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Cooper Tire reports $143M net loss

coopertireslogoFINLAY, OH: Cooper Tire & Rubber Co. reported Thursday a net loss of $143 million, or $2.43 per share, for the quarter ended Dec. 31, 2008. Net sales for the period were $636 million, down $130 million from the prior year.

According to the company, the decreased revenues were driven by volume declines offset by improved pricing and mix. For the year Cooper generated net sales of $2.9 billion, down slightly from 2007. Net losses were $219 million for the year compared with net income of $91 million from continuing operations in 2007. North American Tire operations generated sales of $511 million during the fourth quarter, down from 2007’s record fourth quarter.

Operating losses for the fourth quarter were $109 million, compared with operating profit of $45 million from the same period in 2007. Sales were affected by weak demand in North America as consumers reacted to the credit crisis and increased gas prices, said Cooper.

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