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Local News

Tuesday, November 03, 2009

Cooper returns to profitability
Diamond Mine Direct
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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Benton Ridge Shooting

This video, released by the Hancock County Prosecutor's Office, shows the shooting of a Lima man who led authorities on a three-county chase ending Aug.24 in Benton Ridge. Be cautioned, the video contains graphic content.
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  LATEST COMMENTS Last 10 comments submitted by our readers...
Dave wrote in article "Shooting video released":
Suspect chose the outcome
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speaking the truth
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benton ridge shooting
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just sayin wrote in article "Heroin outbreak":
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retired OH cop in MT wrote in article "Shooting video released":
shooting
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DRUG BUST
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News Briefs Firefighters discover 20 marijuana plants in house
After fighting a house fire early Monday at 815 Howard St., firefighters found 20 marijuana plants in the residence.

"They ran across it and called us," said police Sgt. Justin Hendren with the Hancock County METRICH Drug Enforcement Unit.

Police seized all 20 plants, and Hendren said charges are pending.

High-powered growing lights, fans, and a box filled with dried marijuana were also found in the house, according to a police report.

Investigators said an electrical short started the fire before 3 a.m. Monday.

The blaze caused an estimated $12,000 in damage to the residence, owned by Amanda Crawford. No one was injured, according to the Findlay Fire Department.

Carey announces holiday closing
CAREY -- Carey offices, including administrative, income tax and utilities, electric, wastewater treatment plant, and public works, will be closed Monday in observance of Labor Day.

The curbside recycling program will be held Tuesday through Thursday, Sept. 7-9.

Findlay trooper named sergeant
Trooper Jacob L. Fletcher, assigned to the Findlay post of the State Highway Patrol, was promoted to sergeant Wednesday by Patrol Superintendent Col. David Dicken.

With the promotion, Fletcher will stay at the Findlay post and serve as an assistant post commander, according to the patrol.

Fletcher began his patrol career in 2002 after graduating from the 139th Academy class and has been assigned to the Findlay post since.

Owens announces holiday schedule
The Toledo and Findlay campuses of Owens Community College will be closed Saturday through Monday for the Labor Day holiday.

There will be no classes and the college offices will be closed.

Classes will resume and offices will open again on Tuesday.

Holiday changes ad deadlines
The Courier won't be published on Monday, in observance of the Labor Day holiday.

Because of the holiday, some advertising deadlines have been moved up this week:

Black and white display advertising for Tuesday's newspaper must be placed by noon Friday. Display advertising for Wednesday's newspaper must be placed by 2:30 p.m. Friday.

Color display advertising for the Thursday, Sept. 9 newspaper must be placed by Friday.

Classified advertising and City and Country advertising for Saturday's newspaper must be placed by 2 p.m. Friday. Classified ads for Tuesday's newspaper must be placed by 2:30 p.m. Friday.

Courier business and advertising offices will close at 3 p.m. Friday for the holiday.