Remy International, Inc. Announces First Quarter 2008 Results

PENDLETON, Ind., May 15, 2008 -- Remy International, Inc., a leading worldwide manufacturer, remanufacturer, and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid technology, announced today its operating results for the first quarter ended March 31, 2008. Sales for the quarter were $301.1 million compared to $284.7 million a year earlier, a 6% increase. Earnings before interest, taxes, depreciation, amortization, and restructuring charges (EBITDAR) for the quarter increased 45% to $19.1 million from $13.2 in the first quarter of 2007. Gross profit less S,G&A increased 55% to $13.0 million in the first quarter of 2008 from $8.4 million in first quarter of 2007. The net loss in the quarter was $6.6 million, a substantial improvement over 2007's first quarter's net loss of $24.3 million, a 73% decrease.

"Our first quarter's results show the benefits of the operational improvement actions we started last year and that are continuing from our successful emergence from the prepackage reorganization in December 2007. Remy is developing new products that feature innovative eco-friendly technologies. We are committed to flawless execution in delivering products to our customers and results to our stakeholders, and to being recognized for our industry leadership" John Weber, Remy International, President and Chief Executive Officer stated. He continued "we are experiencing growth in our heavy duty products and in our new hybrid technology products. While this growth is promising, the overall slowdown in the U.S. economy, especially the auto industry, together with large raw material and energy cost increases are putting significant pressure on our business for the remainder of 2008."