(NewsDirect)
Cooper-StandardHoldings Inc. (NYSE: CPS) has completed the previously announced saleof a non-core real estate asset in Germany. The transaction generated$50 million in cash proceeds, adding to the Company’s already strongcash position at the end of the first quarter. The Company expects tolease back a portion of the property until the remaining manufacturingoperation can be relocated. The lease commitment is not financiallymaterial to the Company’s ongoing operations.
As of March 31, 2022,Cooper Standard had cash and cash equivalents totaling $252.9 millionincluding proceeds from the transaction. Total liquidity, includingavailability under the Company's amended senior asset-basedrevolving credit facility, was $395.6 million at the end of the firstquarter.
Additionally, subsequent to the end of the first quarter, theCompany received $29 million in cash payments from the United StatesInternal Revenue Service for tax refunds related to net operating losscarrybacks made available by the CARES act. An additional $23 millionin tax refunds related to net operating loss carrybacks are expectedto be received during the second quarter of 2022. The cash receivedfurther bolsters the Company's strong liquidity position. Based onour current expectations for light vehicle production and customerdemand for our products, we expect our current solid cash balance andaccess to flexible credit facilities will provide sufficient resourcesto support ongoing operations and the execution of planned strategicinitiatives for the foreseeable future.
The Company expects to release its fullfinancial results for the first quarter 2022 on Thursday, May 5 aftermarket close. The quarterly results will be posted to the CooperStandard website( http://www.ir.cooperstandard.com) once released.
About Cooper Standard
Cooper Standard, headquartered in Northville,Mich., with locations in 21 countries, is a leading global supplier ofsealing and fluid handling systems and components. Utilizing ourmaterials science and manufacturing expertise, we create innovativeand sustainable engineered solutions for diverse transportation andindustrial markets. Cooper Standard's approximately 23,000employees are at the heart of our success, continuously improving ourbusiness and surrounding communities. Learn more at www.cooperstandard.com orfollow us on Twitter @CooperStandard.
Forward Looking Statements
This press releaseincludes “forward-looking statements” within the meaning of U.S.federal securities laws, and we intend that such forward-lookingstatements be subject to the safe harbor created thereby. Our use ofwords “estimate,” “expect,” “anticipate,” “project,”“plan,” “intend,” “believe,” “outlook,”“guidance,” “forecast,” or future or conditional verbs, suchas “will,” “should,” “could,” “would,” or “may,”and variations of such words or similar expressions are intended toidentify forward-looking statements. All forward-looking statementsare based upon our current expectations and various assumptions. Ourexpectations, beliefs, and projections are expressed in good faith andwe believe there is a reasonable basis for them. However, we cannotassure you that these expectations, beliefs and projections will beachieved. Forward-looking statements are not guarantees of futureperformance and are subject to significant risks and uncertaintiesthat may cause actual results or achievements to be materiallydifferent from the future results or achievements expressed or impliedby the forward-looking statements. Among other items, such factors mayinclude: the impact, and expected continued impact, of the COVID-19outbreak on our financial condition and results of operations;significant risks to our liquidity presented by the COVID-19 pandemicrisk; prolonged or material contractions in automotive sales andproduction volumes; our inability to realize sales represented byawarded business; escalating pricing pressures; loss of largecustomers or significant platforms; our ability to successfullycompete in the automotive parts industry; availability and increasingvolatility in costs of manufactured components and raw materials;disruption in our supply base; competitive threats and commercialrisks associated with our diversification strategy through ourAdvanced Technology Group; possible variability of our working capitalrequirements; risks associated with our international operations,including changes in laws, regulations, and policies governing theterms of foreign trade such as increased trade restrictions andtariffs; foreign currency exchange rate fluctuations; our ability tocontrol the operations of our joint ventures for our sole benefit; oursubstantial amount of indebtedness and variable rates of interest; ourability to obtain adequate financing sources in the future; operatingand financial restrictions imposed on us under our debt instruments;the underfunding of our pension plans; significant changes in discountrates and the actual return on pension assets; effectiveness ofcontinuous improvement programs and other cost savings plans;manufacturing facility closings or consolidation; our ability toexecute new program launches; our ability to meet customers’ needsfor new and improved products; the possibility that our acquisitionsand divestitures may not be successful; product liability, warrantyand recall claims brought against us; laws and regulations, includingenvironmental, health and safety laws and regulations; legal andregulatory proceedings, claims or investigations against us; workstoppages or other labor disruptions; the ability of our intellectualproperty to withstand legal challenges; cyber-attacks, data privacyconcerns, other disruptions in, or the inability to implement upgradesto, our information technology systems; the possible volatility of ourannual effective tax rate; the possibility of a failure to maintaineffective controls and procedures; the possibility of futureimpairment charges to our goodwill and long-lived assets; our abilityto identify, attract, develop and retain a skilled, engaged anddiverse workforce; our ability to procure insurance at reasonablerates; and our dependence on our subsidiaries for cash to satisfy ourobligations; and other risks and uncertainties, including thosedetailed from time to time in the Company’s periodic reports filedwith the Securities and Exchange Commission.
You should not placeundue reliance on these forward-looking statements. Ourforward-looking statements speak only as of the date of this pressrelease and we undertake no obligation to publicly update or otherwiserevise any forward-looking statement, whether as a result of newinformation, future events or otherwise, except where we are expresslyrequired to do so by law.
###
CPS_F
ContactDetails
Chris Andrews
Contact forMedia
+1 248-596-6217
RogerHendriksen
Contact for Analysts
+1248-596-6465
roger.hendriksen@cooperstandard.com
CompanyWebsite
http://www.cooperstandard.com/
Copyright (c) 2022 TheNewswire - All rights reserved.