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For Immediate Release
AFFINIA GROUP ANNOUNCES CONTINUED MARGIN
IMPROVEMENT FOR FISCAL YEAR 2009
ANN ARBOR, MICHIGAN, March 12, 2010 Affinia Group Inc., an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today reported its financial results for the fourth quarter and full year ended December 31, 2009.
2009 Year End
As previously announced, the Company sold its Commercial Distribution Europe segment on February 2, 2010. The Commercial Distribution Europe segment qualified as a discontinued operation for purposes of financial reporting for fiscal year 2009. Consolidated sales from continuing operations for the full year 2009 were $1.797 billion, as compared to $1.915 billion for 2008. The $118 million decrease in net sales was primarily a result of unfavorable foreign currency translation effects of $96 million.
Brake North America and Asia net sales were $593 million in 2009, a $65 million decrease compared to 2008. The decline in net sales was partially due to $14 million of unfavorable foreign currency translation. Additionally, softer demand for the Companys brake products led to a decline in volume in 2009.
Net sales in Filtration products for 2009 were $713 million compared to $727 million in 2008. The $14 million reduction in net sales was attributable to $47 million in unfavorable foreign currency translation which was offset by $33 million in primarily increased volume.
The Companys Brake South America segment and Commercial Distribution South America products experienced a $39 million decrease in net sales. The net decline in sales was due to $35 million of unfavorable currency translation and $7 million of lower sales in Argentina as a result of a closure of a brake manufacturing facility in 2008. These lower sales were offset by higher sales at the Companys Brazilian distribution operations which continued to grow market share even in unfavorable market conditions.
Gross profit for 2009 was essentially flat at $368 million as compared to $369 million for the same period in 2008. Gross profit margin improved from 19 percent to 20 percent over the same time periods. The improvement in gross margin was a result of ongoing savings realized from the Companys comprehensive restructuring program which was initiated in 2005.
Selling, general and administrative expenses for fiscal year 2009 were $267 million compared with $276 million in 2008. The year-over-year reduction was largely a result of a reduction in restructuring costs of $16 million partially offset by a $3 million management fee paid to Cypress for services related to the Companys debt refinancing and other advisory services.
The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Friday, March 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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