(Exhibit 99)
NEWS RELEASE
COOPER TIRE & RUBBER COMPANY
701 Lima Ave. - Findlay, OH 45840
(419) 423-1321 - www.coopertire.com
[COOPER LOGO]
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COMMUNICATIONS
Company Contact: Roger Hendriksen FOR IMMEDIATE RELEASE
(419) 427-4768 April 15, 2004
COOPER TIRE & RUBBER COMPANY EARNINGS TO EXCEED EXPECTATIONS
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FINDLAY, OHIO, April 15, 2004 - COOPER TIRE & RUBBER COMPANY (NYSE: CTB) today
announced that the Company's earnings per share for the first quarter of 2004
will be in the range of 30 to 34 cents (which includes the impact of
approximately $4 million in restructuring costs), significantly higher than our
previous estimate of 24 to 28 cents per share which did not include any estimate
for restructuring. The result is due to much higher sales for the Company as
well as the strong operating performance of Cooper-Standard Automotive which was
due to higher customer production, new business won last year and a smaller than
anticipated impact from increasing steel prices and other raw material costs
during the quarter.
Full details of Cooper's first quarter results will be made available in a press
release before the market opens on April 22, 2004. In addition, management will
conduct a conference call to discuss the results at 11:00 a.m. (EDT) on April
22. The audio portion of that conference call can be accessed at the Company's
investor relations web page at www.coopertire.com.
COMPANY DESCRIPTION
Cooper Tire & Rubber Company, headquartered in Findlay, Ohio, specializes in the
manufacture and marketing of products for the global automotive industry.
Products include automotive, motorcycle and truck tires, inner tubes, tread
rubber and equipment, as well as sealing, trim, NVH control systems and fluid
handling systems. Cooper has more than 20,000 employees and 52 manufacturing
facilities in 13 countries. For more information, visit the Company's web site
at: www.coopertireandrubber.com.
FORWARD-LOOKING STATEMENTS
This report contains what the Company believes are "forward-looking statements,"
as that term is defined under the Private Securities Litigation Reform Act of
1995, regarding projections, expectations or matters that the Company
anticipates may happen with respect to the future performance of the industries
in which the Company operates, the economies of the United States and other
countries, or the performance of the Company itself, which involve uncertainty
and risk. Such "forward-looking statements" are generally, though not always,
preceded by words such as "anticipates," "expects," "believes," "projects,"
"intends," "plans," "estimates," and similar terms that connote a view to the
future and are not merely recitations of historical fact. Such statements are
made solely on the basis of the Company's current views and
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perceptions of future events, and there can be no assurance that such statements
will prove to be true. It is possible that actual results may differ materially
from those projections or expectations due to a variety of factors, including
but not limited to:
- - changes in economic and business conditions in the world, especially
the continuation of the global tensions and risks of further terrorist
incidents that currently exist;
- - increased competitive activity, including the inability of the Tire
segment to obtain and maintain price increases to offset higher
production or material costs;
- - the failure to achieve expected sales levels;
- - consolidation among the Company's competitors and customers;
- - technology advancements;
- - unexpected costs and charges, including those associated with new
vehicle launches;
- - fluctuations in raw material and energy prices, including those of both
crude petroleum and natural gas and the unavailability of such raw
materials or energy sources;
- - changes in interest and foreign exchange rates;
- - increased pension expense resulting from investment performance of the
Company's pension plan assets and changes in discount rate, salary
increase rate, and expected return on plan assets assumptions;
- - government regulatory initiatives, including the proposed and final
regulations under the TREAD Act;
- - the cyclical nature and overall health of the global automotive
industry, and the impact of the inability of the Company's customers to
meet their sales and production goals;
- - changes in the Company's customer relationships, including loss of
particular business for competitive or other reasons;
- - the impact of labor problems, including a strike brought against the
Company or against one or more of its large customers;
- - litigation brought against the Company;
- - an adverse change in the Company's credit ratings, which could increase
its borrowing costs and/or hamper its access to the credit markets;
- - the inability of either segment to execute the cost reduction/Asian
strategies outlined by each for the coming year; and
- - the impact of reductions in the insurance program covering the
principal risks to the Company, and other unanticipated events and
conditions.
It is not possible to foresee or identify all such factors. Any forward-looking
statements in this report are based on certain assumptions and analyses made by
the Company in light of its experience and perception of historical trends,
current conditions, expected future developments and other factors it believes
are appropriate in the circumstances. Prospective investors are cautioned that
any such statements are not a guarantee of future performance and actual results
or developments may differ materially from those projected.
The Company makes no commitment to update any forward-looking statement included
herein or to disclose any facts, events or circumstances that may affect the
accuracy of any forward-looking statement.
Further information covering issues that could materially affect financial
performance is contained in the Company's periodic filings with the U. S.
Securities and Exchange Commission.
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