over Grease Monkeys, Here Come the Clothes Horses
IADT Fashion Students Rev Up for 2008 GM Design Competition
WHO: David G. Lyon, Executive Director, GM Interior Design, and
scores of fashion design students from Chicago's International Academy of Design and Technology (IADT), who ... WHAT: will fuel their creativity on General Motors' hottest new
models (of the vehicular variety), as the auto maker and IADT
launch the sixth annual GM Student Design Competition. Having already attracted a lot of attention in both automotive and
fashion circles, this year's competition -- themed
"Couture to the People" -- is being touted as the most
super-charged yet. Now that's a set of wheels! Student designers will steel
inspiration from five of GM's most fashionable vehicles --
Chevrolet Malibu, recently voted 2008 North American Car of
the Year; the performance-driven Pontiac G8 GT; the all-new
2008 Saturn Astra; the all-wheel drive Saab 9-3 Turbo X; and
the exciting Hummer HX Concept -- as they begin designing
original, auto-inspired garments they hope will earn them
scholarship money from GM and a featured spot in IADT's
"Imagine 2008" spring fashion show. WHEN: 10:15 - 11 a.m. Friday, Feb. 8, 2008 WHERE: GM display, Chicago Auto Show
McCormick Place South, Lake Shore Drive at 23rd Street,
Chicago PHOTO OPS: Fashion students, sketchpads in hand, jotting initial design
directions as they survey GM's hottest new production and
concept cars. Models wearing winning garments from GM's 2007 Student Design
Competition, interspersed among the students and cars. CONTACT: Kristin Rogers, GM Regional Communications, (630) 961-6450
Annalisa Bluhm, GM Communications Global Design and Product
Planning,(586) 986-3629
Bonni Pear, Miller-Pear Public Relations, (312) 674-4566
PRNewswire -- Feb. 7
First Call Analyst:
FCMN Contact:
Source: Chicago's International Academy of Design and Technology
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Profile: automotive-news
Strong January Jump Starts Chrysler LLC International Sales in 2008
Strong January Jump Starts Chrysler LLC International Sales in 2008 AUBURN HILLS, Michigan, February 7/PRNewswire/ -- -- January sales increased 12 percent over the same month last year -- Second-best January in Chrysler International history -- Unprecedented 32 consecutive months of year-over-year sales growth -- Jeep(R) brand sales grew 11 percent and Dodge sales jumped 39 percent -- Emerging as well as established markets fueled the continued growth 2008 started strong for Chrysler outside North America as sales grew 12
percent (16,784 units) over January 2007. It was the second-best January in
the Company's history of selling vehicles in International markets. The
month's sales contributed to the unprecedented run of continuous monthly
sales gains, now at 32 straight months.
"Continued growth in International markets is key to Chrysler's success
moving forward and we have set a high bar for ourselves, with 2007 being our
most successful sales year in markets outside North America in the history of
the Company," Michael Manley, Executive Vice President International Sales,
Marketing and Business Development said. "In 2008 we continue to compete in
the global market place by offering vehicles that set us apart from the
competition with the introduction of the all-new Chrysler Grand Voyager,
Jeep(R) Cherokee and Dodge Journey -- allowing us to offer customers a
distinctive, high-value proposition in every segment in which we compete."
The Dodge brand will continue to expand in 2008, with the all-new Dodge
Journey and the high-performance Caliber SRT4. Both will be available in the
second half of the year. Beginning soon, the all-new Jeep Cherokee and
Chrysler Grand Voyager will reach dealer lots, both of which offer unique
features - such as Swivel 'n Go seating in the Grand Voyager, and the Sky
Slider roof in the Cherokee.
Chrysler's minivans were the Company's highest volume vehicle in January
(2,525 units), followed by the Dodge Caliber (1,912 units) and Chrysler 300C
(1,894 units). While these vehicles led sales for the month, many new
products saw significant sales increases over last year, which enabled the
Company to achieve the double-digit gains.
Growth was balanced for the Company among its established and emerging
markets. Italy, Chrysler's highest volume market outside North America, grew
sales 16 percent (1,854 units). Emerging markets, such as Eastern Europe and
China also made significant contributions to January sales. Eastern European
sales grew by 59 percent, and sales in China nearly tripled those of January
2007.
Chrysler LLC sells and services vehicles in more than 125 countries
around the world. Sales outside North America currently account for more than
nine percent of the Company's total global sales, up from six percent in the
year 2000. Vehicles available range across all three Chrysler brands, with
limited availability on some trucks and SUV models. The Company's operations
outside North America have been experiencing year-over-year sales increases
since 2004, with a record number of vehicles sold in 2007. In 2008, Chrysler
LLC will launch three all-new volume vehicles outside North America, one for
each one of its brands, and will remain focused on strategic, profitable
growth in markets around the world.
Web site: http://media.chrysler.com
http://www.chrysler.com Source: Chrysler LLC Yvonne Malmgren, +1-248-512-1783 (office), +1-248-761-2776, (cell), ym32@chrysler.com, or Mary Gauthier, +49-711-179-8867 (office), +49-160-865-5489 (cell), mary.e.gauthier@daimler.com, both of Chrysler LL. NOTE TO EDITORS: For more information, please visit the Chrysler media site at http://www.media.chrysler.com.
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Profile: automotive-news
Mitsubishi Showcases New 2009 Galant Midsize Sedan Among New, Future and Historical High-Performance Models at Chicago Auto Show
Mitsubishi Showcases New 2009 Galant Midsize Sedan Among New, Future and Historical High-Performance Models at Chicago Auto Show CHICAGO, Feb. 7 /PRNewswire/ -- Mitsubishi Motors North America, Inc. (MMNA) is showcasing the new 2009 Mitsubishi Galant midsize sedan at the Chicago Auto Show, along with exciting new performance models for 2008 and 2009, and the daring Concept-RA sports coupe. (Photo: http://www.newscom.com/cgi-bin/prnh/20080207/LATH019) The 2009 Mitsubishi Galant introduces expressive new styling, desirable feature content and a new value standard, spearheaded by the Sport editions. In addition, the updated 2009 Eclipse coupe and Eclipse Spyder models will debut at the 2008 Chicago Auto Show, which is open to the public from February 8-17 at McCormick Place. The 2009 Eclipse models feature revised front and rear styling, with the V-6 GT models gaining a new dual exhaust system, standard Active Stability Control (ASC), HID head lamps and a new, large rear spoiler. The Concept-RA provides a glimpse into where Mitsubishi can take sport coupe design and performance. Concept-RA is an athletic pure coupe concept combining a passion for driving with a heightened sensitivity for the environment, thanks to high-output clean diesel power. Appearing together, as they did in Detroit, are the 2009 Lancer Ralliart and the high-performance 2008 Lancer Evolution that arrived in dealerships in January. The turbocharged, all-wheel-drive Ralliart model goes on sale later this summer. The new Lancer Evolution offers blistering performance from a 291-hp turbocharged MIVEC 2.0-liter engine and an available Twin Clutch-SST gearbox. Super-All Wheel Control, featuring Active Center Differential (ACD) 4-wheel drive and an Active Yaw Control (AYC) rear differential, provides unprecedented handling and stability on the road or track. The Lancer Ralliart will be powered by a detuned version of the Evolution engine paired with the Twin Clutch-SST gearbox. Proud Performance Heritage Mitsubishi also is displaying several classic models that trace the brand's performance heritage. The 1989 Eclipse coupe is the first generation of a model which became an instant icon in sporty coupes. The 1996 Eclipse Spyder GST turbo represents the first generation convertible as well as the 1,000,000th vehicle produced at Mitsubishi Motor Manufacturing of America facility in Normal, Illinois. The Starion is one of the models that introduced Mitsubishi to American driving enthusiasts in 1982. A turbocharged rear-drive performance coupe that easily challenged more expensive European sports cars of the time, the Starion went on to win several international and national rallies from 1985-1988. The Galant GTO prototype from 1972 offers a rare look back at Mitsubishi's early sport coupe design direction and performance approach. New 2009 Galant With four trim levels and three engines, the 2009 Mitsubishi Galant offers something for everyone in the midsize segment. The high-performance Galant Ralliart tops the line, which for 2009 also includes the 4-cylinder ES, the new Sport models, and the new Sport V-6. All Galant models come standard with a Sportronic(R) automatic transmission -- a 4-speed with the 4-cylinder engine and a 5-speed with the V-6s -- that allows manual shift control when desired. The 2009 Galant is distinguished by a boldly styled new front end and sophisticated new lines that are especially apparent in the rear three-quarter view. Inside, premium materials enhance the roomy interior, and new user technologies meet consumer demand for the latest in onboard convenience and entertainment. The new 2009 Galant offers a compelling value story. The Galant with Sport Value Package with Sunroof, in particular, offers a $1,000+ MSRP advantage over other comparably equipped midsize models. The Galant Sport Value Package includes such premium features as a power glass sunroof, cloth heated front seats, automatic climate control, steering wheel audio controls, auto-dimming rear-view mirror with Homelink(R) garage door opener/transmitter, fog lights, 17-inch aluminum-alloy wheels and a theft-deterrent alarm system. In the Sport V-6 model, which is powered by a 230-hp 3.8-liter V-6 engine, the Sport Value Package with Sun & Sound includes all of those features plus a 360-watt Rockford Acoustic Design(TM) premium audio system and SIRIUS(R) Satellite Radio with a 6-month pre-paid subscription. All Galant models come equipped with a high level of standard safety, including anti-lock brakes (ABS) with electronic brake-force distribution (EBD), dual-stage front airbags, front seat-mounted side-impact airbags, and side front and rear curtain airbags. Lancer Performance Stable Growing The Lancer performance picture gets even brighter for enthusiasts of all budgets with the introduction of the new 168-hp 2.4-liter MIVEC engine for the 2008 Lancer GTS. And joining the line for in showrooms this summer, the 2009 Lancer Ralliart will be positioned between the GTS and the Evolution models. The Lancer Ralliart shows its clear kinship to the Evolution model with its aggressively styled front bumper and rear bumper cover, dual outlet muffler and a lightweight aluminum, ducted hood that delivers cooling air to the turbocharger. The Lancer Ralliart will offer exciting all-wheel drive performance from a 235 hp (est.) turbocharged 2.0-liter MIVEC engine, along with the Twin Clutch-SST gearbox from the Lancer Evolution. The Twin Clutch-SST gearbox combines the efficiency of a manual transmission with lightning-quick paddle-actuated shifts or programmed fully-auto modes. The Lancer Ralliart's full-time 4WD driveline borrows some components from the Evolution, including Mitsubishi's Active Center Differential (ACD). The ACD unit uses an electronically controlled multi-plate clutch center differential to distribute drive torque between the front and rear in response to driving conditions. The system provides an excellent balance between steering response and traction characteristics, with the driver able to set system response parameters using a "Tarmac, Gravel, Snow" selector. Lancer Ralliart is also equipped with a front helical and rear mechanical limited slip differentials. Standard high-tech features for Lancer Ralliart include FAST key and a hands-free telephone interface. Available equipment and options will include Recaro seats, HID headlights, 650 watt (max.) Rockford-Fosgate 9-speaker audio system, SIRIUS(R) Satellite Radio, power sunroof, and a 30-GB Hard Drive Navigation system. Future Shock Combining cutting edge drivetrain technologies with clean diesel power, the Mitsubishi Concept-RA demonstrates that thrilling sport coupe performance and a sense of environmental responsibility need not be mutually exclusive. The Concept-RA features a next-generation Super-All Wheel Control (S-AWC) system based on the new Lancer Evolution, with Active Center Differential, Active Yaw Control, Sport ABS and Active Stability Control. Concept-RA augments these technologies with Active Steering and Active Damping Control suspension to further improve driver control, as well as vehicle handling and stability. Rather than a separate hood, Concept-RA uses integrated engine covers to literally expose a potential near-future sports car powerplant: a new high output, low-emissions 2.2-liter 4-cylinder DOHC 16-valve turbo diesel engine. The 2.2-liter clean diesel unit delivers a maximum output of 201 hp and 310 lb.-ft. of peak torque. In an effort to comply with U.S. emissions standards (Tier 2 Bin 5 emission regulations), the engine employs new diesel oxidation catalyst (DOC), NOx trap catalyst (NTC) and diesel particulate filter (DPF) technologies. The Mitsubishi turbo diesel engine's MIVEC valvetrain offers continuously variable valve timing control as well as low and high speed camshaft profiles. A piezoelectric injector common-rail direct fuel injection system allows a lower compression ratio and a VD (Variable Diffuser)/VG (Variable Geometry) turbocharger. When mated to a Twin Clutch-SST gearbox, the torque-rich turbo diesel engine can provide both sporty driving performance and excellent fuel efficiency. Mitsubishi Concept-RA makes extensive use of lightweight construction materials to boost performance, fuel economy and safety. A new body structure utilizes a space frame made from extruded aluminum sections and die-cast aluminum components. The engine covers, fenders and other outer panels are molded from impact-resistant and easily recyclable plastic resin. Next-Generation Lancer Evolution The 2008 Lancer Evolution is the newest and most sophisticated version of the legendary high-performance model that began in Japan 16 years ago. While remaining true to the core values that have made Lancer Evolution synonymous with thrilling performance, the next-generation model offers the kind of all-around capability and user technology that distinguish the world's best performance models. The 2008 Lancer Evolution introduces new performance and handling technology, including an all-new 291-hp 2.0-liter turbocharged/intercooled engine and the Super-All Wheel Control (S-AWC) dynamic handling system. S-AWC offers an extraordinary level of control at each wheel, going well beyond the capabilities of other all-wheel drive systems. The S-AWC system regulates drive torque at each wheel by controlling a network of dynamic handling technologies, including: Active Center Differential (ACD) 4-wheel drive, Active Yaw Control (AYC) rear differential, Active Stability Control (ASC), and Sport ABS brakes. Integration of ASC is new for all markets. The new Lancer Evolution looks the part of a street-wise sports machine with its unique front end, aggressively sloping hood with integral air scoop and engine heat outlets, boxed fenders and 18-inch wheels. The roof, hood, front fenders and bumper beams are aluminum. Two Lancer Evolution models are offered: the GSR with a new 5-speed manual transmission and the Lancer Evolution MR with a new 6-speed Twin-Clutch Sportronic Shift Transmission (TC-SST), a new-generation automated manual transmission. The MR model is also equipped exclusively with Bilstein shock absorbers and Eibach springs, two-piece brake rotors for better heat dissipation, BBS forged-alloy wheels, HID headlamps and additional interior features. Outlander 2.4 Models Mitsubishi introduced the next-generation Outlander crossover SUV for 2007 and for 2008 added two new 4-cylinder models, the value-minded ES and the high-tech-equipped Special Edition (SE). Available with 2WD or three-mode 4WD, the ES and Special Edition models are powered by a new 2.4-liter DOHC MIVEC engine teamed with a Sportronic(R) continuously variable transmission (CVT). The SE also gets the magnesium steering wheel paddle shifters. The Outlander blends sporty dynamics, bold styling, five- or seven-passenger versatility, plus advanced user technology and onboard entertainment options. An aluminum roof lowers the center of gravity for better handling response. The segment's only flap-fold tailgate helps make loading cargo easier and can also serve as a tailgate seat that supports up to 440 lbs. The Outlander LS and XLS models continue with a standard 220-hp 3.0-liter MIVEC V-6 engine (213 hp for PZEV-certified model) and 6-speed Sportronic automatic transmission, with the XLS featuring magnesium steering wheel paddle shifters. Outlander was the first PZEV V-6 SUV offered in the U.S. All Outlander models gain redesigned interior door panels with cloth inserts for 2008, plus new chrome inner door handles for XLS and the SE. The FAST Key entry system is now standard on all but the entry ES model. An MP3/auxiliary input jack is newly standard for LS and XLS models, and all 4WD models get heated exterior mirrors. Along with 18-inch wheels and amenities from the premium XLS model, the Outlander SE adds specific interior door panel trim, chrome-accented exterior door handles and side sills, mesh fabric seats with leather bolsters, and high-contrast instrument gauges. The SE's standard 650-watt (max.) Rockford-Fosgate(R) Premium Audio system features digital signal processing and nine speakers, including a rear subwoofer. This package, which is optional on the Outlander XLS, includes SIRIUS(R) Satellite Radio with 6-month pre-paid subscription. An HDD 30-gigabyte navigation system with music server is optional for Outlander, and a DVD rear seat entertainment system with 9-inch LCD screen is available as an accessory. All Outlander models come standard with Active Stability Control (ASC) and electronic traction control (TCL). Standard safety features include an advanced dual front air bag supplemental restraint system (SRS), front seat-mounted side-impact air bags and side curtain air bags (front and second row), plus an anti-lock braking system (ABS) with electronic brake-force distribution (EBD), and a Tire Pressure Monitoring System (TPMS). Eclipse Coupe and Spyder Are "Attainable Exotics" The Mitsubishi Eclipse Coupe and Spyder combine thrilling design and performance with outstanding value. For 2009, the Eclipse GT models gain standard Active Stability Control (ASC), HID head lamps, and a new dual exhaust system that boosts the 3.8-liter MIVEC V-6 engine's output to 265 hp and boost peak torque to 262 lb.-ft. The engine is teamed to a standard 6-speed manual transmission or optional 5-speed automatic. The Eclipse GS model's 162-hp 2.4-liter 4-cylinder engine is teamed with a 5-speed manual transmission or an optional 4-speed automatic. Both Eclipse automatic transmissions feature Sportronic shifters to allow manual gearshift control. Four-wheel disc brakes are standard on all models, with anti-lock brakes (ABS) and electronic brake-force distribution (EBD), plus larger, ventilated rear discs on the GT. Eclipse combines exotic-looking interior design with comfort and safety, including standard advanced dual-stage front air bags, seat-mounted side air bags and, in the coupe models, front seat curtain side air bags. The Eclipse Spyder is equipped with a high-tech convertible top and additional feature content over the coupe models. The automatic cloth top folds out of sight under a flush-fitting powered tonneau cover, in about 19 seconds. The top's multi-layer construction with full headliner and glass rear window creates a quiet, snug interior feeling of a coupe when it is raised. A 650-watt (max.) Rockford-Fosgate Premium Audio system, standard for the Spyder and optional in the coupe models, includes SIRIUS Satellite Radio with a 6-month pre-paid service subscription. The Galant, along with the Eclipse and Eclipse Spyder models and the Endeavor crossover-type SUV, are all built in the Mitsubishi manufacturing plant in Normal, Ill. One of the industry's most flexible assembly plants, the Mitsubishi manufacturing facility proudly celebrates its 20th anniversary of vehicle production this year. Outstanding Warranty Mitsubishi cars, sport utility vehicles and pickup trucks are backed by comprehensive new vehicle limited warranties. Mitsubishi Eclipse, Lancer, Galant, Endeavor and Outlander vehicles come with a 10-year/100,000 mile powertrain limited warranty; along with a 5-year/60,000 mile bumper to bumper new vehicle limited warranty. The high-performance Lancer Evolution is covered by a 5-year, 60,000 mile powertrain limited warranty, along with a 3-year/36,000 mile bumper to bumper new vehicle limited warranty. Mitsubishi pickup trucks are covered by a 5-year/60,000 mile bumper to bumper new vehicle limited warranty that also includes powertrain components. All Mitsubishi vehicles have a 7-year/100,000 mile anti-corrosion/perforation limited warranty, along with 5-years/unlimited miles Roadside Assistance, which includes free towing to the nearest authorized Mitsubishi retailer. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations for Mitsubishi Motors in the United States. MMNA sells coupes, convertibles, sedans, sport utility vehicles, and light trucks through a network of approximately 500 dealers. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com. First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080207/LATH019
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Mitsubishi Motors North America, Inc.
CONTACT: Janis Little, Director, Product and Brand Communications,
+1-714-372-6429, jlittle@mmsa.com, or Moe Durand, Manager, Product
Communications, +1-714-372-6567, M1durand@mmsa.com, both of Mitsubishi Motors
North America, Inc. Web site: http://media.mitsubishicars.com/
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Profile: automotive-news
DealerTrack to Provide Arkona Dealer Management Systems to Payless Car Sales
DealerTrack to Provide Arkona Dealer Management Systems to Payless Car Sales LAKE SUCCESS, N.Y., Feb. 7 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. (NASDAQ:TRAK), a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that Payless Car Sales, Inc. has selected the DealerTrack Arkona dealer management system (DMS) as the preferred DMS provider for its rapidly growing national used car franchise system. Payless currently has 54 dealerships stretching coast to coast from Wilmington, NC to Bakersfield, CA. Effective immediately, Payless is strongly recommending that its franchisees, which currently use DMS systems from a number of other providers, switch to the DealerTrack Arkona DMS as soon as existing agreements with other providers expire. In addition, new Payless franchisees will be asked to do the same. Once universal usage of the DealerTrack Arkona DMS system is completed, the operational efficiencies and additional managerial control brought about will significantly enhance Payless' ability to continue its cross-country expansion. "We are excited that Payless Car Sales -- the equivalent of a sizable dealer group -- has endorsed the DealerTrack Arkona DMS as its preferred partner for DMS solutions," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We look forward to working with Payless's franchisees across the country to help them realize greater efficiencies as well as the benefits of our competitive pricing and the open access our DMS provides to other vendors." "We believe that the DealerTrack web-based Arkona DMS, their integrated CRM platform, and business development initiatives, coupled with our leading- edge Internet strategy, will provide Payless dealers with the tools they need to maintain a competitive advantage in their respective markets," said Mike Harley, president and COO of Payless Car Sales, Inc. "At Payless, we used the power of our Systems 'economies of scale' operations to provide our franchise dealers with the best products and services available, at price points normally reserved for only the largest of operations. We are delighted to have DealerTrack as our new 'preferred partner' and to endorse the use of their DMS system to our growing dealer base." About Payless Car Sales, Inc. Initially created to provide a sales platform for disposing of rental vehicles for its sister company Payless Car Rental, Payless Car Sales became a separate entity in February 2002 and has now grown to over 50 locations in 16 states and Puerto Rico. Payless Car Sales, Inc. is a wholly owned subsidiary of Florida-based Avalon Global Group, Inc., a privately held company headquartered in St. Petersburg, Florida. For additional information, visit www.paylesscarsales.com. About DealerTrack DealerTrack Holdings, Inc. (NASDAQ:TRAK) is a leading provider of on- demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance, vehicle accessories and other aftermarket products, document compliance, and execute financing contracts electronically. In addition, the DealerTrack Arkona DMS (dealer management system) is used by dealerships nationwide. Over 22,000 dealers, 475 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit www.dealertrack.com. Safe Harbor for Forward-Looking and Cautionary Statements Statements in this press release regarding DealerTrack, the benefits of our products and services, and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause such a difference include: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and aftermarket providers; selling additional products and services to existing and new customers; success in expanding our customer base and product and service offerings and integrating acquisitions; and other risks listed in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2006. TRAK-G Contacts:
Raphael Carty
DealerTrack
(516) 734-3777
raphael.carty@dealertrack.com Stephanie Lowenthal
RF|Binder Partners
(212) 994-7619
stephanie.lowenthal@rfbinder.com FCMN Contact: robert.bralow@rfbinder.com
Source: DealerTrack Holdings, Inc.
CONTACT: Raphael Carty, DealerTrack, +1-516-734-3777,
raphael.carty@dealertrack.com; or Stephanie Lowenthal of RF|Binder Partners,
+1-212-994-7619, stephanie.lowenthal@rfbinder.com, for DealerTrack Web site: http://www.dealertrack.com/
http://www.paylesscarsales.com/
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Profile: automotive-news
posted by automotive-news # 9:38 AM
GMAC Insurance Strives for Diversified Growth in 2008
GMAC Insurance Strives for Diversified Growth in 2008 SOUTHFIELD, Mich., Feb. 7 /PRNewswire/ -- GMAC Insurance today unveiled a new, comprehensive strategy to grow its base of diversified dealers in 2008. A comprehensive suite of products and services, as well as a new marketing strategy and sales force will play lead roles in the company's enhanced customer-centric approach to address the individual needs of new and existing dealer customers. "While the majority of competitors traditionally focus solely on products, GMAC Insurance has designed its value proposition to provide solutions that address everything from sales to service to administration," said Tom Callahan, executive vice president of GMAC Insurance's Dealer Products & Services group (DP&S). "We understand there is no single silver bullet that will meet everyone's needs, and it is our knowledge of those complexities that sets GMAC Insurance apart from the crowd." New Solutions Beginning this past summer, DP&S has introduced a number of new products and tools for GM and diversified dealers alike. First, in addition to the well-known GM Protection Plan and VehicleOne vehicle service contract lines, GMAC Insurance is now offering a third option, Repair Advantage. Additionally, the company recently launched two new guaranteed asset protection (GAP) products for the entire dealer body. The products provide consumers with protection from potential "gap" obligations between the net balance owed on a finance contract or lease and the customers' settlement from their primary insurer on their totaled vehicle. In the past year, the company also introduced a new dent repair product, Dent Restore Plus, to its full suite of F&I solutions. "We strongly believe our current portfolio of dealership products is best- in-class," said Callahan. "Moreover, these great products come with technology, tools, training and services that are complete solutions to a dealer's business needs." In mid-January, GMAC Insurance introduced a new no-cost, menu-selling process to its qualified dealers. Depending on pre-determined GMAC Insurance sales benchmarks, dealers will be able to use the company's Web-based IntelliMenu and IntelliTracker to sell all of the dealership's after-market finance and insurance (F&I) products. Dealers who agree to exclusively sell GMAC Insurance aftermarket F&I products also will receive ongoing training and support tailored specifically to their businesses. Overall, this state-of-the-art, custom-designed menu-selling process has the potential to increase dealership F&I revenue by 30 percent on average. Full-Circle Marketing In addition to new products and solutions, DP&S is launching a new marketing campaign in conjunction with the company's first stand alone participation in the National Automotive Dealers Association (NADA) Annual Convention in San Francisco. A new creative platform will commence in the coming months, introducing the company's full circle of solutions. One large piece to the campaign will be the February launch of a new GMAC Insurance dealer portal, located at dealer.gmacinsurance.com. Over the next year, the company will consolidate access to its multiple dealer Websites into a single point of entry, and will provide dealers with an easy-to-use e-network of F&I, Risk Management and Business Development solutions to help them grow their business. Organizational Growth A new organizational structure provides the final piece to the company's evolution. In order to support its goals for growth, GMAC Insurance has created a new sales organization to serve GM and diversified automotive dealer customers throughout North America. While most of the sales positions have been filled, GMAC Insurance is still recruiting for the remainder. Additionally, the company has developed robust marketing and product development teams to support the growth at DP&S. "We have developed a customer-focused organization that will allow us to dramatically grow business by providing products and services that meet the needs of new and existing customers," Callahan said. "I invite every dealer to stop by our NADA booth or contact their GMAC Insurance sales representative to learn how we can help your business." About GMAC Insurance GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC's insurance operations were first established in 1925 and now offer a wide range of products to meet the needs of retail consumers, dealers and business partners. For more information, visit www.gmacfs.com. Source: GMAC Insurance
CONTACT: Sarah Comstock of GMAC Global Communications, +1-313-656-6954,
Mobile +1-313-815-3577, Sarah.N.Comstock@gmacfs.com Web site: http://www.gmacfs.com/
http://dealer.gmacinsurance.com/
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Profile: automotive-news
posted by automotive-news # 9:33 AM
Raytheon Delivers First Advanced SUV-Based Radiation Detection System
Raytheon Delivers First Advanced SUV-Based Radiation Detection System TEWKSBURY, Mass., Feb. 7, 2008 /PRNewswire/ -- Raytheon Company's (NYSE:RTN) Integrated Defense Systems delivered the first advanced sports utility vehicle-based radiation detection system to the Department of Homeland Security's Domestic Nuclear Detection Office. The successful delivery of this system will allow DNDO to operate in urban environments and will enhance border security and national defense by preventing the smuggling of nuclear materials through ports of entry. "This is a tremendous result by our Raytheon-led team in a very rapid response to an urgent and critical homeland security need," said Mary Petryszyn, vice president of Civil Security and Response Programs. "We are proud to support the Department of Homeland Security's mission of protecting America." With this delivery Raytheon maintains its position as a homeland security solutions provider, with award-winning manufacturing capability and a highly skilled workforce that can provide proven, affordable technical solutions on time and on budget. Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency, the U.S. Armed Forces and the Department of Homeland Security. Raytheon Company, with 2007 sales of $21.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 72,000 people worldwide. Contact:
Carol Sobel
978.858.4519 Source: Raytheon Company
CONTACT: Carol Sobel of Raytheon Company, +1-978-858-4519 Web site: http://www.raytheon.com/
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Profile: automotive-news
posted by automotive-news # 9:32 AM
First Factory-Authorized smart fortwo Cars Arrive in Puget Sound
First Factory-Authorized smart fortwo Cars Arrive in Puget Sound O'Brien Auto Group Only Dealer to Sell Cars Under Warranty, With Factory-Certified Service in Washington State SEATTLE, Feb. 7 /PRNewswire/ -- O'Brien Auto Group today announced the arrival of the state's first factory-authorized smart cars. The announcement, made at the company's new smart center Seattle, paves the way for car buyers here to own a certified US version of the car that comes with warranty and factory authorized service. "This is a major announcement for anyone in the state who's wanted to purchase a smart car but balked at the high-cost and inconvenience of buying a gray market version of the car," said Michael O'Brien, CEO of O'Brien Auto Group. O'Brien Auto Group was chosen last year by smart USA as the exclusive authorized factory dealer of the cars in Washington state. The company has already received hundreds of deposits on the cars and expects demand to remain strong through 2008. Nationally, smart USA has received more than 30,000 deposits through its 74 dealerships located in 31 states. "We carefully selected dealers from across the country who can best represent the smart brand," said Dave Schembri, president of smart USA. "Each dealer participated in our dealer qualification process, including an assessment of reputation for exceptional customer care. We are very pleased to have O'Brien Auto Group as part of our dealership network and welcome them to the smart family." During the past year, a number of European-model smart cars have reached Seattle-area and been sold as unauthorized, or what the automotive industry terms "gray market" cars. These "gray market" versions of the smart car aren't covered by any factory warranty and require conversion to US specifications to be legal to operate on US roadways. The extremely expensive conversions are completed by non-factory trained technicians and, in the end, sell for about twice as much as dealer-authorized versions. O'Brien believes that the factory-authorized cars will have a stronger appeal to potential buyers throughout the state. One of Europe's most-popular cars since the late 90's, the new smart fortwo is just now making its way to the US with Seattle among the first major cities to take delivery. The fun and affordable cars get 40-miles-per-gallon, have ultra low emissions and are small enough to fit in even the tightest parking spots - sideways. "The fortwo is, in a lot of ways, the perfect car for the Pacific Northwest driver as it delivers a blend of style and substance," said Michael O'Brien, CEO of O'Brien Auto Group. "Around here, people want a car that not only looks and drives well but, as importantly, aligns with their personal lifestyles and values." The cars are expected to be a great fit for a number of different types of drivers. "The cars appeal to a wide range of consumers including first time buyers with a limited budget, urban dwellers in areas with tight parking, and empty nesters who don't require a large car," said O'Brien. The new smart center Seattle, located at 301 Baker Boulevard near Southcenter mall, sells all three versions of the smart fortwo including a pure coupe starting at $11,590, a passion coupe starting at $13,590 and the well-equipped passion cabriolet starting at $16,590. For an additional $850, each car can be upgraded with a "comfort package" that includes power steering, leather seats, rain and lights sensor and auto-off headlamps with exit delay. The most popular colors are red, blue, black, yellow, silver and white. About smart USA and the smart fortwo The smart fortwo is manufactured by Mercedes-Benz Cars and is a Daimler brand. This technologically advanced vehicle achieves 40 plus miles per gallon on the highway and is an ultra-low emissions vehicle. The vehicle is 8.8 feet long, 5.1 feet tall, 5.1 feet wide and comes equipped with many functional and safety features found in most luxury models. smart is currently sold in 36 countries and more than 850,000 smart fortwos have been sold since 1998. smart USA Distributor LLC, headquartered in Bloomfield, Mich., is the exclusive distributor of the smart fortwo in the United States and Puerto Rico and is a wholly-owned subsidiary of Penske Automotive Group, Inc. About smart center Seattle smart center Seattle is owned by O'Brien Auto Group. Founded in 1986, O'Brien Auto Group is a privately-held company that owns and operates six dealerships in Washington state and four in Salem, Oregon. In total, the company employs 760 people and has annual sales exceeding $600 million. More information on the company can be viewed online at http://www.obrienautogroup.com/ FOR MORE INFORMATION:
Dan Branley (206) 914-1231
dbranley@launchcmus.com First Call Analyst:
FCMN Contact:
Source: O'Brien Auto Group
CONTACT: Dan Branley, +1-206-914-1231, dbranley@launchcmus.com Web site: http://www.launchcmus.com/
http://www.obrienautogroup.com/ NOTE TO EDITORS: Media are invited to interview O'Brien Auto Group CEO Michael O'Brien, to test drive the new cars and meet some of their owners at a press event taking place today at smart center of Seattle. Information on this event can be viewed by clicking the following link: http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/02-06- 2008/0004751130&EDATE= -------
Profile: automotive-news
posted by automotive-news # 9:21 AM
Global Composites Industry Outlook in 2008 and Beyond: The Composite Products Market Reached $56 billion in 2007
Global Composites Industry Outlook in 2008 and Beyond: The Composite Products Market Reached $56 billion in 2007 DALLAS, Feb. 7 /PRNewswire/ -- For the composites industry, 2007 has been a tough year. The industry finished the year with a modest gain due to growth of certain markets. The U.S. housing market clearly had a negative impact in North America. At the end of 2007, the market for composite products reached an estimated $56 billion. Lucintel identified best and worst performing markets and regions in 2007 and most importantly forecasts the geographic regions, sectors and sub-sectors which will bring the best returns for 2008 and beyond. The worst performers for the composites industry in 2007 were North America's: -- Construction Market
-- Transportation market
-- Electrical / Electronics Market
-- Consumer Market
-- Marine Market For the composites industry in 2007, China and India were winners regionally, along with the following global market segments: Wind Energy, Aerospace, and Pipe and Tank. Lucintel expects rapid growth of CFRP (carbon fiber reinforced plastics) compared to GFRP (glass fiber reinforced plastics) products in future. In last 15 years, the market for GFRP grew by 50%, while market for carbon fiber composite products grew by about 250%. A similar trend is expected in future, with CFRP product growth outpacing GFRP. Lucintel's new flagship market study "Global Composites Market 2008 - 2013: Opportunities, Markets & Technologies" identifies over 15 applications and markets, where there will be 5% to 50% annual growth for composites in next 5 years. For example even though marine market is down in the USA, demand for luxury boats / yachts (of sizes over 30') are growing rapidly in Europe. Composite material suppliers should focus their strategy to align themselves with European yacht builders such as Ferretti, Azimut, Groupe Beneteau, Rodriguez group, Sun Seeker, and more to meet their growing need for large size boats. This 440-page research report contains product segment growth breakdowns, emerging materials reviews, mergers and acquisitions highlights, regional market analyses, trends and forecasts, enabling you to make confident business decisions in this globally competitive marketplace. This can help clarify your vision of the future to drive your company's performance. For detailed table of contents and pricing information on this timely and insightful report, please contact Sean Lofgren at 972-636-5056 or via email at sean.lofgren@lucintel.com. We look forward to partnering with you in the near future. First Call Analyst:
FCMN Contact:
Source: Lucintel
CONTACT: Sean Lofgren of Lucintel, +1-972-636-5056,
sean.lofgren@lucintel.com
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Profile: automotive-news
posted by automotive-news # 9:04 AM
Solomon Awarded Development Contract
Solomon Awarded Development Contract DANBURY, Conn., Feb. 7 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) announced today that its Technipower subsidiary has been awarded a $150,000 contract to develop and supply a prototype power supply for a new advanced vehicle launch ordinance system for the United States military. Jack Worthen, President of the Power Electronics Division, said "Technipower's long history of serving tier one military contractors has earned it a well deserved reputation for developing application specific solutions in a timely, cost effective manner. This contract demonstrates our broad engineering and design capabilities coupled with extensive experience in complex, demanding applications. The flexibility of our basic technology platform allows us to address these "kilowatt class" applications more easily than nearly every other high power system supplier." Mr. Worthen added, "As Solomon continues to grow its base of power supply products and technology, most recently with the acquisition of Deltron, our overall capability in leading edge, next generation power system technology will be a major asset in penetrating new markets. Combining our intellectual property and product platforms with our focus on global, low cost manufacturing gives us a strong competitive advantage across all markets." The new initiative will increase launch trajectory accuracy, replacing a decades old system on one of the military's primary light mobile bombardment platforms. Technipower's proposal not only provided a robust, innovative power system, but also was responsive to the contractor's need for a highly manufacturable, cost effective solution. The first prototype system is scheduled for delivery in the fourth quarter of this year. If the military selects the new system for future field deployment the production contract could be substantial over a number of years. Information about Solomon Technologies, Inc.: Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(R) Electric Transaxle(TM) and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, hybrid electric and all electric vehicle applications. FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward- looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the Company's filings with the Securities and Exchange Commission. The forward- looking statements contained in this release speak only as of the date hereof, and the Company undertakes no obligation to correct or update any forward- looking statements, whether as a result of new information, future events or otherwise. Contact:
Solomon Technologies, Inc.
Jack Worthen, 203-748-7001
www.solomontechnologies.com or
Crescent Communications
David Long, 203-226-5527
First Call Analyst:
FCMN Contact:
Source: Solomon Technologies, Inc.
CONTACT: Jack Worthen of Solomon Technologies, Inc., +1-203-748-7001;
or David Long of Crescent Communications, +1-203-226-5527 Web site: http://www.solomontechnologies.com/
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Profile: automotive-news
posted by automotive-news # 8:57 AM
AutoNation Reports 2007 Fourth Quarter and Full Year Results of Operations
AutoNation Reports 2007 Fourth Quarter and Full Year Results of Operations FORT LAUDERDALE, Fla., Feb. 7 /PRNewswire-FirstCall/ -- AutoNation, Inc. (NYSE:AN), America's largest automotive retailer, today reported 2007 fourth quarter net income from continuing operations of $50 million or $0.27 per share on revenue of $4.2 billion, compared to year-ago fourth quarter net income from continuing operations of $74 million or $0.35 per share on revenue of $4.4 billion. Results for the fourth quarter of 2007 reflected a decline in vehicle sales especially in California and Florida, partially offset by continued share repurchases. Together, California and Florida represent approximately 50% of the Company's new vehicle business, in contrast to 20% of industry retail new vehicles sold in the U.S. For full year 2007, the Company reported net income from continuing operations of $288 million or $1.44 per share, compared to $331 million or $1.44 per share in 2006. After adjusting for certain items as disclosed in the attached financial tables, the Company's full-year EPS from continuing operations for 2007 was $1.38 compared to $1.53 in 2006. The Company's revenue for 2007 totaled $17.7 billion, a decrease of 5% versus the prior year. Commenting on the year ahead, Mike Jackson, chairman and chief executive officer said, "We expect to continue to see a challenging new vehicle retail market, especially in California and Florida. AutoNation continues to have confidence in California and Florida and views them as healthy markets over the long term." Jackson also added, "We believe that in 2008, U.S. new vehicle industry sales will decline to the mid-15 million unit level from 16.1 million units in 2007. However, the recent action by the Federal Reserve to reduce interest rates could improve the automotive retail outlook in the second half of 2008." The fourth quarter conference call may be accessed at 11:00 am Eastern Time by phone at 888-769-8515 (passcode: AutoNation) or via the Internet (audio webcast) at http://www.autonation.com/ by clicking on the "About Us" link then clicking on "Investors" and then "Webcasts." A playback of the conference call will be available after 2:30 p.m. Eastern Time on February 7, 2008 through February 14, 2008 by calling 800-759-3449. About AutoNation, Inc. AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. A component of the Standard and Poor's 500 Index, AutoNation has approximately 25,000 full-time employees and owns and operates 322 new vehicle franchises in 15 states. For additional information, please visit http://corp.autonation.com/ or www.AutoNation.com, where more than 90,000 vehicles are available for sale. FORWARD LOOKING STATEMENTS Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward- looking statements, including its long-term growth targets. NON-GAAP FINANCIAL MEASURES The attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as net income and diluted earnings per share from continuing operations for the years ended December 31, 2007 and 2006, adjusted in each case to exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations, and improves the period-to-period comparability of the Company's results from its core business operations. AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS
($ in millions, except per share data) Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006 Revenue:
New vehicle $2,446.7 $2,614.6 $10,195.6 $10,985.0
Used vehicle 972.6 1,001.5 4,241.2 4,413.3
Parts and service 635.9 615.4 2,592.7 2,532.6
Finance and insurance, net 141.5 146.6 593.7 623.1
Other 17.1 16.5 68.3 72.5
Total revenue 4,213.8 4,394.6 17,691.5 18,626.5 Cost of sales:
New vehicle 2,274.6 2,425.8 9,475.6 10,179.8
Used vehicle 899.6 916.0 3,882.3 4,012.9
Parts and service 360.4 348.7 1,460.5 1,419.6
Other 7.6 6.6 28.7 31.4
Total cost of sales 3,542.2 3,697.1 14,847.1 15,643.7 Gross profit 671.6 697.5 2,844.4 2,982.8 Selling, general and
administrative expenses 496.9 499.8 2,046.2 2,109.9
Depreciation and
amortization 26.8 20.8 91.7 81.4
Other expenses (income), net 0.1 - 1.7 (0.2) Operating income 147.8 176.9 704.8 791.7 Floorplan interest expense (33.7) (35.6) (133.1) (138.2)
Other interest expense (31.7) (26.5) (114.3) (90.9)
Other interest expense -
senior note repurchases - - - (34.5)
Interest income 0.8 0.8 3.4 8.3
Other gains (losses), net (1.6) 3.2 (1.5) 4.8 Income from continuing
operations before income
taxes 81.6 118.8 459.3 541.2 Provision for income taxes 31.9 44.6 171.3 210.4 Net income from continuing
operations 49.7 74.2 288.0 330.8 Income (loss) from
discontinued operations,
net of income taxes 2.0 1.0 (9.3) (13.9)
Net income $51.7 $75.2 $278.7 $316.9
Diluted earnings (loss) per
share:
Continuing operations $0.27 $0.35 $1.44 $1.44
Discontinued operations $0.01 $0.00 $(0.05) $(0.06)
Net income $0.28 $0.36 $1.39 $1.38
Weighted average common
shares outstanding 183.5 211.5 200.0 229.3
Common shares outstanding,
net of treasury stock 180.4 206.8 180.4 206.8 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data) Operating Highlights Three Months Ended December 31,
$ %
2007 2006 Variance Variance
Revenue:
New vehicle $2,446.7 $2,614.6 $(167.9) (6.4)
Retail used vehicle 776.7 792.3 (15.6) (2.0)
Wholesale 195.9 209.2 (13.3) (6.4)
Used vehicle 972.6 1,001.5 (28.9) (2.9)
Parts and service 635.9 615.4 20.5 3.3
Finance and insurance, net 141.5 146.6 (5.1) (3.5)
Other 17.1 16.5 0.6
Total revenue $4,213.8 $4,394.6 $(180.8) (4.1)
Gross profit:
New vehicle $172.1 $188.8 $(16.7) (8.8)
Retail used vehicle 75.3 86.5 (11.2) (12.9)
Wholesale (2.3) (1.0) (1.3)
Used vehicle 73.0 85.5 (12.5) (14.6)
Parts and service 275.5 266.7 8.8 3.3
Finance and insurance 141.5 146.6 (5.1) (3.5)
Other 9.5 9.9 (0.4)
Total gross profit 671.6 697.5 (25.9) (3.7)
Selling, general and
administrative expenses 496.9 499.8 2.9 0.6 Depreciation and amortization 26.8 20.8 (6.0)
Other expenses (income), net 0.1 - (0.1)
Operating income 147.8 176.9 (29.1) (16.4) Floorplan interest expense (33.7) (35.6) 1.9
Other interest expense (31.7) (26.5) (5.2)
Other interest expense - senior
note repurchases - - -
Interest income 0.8 0.8 -
Other gains (losses), net (1.6) 3.2 (4.8)
Income from continuing
operations before income
taxes $81.6 $118.8 $(37.2) (31.3) Retail vehicle unit sales:
New 76,865 82,672 (5,807) (7.0)
Used 46,782 48,526 (1,744) (3.6)
123,647 131,198 (7,551) (5.8) Revenue per vehicle retailed:
New $31,831 $31,626 $205 0.6
Used $16,603 $16,327 $276 1.7 Gross profit per vehicle
retailed:
New $2,239 $2,284 $(45) (2.0)
Used $1,610 $1,783 $(173) (9.7)
Finance and insurance $1,144 $1,117 $27 2.4 Operating Highlights Twelve Months Ended December 31,
$ %
2007 2006 Variance Variance
Revenue:
New vehicle $10,195.6 $10,985.0 $(789.4) (7.2)
Retail used vehicle 3,389.0 3,531.7 (142.7) (4.0)
Wholesale 852.2 881.6 (29.4) (3.3)
Used vehicle 4,241.2 4,413.3 (172.1) (3.9)
Parts and service 2,592.7 2,532.6 60.1 2.4
Finance and insurance, net 593.7 623.1 (29.4) (4.7)
Other 68.3 72.5 (4.2)
Total revenue $17,691.5 $18,626.5 $(935.0) (5.0)
Gross profit:
New vehicle $720.0 $805.2 $(85.2) (10.6)
Retail used vehicle 358.8 400.4 (41.6) (10.4)
Wholesale 0.1 - 0.1
Used vehicle 358.9 400.4 (41.5) (10.4)
Parts and service 1,132.2 1,113.0 19.2 1.7
Finance and insurance 593.7 623.1 (29.4) (4.7)
Other 39.6 41.1 (1.5)
Total gross profit 2,844.4 2,982.8 (138.4) (4.6)
Selling, general and
administrative expenses 2,046.2 2,109.9 63.7 3.0 Depreciation and amortization 91.7 81.4 (10.3)
Other expenses (income), net 1.7 (0.2) (1.9)
Operating income 704.8 791.7 (86.9) (11.0) Floorplan interest expense (133.1) (138.2) 5.1
Other interest expense (114.3) (90.9) (23.4)
Other interest expense - senior
note repurchases - (34.5) 34.5
Interest income 3.4 8.3 (4.9)
Other gains (losses), net (1.5) 4.8 (6.3)
Income from continuing
operations before income
taxes $459.3 $541.2 $(81.9) (15.1) Retail vehicle unit sales:
New 328,963 362,895 (33,932) (9.4)
Used 206,140 219,271 (13,131) (6.0)
535,103 582,166 (47,063) (8.1) Revenue per vehicle retailed:
New $30,993 $30,270 $723 2.4
Used $16,440 $16,107 $333 2.1 Gross profit per vehicle
retailed:
New $2,189 $2,219 $(30) (1.4)
Used $1,741 $1,826 $(85) (4.7)
Finance and insurance $1,110 $1,070 $40 3.7 Three Months Ended Twelve Months Ended
Operating Percentages December 31, December 31,
% 2007 % 2006 % 2007 % 2006 Revenue mix percentages:
New vehicle 58.1 59.5 57.6 59.0
Used vehicle 23.1 22.8 24.0 23.7
Parts and service 15.1 14.0 14.7 13.6
Finance and insurance, net 3.4 3.3 3.4 3.3
Other 0.3 0.4 0.3 0.4
100.0 100.0 100.0 100.0 Gross profit mix percentages:
New vehicle 25.6 27.1 25.3 27.0
Used vehicle 10.9 12.3 12.6 13.4
Parts and service 41.0 38.2 39.8 37.3
Finance and insurance 21.1 21.0 20.9 20.9
Other 1.4 1.4 1.4 1.4
100.0 100.0 100.0 100.0 Operating items as a percentage
of revenue:
Gross profit:
New vehicle 7.0 7.2 7.1 7.3
Used vehicle - retail 9.7 10.9 10.6 11.3
Parts and service 43.3 43.3 43.7 43.9
Total 15.9 15.9 16.1 16.0
Selling, general and
administrative expenses 11.8 11.4 11.6 11.3
Operating income 3.5 4.0 4.0 4.3 Operating items as a percentage
of total gross profit:
Selling, general and
administrative expenses 74.0 71.7 71.9 70.7
Operating income 22.0 25.4 24.8 26.5 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Capital Expenditures / Stock Three Months Twelve Months
Repurchases Ended December 31, Ended December 31,
2007 2006 2007 2006
Capital expenditures $31.2 $39.1 $160.2 $175.6
Acquisitions $2.5 $78.2 $6.7 $166.7
Proceeds from exercises of
stock options $4.7 $13.6 $96.6 $75.7
Stock repurchases:
Aggregate purchase price $64.9 $43.3 $645.7 $1,380.6
Shares repurchased (in
millions) 4.0 2.1 33.2 61.2 Floorplan Assistance and Three Months Ended Twelve Months Ended
Expense December 31, December 31, 2007 2006 Variance 2007 2006 Variance Floorplan assistance
earned (included in
cost of sales) $22.9 $24.8 $(1.9) $100.0 $108.8 $(8.8)
Floorplan interest
expense (33.7) (35.6) 1.9 (133.1) (138.2) 5.1 Net inventory carrying
cost $(10.8) $(10.8) $- $(33.1) $(29.4) $(3.7) Balance Sheet and Other Highlights December 31, December 31,
2007 2006 Cash and cash equivalents $32.8 $52.8
Inventory $2,325.7 $2,305.0
Total floorplan notes payable $2,181.8 $2,213.6
Non-vehicle debt $1,775.8 $1,571.5
Equity $3,473.5 $3,712.7
New days supply (industry
standard of selling
days, including fleet) 53 days 51 days Used days supply (trailing 30
days) 44 days 42 days Brand Mix - New Vehicle Revenue % Three Months Ended Twelve Months Ended
December 31, December 31,
% 2007 % 2006 % 2007 % 2006 Detroit 3:
Ford, Lincoln-Mercury 12.9 13.8 14.2 16.4
Chevrolet, Pontiac,
Buick, Cadillac, GMC 13.8 13.8 13.6 14.0
Chrysler, Jeep, Dodge 6.6 7.0 7.0 7.4
Detroit 3 total 33.3 34.6 34.8 37.8 Import Premium Luxury:
Mercedes 14.1 14.3 12.2 12.0
BMW 6.8 6.0 6.4 5.1
Lexus 4.5 4.1 4.0 3.5
Other premium luxury
(Land Rover, Porsche) 3.1 3.3 3.0 2.7
Premium Luxury total 28.5 27.7 25.6 23.3 Volume Imports:
Honda 8.9 8.2 9.2 8.6
Toyota 14.6 14.4 15.2 14.5
Nissan 8.8 8.5 9.2 9.5
Other imports 5.9 6.6 6.0 6.3
Import total 38.2 37.7 39.6 38.9 100.0 100.0 100.0 100.0 AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data) Comparable Basis Reconciliations*
Three Months Ended December 31,
Diluted Earnings
Net Income Per Share
2007 2006 2007 2006 As reported $51.7 $75.2 $0.28 $0.36 Discontinued operations, net of
income taxes (2.0) (1.0) $(0.01) $(0.00)
From continuing operations, as
reported 49.7 74.2 $0.27 $0.35
Twelve Months Ended December 31,
Net Income Diluted Earnings
Per Share
2007 2006 2007 2006
As reported $278.7 $316.9 $1.39 $1.38 Discontinued operations, net of
income taxes 9.3 13.9 $0.05 $0.06
From continuing operations, as
reported 288.0 330.8 $1.44 $1.44
Income tax adjustments (12.0) - $(0.06) $-
Senior note repurchases - 21.1 $ - $0.09
Adjusted $276.0 $351.9 $1.38 $1.53
* Please refer to the "Non-GAAP Financial Measures" section of the
Press Release.
Business Assumptions Impacting Long-term Average EPS Growth Target of 10%
to 12% Per Year: U.S. light vehicle annual unit sales assumes recovery in key markets Continued opportunistic redeployment share repurchase, capital
of cash flow expenditures and acquisitions Targeted return on incremental approximately 15% after-tax
invested capital AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data) Operating Highlights Three Months Ended December 31,
$ %
2007 2006 Variance Variance
Revenue:
New vehicle $2,438.5 $2,614.6 $(176.1) (6.7)
Retail used vehicle 773.8 792.3 (18.5) (2.3)
Wholesale 194.5 208.6 (14.1) (6.8)
Used vehicle 968.3 1,000.9 (32.6) (3.3)
Parts and service 631.2 615.4 15.8 2.6
Finance and insurance, net 143.4 147.1 (3.7) (2.5)
Other 6.0 5.9 0.1 1.7
Total revenue $4,187.4 $4,383.9 $(196.5) (4.5)
Gross profit:
New vehicle $171.7 $188.8 $(17.1) (9.1)
Retail used vehicle 75.2 86.6 (11.4) (13.2)
Wholesale (2.7) (1.5) (1.2)
Used vehicle 72.5 85.1 (12.6) (14.8)
Parts and service 273.1 267.1 6.0 2.2
Finance and insurance 143.4 147.1 (3.7) (2.5)
Other 6.2 6.0 0.2
Total gross profit $666.9 $694.1 $(27.2) (3.9)
Retail vehicle unit sales:
New 76,687 82,672 (5,985) (7.2)
Used 46,674 48,526 (1,852) (3.8)
123,361 131,198 (7,837) (6.0)
Revenue per vehicle retailed:
New $31,798 $31,626 $172 0.5
Used $16,579 $16,327 $252 1.5 Gross profit per vehicle
retailed:
New $2,239 $2,284 $(45) (2.0)
Used $1,611 $1,785 $(174) (9.7)
Finance and insurance $1,162 $1,121 $41 3.7 Operating Highlights Twelve Months Ended December 31,
$ %
2007 2006 Variance Variance
Revenue:
New vehicle $10,107.7 $10,985.0 $(877.3) (8.0)
Retail used vehicle 3,367.4 3,531.7 (164.3) (4.7)
Wholesale 838.3 879.2 (40.9) (4.7)
Used vehicle 4,205.7 4,410.9 (205.2) (4.7)
Parts and service 2,563.9 2,532.5 31.4 1.2
Finance and insurance,
net 596.5 624.6 (28.1) (4.5)
Other 25.1 27.8 (2.7) (9.7)
Total revenue $17,498.9 $18,580.8 $(1,081.9) (5.8)
Gross profit:
New vehicle $712.6 $805.2 $(92.6) (11.5)
Retail used vehicle 357.3 400.5 (43.2) (10.8)
Wholesale (2.1) (2.3) 0.2
Used vehicle 355.2 398.2 (43.0) (10.8)
Parts and service 1,116.4 1,111.7 4.7 0.4
Finance and insurance 596.5 624.6 (28.1) (4.5)
Other 25.7 24.5 1.2
Total gross profit $2,806.4 $2,964.2 $(157.8) (5.3)
Retail vehicle unit sales:
New 327,372 362,895 (35,523) (9.8)
Used 205,490 219,271 (13,781) (6.3)
532,862 582,166 (49,304) (8.5)
Revenue per vehicle
retailed:
New $30,875 $30,270 $605 2.0
Used $16,387 $16,107 $280 1.7 Gross profit per vehicle
retailed:
New $2,177 $2,219 $(42) (1.9)
Used $1,739 $1,827 $(88) (4.8)
Finance and insurance $1,119 $1,073 $46 4.3 Three Months Ended Twelve Months
Operating Percentages December 31, Ended December 31,
% 2007 % 2006 % 2007 % 2006 Revenue mix percentages:
New vehicle 58.2 59.6 57.8 59.1
Used vehicle 23.1 22.8 24.0 23.7
Parts and service 15.1 14.0 14.7 13.6
Finance and insurance,
net 3.4 3.4 3.4 3.4
Other 0.2 0.2 0.1 0.2
100.0 100.0 100.0 100.0
Gross profit mix percentages:
New vehicle 25.7 27.2 25.4 27.2
Used vehicle 10.9 12.3 12.7 13.4
Parts and service 41.0 38.5 39.8 37.5
Finance and insurance 21.5 21.2 21.3 21.1
Other 0.9 0.8 0.8 0.8
100.0 100.0 100.0 100.0
Operating items as a
percentage of revenue:
Gross Profit:
New vehicle 7.0 7.2 7.1 7.3
Used vehicle - retail 9.7 10.9 10.6 11.3
Parts and service 43.3 43.4 43.5 43.9
Total 15.9 15.8 16.0 16.0
First Call Analyst:
FCMN Contact: polaskib@autonation.com
Photo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: AutoNation, Inc.
CONTACT: Marc Cannon of AutoNation, Inc., +1-954-769-3146,
cannonm@autonation.com Web site: http://corp.autonation.com/
http://www.autonation.com/ Company News On-Call: http://www.prnewswire.com/comp/750525.html
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Profile: automotive-news
posted by automotive-news # 8:48 AM
PG&E Signs Agreement to Purchase Plug-in Hybrid SUVs From Raser Technologies
PG&E Signs Agreement to Purchase Plug-in Hybrid SUVs From Raser Technologies Utility to Expand Green Fleet With Plug-in Hybrid Electric Sports Utility Vehicles Designed to Achieve Over 100 Miles per Gallon SAN FRANCISCO, Feb. 7 /PRNewswire-FirstCall/ -- Pacific Gas and Electric Company today announced it has entered into an agreement with Raser Technologies, Inc. (NYSE Arca: RZ) for the purchase and demonstration of two plug-in series hybrid electric sport utility vehicles (SUV). The vehicles are designed to achieve over 100 miles per gallon (mpg) in typical daily driving, while operating in near zero emission mode. "PG&E is a strong advocate of plug-in hybrid vehicles and has been working with Raser as co-founders of the Plug-in Hybrid Development Consortium for the past two years, with the goal to accelerate a pathway for PHEV commercialization," said Andrew Tang, senior director of smart energy web at PG&E. "We are very excited to team with Raser to be the first utility to take delivery on these breakthrough plug-in series hybrid vehicles. Plug-in hybrid electric vehicles are a practical solution to meet the challenges associated with climate change by reducing fuel costs, greenhouse gas emissions and our dependency on petroleum-based fuels." Initially, PG&E will purchase two plug-in hybrid SUVs from Raser for demonstration and testing, with the goal to integrate additional PHEVs into its fleet in the future. The PHEVs are expected to cut operational fuel costs up to 75 percent by driving in all-electric mode during typical daily fleet routes of up to 40 miles. When driving beyond the 40-mile battery electric range, the PHEVs may continue up to 400 miles by generating their own electricity. The fleet PHEVs are also expected to reduce greenhouse gas emissions to nearly zero during local daily driving. PG&E plans to plug in the vehicles at night, when energy demand is lowest, to maximize emission reductions and fuel savings for daily routes. Subsequent versions are expected to provide emergency mobile power from the vehicles onboard 100 kW generator to assist in power outages or provide mobile power for work and repairs. "Raser's proprietary plug-in series architecture and electric powertrain are what allows full size SUVs and light trucks to potentially achieve over 100 mpg with near zero emissions. We applaud PG&E's leadership in green fleets and in clean renewable power. We look forward to working with PG&E to demonstrate PHEV vehicles that can help them continue to set the standard for clean air and renewable energy," said David West, vice president of Raser Technologies and co-founder of the Plug-in Hybrid Development Consortium. Raser has established PHEV development agreements with a leading global automaker and a leading automotive integrator to build a 100 mpg plug-in hybrid electric SUV using Raser's proprietary electric drive system and award-winning Symetron(TM) technology. SUVs and light trucks are the highest selling class of vehicles in the U.S. and also have the potential for the most improvement in emissions reductions and fuel economy. Raser also plans to offer 100-plus mpg plug-in hybrid SUVs and light trucks to other fleets through manufacturing partners for early demonstration. "We look forward to showing how beneficial PHEVs can be for the environment by demonstrating them in our own fleet, and hope many of our customers will follow our lead to green up their fleets as well," said Efrain Ornelas, environmental technical supervisor of clean air transportation at PG&E. PG&E is a national leader in providing its customers with clean energy. On average, more than 50 percent of the electricity PG&E delivers to its customers throughout its northern and central California service area comes from carbon-free sources. PG&E currently supplies 12 percent of its energy from qualifying renewable sources under California's Renewable Portfolio Standard (RPS) program. PG&E became the first utility in the nation to publicly demonstrate the possibility of electric vehicles to supply homes and business with electricity at a Silicon Valley Leadership Group event in April 2007. PG&E also shared this technical expertise with Google in June 2007 to upgrade a number of company-owned PHEVs to be V2G capable for a demonstration at the search leader's Mountain View campus. More recently, PG&E entered into a project partnership with an electric vehicle manufacturer to further evolve vehicle-to-grid (V2G) technology by researching smart charging -- a form of V2G designed to allow remote control charging of electric vehicles connected to the power grid. PG&E's PHEV/EV and V2G program is part of its broader strategy to develop innovative energy solutions that deliver the cleanest and most reliable power to its customers. In addition to its PHEV and dedicated electric vehicles, PG&E owns and operates one of the largest utility clean fuel fleets in the nation with more than 1,300 natural gas vehicles in a 10,000 vehicle fleet. PG&E's clean fuel fleet consists of service and crew trucks, meter reader vehicles and pool cars that run either entirely on compressed natural gas or have bi-fuel capabilities. Over the last 15 years, PG&E's clean fuel fleet has displaced over 3.4 million gallons of gasoline and diesel, and helped to avoid 6,000 tons of carbon dioxide from entering the atmosphere. About Raser Technologies Raser (NYSE Arca: RZ) is a publicly-traded, green-focused technology licensing and development company operating in two business segments. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron(TM) technology developed internally by its Transportation and Industrial Technology segment. Raser's Transportation and Industrial Technology segment focuses on using Raser's Symetron(TM) technology to improve the efficiency of electric motors and other applications. Further information on Raser may be found at: http://www.rasertech.com/ For more information about Pacific Gas and Electric Company, please visit the company's web site at http://www.pge.com/ For more information about the Plug-in Hybrid Development Consortium, please visit http://www.hybridconsortium.org/ Cautionary Note Regarding Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about the performance and market applicability of our products; our beliefs about the status and enforceability of the Company's intellectual property; our beliefs about the strength of our existing and potential business relations in the motor industry; our beliefs about the strength and enforceability of our agreements, our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners; our ability to hire, train and retain key personnel; our ability to successfully complete field testing of Symetron(TM) technologies. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the competitive environment and our ability to compete in the industry; the strength of our intellectual property; our inability to attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2007, as filed with the Securities and Exchange Commission, and all subsequent filings. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. First Call Analyst:
FCMN Contact:
Source: Pacific Gas and Electric Company
CONTACT: PG&E News Department, +1-415-973-5930; Cameron Donahue,
+1-651-653-1854, cameron@haydenir.com; or Richard Putnam, Investor Relations
of Raser Technologies, Inc., +1-801-765-1200, investorrelations@rasertech.com Web site: http://www.pge.com/
http://www.rasertech.com/
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Profile: automotive-news
posted by automotive-news # 8:26 AM
First Look Announces J.D. Power Market Tools: Unique New Market Tools for Appraisal, Stocking and Pricing
First Look Announces J.D. Power Market Tools: Unique New Market Tools for Appraisal, Stocking and Pricing CHICAGO, Feb. 7 /PRNewswire/ -- Pre-owned performance software pioneer First Look (http://www.driveyournumbers.com/) by INCISENT Technologies, today announced three new unique J.D. Power Market Tools that integrate J.D. Power - Power Information Network (PIN) data into the First Look suite of tools. The J.D. Power Market Tools include: -- Power Market Appraiser -- Instant, one click appraisal of any vehicle
empowering dealers with a clear understanding of what other dealers in
their market are selling similar vehicles for, their profit and
inventory turn as well as ACV and current market supply.
-- Power Market Performers -- Provides dealers the tools to know what to
stock based on what is selling quickly and profitably in their market.
Dealers see actual market gross profit, inventory turn, selling price
and much more.
-- Power Market Pricing -- Insight for dealers into what their vehicles
are really selling for in their market, before choosing an internet or
selling price. Provides dealers with a clear sense of both how to price
vehicles and what to sell them for.
"Success in volatile times requires exceptional market awareness," said First Look CEO Pat Ryan. "J.D. Power's Power Information Network is the gold standard in market data. While many people talk about market data, PIN data is real sales data from real dealers providing a unique look into sales, profit and inventory turnover of actual dealers in your market."
The new First Look Power Tools are unique in the market and can help dealers drastically improve pre-owned operations by putting this powerful real-dealer data at their fingertips as part of the First Look MAX next generation suite of tools, which is more powerful and easier to use than ever. Specifically, our new Power Market Tools can help increase appraisal closing rate, price vehicles to sell while maximizing potential profit and finding more of the fastest-selling and most profitable cars in the dealer's market. "With our new Power Market Tools, dealers can finally get the whole picture rather than just having to rely upon online advertising prices or DMV records for market insight," said First Look Vice President Tony French. "With J.D. Power's actual dealer sales data from approximately 10,000 franchises across the U.S., dealers can have the power of knowing what is happening in their market when they make key decisions on appraisal, pricing and purchasing." First Look provides EDGE and MAX pre-owned operations software tools as well as ELITE management training. For more information on all of First Look's solutions, visit http://www.driveyournumbers.com/. About First Look First Look by INCISENT Technologies is the pioneer in Dealer Performance Management Software since 2003-providing industry-leading New & Pre-Owned Operations Tools, Internet Marketing Tools and Performance Development Programs utilized by more than 1,400 automotive franchises in 45 states across the United States. First Look tools and services help dealers sell more pre- owned vehicles, more profitably, by empowering pre-owned departments to improve performance in each of the major pre-owned operations disciplines: closing more appraisals, managing inventory to sell more cars faster and more profitably and finding more of the best-selling and fastest-turning vehicles to meet market demand. For more information, please visit http://www.driveyournumbers.com/. NADA, February 9-12, 2008
Moscone Center, San Francisco, Booth: South Hall 7853S Media Contact:
Jordan Rittenberry
Edelman for First Look
312-233-1226
jordan.rittenberry@edelman.com First Call Analyst:
FCMN Contact:
Source: INCISENT Technologies
CONTACT: Jordan Rittenberry of Edelman, +1-312-233-1226,
jordan.rittenberry@edelman.com, for First Look Web site: http://www.incisent.com/
http://www.driveyournumbers.com/
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Profile: automotive-news
posted by automotive-news # 8:25 AM
Comtech Partners With Freescale Semiconductor to Design Automotive Solutions in China
Comtech Partners With Freescale Semiconductor to Design Automotive Solutions in China New business expected to generate results in second half of 2008 SHENZHEN, China, Feb. 7 /PRNewswire-FirstCall/ -- Comtech Group, Inc. (NASDAQ:COGO), a leading provider of customized design solutions for the technology manufacturing sector in China, is forming a breakthrough alliance with Freescale Semiconductor, one of the world's largest semiconductor companies for the automotive, consumer, industrial, networking and wireless markets. The alliance pairs Freescale's global leadership in the design and manufacture of semiconductors with Comtech's unique ability to adapt partner technology to China and transform it into a sustained revenue growth opportunity. The collaboration will focus on the use of Freescale's semiconductor technology in Comtech's customized module solutions for its OEM (Original Equipment Manufacturing) and ODM (Original Design Manufacturing) customers, with an initial focus on automotive electronics. The companies plan to expand their efforts to develop solutions for digital consumer electronics products. The collaboration with Freescale reinforces Comtech's commitment to the automotive industry in China and builds on its experience in module and sub-system solutions for handsets and digital media products to support automotive products. Last year, the company began shipping auto entertainment technology solutions to a number of leading manufacturers in China, enabling the installation of cutting edge MP3/iPod music systems in new and existing vehicles. The companies plan to focus on customers who serve the Chinese market and capitalize on the vigorous growth in China's automotive sector. According to China Association of Automobile Manufacturers, China sold 8.8 million vehicles in 2007, up 1.5 million from the previous year(1). It has now surpassed Japan and Germany to become the second largest vehicle market in the world, following only the United States. Forecasts for the future remain strong with Chinese leadership targeting combined vehicle and auto parts exports of $120 billion or about 10% of the world's total vehicle trading volume by 2015(2). Jeffrey Kang, president and chief executive officer, Comtech Group, Inc. said, "This collaboration positions Comtech to benefit from the exciting growth in China's automobile industry. With China poised to become the world's automotive manufacturing center, our solutions will expand to international markets and become long term growth drivers for the company." "Freescale is the world's leading semiconductor provider for the automotive industry, as well a leader in consumer electronics," said Kai Wang, vice president and general manager, Asia Pacific, Freescale Semiconductor. "We look forward to collaborating with Comtech, a company known for its strong customer relationships, strong research and development capabilities, and remarkable ability to identify and capitalize on China's high growth industries. Together, we plan to deliver innovative solutions to address China's rising demand for automotive electronics." Using Comtech's innovative business model, the companies expect to generate meaningful results by the second half of 2008. Comtech remains committed to delivering strong performance in key markets such as digital media, mobile handsets and telecom equipment while continuing to identify newly emerging industries which offer high growth and sustainable results. About Comtech Group, Inc.: Comtech Group, Inc. (NASDAQ:COGO) is a leading provider of customized module and subsystem design solutions for the Chinese market. The company believes it acts as a proxy to China's technology industry as it works with virtually all the major ODMs and OEMs China. Comtech utilizes these relationships and combines their IP to create designs that Comtech then sells to electronic manufacturers. These designs allow manufacturers to reduce their time to market for new products and ultimately increase sales. Comtech Group focuses on the mobile handset, telecom equipment and digital media end-markets for their customized design modules while also offering business and engineering services to their large telecom equipment vendor customers. Over the last eleven years, Comtech has grown its customer list to include more than 200 of the largest and most well known manufacturers across the mobile handset, telecom equipment and consumer markets, covering both multinational Chinese subsidiaries and Chinese domestic companies. For more information, visit http://www.comtech.com.cn/. About Freescale Semiconductor Freescale Semiconductor is a global leader in the design and manufacture of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. The privately held company is based in Austin, Texas, and has design, research and development, manufacturing or sales operations in more than 30 countries. Freescale is one of the world's largest semiconductor companies with 2006 sales of $6.4 billion (USD). http://www.freescale.com/ 1. China Association of Automobile Manufacturers (2008, Jan 11)
http://www.auto-stats.org.cn/ReadArticle.asp?NewsID=4997 2. Dunne, Timothy (2007, June 4). China's Car Exports Scale Up Big-Time.
Business Week
First Call Analyst:
FCMN Contact:
Source: Comtech Group, Inc.
CONTACT: Comtech Group, Inc., H.K., +852 2730 1518, or U.S.,
+1-646-291-8998, or fax, +86 755 2674 3522, communications@comtech.com.cn; or
Americas, Dale Weisman of Freescale Semiconductor, +1-512-895-2795,
dale.weisman@freescale.com; or Emilie Harris of Lois Paul & Partners,
+1-512-638-5321, emilie_harris@lpp.com, for Freescale Semiconductor; or Asia
Pacific, Gloria Shiu, (85-22) 666-8237, gloria.shiu@freescale.com, or Europe,
Middle East and Africa, Laurent Massicot, (33-16) 935-7712,
laurent.massicot@freescale.com, or India, Sanjeeth Boloor, (91-80) 4149-4685,
sanjeeth.boloor@freescale.com, or Japan, Masako Tanikawa, (81-3) 5437-9128,
masako.tanikawa@freescale.com, all of Freescale Semiconductor Web site: http://www.comtech.com.cn/
http://www.freescale.com/
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Profile: automotive-news
posted by automotive-news # 7:37 AM
KVH Reports Results for Fourth Quarter and Fiscal Year 2007
KVH Reports Results for Fourth Quarter and Fiscal Year 2007 - Quarterly Revenue of $19.7 Million, Up 13% Year-over-Year - Net Profit of $1 Million; $0.06 Earnings Per Share MIDDLETOWN, R.I., Feb. 7 /PRNewswire-FirstCall/ -- KVH Industries, Inc., (NASDAQ:KVHI) today reported financial results for the fourth quarter and full year ended December 31, 2007. Revenue for the fourth quarter of 2007 was $19.7 million, up 13% from the fourth quarter ended December 31, 2006. Net income for the quarter was $1.0 million or $0.06 on a per-diluted share basis. During the same period last year the company reported net income of $0.1 million, or $0.01 on a per-diluted share basis. For the year ended December 31, 2007, revenue was $80.9 million, compared to $79.0 million for the year ended December 31, 2006. KVH reported net income of $2.5 million or $0.17 on a per-diluted share basis for the 2007 period, versus net income of $3.7 million or $0.25 on a per-diluted share basis in the year-ago period. "We closed out 2007 on a very strong note, with increasing sales and profits. These improvements are the result of the hard work we put in over the course of the year, including a complete update to our mobile satellite product line and the launch of two new maritime communication solutions," said Martin Kits van Heyningen, KVH's chief executive officer. In the fourth quarter of 2007, mobile communications revenue was $14.1 million, up 16% on a year-over-year basis. "Marine revenue rose 35% over the same quarter last year, propelled by a 56% increase in international sales and by initial shipments of our new TracPhone(R) V7," Mr. Kits van Heyningen continued. "We are currently supporting broadband connections throughout Europe, the North Atlantic, and the Americas and are moving ahead with plans to expand the mini-VSAT Broadband coverage area significantly in 2008 and 2009. Our goal is to ultimately support vessels in the Pacific Ocean; throughout Asia; the Indian Ocean including shipping routes to the Gulf; and the Middle East. "Within the land mobile market, quarterly revenue was down 10% due primarily to a year-over-year decline in sales to the automotive market. We are taking steps to strengthen our land sales channel, most notably with the recent addition of Coast Distribution, which offers a new channel into the RV marketplace both in the United States and Canada." Turning to the defense business, Mr. Kits van Heyningen remarked, "Fourth quarter sales were strong thanks to solid TACNAV(R) sales and increased shipments of our TG-6000 inertial measurement unit. We continue to aggressively pursue the opportunity to supply fiber optic gyros (FOGs) for stabilized remote weapons programs and are expanding our production capacity in preparation for increasing demand." Defense-related guidance and stabilization sales, including those for KVH's fiber optic gyro solutions and TACNAV military navigation systems, were approximately $5.6 million in the fourth quarter of 2007, up 7% on a year-over-year basis. For the full year ended December 31, 2007, mobile communications revenue was up 8% and defense-related guidance and stabilization revenue was down 11%, compared to the prior year. Commenting on the company's financial results for the fourth quarter, Patrick Spratt, KVH's chief financial officer, said, "The fourth quarter exceeded our expectations for both the top and bottom lines due in part to solid sales of relatively higher-margin defense products. Gross margin was above expectations at almost 41%, and we kept operating expenses in check. For the first time in two years we did not incur any patent litigation expenses, following the favorable resolution of that issue in August. Our total cash balance decreased sequentially by $2.9 million, driven by our ongoing stock repurchase program and by growth in accounts receivable. "Looking forward, we believe 2008 will be a year of solid growth for revenue and earnings. We expect that first quarter revenue will be in the range of $23 to $25 million, up 13% to 23% year over year. This sales level should yield earnings for the quarter in the range of $0.08 to $0.12 per share, compared to a breakeven result for the prior year. For the full year, we expect that revenue will grow in the range of 14% to 20%, compared to fiscal year 2007. For the year, EPS is projected to be in the range of $0.36 to $0.44. The full year guidance is based on several key assumptions with respect to future business development. Among these are the expectation that we will win additional meaningful orders for our fiber optic gyros in support of remote weapons station applications and that our new mini-VSAT product and service offering will be widely accepted in leisure and commercial markets." Recent Operational Highlights: -- February 5, 2008 - KVH receives $1.4 million in orders for TACNAV
components for a U.S. prime contractor. -- February 4, 2008 - Coast Distribution joins KVH's North American
distribution network for RV products. -- January 25, 2008 - Rexhall Industries selects KVH's TracVision SlimLine
products as its exclusive satellite TV solution. -- January 25, 2008 - Courts approve final settlement of 2004 securities
class action and related derivative lawsuits. -- January 11, 2008 - KVH announces that the TracPhone V7 and mini-VSAT
Broadband service are now available for European leisure yachts. -- January 10, 2008 - General Dynamics Land Systems-Canada names KVH
"Supplier of the Year". -- November 16, 2007 - KVH announces that it will receive $730,000 in
research funds from the U.S. military to fund the development of a
lower-cost fiber optic gyro-based northfinder. -- October 25, 2007 - KVH introduces two new TracPhone satellite
communication systems compatible with Inmarsat's new FleetBroadband
service. -- October 23, 2007 - The 14" TracVision M3ST satellite TV system wins
KVH's 10th consecutive Industry Award from the National Marine
Electronics Association.
KVH is webcasting its fourth quarter/year-end conference call live at 10:30 a.m. Eastern time today through the company's website. The conference call can be accessed via the company's website at http://investors.kvh.com/. The audio archive and an MP3 podcast will also be available on the company website within three hours of the completion of the call.
About KVH Industries, Inc. KVH Industries, Inc., is a leading manufacturer of systems to provide mobile access to satellite TV, communication, and high-speed Internet, as well as navigation, pointing, and guidance solutions for defense and commercial applications. The company's products are based on its proprietary mobile satellite antenna and fiber optic technologies. An ISO 9001-certified company, KVH is based in Middletown, Rhode Island. For more information, visit http://www.kvh.com/. This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding our financial goals for 2008, anticipated revenue growth, anticipated profitability, anticipated orders for our mobile communication and military products, and anticipated improvements in our competitive position. The actual results we achieve could differ materially from the statements made in this press release. Factors that might cause these differences include, but are not limited to: competition presented by alternative maritime satellite communication products and services; delays or an inability to expand coverage of the mini-VSAT Broadband service to new regions; seasonal declines in demand for our mobile communication and television products; the unpredictability of purchasing schedules and priorities of the relatively small number of customers for our defense products; the risk of delays in the placement of timely orders for ongoing defense contracts; order cancellations or unexercised options, particularly for longer-term defense orders; potential reductions in our overall gross margins in the event of a general shift in product mix toward our mobile communication products; potential continued softness in the U.S. market for leisure marine products; the unpredictability of the emerging market, as well as consumer and automotive manufacturer demand, for mobile communication products in automobiles; changes in customer response to new product introductions; the impact of increases in fuel prices on the sale and use of motor vehicles and marine vessels; declines in interest rates, our dependence on third-party satellite networks for programming and satellite services; delays in delivery arising from supplier production constraints; poor or delayed research and development results; currency fluctuations, export restrictions, delays in procuring export licenses, and other international risks; potential product liability claims; the difficulty in protecting our proprietary technology; potential claims of intellectual property infringement; expenses associated with corporate governance requirements; and changes in our equity compensation practices, including the impact of fluctuations in our stock price. These and other factors are discussed in more detail in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2007. Copies are available through our Investor Relations department and website, http://investors.kvh.com/. We do not assume any obligation to update our forward-looking statements to reflect new information and developments. KVH Industries, Inc., has used, registered or applied to register its trademarks in the USA and other countries around the world, including the following marks: KVH, KVH logo, Azimuth, TracVision, TracPhone, TACNAV, DataScope and the DataScope logo, Sailcomp, mini-VSAT Broadband and the mini- VSAT Broadband logo, and the banded, dome-shaped housing of its satellite antennas. KVH INDUSTRIES, INC. AND SUBSIDIARY
SELECTED FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Net sales $19,705 17,426 80,915 78,973
Cost of sales 11,684 10,610 48,449 47,168
--------- --------- --------- ---------
Gross profit 8,021 6,816 32,466 31,805
Operating expenses:
Research and development 2,279 1,950 9,265 7,720
Sales, marketing and support 4,078 3,674 15,402 14,387
General and administrative 1,438 1,710 7,538 7,841
--------- --------- --------- --------- Income (loss) from operations 226 (518) 261 1,857
Other income, net 542 626 2,482 2,168
Income tax benefit (expense) 194 - (244) (350)
--------- --------- --------- ---------
Net income $962 $108 $2,499 $3,675
========= ========= ========= ========= Net income per common share
Basic and Diluted $0.06 $0.01 $0.17 $0.25
========= ========= ========= ========= Weighted average common shares
outstanding
Basic 14,928 14,860 14,964 14,787
========= ========= ========= =========
Diluted 14,932 14,979 14,983 14,915
========= ========= ========= ========= KVH INDUSTRIES, INC. AND SUBSIDIARY
SELECTED FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited) December 31, December 31,
2007 2006
---------- ----------
ASSETS Cash, cash equivalents and marketable
securities $53,305 $54,739
Accounts receivable, net 12,826 10,556
Inventories 9,313 9,043
Other assets 1,017 1,028
---------- ----------
Total current assets 76,461 75,366 Property and equipment, net 11,739 9,569
Deferred income taxes 3,334 3,334
Other non-current assets 36 155
---------- ----------
Total assets $91,570 $88,424
========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $8,344 $8,248
Current portion of long-term debt 132 123
---------- ----------
Total current liabilities 8,476 8,371 Deferred revenue 298 99
Long-term debt, excluding current
portion 2,026 2,158
Stockholders' equity 80,770 77,796
---------- ----------
Total liabilities and stockholders'
equity $91,570 $88,424
========== ==========
First Call Analyst:
FCMN Contact:
Source: KVH Industries, Inc.
CONTACT: Patrick Spratt of KVH Industries, +1-401-847-3327; or Christine
Mohrmann of Financial Dynamics, +1-212-850-5600, for KVH Industries, Inc. Web site: http://www.kvh.com/
http://investors.kvh.com/
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Profile: automotive-news
posted by automotive-news # 7:35 AM
Solar Utility Vehicle (SUV) to be a Hot Commodity at Florida State Fair
Solar Utility Vehicle (SUV) to be a Hot Commodity at Florida State Fair BP to Present SUV to Florida Department of Agriculture and Consumer Services What:
BP America presentation of the keys to a Solar Utility Vehicle to Charles
Bronson, Commissioner, Florida Department of Agriculture and Consumer
Services (FDACS) for use at the Forestry Education Center (Logo: http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO ) When:
Thursday, Feb. 7, 2008
2:30 pm Where:
Florida State Fair, FDACS Farm to Fuel Exhibit, State Fairgrounds, 4800
State Highway 301, Tampa, FL Who:
Charles Bronson, Commissioner, FDACS
Kathy Randall, Director, BP America Contact:
Sarah Howell, BP Press Office, 202.457.6603 Interviews, photo opportunities, and rides available Background
As part of its "Fabric of America" program, BP America is donating 50
Solar Utility Vehicles (SUVs) to state and federal parks, state agencies,
zoos and wildlife management areas to demonstrate the continuing
advancement of clean and quiet solar technology. This is the first SUV BP
America is donating to the state of Florida. To date, BP America has donated SUVs to the organizations listed below:
MD Department of General Services
MD Department of Natural Resources
Audubon Zoo, New Orleans
Sweetwater State Park, Atlanta
NYC Dept of Parks
Louisiana Wildlife & Fisheries
Sandhill Crane Refuge/Gautier, MS
Houston/Discovery Green
Ulysses, Kansas
University of Wyoming For more information on BP in America visit www.bp.com/us
PRNewswire -- Feb. 7
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: BP America
Web site: http://www.bp.com/
http://www.bp.com/us
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Profile: automotive-news
posted by automotive-news # 7:17 AM
International Speedway Corporation Announces $100 Million Increase in Share Buyback Program
International Speedway Corporation Announces $100 Million Increase in Share Buyback Program DAYTONA BEACH, Fla., Feb. 7 /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ:ISCA) (BULLETIN BOARD: ISCB) ("ISC"), a leading promoter of motorsports activities, today announced that its Board of Directors has authorized the repurchase of an incremental $100 million of the Company's Class A Common Stock. This authorization is in addition to the $34 million remaining under the Company's existing $150 million share repurchase program as of January 31, 2008. James C. France, Chairman and Chief Executive Officer of International Speedway Corporation, stated, "We remain confident in the strength of the motorsports industry, and this new authorization is a direct reflection of the significant cash flow generated by ISC's proven business model. We will continue to reinvest capital in our business while opportunistically pursuing our share repurchase program, which is an excellent method of returning value to our shareholders." The timing and amount of any shares repurchased under the program will depend on a variety of factors, including: price, corporate and regulatory requirements, capital availability and other market conditions. The repurchase program may be suspended or discontinued at any time without prior notice. No shares will be knowingly purchased from Company insiders or their affiliates. International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway(R) in Florida (home of the Daytona 500(R)); Talladega Superspeedway(R) in Alabama; Michigan International Speedway(R) located outside Detroit; Richmond International Raceway(R) in Virginia; California Speedway(SM) near Los Angeles; Kansas Speedway(R) in Kansas City, Kansas; Phoenix International Raceway(R) in Arizona; Chicagoland Speedway(R) and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway(R) in Virginia; Darlington Raceway(R) in South Carolina; and Watkins Glen International(R) in New York. In addition, ISC is a limited partner with Group Motorise International in the organization and promotion of certain events at Circuit Gilles Villeneuve in Montreal, Canada. The Company also owns and operates MRN(R) Radio, the nation's largest independent sports radio network; the Daytona 500 Experience(SM), the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR(R); and Americrown Service Corporation, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in a business called Motorsports Authentics(R), which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company's Web site at www.iscmotorsports.com. Statements made in this release that express the Company's or management's beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained in or implied by such forward-looking statements. The Company's results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward- looking statements is contained from time to time in the Company's SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from the Company and the SEC. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material. First Call Analyst:
FCMN Contact:
Source: International Speedway Corporation
CONTACT: Wes Harris, Senior Director, Corporate and Investor
Communications, International Speedway Corporation, +1-386-947-6465 Web site: http://www.iscmotorsports.com/
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Profile: automotive-news
posted by automotive-news # 7:13 AM
Detroit Electric Car to Return After 100 Years
Detroit Electric Car to Return After 100 Years ZAP Alias(TM) to Carry Revived Detroit Electric Brand JINHUA, China and SANTA ROSA, Calif., Feb. 7 /PRNewswire-FirstCall/ -- In a joint announcement, US electric car pioneer ZAP (BULLETIN BOARD: ZAAP) and China Youngman Automotive Group announced today they are reviving the 100- year-old electric car brand Detroit Electric for their automotive joint venture. Detroit Electric officials look forward to bringing new vehicle technologies to market by 2009, and beyond that the possibility of bringing new manufacturing and green collar jobs to California. (Photo: http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095-b )
(Logo: http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095LOGO-c )
(Logo: http://www.newscom.com/cgi-bin/prnh/20070130/SFTU060LOGO )
Detroit Electric plans to introduce its first electric cars and buses in 2009. The ZAP Alias, which is under development for the joint venture, will be one of several vehicles being planned to carry the Detroit Electric brand. ZAP is planning a presentation on Detroit Electric for North American auto dealers at NADA 2008, the world's largest auto show for dealers. Learn more about the National Automobile Dealers Association (NADA) annual meeting and exhibition, February 9-12, 2008 in San Francisco at http://expo.nada.org/.
Detroit Electric was an early 20th Century electric car, perhaps the most popular in history. The Anderson Electric Car Company started building the cars under the Detroit Electric brand over 100 years ago. Anderson of Detroit, Michigan is the longest running electric car company in history, operating between 1907 and 1939. In its heyday, Detroit Electric was an American icon and the cars were very popular with customers like Thomas Edison, Charles Proteus Steinmetz, Henry Ford's Wife Clara, and John D. Rockefeller, Jr. Detroit Electric plans to build a special edition electric vehicle based on the original Detroit Electric as a tribute for the new name of the joint venture. While joint venture officials are reviving the Detroit Electric brand, the first offices and facilities are planned, not for Detroit, but California. Management will be opening offices in California and evaluating manufacturing opportunities for economic development within the state. "We see California as a launch pad. It is one of the most ready markets to adopt these new green vehicle solutions," said Detroit Electric Chairman Albert Lam. "The governor and his leadership here have created a fertile environment for us to create and grow. Many are talking about the future of the auto industry and Detroit Electric is a name that will speak to generations about the past and the future of automobiles." A British national, Mr. Lam left his position as CEO of Lotus Engineering in October 2007 to pursue the new business opportunity with Detroit Electric. He was responsible for bringing Youngman, ZAP and Lotus Engineering together. Since 2003, Mr. Lam served as the CEO for Lotus Engineering as well as Executive Director for Lotus Group International (2003-2006). Mr. Lam has 20 years of relevant industrial experience serving companies like Jaguar, Land Rover, Ford and others. His experience spans across Automotive, Consultancy and IT of which 13 years was spent at senior management/leadership positions, including Managing Director for Apple Computer Asia and Sun Professional Services. Mr. Lam has experience with startup companies and a track record in growing and expanding businesses. He attended Coventry University in the UK where he earned a Masters of Science degree in robotics and manufacturing, and registered for a PhD program in Complex Knowledge Systems. "Detroit Electric has already completed a five year business plan and mapped out the ten year product plan," said Mr. Lam. "It is our intention to introduce affordable and practical everyday electric vehicles, working with our technology partners to deliver some of the leading edge technology in motor drive, battery and hydrogen fuel cells. Our plan is to launch with a 12-meter pure electric transit bus, the ZAP Alias, and two family sedans as early as the summer of 2009. This is no longer a wish list but an eventuality; it is a matter of willingness to change." Detroit Electric plans to build an array of cars, trucks and buses with the latest automotive technologies. The vehicles will be manufactured under the supervision of Youngman Automotive, one of China's newest automotive manufacturers and a leading manufacturer of buses and trucks. Youngman is a government-sanctioned, private holding company with 12 manufacturing subsidiaries. Youngman is expanding it manufacturing in China, which covers an area over four million square feet. Youngman employs 4,000 workers, including 700 in-house research and development staff. With seven new production facilities in process, Youngman expects to soon have the capacity to produce 200,000 vehicles per year, including more than 10,000 buses annually. "We are proud to have a chance to re-build this great car name after 100 years," said Youngman Chairman Mr. Pang Qingnian. ZAP will manage the sales, marketing and distribution of the joint venture products. ZAP is selling a full-line of electric vehicles through a growing number of dealerships in the United States. ZAP is also organizing international distribution for its current and future vehicles. "Attitudes are changing around the world and in California I believe there is a growing awareness that environmental health and economic prosperity go hand-in-hand," said ZAP CEO Steve Schneider. "Green-collar jobs and innovative fuel efficient vehicles will be a win-win for California's environment and economy." For more information about Detroit Electric, visit its website at http://www.detroit-electric.com/. About Youngman Automotive Youngman recently introduced advanced manufacturing technology to its facilities in a joint venture with Neoplan of Germany. Youngman's manufacturing is based on the ISO9001 international standard of quality for its bus production. The manufacturing facility in China covers an area over four million square feet. Youngman employs 4000 workers, including 700 R&D staff. With seven production facilities in process, Youngman expects to soon have the capacity to produce 200,000 vehicles per year, including a capacity to build 10,000 buses annually. For more information about Youngman Automotive Group, visit http://www.youngman-bus.com/. About ZAP ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP has a joint venture to manufacture electric and hybrid vehicles with Youngman Automotive Group, one of China's leading manufacturers of buses and trucks. ZAP is developing a high- performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. ZAP is also developing a new generation of vehicles using advanced nanotech batteries with Advanced Battery Technologies. The Company recently announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. ZAP also makes an innovative, new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit http://www.zapworld.com/. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. First Call Analyst:
FCMN Contact: acampbell@zapworld.com Photo: http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095-a
http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095-b
http://www.newscom.com/cgi-bin/prnh/20080207/AQTH095LOGO-c
http://www.newscom.com/cgi-bin/prnh/20070130/SFTU060LOGO
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN13
PRN Photo Desk, photodesk@prnewswire.com
Source: ZAP
CONTACT: Alex Campbell of ZAP, +1-707-525-8658, ext. 241,
acampbell@zapworld.com; or Rachel Pang Caiping, Director
of China Youngman Automobile Group Co. Ltd., +86-579-2256088, for ZAP Web site: http://www.zapworld.com/
http://www.detroit-electric.com/
http://www.youngman-bus.com/
http://expo.nada.org/
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Profile: automotive-news
posted by automotive-news # 7:11 AM
OFF-ROAD - Campbell To Head Off-Road Race Team
Cycle News - American Honda Motor Company is pleased to announce that for 2008 its off-road racing effort will take place through the support of a new independent off-road racing team, Johnny Campbell Racing (JCR). Ten time and current Baja 1000 Overall Champion [continued ]Who Won - NEWPORT BEACH, Calif. -- Championship Off Road Racing is pleased to announce that Bully Dog Technologies, home of high quality performance products and electronics, is an Official Performance Product of Championship Off Road Racing. “Bully Dog is [continued ]Indianapolis Star - Indianapolis Star beat reporter Curt Cavin is ready to answer your questions about the IRL and Formula One. Answers to selected questions will appear each week on IndyStar.com. Send your questions by filling out the form below. Question: What are the [continued ]Motorsport.com - first race of the season slots Riviera Racing a mere fourteen points out of the lead heading to the SCORE San Felipe 250, where Mark Post has claimed the prestigious overall victory a record three times while spanning two decades of off road racing. [continued ]Union Daily Times - The first adult race on Sunday will last 1 hour and a half, the second will last two hours. Greenville Enduro Riders have been promoting off-road racing for 50-plus years and youth off-road racing for 10 years. President Phil Ellis said the group is [continued ]PaddockTalk - Greer passed all of his competitors during an extended mileage race spanning a suspension pounding 1,296 miles across the harsh terrain of the Baja California peninsula. Greer’s win is the second this year in the SCORE-International off-road racing [continued ]The Auto Chanel - Robby Gordon races again under the lights while defending champs Renezeder and Greaves take home wins in texas Championship Off Road Racing had a successful second evening in the Lone Star State. Carl Renezeder took home another win in Pro 2 series [continued ]Food Ingredients First - Keeping with the popularity of energy drinks, AXLE FUEL Energy Drink www.axlefuel.com was recently launched to target the high octane motor sport and racing fans from, NASCAR, Formula One, stock cars, rally racing, sports car racing, off-road racing [continued ]Who Won - NEWPORT BEACH, Calif. -- Today, Baldwin Racing is pleased to announce that Bully Dog Technologies has joined Baldwin Racing with their sponsorship of Josh Baldwin. Baldwin drives both the #86 Championship Off Road Racing Pro 4 and #86 SCORE Trophy [continued ]
posted by automotive-news # 6:15 AM
VW Credit, Inc. and Oxlo Launch New Credit Application Integration
VW Credit, Inc. and Oxlo Launch New Credit Application Integration Real-time credit decisioning rolled out in nine months BROOMFIELD, Colo. and AUBURN HILLS, Mich., Feb. 7 /PRNewswire/ -- VW Credit, Inc. (VCI) a wholly owned subsidiary of Volkswagen Group of America, Inc., and Oxlo Systems Inc., the operator of the leading Dealer Integration Network, are announcing the launch of FinanceSource, a real-time dealer system integration for credit applications and decisions. The initiative, which allows VW, Audi and Bentley dealers the opportunity to submit credit applications and receive credit decisions entirely within their own computer systems, is being deployed for the first dealer this week, just nine months from the day development began. FinanceSource will be made available to all VCI dealers in the near future. "In this hyper-competitive market, it was imperative for VCI to deliver the first phase of FinanceSource integration to our dealers as quickly and flawlessly as possible," said Jens Peter Thomsen, VCI CIO. "Oxlo's professional approach, methodical execution and attention to detail allowed us to plan, design, implement and roll-out FinanceSource exactly according to our schedule." "Implementing new dealer integration initiatives for automakers and their captive finance organizations is our core expertise, so VCI's FinanceSource initiative was a perfect fit for Oxlo," said Dan Seats, Oxlo COO. "Our Dealer Integration Network provides VCI and its dealers a seamless, reliable and secure platform for financing vehicle sales." Oxlo's experience with dealer systems integration and the process and tools used to connect dealer systems with automaker systems provided a ready-made platform for VCI, saving time and expense. FinanceSource will be expanded in a second phase to support contract validation and electronic contracting. ABOUT VW CREDIT, INC. VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc. (VWGoA), was founded in 1981 to function as the financial service arm of VWGoA and is affiliated with Audi of America, Inc. and Bentley Motors, Inc. VCI, a captive finance company, services Volkswagen, Audi and Bentley customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit, Audi Financial Services and Bentley Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States. ABOUT OXLO SYSTEMS INC. Oxlo Systems Inc., based in Broomfield, Colorado is the operator of the leading Dealer Integration Network. Oxlo's network streamlines the shared business processes associated with selling, servicing, and financing vehicles by integrating the software applications of dealers and automakers. The Oxlo solution enables tighter collaboration between business partners resulting in superior retail performance. For more information, please visit http://www.oxlo.com/. For perspective on emerging trends and issues affecting the market, visit Oxlo Observer at http://oxlo-observer.typepad.com/.
First Call Analyst:
FCMN Contact:
Source: Oxlo Systems Inc., VW Credit, Inc.
CONTACT: Chris Westfall of Oxlo Systems Inc., +1-303-885-6433,
chris.westfall@oxlo.com; or Hans Bremer of VW Credit, Inc., +1-847-371-4119 Web site: http://www.oxlo.com/
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Profile: automotive-news
posted by automotive-news # 6:14 AM
WABCO Reports Record Fourth-Quarter and Full Year 2007 Results, Expects Another Record-Setting Year In 2008
WABCO Reports Record Fourth-Quarter and Full Year 2007 Results, Expects Another Record-Setting Year In 2008 - Delivers record quarterly sales of $679 million, an increase of 31% over prior year; up 17% in local currencies; all organic growth - Achieves fourth-quarter diluted EPS of 79 cents on a U.S. GAAP basis and diluted EPS of $1.02 on a performance basis, up 100% over prior year - Reports full-year diluted EPS of $1.81 on a U.S. GAAP basis and diluted EPS on a performance basis of $3.01, an increase of 45% versus full-year 2006 - Provides full year 2008 diluted EPS guidance up 85 - 93% on a U.S. GAAP basis and 20 - 25% on a performance basis versus 2007, at constant exchange rates BRUSSELS, Belgium, Feb. 7 /PRNewswire-FirstCall/ -- WABCO Holdings Inc. (NYSE:WBC) today reported record quarterly sales in the fourth-quarter of $679 million, up 31% from the fourth-quarter of 2006. Excluding favorable foreign exchange effects, sales for the quarter were up 17% versus prior year. The increase demonstrates the Company's continued ability to outperform the global commercial vehicle market. The Company reported fourth-quarter net income of $54.4 million on a U.S. GAAP basis, or 79 cents per diluted share, versus $24.6 million in the fourth- quarter of 2006, or 35 cents per diluted share. On a performance basis, which excludes separation costs, operational streamlining expenses and one-time and discrete tax items, net income increased 97% to $69.6 million, or $1.02 per diluted share, compared with $35.4 or 51 cents per diluted share a year ago. Separation costs, operational streamlining expenses, and one-time and discrete tax items amounted to $15.2 million net of tax for the quarter. "This was an outstanding finish to a very important year for WABCO during which we transitioned to an independent company," said Jacques Esculier, WABCO Chief Executive Officer. "We are excited about our strong sales performance for the quarter as it demonstrates our ability to continue to outperform the market for commercial vehicles in all regions of the world. Our earnings performance also clearly indicates our progress in addressing and resolving many of the operational inefficiencies we faced in the previous quarter driven by capacity constraints throughout the commercial vehicle supply chain. This rapid improvement was enabled by our continued focus on the WABCO Operating System, an advanced management system that allows us to accelerate operational improvement across our value chain." "During the quarter, we were also successful in returning our Aftermarket growth rate to double-digit levels," Esculier said. Aftermarket sales for the Company grew 10% in the quarter versus prior year. The Company generated $76.5 million in net cash from operating activities and $45.8 million of free cash flow for the quarter. The Company continued its share buy-back program in the fourth quarter and repurchased approximately 1.8 million shares of stock for $87 million in open market transactions. FOURTH-QUARTER 2007 BUSINESS HIGHLIGHTS During the quarter, WABCO continued to grow its business globally with the nomination by Daimler AG to become its exclusive supplier of ABS and EBS wheel speed sensors for Mercedes-Benz Trucks in Europe, Daimler Trucks North America LLC (formerly Freightliner) in North America, and Mercedes-Benz Trucks, Brazil, in South America. This award complements a second global award by Daimler during the quarter for WABCO to supply solenoid valves for all Daimler truck platforms globally, including Fuso in Japan. WABCO also signed a contract extension with Volvo Group for deliveries of compressors to its heavy vehicle platforms up to and including 2012. In Korea, SsangYong Motor selected WABCO as its supplier of vacuum pumps for its Euro 5 diesel engines. Trailer OEM Schmitz Cargobull AG and axle and suspension supplier Gigant Holding AG, both chose WABCO as a supplier of air disc brakes. Volkswagen Brazil nominated WABCO to provide air dryers for its Constellation platform. Demonstrating success in expanding its business globally to serve customers in emerging countries such as China and India, the Company won several distinguished awards from customers in Asia. Yutong Group awarded WABCO an "Excellent Supplier Award", the highest level of recognition by Yutong for its suppliers. China National Heavy Duty Truck Group Co. (CNHTC) recognized WABCO with two awards: "Best Supplier Award" from its engine division and the "Quality Trust Award" from its special vehicle division. FULL-YEAR RESULTS The company reported full year 2007 net income of $125.4 million, or $1.81 per diluted share, on a U.S. GAAP basis, versus $137.8 million, or $1.98 per diluted share in 2006. On a performance basis, which excludes separation costs, operational streamlining expenses, and one-time and discrete tax items, net income increased 45% to $208.5 million, or $3.01 per diluted share, compared with $144.1 million or $2.07 per diluted share a year ago. Full year 2007 sales were $2.4 billion, up 20% versus prior year. Excluding favorable foreign exchange effects, sales were up 11% versus prior year. FULL-YEAR PERFORMANCE ESTIMATES 2008 "2008 looks like another record-setting year for WABCO fueled by continued growth globally. While there is some concern about an economic slowdown in the latter half of 2008, we believe WABCO will see sales growth between 8% and 11%, in local currencies, for the year. We anticipate full-year earnings per diluted share to increase 20 to 25%, at constant exchange rates, on a performance basis due to improved operational efficiency, increased volume and continued share repurchases during 2008," Esculier said. Earnings per share on a performance basis excludes separation costs, one-time and discrete tax items, and operational streamlining expenses. CONFERENCE CALL WABCO CEO Jacques Esculier and CFO Ulrich Michel will discuss the Company's performance and outlook on a two-way conference call for financial analysts at 8 a.m. EST today. The call will be webcast on the WABCO website at www.wabco-auto.com. The earnings release and additional financial and statistical information will be posted to the site under the heading "WABCO Fourth-Quarter and Full Year 2007 Results." The call is also accessible by telephone. The dial-in number is 719-325-4882. Listeners are advised to call five-to-10 minutes prior to the scheduled start time. The number of telephone connections is limited. A replay of the call will be available from 11:00 a.m. EST on Thursday February 7, until 11:59 p.m. EST on Friday February 15. The replay dial-in number is 719-457-0820. The passcode is 3989340. About WABCO WABCO is a leading provider of electronic braking, stability, suspension and transmission control systems for heavy duty commercial vehicles. Customers include the world's leading commercial truck, trailer and bus manufacturers. Founded in the U.S. in 1869 as Westinghouse Air Brake Company, WABCO was acquired by American Standard in 1968 and spun off in 2007. Headquartered in Brussels, Belgium, WABCO employs more than 7,000 people in 34 offices and production facilities worldwide. In 2007, WABCO's total sales were $2.4 billion. WABCO is a publicly traded company and is listed on the New York Stock Exchange under the stock symbol WBC. Web site: www.wabco-auto.com. Forward-Looking Statements Comments in this document contain certain forward-looking statements, which are based on management's good faith expectations and beliefs concerning future developments. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the risks and uncertainties described in the "Risk Factors" section and the "Forward Looking Statements" section of WABCO's Information Statement included in the Form 10 filing made in connection with WABCO's spinoff from American Standard Companies Inc., as well as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations-Information Concerning Forward Looking Statements" section of WABCO's Form 10-Q Quarterly Report for the Quarter Ended September 30, 2007. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on Company estimates. Non-GAAP Financial Measures To facilitate understanding of fourth-quarter and full year results, several tables follow this news release. Sales excluding the effects of foreign exchange are a non-GAAP financial measure. Additionally, net income and net income per diluted share on a "performance basis" are non-GAAP financial measures that exclude separation costs, operational streamlining expenses, and one-time and discrete tax items. Lastly, "free cash flow" presents our cash provided by operating activities less net cash used in investing activities. These measures should be considered in addition to, not as a substitute for, GAAP measures. Management believes that presenting these non-GAAP measures is useful to shareholders because it enhances their understanding of how management assesses the operating performance of the Company's business. Certain non-GAAP measures may be used, in part, to determine incentive compensation for current employees. Attachment 1:
Condensed Consolidated Statement of Income - fourth-quarter and full year
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Cash Flows Attachment 2:
Reconciliation of GAAP to Non-GAAP Earnings Measures - fourth-quarter and
full year
Reconciliation of GAAP Sales to Non-GAAP Sales
Reconciliation of Net Cash Provided by Operating Activities to Free Cash
Flow
Reconciliation of GAAP EPS Growth to Performance EPS Growth for 2008
Guidance (at constant exchange rates) For more information, reporters may contact:
Margie Pazikas, +32 (2) 663 9801, margie.pazikas@wabco-auto.com
or Fred Spar, +1 212 521 4813, fred-spar@kekst.com For more information, investors and financial analysts may contact:
Mike Thompson, +32 (2) 663 9854, mike.thompson@wabco-auto.com WABCO HOLDINGS INC.
Condensed Consolidated Statement of Income
Three Months Ended Year Ended
Dec. 31, Dec. 31,
(Amounts in millions, 2007 2006 2007 2006
except share data) (Unaudited) (Unaudited) (Unaudited)
Sales $679.2 $519.5 $2,415.9 $2,015.2
Cost and expenses:
Cost of sales 490.0 376.9 1,764.2 1,463.5
Selling and
administrative
expenses 82.8 62.5 299.8 255.0
Product engineering
expenses 19.8 16.1 84.2 72.2
Equity (income) of
unconsolidated joint
ventures (2.1) (3.2) (9.1) (23.3)
Other expense, net 13.3 4.7 35.6 10.8
Interest expense, net -
related party - 2.1 1.5 6.2
Interest expense, net - 4.9 3.0 5.1
603.8 464.0 2,179.2 1,789.5
Income before income
taxes 75.4 55.5 236.7 225.7
Income taxes 21.0 30.9 111.3 87.9
Net income $54.4 $24.6 $125.4 $137.8 Net income per common
share
Basic $0.81 $1.85
Diluted $0.79 $1.81 Pro-forma net income
per common share
Basic $0.36 $2.03
Diluted $0.35 $1.98 Common shares
outstanding
Basic 67,231,877 67,887,919
Diluted 68,434,257 69,270,661 Pro-forma common shares
outstanding
Basic 67,867,159 67,867,159
Diluted 69,696,428 69,696,428 WABCO HOLDINGS INC.
Condensed Consolidated Balance Sheet
December 31, December 31,
(Amounts in millions) 2007 2006
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $183.2 $34.8
Accounts receivable, less allowance
for doubtful accounts: $6.4 in 2007;
$6.5 in 2006 464.6 186.5
Inventories 177.4 138.0
Future income tax benefits 8.0 14.5
Retained interest in securitization
program - 17.4
Other current assets 54.2 35.6
Total current assets 887.4 426.8
Facilities, less accumulated depreciation 336.2 299.7
Goodwill 376.8 343.8
Capitalized software costs, net of
accumulated amortization: $129.1 in 2007;
$71.5 in 2006 35.1 37.4
Long-term future income tax benefits 40.2 42.0
Investment in unconsolidated joint
ventures 83.0 84.9
Other assets 35.0 42.3
Total Assets $1,793.7 $1,276.9 LIABILITIES AND SHAREHOLDERS' EQUITY/
OWNER'S NET INVESTMENT
Current liabilities:
Loans payable to banks $126.2 $17.9
Accounts payable 193.5 147.3
Accrued payroll 103.0 74.2
Current portion of warranties 49.7 35.1
Taxes on income 12.8 65.5
Cash collected on behalf of banks -
securitization - 68.7
Taxes other than income taxes 3.9 0.8
Indemnification liabilities 26.4 -
Other accrued liabilities 87.8 66.8
Total current liabilities 603.3 476.3 Long-term debt - 57.3 Post-retirement benefits 326.5 366.4
Warranties 4.3 5.4
Deferred tax liabilities 26.6 18.5
Minority interest 13.5 11.4
Long-term indemnification liabilities 55.6 -
Long-term income tax liabilities 95.6 0.8
Other 57.6 25.6
Total Liabilities 1,183.0 961.7 Total Shareholders' Equity/Owner's Net
Investment 610.7 315.2
Total Liabilities & Shareholders' Equity/
Owner's Net Investment $1,793.7 $1,276.9 WABCO HOLDINGS INC.
Condensed Consolidated Statement of Cash Flows
(Unaudited) Three Months Ended
December 31,
(Amounts in millions) 2007 2006
Operating activities:
Net income $54.4 $24.6
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 16.9 13.4
Amortization of capitalized software
and other intangibles 6.5 7.5
Equity in earnings of unconsolidated
joint ventures, net of dividends
received 0.5 1.8
Non-cash stock compensation 1.4 0.8
Deferred income taxes 0.4 (15.7)
Loss on disposal of property, plant
and equipment 0.3 0.5
Changes in assets and liabilities:
Accounts receivable (15.6) 16.9
Inventories 12.6 14.2
Accounts payable (4.3) (9.0)
Other accrued liabilities and taxes (13.5) (2.4)
Post-retirement benefits (1.3) (10.8)
Other current and long-term assets 10.4 (18.2)
Other long-term liabilities 7.8 12.0
Net cash provided by operating activities 76.5 35.6 Investing activities:
Purchases of property, plant and
equipment (31.7) (29.4)
Investments in capitalized software (0.9) (1.5)
Proceeds from disposal of property,
plant and equipment 1.9 - Net cash used in investing activities (30.7) (30.9) Financing activities:
Repayments of long-term debt - (37.6)
Net borrowing/(payments)
of short-term debt 51.6 (31.4)
Purchases of treasury stock (93.6) -
Dividend payments (4.7) -
Proceeds from exercise of stock
options 13.7 -
Net change in balance due from/
to American Standard or American
Standard affiliated entities - 56.5 Net cash used in financing activities: (33.0) (12.5) Effect of exchange rate changes on cash and
cash equivalents 5.3 1.2 Net increase/(decrease) in cash and cash
equivalents 18.1 (6.6)
Cash and cash equivalents at beginning of period 165.1 41.4
Cash and cash equivalents at end of period $183.2 $34.8 WABCO HOLDINGS INC.
Reconciliation of GAAP to Non-GAAP Earnings Measures
(Unaudited)
(Amounts in millions, except per Three Months Twelve Months
share data) Ended Dec. 31, Ended Dec. 31,
2007 2006 2007 2006
Net Income $54.4 $24.6 $125.4 $137.8
Adjustments:
Streamlining cost, net of tax - 1.2 8.4 4.9
Tax items (0.8) 9.6 1.2 1.4
Separation costs, net of tax and
separation related taxes 16.0 - 73.5 -
Performance Net Income $69.6 $35.4 $208.5 $144.1 Performance Net Income per Diluted
Common Share $1.02 $0.51 $3.01 $2.07 Common shares outstanding - diluted 68.4 69.3 Pro-forma common shares outstanding
- diluted 69.7 69.7 Note: The presentation of performance net income and performance net
income per diluted common share is not in conformity with generally
accepted accounting principles (GAAP). These measures may not be
comparable to similar measures of other companies as not all
companies calculate these measures in the same manner. WABCO HOLDINGS INC.
Reconciliation of GAAP Sales to Non-GAAP Sales
(Unaudited)
% Chg
Three Months Ended Dec. 31, vs.
(Amounts in millions) 2007 2006 2006
Sales
Reported Sales $679.2 $519.5 30.7%
Foreign exchange translational effects (69.4) -
Adjusted Sales $609.8 $519.5 17.4% Twelve Months Ended Dec 31,
2007 2006
Sales
Reported Sales $2,415.9 $2,015.2 19.9%
Foreign exchange translational
effects (189.0) -
Adjusted Sales $2,226.9 $2,015.2 10.5% Presenting sales excluding the translation effects of foreign exchange
amounts is not in conformity with generally accepted accounting principles
(GAAP). These non-GAAP measures may not be comparable to similar measures
of other companies as not all companies calculate these measures in the
same manner. WABCO HOLDINGS INC.
Reconciliation of Net Cash Provided
By Operating Activities to Free Cash Flow
(Unaudited) (Amounts in millions) Three Months Ended Dec. 31,
2007 2006 Net Cash Provided by Operating
Activities $76.5 $35.6 Deductions or Additions to Reconcile
to Free Cash Flow:
Purchases of property, plant, equipment
and computer software (32.6) (30.9)
Proceeds from disposals of property 1.9 - Free Cash Flow $45.8 $4.7
Note: This statement reconciles net cash provided by operating
activities to free cash flow. Management uses free cash flow, which
is not defined by US GAAP, to measure the Company's operating
performance. Free cash flow is also one of several measures used to
determine incentive compensation for certain employees.
WABCO HOLDINGS INC.
Reconciliation of GAAP EPS Growth to Performance EPS Growth for 2008
Guidance (at constant exchange rates)
(Unaudited) (Amounts in millions, except per Twelve Months
share data) Ended Dec. 31, Year Over
2008 Projected 2007 Year Growth Net Income Reported Net Income $223.7 - $232.7 $125.4
Streamlining costs, net of tax 6.3 8.4
Tax items 3.2 1.2
Separation costs, net of tax and
separation related taxes 7.8 73.5
Performance Net Income $241 - $250 $208.5 15% - 20% Reported Net Income per Diluted
Common Share $3.35-$3.49 $1.81 85% - 93% Performance Net Income per Diluted
Common Share $3.62-$3.75 $3.01 20% - 25% Diluted common shares outstanding 66.6 69.3
Note: The presentation of performance net income and performance net
income per diluted common share is not in conformity with generally
accepted accounting principles (GAAP). These measures may not be
comparable to similar measures of other companies as not all companies
calculate these measures in the same manner.
First Call Analyst:
FCMN Contact: fred-spar@kekst.com
Source: WABCO Holdings Inc.
CONTACT: Media: Margie Pazikas, +32-2-663-9801,
margie.pazikas@wabco-auto.com, or Fred Spar, +1-212-521-4813,
fred-spar@kekst.com, Investors and Analysts: Mike Thompson, +32-2-663-9854,
mike.thompson@wabco-auto.com, WABCO Holdings Inc. Web site: http://www.wabco-auto.com/
-------
Profile: automotive-news
posted by automotive-news # 6:09 AM
Valeo Receives 2007 Renault Supplier Quality Award and Announces Record Quality Level in 2007
Valeo Receives 2007 Renault Supplier Quality Award and Announces Record Quality Level in 2007 PARIS, February 7/PRNewswire-FirstCall/ -- Valeo announces that it has received a 2007 Supplier Quality
Award from Renault, recognizing the excellent quality of the engine cooling
products delivered by its European Division. The third annual Renault Supplier Awards were presented by
Carlos Ghosn, President; Odile Desforges, Senior Vice-President in charge of
Purchasing and Chairman & Managing Director of RNPO (Renault-Nissan
Purchasing Organization); and Yann Vincent, Senior Vice-President in charge
of Quality. They were awarded to suppliers who demonstrated outstanding
performance and actions in favor of quality, which is one of the priorities
of Renault's Commitment 2009. In addition to the quality of parts delivered, the award also
recognizes a supplier's reactivity and its customer satisfaction performance. "We are honored to receive this important award from Renault,
which acknowledges the major efforts our Group has made in improving quality
over the past few years," said Thierry Morin, Valeo Chairman & CEO. "All
Valeo employees have an obsession for quality and this has enabled us to
achieve our lowest ever level of customer returns in 2007." The Valeo Group as a whole has slashed its level of customer
line returns (measured in ppm, or defective parts per million) by 95% in five
years, reaching the historically low level of 10 ppm at end 2007; 65% of
Valeo's 125 sites worldwide have achieved less than 10 ppm and 14% have
reached zero ppm, which is the Group's ultimate goal. Valeo is an independent industrial group dedicated to the
design, production and sale of components, integrated systems and modules for
cars and trucks. It is one of the world's leading automotive suppliers. The
Group has 125 production sites, 62 R&D centers, 9 distribution platforms, and
employs 61,200 people in 28 countries. For more information about the Group and its activities,
please visit our web site http://www.valeo.com
For further information, please contact:
Antoine Balas,
Corporate Media Relations,
Phone: +33-1-40-55-29-36
Rémy Dumoulin,
Investor Relations,
Phone: +33-1-40-55-29-30 Source: Valeo Management Services For further information, please contact: Antoine Balas, Corporate Media Relations, Phone: +33-1-40-55-29-36; Rémy Dumoulin, Investor Relations, Phone: +33-1-40-55-29-30
-------
Profile: automotive-news
posted by automotive-news # 4:31 AM
Revolutionary Hydrogen-Powered RC Car From Corgi International Wins 2008 ToyAward
Revolutionary Hydrogen-Powered RC Car From Corgi International Wins 2008 ToyAward NUREMBERG, Germany, February 7/PRNewswire/ -- Corgi International (NASDAQ GM: CRGI), one of the leading listed toy
manufacturers worldwide, today announced that its H2Go hydrogen-powered RC
car has won the 2008 ToyAward in the Electronics & Technology category. A
total of 24 products in eight categories were nominated for the innovation
award. In each of the categories, one innovative product was selected as a
winner of the 2008 ToyAward. Michael Cookson, chief executive officer of
Corgi International, accepted the award in the presence of the Bavarian
Minister-President Dr. Günther Beckstein. "We are delighted about the great trust placed in our H2Go. The H2Go is
not just a radio-controlled car featuring new technology but also a symbol of
the toy industry's impending adjustment to a future powered by clean energy,"
said Michael Cookson.
Media contacts:
Scott Wilson
swilson@webershandwick.com,
+44-207-067-0260 COCO Communication
Monika Collée
mcollee@xs4all.nl
+31-629-730-712 Source: Corgi International Media contacts: Scott Wilson, swilson@webershandwick.com, +44-207-067-0260; COCO Communication, Monika Collée, mcollee@xs4all.nl, +31-629-730-712
-------
Profile: automotive-news
posted by automotive-news # 3:18 AM
Rolls-Royce - Preliminary Results
Rolls-Royce - Preliminary Results LONDON, February 7/PRNewswire-FirstCall/ -- Video interview with Sir John Rose, Chief Executive, commenting on a
strong set of results, the record order book and increase in the dividend and
why the company's broad product portfolio will help it meet the challenges
ahead. It's free to view. All you need to do is register at
http://www.cantos.com. Cantos.com is an online financial website featuring
in-depth interviews, documentaries and webcasts with senior company
executives addressing the critical issues facing their businesses. If you
would like to contact us, please email enquiries@cantos.com or phone
+44-207-936-1333. Source: Rolls-Royce Group If you would like to contact us, please email enquiries@cantos.com or phone +44-207-936-1333
-------
Profile: automotive-news
posted by automotive-news # 2:57 AM
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