Tower net loss narrows due to lower restructuring costs
Sales declined 15.9% to US$769.72m in the first quarter of 2006
Tower Automotive reported reduced net loss to US$10.34m for the first quarter ended 31st March 2006 compared to US$98.8m in the first quarter of 2005. Decline in loss was due to sharp decline in its bankruptcy reorganization costs. The company’s reorganization costs declined to US$11.6m the first quarter of 2006 from US$41.6m in the same period of 2005. The company declared operating income of US$13.75m compared to operating loss of US$10.31m in the first quarter of 2005.
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