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Remy International reports lower third-quarter profit

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Pendleton-based Remy International Inc., which this year filed plans for an initial public offering, on Monday reported third-quarter profit of nearly $1.2 million, an 11-percent decrease from the same period last year.

The profit translated to 4 cents per share, compared with 13 cents per share in the third quarter of 2010.

Revenue rose 7.3 percent, to $300.4 million.

Remy, the former General Motors Co. unit that exited bankruptcy in 2007, filed plans in March to raise up to $100 million through an IPO. The IPO has not been completed and the company said it is continuing to evaluate the market’s receptiveness to the offering.

Remy manufactures starter motors, alternators and hybrid electric motors for consumer and commercial vehicles.

Since coming aboard in 2006, CEO John Weber has transformed the business, chopping its work force by nearly half, to 5,700, and closing 14 facilities worldwide. The overhaul left nearly all the company’s manufacturing in such lower-cost countries as Brazil, China and Mexico.

Sales surged from $911 million in 2009 to $1.1 billion last year.

 

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

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