Commercial Vehicle Group, Inc. (Nasdaq: CVGI) today reported revenues of $108.5 million for the first quarter ended March 31, 2009, compared to revenues of $197.0 million for the first quarter of 2008. Operating loss for the first quarter was $18.4 million compared to operating income of $11.5 million for the first quarter of 2008. Net loss was $19.4 million for the quarter, or $0.89 per diluted share, compared to net income of $0.5 million, or $0.02 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were 21.7 million compared to 21.6 million for the prior-year period.
"Market conditions for the first quarter of this year have reduced our revenues by approximately 45 percent from the same period last year. This level of top line reduction requires aggressive cost containment actions which we are continuing to identify and put into place," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "While our results were impacted in the first quarter due to the initial cost and timing of these actions, we are very pleased with our cash and liquidity position and we are optimistic about their positive impacts as we look toward the balance of this year and beyond.”
Revenues for the quarter compared to the prior-year period decreased by approximately $88.5 million due primarily to the global economic recession impacting the company's North American, European and Asian end markets. Included in the company's results for the first quarter of 2009 is $1.7 million in restructuring charges relating to previously announced plant consolidations and closings, along with reductions in workforce.