Findlay, Ohio -- Cooper Tire & Rubber Company has reported a 7 percent year-over-year increase in net sales, achieving a new first quarter record of $514 million in the quarter ended March 31, 2005 compared to $480 million in the same period of 2004.
Net income for the quarter was $5 million or 7 cents per share including an additional $6 million gain on the sale of Cooper-Standard Automotive following final post-closing adjustments. The quarter's results were also impacted by costs associated with the work stoppage at the Company's Texarkana, Arkansas tyre manufacturing facility which began on March 12, 2005 and ended on April 11, 2005.
These costs amounted to approximately $7 million pre-tax or 7 cents per share during the quarter. Including the impact of the strike, the Company's continuing operations generated a net loss of $1 million or 1 cent per share during the first quarter of 2005 compared to net income of $2 million or 3 cents per share in the first quarter of 2004.