COOPER TIRE REPORTS FIRST QUARTER 2020 NET LOSS OF $12 MILLION

COOPER TIRE REPORTS FIRST QUARTER 2020 NET LOSS OF $12 MILLION 
 Findlay, OH - Cooper Tire & Rubber Company reported a first quarter 2020 net loss of $12 million, or diluted loss per share of $0.23, compared with net income of $7 million, or $0.14 diluted earnings per share, for the same period last year. Unit volume decreased 15.8 percent compared to the first quarter of 2019. Net sales decreased 14.1 percent to $532 million. Operating loss was $6 million, or 1.2 percent of net sales, compared to operating profit of $26 million, or 4.3 percent of net sales, in 2019. Operating results include approximately $11 million of restructuring charges related to the transition at the company's now wholly owned Mexico manufacturing facility. At the end of the first quarter, Cooper had $433 million in unrestricted cash and cash equivalents compared with $212 million in 2019. To maximize financial flexibility, the company drew down $270 million on its revolving credit facilities during the quarter. “Cooper’s priorities during this unprecedented time have continued to be the health and safety of our employees, responsibilities to our broader communities, and commitments to our customers as well as all other key stakeholders. I am exceedingly proud of how Cooper employees around the globe, driven by our purpose, mission and values, have risen to the challenges,” said Cooper President and Chief Executive Officer Brad Hughes. “We entered this challenging period caused by the global pandemic with a strong team and strategic plan, a solid cash position and borrowing capacity, appropriate inventory levels and a flexible global manufacturing footprint. Cooper was tracking well against our strategic initiatives and previously stated financial goals and had considerable momentum. "In response to the coronavirus, we temporarily shut down our manufacturing plants for various periods of time while we continued to operate our distribution centers around the world. At the same time, we took several actions to improve liquidity. As we have communicated over recent weeks, our China, U.S. and Serbia manufacturing plants are back in operation. These facilities will continue to ramp up as conditions improve. Meanwhile, our U.K. and Mexico facilities remain temporarily closed. “Overall, we believe Cooper is in a good position to benefit when the economy recovers. Over the past two years, we have transformed our company into a consumer driven organization with Cooper products now more available where consumers want to buy tires. We believe that our value proposition, high quality tires at an affordable price, will be even more compelling for consumers in the future economy, and our heritage of manufacturing tires in the U.S. for U.S. drivers will become even more important coming out of this period of uncertainty. Our research suggests consumer confidence in the Cooper brand is growing, and we believe that we stand to be a consumer tire partner of choice.”

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