Cooper-Standard Automotive Posts 2009 First Quarter Results

-- First quarter sales of $401.8 million on lower global auto production
-- Reorganized to geographic operating structure
-- Net new business of $95.6 million in first quarter 2009

NOVI, Mich., May 19 /PRNewswire/ -- Cooper-Standard Holdings Inc., the parent
company of Cooper-Standard Automotive Inc., today announced sales and earnings
for the first quarter of 2009.

Net sales for the first quarter were $401.8 million, down from $756.0 million
for the same quarter of 2008. This decrease resulted primarily from
significantly lower vehicle production volume in North America, Europe and
Brazil, unfavorable changes in vehicle mix and the strengthening of the U.S.
dollar.

The company reported a $55.0 million net loss for the first quarter, compared
to net income of $15.7 million for the same period of 2008, due to
significantly lower sales volume, increased restructuring and reorganization
costs, and unfavorable foreign exchange. Net interest expense for the quarter
totaled $21.1 million, a $3.1 million improvement over the prior year first
quarter, due to lower interest rates and reduced term loan balances.

"Severe economic conditions have kept demand for new vehicles at historically
low levels and brought transformational changes to the global automotive
industry," said Cooper-Standard Automotive Chairman and Chief Executive
Officer James S. McElya. "The numerous cost-containment actions taken by our
management team, including a reorganization of our operating structure, have
enabled us to partially offset lower industry volumes and position the company
for success as the industry consolidates, while fully serving our global
customers."

To better manage its operating costs and resources in severe industry
conditions, on March 26, Cooper-Standard Automotive announced the
implementation of a comprehensive reorganization plan that changed the
company's operating structure and reporting segments. The new operating
structure allows Cooper-Standard Automotive to maintain its full portfolio of
global products and provide unified customer contact points. In addition, the
reorganization will enable the company to realize substantial savings when
fully implemented.

Net New Business Wins
During the first quarter of 2009, the company received $95.6 million in net
new business awards, up $26.4 million versus prior year first quarter. This
business is across the company's global customer portfolio with particular
emphasis in Europe.

Key Launches
During the first quarter of 2009, the company successfully launched production
with all three product lines on new customer vehicles, as well as
next-generation models for existing platforms, including:
-- Daimler (Mercedes E-Class)
-- Ford (Lincoln MKS)
-- General Motors (Chevrolet Camaro)

-- Toyota (Lexus RS)

Adjusted EBITDA
Adjusted EBITDA, a measure of operating performance which excludes certain
non-cash and non-recurring items, was $15.5 million in the first quarter of
2009, compared to $83.1 million in the first quarter of 2008. A table
reconciling Adjusted EBITDA, a measure not recognized under Generally Accepted
Accounting Principles (GAAP), can be found in this news release.

Adjusted EBITDA reconciliation for the first quarter of 2009 is presented in
the table below.

Three Months
Ended March 31,
------------
2008 2009
---- ----
Net income (loss) $15.7 ($55.0)
Provision (benefit) for
income tax expense 7.2 (3.8)
Interest expense, net
of interest income 24.2 21.1
Depreciation and
amortization 35.8 30.1
---- ----
EBITDA $82.9 ($7.6)
Restructuring (1) 2.4 22.6
Gain on bond repurchase (1.7) -
Canadian voluntary
retirement - 1.0
Foreign exchange gain (2) (0.5) (0.5)
---- ----
Adjusted EBITDA $83.1 $15.5
===== =====

(1) Product line discontinuation and plant shutdown costs.

(2) Unrealized foreign exchange (gain) loss on acquisition-related
indebtedness.

Management uses Adjusted EBITDA as a measure of the company's performance.
Adjusted EBITDA varies from the amount used in calculating covenant compliance
under the company's credit facilities due to the classification of joint
venture equity earnings and certain pro forma adjustments. EBITDA and Adjusted
EBITDA are not calculated according to GAAP and should not be construed as
income from operations or net income, as determined by GAAP. Other companies
may report EBITDA differently and therefore Cooper-Standard Automotive's
results may not be comparable to other similarly titled measures of other
companies.

Conference Call Details
Cooper-Standard Automotive will hold a conference call and webcast with
investors on Tuesday, May 19, 2009 at 1 p.m. EDT to discuss its 2009 first
quarter results, provide a general business update and respond to investor
questions.

An interactive webcast will also be available via
http://www.cooperstandard.com/investor_home.php or
http://investor.shareholder.com/cooperstandard/eventdetail.cfm?eventid=68074.

To participate in a live question-and-answer session, North American callers
should dial toll-free 800-949-4315 (international callers dial
001-678-825-8315) and provide conference ID 98856831 or ask to be connected to
the Cooper-Standard Automotive first quarter teleconference. Callers should
dial in at least five minutes prior to the start of the call. Financial and
automotive analysts are invited to ask questions after the presentations are
made.

Individuals unable to participate during the live teleconference or webcast
may visit the Investor Relations portion of the Cooper-Standard Automotive Web
site (http://www.cooperstandard.com/investor_home.php) for a webcast replay of
the presentation.

About Cooper-Standard Automotive
Cooper-Standard Automotive Inc., headquartered in Novi, Mich., is a leading
global automotive supplier specializing in the manufacture and marketing of
systems and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems, which are
represented within the company's two operating divisions: North America and
International. Cooper-Standard Automotive employs approximately 17,000 people
globally with more than 70 facilities throughout the world. For more
information, visit the company's Web site at: www.cooperstandard.com.

Cooper-Standard is a privately-held portfolio company of The Cypress Group and
Goldman Sachs Capital Partners Funds.

The Cypress Group is a New York-based private equity investment firm founded
in 1994. Since its formation, Cypress has invested more than $3.5 billion of
capital within its two funds. Cypress has an extensive track record of making
growth-oriented investments in targeted industry sectors and building equity
value alongside proven management teams.

The Goldman Sachs Group, Inc. is a leading global financial services firm
providing investment banking, securities and investment management services to
a substantial and diversified client base that includes corporations,
financial institutions, governments and high-net-worth individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in London,
Frankfurt, Tokyo, Hong Kong and other major financial centers around the
world.

This news release includes forward-looking statements, reflecting current
analysis and expectations, based on what are believed to be reasonable
assumptions. Forward-looking statements may involve known and unknown risks,
uncertainties and other factors, which may cause the actual results to differ
materially from those projected, stated or implied, depending on many factors,
including, without limitation: the company's substantial leverage; limitations
on flexibility in operating business contained in the company's debt
agreements; the company's dependence on the automotive industry; availability
and cost of raw materials; the company's dependence on certain major
customers; competition in the industry; sovereign and other risks related to
the company conducting operations outside the United States; the uncertainty
of the company's ability to achieve expected cost reduction savings; the
company's exposure to product liability and warranty claims; labor conditions;
the company's vulnerability to rising interest rates; the company's ability to
meet customers' needs for new and improved products in a timely manner; the
company's ability to attract and retain key personnel; potential conflicts of
interests between owners and the company; the company's recent status as a
stand-alone company; the company's legal rights to its intellectual property
portfolio; the company's underfunded pension plans; environmental and other
regulations; and the possibility that the company's acquisition strategy will
not be successful. There may be other factors that may cause the company's
actual results to differ materially from the forward-looking statement.
Accordingly, there can be no assurance that Cooper-Standard Automotive will
meet future results, performance or achievements expressed or implied by such
forward-looking statements. This paragraph is included to provide safe harbor
for forward-looking statements, which are not generally required to be
publicly revised as circumstances change, and which Cooper-Standard Automotive
does not intend to update.

SOURCE Cooper-Standard Holdings Inc.

Analysts: Allen Campbell, chief financial officer, +1-248-596-6031,
ajcampbell@cooperstandard.com, or Media: Sharon Wenzl, vice president,
Corporate Communications, +1-248-596-6211, sswenzl@cooperstandard.com, both of
Cooper-Standard Automotive