Superior Still Open to Trimming Costs

Superior Industries International Inc. will continue to cut costs as needed as a response to the turmoil in the U.S. auto industry, its chief executive said. Van Nuys-based Superior has shed hundreds of employees by closing its aluminum wheel production plant in Kansas and shutting operations at the San Fernando Valley manufacturing site next month. Despite this contraction and a decrease by 55 percent of the number of wheels the company has shipped, the balance sheet remains strong, said Chairman, Chief Executive Officer, and President Steven Borick. “We are confident that the actions being taken today will enable us to compete aggressively in the future,” Borick said. For the first quarter, Superior reported a net loss of $56.5 million, or $2.12 per diluted share, on revenues of $81.5 million. For the same period a year ago, the company reported net income of $3.2 million, or $0.12 per diluted share, on revenues of $222.2 million. Superior is owed $9.8 million from Chrysler, which filed for Chapter 11 bankruptcy protection in April. It is not known how the bankruptcy will impact Superior collecting that amount. Mark R. Madler