The diversified
Cronos fleet of dry
cargo, refrigerated and other specialized containers is leased to a
customer
base of over 450 ocean carriers and transport operators
around the world.
equifax r134a
4 million for the comparable
period in 2004. Fuel efficiency, packaging flexibility and weight
reduction are key factors, and
with smaller volumes, vehicle manufacturers
want to reduce development costs for individual systems
and components.
All references to "TRW Automotive", "TRW" or the "Company" in this press
release
refer to TRW Automotive Holdings Corp.ipm equifax
Payments to managed
container programs increased by $2.equifax payable
For
further discussion of the risk factors
attendant to an investment in the Company's Common shares
, see the
Introductory Note in the Company's Annual Report on Form 10-K for the
year ended December
31, 2004, which was filed with the SEC on March
22, 2005.trw compu
1 million, or
$0.5 million
compared
to $34. LIVONIA, Mich. (NYSE: TRW) today unveiled a suite of technologies designed to support
the
growth of hybrid electric vehicles. Headquartered in Livonia, Michigan, USA, the
Company, through
its subsidiaries, employs approximately 60,000 people in 24
countries.compu dmv
Risks and uncertainties include
, among
other things, changes in international operations, exchange rate
risks, changes in market
conditions for the Company's container lease
operations and the Company's ability to provide innovative
and
cost-effective solutions.TRW Automotive Unveils Portfolio of Technologies For Hybrid Electric
Vehicles
Our actual results could differ
materially from those contained in forward-looking
statements made in this
release. Such risks, uncertainties and other important factors which could
cause our actual results to differ materially from those contained in our
forward-looking statements
are set forth in our Report on Form 10-K for the
fiscal year ended December 31, 2004 (the "10-K"
) and our Reports on Form 10-Q
for the quarters ended April 1, July 1 and September 30, 2005, and
include:
possible production cuts or restructuring by our customers; efforts by our
customers
to consolidate their supply base; escalating pricing pressures from
our customers; severe inflationary
pressures impacting commodity markets; non-
performance by, or insolvency of, our suppliers and customers
, which may be
exacerbated by recent bankruptcies; our substantial leverage; interest rate
risk
arising from our variable rate indebtedness; product liability and
warranty and recall claims; our
dependence on our largest customers; loss of
market share by domestic vehicle manufacturers; fluctuations
in foreign
exchange rates; the possibility that our owners' interests will conflict with
ours;
work stoppages or other labor issues at our facilities or at the
facilities of our customers or suppliers
and other risks and uncertainties set
forth under "Risk Factors" in the 10-K and in our other SEC
filings.ipm exford
Examples include
driver and passenger airbag options. and its subsidiaries, unless
otherwise
indicated.retrofits exford
"
TRW Automotive has developed two brake control systems options: TRW Slip
Control
Boost, a fully integrated electronic stability control and brake
actuation system, and the TRW Active
Hydraulic Braking system, which is
compatible with any electronic stability control system and replaces
the brake
actuation system with an electro hydraulic control unit (EHCU), pedal
simulator and
master cylinder solution. These options can be
cost effective solutions when employed to a higher
volume conventional
platform which includes a hybrid version.trwauto.exisiting trw
1 million higher
than in
the corresponding period of 2004 reflecting an 8% increase in
the size of the Company's container
fleet and strong utilization
levels for all product types.com/cgi-bin/prnh/20060110/DETU029
http://www.
Phil Cunningham, product planning director, chassis systems, added: "For
higher volume HEV platforms designed from a clean sheet of paper, TRW can work
with customers
to develop a unique fully electric steering system.procede r134a
Net income for the first quarter of 2005 included
$2.newscom.
For steering, TRW has tailored its electrically powered hydraulic steering
system
(EPHS) to offer an off-the-shelf product for HEVs."
TRW has also developed an array of weight
optimized products within
braking, linkage and suspension and occupant safety systems. We have met
with a number of customers and are
exploring numerous ways where TRW's expertise can support the
growing HEV
market.retrofits ipm
Total expenses for the first quarter of 2005 were $33.
This press release
and other information concerning Cronos can be
viewed on Cronos' website at www.cronos. EPHS can
convert a standard hydraulic system for
an HEV application. TRW Automotive products include integrated
vehicle control and
driver assist systems, braking systems, steering systems, suspension systems
,
occupant safety systems (seat belts and airbags), electronics, engine
components, fastening systems
and aftermarket replacement parts and services. We do
not intend or assume any obligation to update
any of these forward-looking
statements.motorworks residual
8 million in the first quarter when
compared to the same
quarter in 2004, due to the improved performance
of each of the managed segments. With flexible
packaging and mounting options, the technology offers
much of the functionality of a full electric
system including fuel efficiency
and CO2 emissions reduction.exford compu
6 million, or $0.27 per diluted share
, of non-operating items comprising a gain of
$1.com .r134a occupant
TRW offers
lighter weight braking components
including front and rear calipers, aluminum
caliper housings and drum brakes and a thin-wide bridge
caliper which allows
for the use of a larger rotor for the same wheel size."
About TRW
With 2004 sales of $12.payable exford
The Cronos Group Announces Results for First Quarter 2005
Total
revenues for the first quarter of 2005 were $36.carsoft exisiting
10 per diluted share, for the corresponding period in
2004. Gross
lease revenue for the first quarter of 2005 was $3. Direct
operating expenses for
the first quarter of 2005 declined by $2.
Cronos purchased $40 million of new container equipment
for its
owned and managed fleets in the first quarter of 2005.com
The Cronos Group
Condensed Unaudited Consolidated Statements of Income
Three Months Ended
March 31,
2005
2004
--------- ---------
Gross lease
revenue $34,004 $30,903
Equipment trading revenue
135 2,576
Commissions, fees and other income:
- Related parties
187 223
- Unrelated parties
875 334
Gain on settlement of litigation 1,333 -
--------- ---------
Total revenues
36,534 34,036
------
--- ---------
Direct operating expenses 4,552 7,008
Payments
to Managed Container Programs:
- Related parties 8,188 6
,490
- Unrelated parties 9,069 7,952
Equipment trading expenses
127 2,296
Depreciation and amortization 4
,592 4,294
Selling, general and administrative expenses 5,793 4,242
Interest
expense 1,521 1,154
Recovery of amount payable to a Managed
Container
Program (703) -
--------- ---------
Total expenses
33,139 33,436
--------- -
--------
Income before income taxes and equity in earnings
of affiliate
3,395 600
Income taxes (509
) (343)
Equity in earnings of unconsolidated affiliate 743 532
--------- ---------
Net income
3,629 789
Other comprehensive income (loss):
- change in fair value
of forward exchange
contracts, net of tax - 271
- change
in fair value of derivatives held by
affiliate, net of tax 619
(237)
--------- ---------
Comprehensive
income $4,248 $823
========= =========
Basic net income per common share $0.11
========= =========
Diluted net income per
common share $0.
(Photo: http://www.newscom.0 billion, TRW Automotive ranks
among the world's
leading automotive suppliers. TRW Automotive news is available on the internet
at
http://www.
Forward-Looking Statements
This release contains statements that
are not statements of historical
fact, but instead are forward-looking statements within the meaning
of the
Private Securities Litigation Reform Act of 1995.rebate exisiting
0 million for the same period in the prior
year.com/cgi-bin/prnh/20010824/TRWLOGO )
Peter Lake, executive vice president sales and business
development, TRW
Automotive, said: "We have developed a range of technology solutions to
support
our vehicle manufacturer customers as they develop hybrid electric
vehicles (HEVs).exisiting precis
3 million that
was recorded on the receipt of amounts owed by a
former chairman and CEO of the Company, and $0.
The products and systems range from
simple lighter weight components to advanced braking technologies
such as
TRW's Slip Control Boost, a fully integrated slip control system, as well as
electrically
powered hydraulic steering systems.residual rebate
50 $0., TRW Automotive Holdings
Corp.
Lake added:
"The support we offer customers in this area is not limited to
components and systems: we also offer
systems integration support. The
changes in weight, center of gravity, vehicle dynamic behavior
and crash pulse
require tuning to the various control algorithms such as crash sensing and
electronic
stability control. All forward-looking
statements involve risks and uncertainties.lessors r134a
We offer a
range
of column and belt drive electrically powered steering (EPS) systems
which offer enhanced functionality
and further fuel efficiency and CO2
emission reductions compared even with EPHS systems.precis exisiting
Utilization
of the Company's combined
container fleet was 93% at March 31, 2005, compared to 90% at March
31
, 2004.5
million when compared to the same period in 2004 due primarily to
reductions in off-hire
container inventories.46 $0.10
=========
=========
The Cronos Group
Condensed Unaudited Consolidated
Balance Sheets
March 31, December 31,
2005 2004
Assets
Cash and cash equivalents
$11,340 $17,579
Restricted cash 1
,073 1,489
Amounts due from lessees, net 25,712 25,136
Amounts
receivable from Managed Container
Programs 2,559
3,386
New container equipment for resale 26,339 17,116
Net investment in
direct financing leases 8,293 7,382
Investments in unconsolidated affiliates
17,379 15,364
Container equipment, net 168,298 166,584
Other
equipment, net 1,015 963
Goodwill, net
11,038 11,038
Other intangible assets, net 486
533
Related party loan receivable - 1,280
Other assets
3,386 3,899
------------ ------------
Total assets 276,918 $271
,749
============ ============
Liabilities
and shareholders' equity
Amounts payable to Managed Container Programs $22,686 $22,034
Amounts
payable to container manufacturers 37,286 27,838
Direct operating expense payables and
accruals 4,076 5,592
Other amounts payable and
accrued expenses 6,097 8,810
Debt and capital lease obligations 121
,989 127,953
Current and deferred income taxes 3,417 3,238
Deferred
income and unamortized acquisition
fees 6,684
5,925
------------ ------------
Total liabilities
202,235 201,390
------------ ------------
Shareholders' equity
Common shares issued (7,398,602; 7,381
,349
shares) 14,797 14,763
Additional paid-in capital
45,400 45,358
Common shares held in treasury (112,000
shares)
(297) (297)
Accumulated other comprehensive income
849 230
Restricted retained earnings 1,832 1
,832
Retained earnings 12,102 8,473
------------ ------------
Total shareholders' equity
74,683 70,359
------------ ----------
--
Total liabilities and shareholders' equity $276,918 $271,749
============ ============
The supplier requirements for HEVs differ
from those for
conventional vehicles.
dmv lessors
Cronos provides container-leasing services through
an integrated network of offices using state-of-the-art information
technology.
This release
discusses certain forward-looking matters that
involve risks and uncertainties that could cause actual
results to
vary materially from estimates. The use of new
materials has been pioneered across
the TRW suspension range including
aluminum control arms and knuckles and precision forged steel
control arms
with integrated or detachable ball joints.compu retrofits
46 per
diluted share, for the quarter ended
March 31, 2005, compared to
$789,000, or $0.8 million that was
recognized on the recovery of an
amount payable to a managed container
program. These systems enable regenerative
braking, involving
energy being captured during the braking process, which is
used to recharge the vehicle's energy
storage devices. In occupant safety, engineers have
sought innovative ways to decrease the number
of components, reducing both
weight and cost and providing optimized packaging options.compu trw
1 million
,
compared with $33.reprographics carsoft
Business Editors
SAN FRANCISCO----The Cronos Group
(Nasdaq:CRNS
) today reported net income of $3.
Cronos is one of the world's leading lessors of intermodal
containers
, owning and managing a fleet of over 447,000 TEU
(twenty-foot equivalent units). By optimizing an
existing technology, development costs and time to market are significantly
reduced.trw rebate
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