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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: shades who wrote (60212)	5/3/2006 2:21:27 PM
From: shades	Read Replies (1) \| Respond to of 110194

Cooper Swings To Loss on Rising Rubber,Oil Prices (ppi on the rise) By Shawn Langlois Cooper Tire & Rubber Co. (CTB) said Wednesday it swung to a first-quarter loss as price increases failed to offset rising raw-material costs. Shares of Cooper Tire fell 0.7% to $12.60 in early trading. The Findlay, Ohio, tire maker reported a loss of $5.2 million, or 8 cents a share, compared with net income of $5.2 million, or 7 cents, a year earlier. Sales rose 16% to $596.6 million from $514.1 million on better pricing and improved product mix, the company said. In the North American market, revenue rose 7% to $596 million. Global tire sales surged 58%, boosted by the acquisition of Cooper Chengshan in China. "The North American replacement tire market remains very competitive and raw material prices continue to impact our results," said Chairman and Chief Executive Tom Dattilo. "The price increases we have instituted in the past several months have fallen short of covering rising material costs." Further, Cooper said a tentative settlement of a product liability claim after the first quarter ended was "well in excess of what the company had anticipated and reserved previously," and reduced earnings by 5 cents a share. Excluding the 5 cent charge and an additional 1 cent loss for discontinued operations, the company posted a loss of 2 cents a share. The average estimate of analysts polled by Thomson First Call was a profit of 1 cent a share. Dattilo added that a price increase took effect April 1, and more may be necessary to help offset the rising cost of natural rubber and oil prices. -Shawn Langlois; 415-439-6456; AskNewswires@dowjones.com (END) Dow Jones Newswires May 03, 2006 11:42 ET (15:42 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 11 42 AM EDT 05-03-06