Cooper-Standard Automotive Earnings Rise on Higher Second Quarter Sales

- Sales increase to $765.6 million, a $141.6 million increase from Q2 2007

- Quarterly gross profit increases to $118.0 million, a $11.2 million increase from Q2 2007

- Net income increases to $11.6 million for the quarter

- $216.9 million of net new business awarded first six months of 2008

NOVI, Mich., Aug. 14 -- Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., today announced increased sales, gross profit and net income for the second quarter of 2008, delivering on the company's strategy of expanding and leveraging its global footprint, diversifying its customer base and actively adjusting its cost structure to respond to changes in market conditions.

Net sales for the quarter increased to $765.6 million compared to $624.0 million for the same quarter of 2007. The increase resulted primarily from the Metzeler Automotive Profile Systems (MAPS) acquisitions, favorable foreign exchange rates and the strength of automotive markets in Europe and Brazil, which helped to offset production declines in North America.

Gross profit for the second quarter increased $11.2 million to $118.0 million, or 15.4 percent of sales, as compared to $106.8 million, or 17.1 percent of sales, for the same period last year. The reduction in gross margin relates primarily to material cost increases and the impact of production volume and mix changes in North America.

The company reported net income of $11.6 million in the second quarter of 2008 versus $9.7 million for the same period in 2007, with the improvement attributed to the MAPS acquisitions, restructuring, favorable exchange rates and a lower effective tax rate.

Adjusted EBITDA, a measure of operating performance which excludes certain non-cash and non-recurring items, increased to $77.3 million in the second quarter, compared to $76.7 million for the same period of 2007. A table reconciling Adjusted EBITDA, a non-Generally Accepted Accounting Principle (GAAP) measure, can be found in this news release.

"Cooper-Standard Automotive's operational flexibility, financial discipline, widening global presence and growing customer diversity have helped the company to perform well in a very difficult environment," said President and CEO Edward A. Hasler. "We continue to expand our presence in emerging markets, build our relationships with both new and existing customers, and create innovative products which add to the breadth and depth of our product portfolio. We also continue to adjust our cost structure to reflect the weakness and structural changes in the markets we serve."