Commercial Vehicle Group Reports First Quarter 2009 Results

NEW ALBANY, Ohio, April 29 /PRNewswire-FirstCall/ -- Commercial Vehicle Group,
Inc. (Nasdaq: CVGI) today reported revenues of $108.5 million for the first
quarter ended March 31, 2009, compared to revenues of $197.0 million for the
first quarter of 2008. Operating loss for the first quarter was ($18.4)
million compared to operating income of $11.5 million for the first quarter of
2008. Net loss was ($19.4) million for the quarter, or ($0.89) per diluted
share, compared to net income of $0.5 million, or $0.02 per diluted share, in
the prior-year quarter. Fully diluted shares outstanding for the quarter were
21.7 million compared to 21.6 million for the prior-year period.

"Market conditions for the first quarter of this year have reduced our
revenues by approximately 45 percent from the same period last year. This
level of top line reduction requires aggressive cost containment actions which
we are continuing to identify and put into place," said Mervin Dunn, President
and Chief Executive Officer of Commercial Vehicle Group. "While our results
were impacted in the first quarter due to the initial cost and timing of these
actions, we are very pleased with our cash and liquidity position and we are
optimistic about their positive impacts as we look toward the balance of this
year and beyond," added Mr. Dunn.

Revenues for the quarter compared to the prior-year period decreased by
approximately $88.5 million due primarily to the global economic recession
impacting the Company's North American, European and Asian end markets.
Included in the Company's results for the first quarter of 2009 is $1.7
million in restructuring charges relating to previously announced plant
consolidations and closings, along with reductions in workforce.

Net debt (calculated as total debt less cash and cash equivalents) was $160.2
million at March 31, 2009, when compared to $157.6 million at December 31,
2008. Capital expenditures were $1.7 million, or 1.6% of revenues, for the
three-month period ending March 31, 2009.

"The magnitude of these market condition changes makes them very difficult to
overcome in short order. Thus our focus has been on immediate cost reduction
actions and cash-based initiatives such as the elimination of fixed costs
through restructuring actions, reduced capital spending, aggressive inventory
reductions and overall working capital improvements," said Chad M. Utrup,
Chief Financial Officer of Commercial Vehicle Group. "These actions are key
drivers behind our success of achieving a neutral cash position through the
first quarter of this year despite a $6.0 million bond interest payment and
the cost of our new asset based loan agreement," added Mr. Utrup.
The Company is not providing revenue or earnings estimates; however, it does
expect to comply with its financial covenant requirements for the full year
2009 at this time.

A conference call to review first quarter results is scheduled for Thursday,
April 30, 2009, at 10:00 a.m. ET. To participate, dial (888) 680-0869 using
access code 54733716. You can pre-register for the conference call and
receive your pin number at:

https://www.theconferencingservice.com/prereg/key.process?key=P46FFMHMF

This call is being webcast by Thomson/CCBN and can be accessed at Commercial
Vehicle Group's Web site at www.cvgrp.com.

A replay of the conference call will be available for a period of two weeks
following the call. To access the replay, dial (888) 286-8010 using access
code 47691683.

About Commercial Vehicle Group, Inc.

Commercial Vehicle Group is a leading supplier of fully integrated system
solutions for the global commercial vehicle market, including the heavy-duty
truck market, the construction and agriculture market and the specialty and
military transportation markets. The Company's products include suspension
seat systems, interior trim systems, such as instrument and door panels,
headliners, cabinetry, molded products and floor systems, cab structures and
components, mirrors, wiper systems, electronic wiring harness assemblies and
controls and switches specifically designed for applications in commercial
vehicle cabs. The Company is headquartered in New Albany, OH with operations
throughout North America, Europe and Asia. Information about the Company and
its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to
risks and uncertainties. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or similar
expressions. In particular, this press release may contain forward-looking
statements about Company estimates for future periods with respect to
financial covenant compliance or other financial information. These
statements are based on certain assumptions that the Company has made in light
of its experience in the industry as well as its perspective on historical
trends, current conditions, expected future developments and other factors it
believes are appropriate under the circumstances. Actual results may differ
materially from the anticipated results because of certain risks and
uncertainties, including but not limited to: (i) ) general economic or
business conditions affecting the markets in which the Company serves; (ii)
the Company's ability to develop or successfully introduce new products; (iii)
risks associated with conducting business in foreign countries and currencies;
(iv) increased competition in the heavy-duty truck market; (v) the impact of
changes in governmental regulations on the Company's customers or on its
business; (vi) the loss of business from a major customer or the
discontinuation of particular commercial vehicle platforms; and (vii) various
other risks as outlined under the heading "Risk Factors" in the Company's
Annual Report on Form 10-K for fiscal year ending December 31, 2008. There can
be no assurance that statements made in this press release relating to future
events will be achieved. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating results over
time. All subsequent written and oral forward-looking statements attributable
to the Company or persons acting on behalf of the Company are expressly
qualified in their entirety by such cautionary statements.

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)

Three Months Ended
March 31,
2009 2008
(unaudited) (unaudited)

REVENUES $108,530 $197,004

COST OF REVENUES 111,779 176,239

Gross (Loss) Profit (3,249) 20,765

SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 13,343 15,018

AMORTIZATION EXPENSE 97 345

GAIN ON SALE OF LONG LIVED ASSET - (6,075)

RESTRUCTURING COSTS 1,712 -

Operating (Loss) Income (18,401) 11,477

OTHER (INCOME) EXPENSE (4,892) 9,698

INTEREST EXPENSE 3,644 3,907

LOSS ON EARLY EXTINGUISHMENT OF DEBT 795 -

Loss Before Provision for Income Taxes (17,948) (2,128)

PROVISION (BENEFIT) FOR INCOME TAXES 1,456 (2,600)

Net (Loss) Income $(19,404) $472

(LOSS) EARNINGS PER COMMON SHARE:
Basic $(0.89) $0.02
Diluted $(0.89) $0.02
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 21,746 21,537
Diluted 21,746 21,641

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)

March 31, December 31,
2009 2008
(unaudited) (unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $5,350 $7,310
Accounts receivable, net 71,754 100,898
Inventories, net 71,238 90,782
Prepaid expenses 16,619 20,428
Total current assets 164,961 219,418
PROPERTY, PLANT AND EQUIPMENT, net 86,899 90,392
INTANGIBLE ASSETS, net 34,514 34,610
OTHER ASSETS, net 12,989 10,341
TOTAL ASSETS $299,363 $354,761

LIABILITIES AND STOCKHOLDERS' INVESTMENT

CURRENT LIABILITIES:
Current maturities of long-term debt $15,537 $81
Accounts payable 47,494 73,451
Accrued liabilities, other 36,228 43,417
Total current liabilities 99,259 116,949
LONG-TERM DEBT, net of current
maturities 150,014 164,814
PENSION AND OTHER POST-RETIREMENT
BENEFITS 19,847 19,885
OTHER LONG-TERM LIABILITIES 6,525 9,171
Total liabilities 275,645 310,819
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' INVESTMENT:
Common stock, $0.01 par value per share;
30,000,000 shares
authorized; 21,746,415 shares issued and
outstanding 217 217
Treasury stock purchased from employees;
46,474 shares (455) (455)
Additional paid-in capital 181,619 180,848
Retained (loss) earnings (137,715) (118,311)
Accumulated other comprehensive loss (19,948) (18,357)
Total stockholders' investment 23,718 43,942
TOTAL LIABILITIES AND STOCKHOLDERS'
INVESTMENT $299,363 $354,761

SOURCE Commercial Vehicle Group, Inc.

John Hyre, Investor Relations, Commercial Vehicle Group, Inc.,
+1-614-289-5157