November 21, 2008

Noble loss widens in Q4 of 2007

Auto parts supplier Noble International Ltd announced that its Q4 loss more than doubled as hefty one time charges offset a more than twofold increase in sales. It posted record quarterly net sales of USD 317.4 million Q4 of 2007, an increase of 129.7% YoY as compared to net sales of USD 138.2 million in Q4 of 2006 and net loss of USD 5 million as compared with a loss of USD 2.2 million in Q4 of 2006.

The net loss for the fourth quarter of 2007 included the negative impact of the following one time items:
1. USD 2.3 million of integration and transition services costs related to the Company’s acquisition of the tailored blank operations of ArcelorMittal
2. USD 1.5 million non cash equity loss related to the Company’s equity investment in SET Enterprises, Inc.
3. USD 1.1 million charge related to the resolution of a commercial issue with a North American OEM
4. USD 0.9 million income tax expenses related to the Company’s treatment of its planned repatriation of earnings from a foreign subsidiary
5. USD 0.9 million charge for an adjustment to the Company’s self insured workers’ compensation liability at its roll forming facilities
6. USD 0.6 million severance charge related to a headcount reduction in the Company’s North American operations.