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Local News

Tuesday, November 03, 2009

Cooper returns to profitability
LaRiche Toyota-Subaru
By LOU WILIN

STAFF WRITER

Cooper Tire & Rubber Co. returned to profit territory last quarter with $47 million in net income.

Cooper's results in the July-through-September quarter improved by $102 million from a year earlier. It generated earnings per diluted share of 77 cents, compared with a 94-cent loss per diluted share a year earlier.

It was the first time in six quarters Cooper has generated a profit.

Company leaders said reduced raw material costs, manufacturing improvements and the closing of a Georgia plant helped results. Operations in Albany, Ga., ceased in September.

Tire manufacturing costs declined by nearly 17 percent, to $662 million. Tire sales, at $803 million, were up by 1.1 percent from a year earlier.

"This is an exciting time as we begin to see the benefits of changing our competitive dynamics," Cooper Chief Executive Officer Roy Armes said. "The changes we have made are a great start in positioning us for a more consistent level of profitability."

Operating profit totaled $71 million, compared with a $47 million loss a year earlier.

However, prices for raw materials, like rubber, steel and oil-derived materials, have increased recently. Armes said he does not expect them to reach the peaks they did in 2008.

Cooper also boosted its liquidity. It increased its cash holdings 65 percent in nine months to $410 million by the end of the last quarter.



North America

Sales in North America declined 2 percent from a year earlier to $574 million. The number of tires sold increased, but the price of tires declined on average, the company reported.

The number of tires sold in the United States increased by 2 percent compared with the industry-wide increase of 3 percent reported by the Rubber Manufacturers Association.

The bottom line for North American operations swung to a $48 million profit from a $51 million loss a year ago.



International

Sales grew 4 percent to $297 million. The number of tires sold by Asian operations grew by 28 percent.

European operations sold 13 percent fewer tires.

Operating profit grew to nearly $30 million from $7 million a year earlier.

"Our international operations have continued to grow in importance to our organization while the North American segment continues to explore profitable opportunities to grow," Armes said.



Dividend

Cooper Tire has announced a quarterly dividend of 10.5 cents per share on common stock, payable Dec. 30 to stockholders of record on Dec. 2.

Wilin: 419-427-8413,

Send an e-mail to Lou Wilin


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5 Comments

Latest comments listed first.
Jon Adams wrote:
Why do they call it "free enterprise?"
“ Quickledo>> "... From the tone of some posts, it seems that we haven't sunk low enough ..." <<< - - - - - The "tone" sounds like "Why don't they pay their bills , like everyone else? Don't you think Cooper ought to pay its own utilities? ”
Wednesday, November 04, 2009 10:14:43 AM
Quickledo wrote:
Good for Cooper
“ Profits are a good thing -- surely better than the opposite, eh?

From the tone of some posts, it seems that we haven't sunk low enough for some to recognize that without profitable companies we have no jobs. Companies such as Cooper, Marathon, Whirlpool, Dow, etc., are local examples of the goose that lays the golden egg, and good leadership is critical. I, for one, thank Cooper's leaders for providing jobs in our community.

Maybe, if corporations in the US weren't paying one of the highest corporate income tax rates in the world, GM and Chrysler would still exist. ”
Wednesday, November 04, 2009 8:13:30 AM
Gene Lee wrote:
profit
“ I do not work at Cooper tire but know quite a few people over the years that have, but I thought that man CEO Armes who makes $850,000.00 a year and the next in command makes $405,000.00 and down the line $305,000.00, $329,000.00 and so on till you get to the lower level, that no mention about the sacrifices that the hourly worker took to make these things happen. If CEO Armes and them took a cut then they were way over paid in the first place, thats my 25 cents worth, thank you. ”
Tuesday, November 03, 2009 7:23:34 PM
j wrote:
How Much
“ How much of that profit is due to making cities like Findlay pay their utility bills and other cost. I bet that the management will get a nice bonus, while residents of Findlay get poorer. How much of the new requested income tax and sale tax is due to companies like Cooper getting a break on utilities and other expenses??? The rich just get richer and the poor....well you know. Everyone say thank you City council.

”
Tuesday, November 03, 2009 12:55:23 PM
Rob wrote:
Great news!
“ Does this mean that they can pay their own water & sewage bill now?? ”
Tuesday, November 03, 2009 3:11:16 AM
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   LOCAL NEWS
  LATEST COMMENTS Last 10 comments submitted by our readers...
adam wrote in article "Village patrols may be restored in future":
concerned
“ i totally agree with you! when you call them nothing happens (unless you have a little bit of pot). I called police on a passed... ” Read More...
11/20/2009 3:21:12 PM
adam wrote in article "Corn dust bothers elevator neighbor":
grain
“ hey if you dont like the problems caused by this you should move. Otherwise shut up and count your blessings that YOU have a pla... ” Read More...
11/20/2009 3:15:05 PM
adam wrote in article "Two charged after robbery":
pizza
“ you would be amazing sometimes the ammount they carry. Sometimes its a whole nights woth of working that they gota payback. ” Read More...
11/20/2009 3:10:23 PM
TG wrote in article "Village patrols may be restored in future":
Capt. Treece
“ Why don't you put your money where your mouth is Capt. Treece. Bring out those numbers. The correct ones. I bet you make almo... ” Read More...
11/20/2009 2:52:23 PM
Chilli wrote in article "Extra enforcement slated for Saturday due to big game":
Extra Enforcement
“ I always wonder why they tell the public what roads are choosen for patrols. Can't the drunk driver just go another route? ” Read More...
11/20/2009 2:48:36 PM
james wrote in article "Village patrols may be restored in future":
buddies
“ Thats not the way we see it ,,if you retire and can and do ,,,move on,, We the people of this county do not approve of this pra... ” Read More...
11/20/2009 2:01:31 PM
Get Real wrote in article "Two charged after robbery":
Why is this thug on the street anyway?
“ I believe if you review some history, this creep robbed a pizza driver in August of 2007 two years ago and was involved in a st... ” Read More...
11/20/2009 1:35:27 PM
Scott wrote in article "Two charged after robbery":
Robbery
“ While I agree with most of Cathy Schulte's comments, I don't agree with, "Good of her to fight back." How stupid would it be to... ” Read More...
11/20/2009 1:28:20 PM
JP wrote in article "Corn dust bothers elevator neighbor":
Grains, trains and automobiles
“ I live in North Baltimore, a pitching wedge from the grain elevator and a chip shot from the CSX main line.

It IS dustier he... ” Read More...
11/20/2009 11:44:07 AM
Cathy Schulte wrote in article "Two charged after robbery":
Robbery
“ How dumb ! How much could money a pizza delivery person have? To risk prision for any amount is crazy,but to rob a person of cha... ” Read More...
11/20/2009 11:34:18 AM
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News Briefs Work scheduled on Findlay streets
Findlay's Main Street, northbound, will be reduced at times to one lane between 8 a.m. and 5 p.m. for waterline connection.

Main Street will not be accessible from East Lincoln Street. Lincoln Street will be closed to through traffic from South Main Street to South Blanchard Street from 8 a.m. to 5 p.m. for continued improvement work. Access to local businesses and residents only will be maintained.

Recount planned in trustee's race
OTTAWA -- After certifying election results on Wednesday, the Putnam County Board of Elections has announced a recount will be required for the Union Township trustee race, according to Deputy Director Shelly Burkhart.

The recount will be completed on Wednesday at the county elections board office, 336 E. Main Street, Ottawa.

Incumbent Daniel R. Ellerbrock has secured his position on the board, earning 685 votes. However the remaining trustee spot will require a recount as Gery P. Wurth earned 598 votes and Mark J. Kahle collected 601 votes, according to official results.

An automatic recount is necessary if the margin is within one-half of 1 percent of total votes cast, according to state law.

Road to be closed
Forest Lake Drive, between Marion Township 237 and Indian Lake Drive/Forest Lane, will be closed today for a pipe installation.

The road is expected to open by 5 p.m., weather permitting.

Motorists are advised to use Township 242.