Intermet Reports Third-Quarter Loss

Autoparts Report, Oct 19, 2001

Intermet Corp. said its third-quarter sales totaled $198 million, a decrease of $42 million compared with the same period last year. The company reported a third-quarter net loss of $2.7 million, or 11 cents per diluted share, which has a comparable net income of $4.3 million, or 17 cents per diluted share, in the third quarter of 2000.

Third-quarter 2000 reported net income of $8.0 million, or 32 cents per diluted share, included approximately $3.7 million of income related to non-recurring events. The sales and earnings shortfalls are due primarily to the slowing economy and a steep downturn in releases to the company following the terrorist events of September 11th, the company said.

Intermet said its nine-month sales were $650 million, down $174 million from strong nine-month 2000 sales of $824 million, which included $51 million from divested operations. Year-to-date net income was $1.5 million, or 6 cents per diluted share, compared with year-to-date 2000 net income of $29.4 million, or $1.16 per diluted share.