Federal-Mogul Reports Second Quarter 2007 Results

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Aug 02,2007

Federal-Mogul Reports Second Quarter 2007 Results Federal-Mogul Corp. (USA; Pink Sheets: FDMLQ; operating under Chapter 11 bankruptcy protection since 2001) announced financial results for second quarter 2007, ended June 30, 2007. Sales for the quarter were $1.76 billion, up 8% from $1.63 billion in 2006. F-M said the sales improvement was primarily organic volume growth, amounting to $77 million -- an undisclosed portion of the increase is sales contributed by F-M Goetze India, acquired in May 2006. The sales and currency effects were partially offset by lower net prices on some products. The company also reported its second consecutive profitable quarter, although earning just a rounding error $4 million (0.2% of sales). In second quarter 2006, F-M had a net loss of $17 million.F-M reportedly plans to exit bankruptcy later this year, pending approval of its latest restructuring plan. Jose Maria Alaponte, F-M's trifecta Chairman, President and CEO, commented: "Federal-Mogul remains fully committed to exiting from Chapter 11, while wholly dedicated to our strategy for sustainable global profitable growth, providing our valued customers with service excellence, quality products, leading technology and innovation at competitive cost. The results achieved during the first half of 2007 reflect the Company's commitment to consistently improve our operational performance."

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