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Shiloh Industries (SHLO) Posts Balance Sheet Improvements for Fiscal 2011 Q2

Shiloh Industries Inc., a leading manufacturer of various blanks, stampings and modular assemblies for the automotive and truck industry, today reported financial results for the second quarter ended April 30, 2011, posting increases across the board.

Sales for the second quarter of fiscal 2011 were $137.0 million, an increase of 16.3 percent from $117.8 million reported in the second quarter of fiscal year 2010.

Shiloh reported second-quarter net income of $3.4 million, or $0.20 per share diluted, compared to second quarter 2010 net income of $3.1 million, or $0.19 per share diluted.

Theodore K. Zampetis, president and CEO, attributes the quarterly increases to improved vehicle build levels in North America. He also noted that the earthquake and tsunami in Japan affected the production plans of several of the company’s customers, who subsequently had to pull-back on vehicle assembly operations.

Zampetis said the company stayed on track, focusing on its plans to improve quality and productivity; the launch of its new Bowling, Green, Kentucky, facility; and preparing for new program launches.

“Moving forward we are continuing our sharp focus on growing our top and bottom lines through our emphasis on innovative product leadership, customer loyalty, and our passion for operating excellence,” Zampetis stated in the press release.

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