Wescast Reports Third Quarter Results
(firmenpresse) - BRANTFORD, ONTARIO -- (Marketwire) -- 11/14/12 -- Wescast Industries Inc. (TSX: WCS.A) today reported 2012 third quarter sales of $72.6 million and a net loss of $4.0 million.
Highlights
In connection with its previously-announced acquisition by Sichuan Bohong Industry Co., Ltd. ("Bohong") of China, Bohong exercised its right under the arrangement agreement for the transaction to extend the deadline for it to obtain financing for its acquisition of Wescast until November 28, 2012 (previously reported as November 30, 2012) by paying another $2 million deposit to Wescast in the third quarter. Wescast does not intend to provide any further update about the proposed acquisition until the earlier of (i) Wescast being provided with Bohong's definitive financing documents with China Development Bank and confirmation that Bohong has waived its closing financing condition and (ii) November 29, 2012, or until it otherwise determines that further disclosure is appropriate or required.
The Company's entire quarterly financial statements and Management's Discussion and Analysis will be available at on November 14, 2012.
About Wescast
Wescast Industries Inc. is a global automotive parts supplier that primarily designs, engineers, casts, machines and assembles high quality engineered exhaust system components, including exhaust manifolds, turbocharger housings and integrated turbomanifolds, as well as various other components for the car and light truck markets. The Company supplies to a diversified group of global original equipment manufacturers ("OEMs") and Tier 1 customers in North America, Europe, Asia, Africa, South America and Australia. The Company employs approximately 2,200 people in its regionally-based operations and sales and design centres in Canada, the United States, Hungary, China, Germany, Japan, the United Kingdom and France.
Learn more at .
Forward Looking Statements
The contents of this news release contain statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking statements based on certain assumptions. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Persons reading this news release are cautioned that such information may not be appropriate for other purposes. Such forward-looking statements may include financial and other projections as well as statements regarding Wescast's future plans, objectives or performance for the current period and subsequent periods and regarding the markets for our products. The words "may", "would", "could", "will", "likely", "expect", "anticipate", "estimate", "intend", "plan", "forecast", "project" and "believe" or other similar words and phrases (including negative variations) are intended to identify forward-looking statements. Persons reading this news release are cautioned that such statements are only predictions, and that Wescast's actual future results or performance may be materially different.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties principally relate to the risks associated with the automotive industry and include, but are not limited to: the result of Wescast's strategic alternative review and consummation of any transaction, our operating and/or financial performance, including the effect of new accounting standards on our reported financial results, fluctuations in interest rates, changes in consumer and business confidence levels, consumers' personal debt levels, vehicle prices, the extent and nature of purchasing or leasing incentive campaigns offered by automotive manufacturers, environmental emission regulations, fuel prices and availability, the continuation and extent of outsourcing by automotive manufacturers, changes in raw material and other input costs, our ability to continue to meet customer specifications relating to product performance, cost, quality, delivery and service, industry cyclicality or seasonality, trade and/or labour issues or disruptions, customer pricing pressures, pricing concessions and cost absorptions, actual levels of program production volumes by our customers compared to original expectations, including program cancellations or delays, dependence on certain engine programs and the market success and consumer acceptance of the vehicles into which such powertrain products are installed, our relationship with and dependence on certain customers, currency exposure, failures in implementing Wescast's strategy, technological developments by Wescast's competitors and customers, government and regulatory policies and changes in the competitive environment in which Wescast operates.
Wescast does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.
Contacts:
Wescast Industries Inc.
Teresa Fortney
Chief Financial Officer
(519) 750-0000
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Datum: 14.11.2012 - 13:08 Uhr
Sprache: Deutsch
News-ID 1171269
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Kategorie:
Parts and Accessories
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