Last $5.24 USD
Change Today -0.11 / -2.06%
Volume 13.2K
TECU On Other Exchanges
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As of 8:10 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

tecumseh products co (TECU) Key Developments

Tecumseh Products Company Appoints Robert E. Rossiter to its Board of Directors and Compensation Committee

Tecumseh Products Company announced the addition of Mr. Robert E. Rossiter to its Board of Directors. On August 21, 2014, Tecumseh's Board increased the current size of its Board of Directors from five to six members and appointed Robert E. Rossiter as a director to fill the newly-created vacancy, effective immediately. Mr. Rossiter has also been appointed to the Compensation Committee. Mr. Rossiter retired as chief executive officer, president and director of Lear Corporation, on May 31, 2012. He also served as a director of Lear from 1988 until May 2012.

Tecumseh Products Company Appoints Jerry L. Mosingo as Executive Officer

As of August 4, 2014, Tecumseh Products Company's board of directors approved the appointment of Jerry L. Mosingo, executive vice-president operations, as an executive officer of the company, reporting directly to the president and chief executive officer. Mr. Mosingo has served as executive vice-president operations since January 2014. Prior to joining the company, Mr. Mosingo was an independent consultant through Mosingo & Associates LLC.

Tecumseh Products Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Impairment Charges

Tecumseh Products Company announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net loss was $8.7 million, or a net loss per share of $0.47, on net sales of $193.0 million compared to net loss of $6.3 million or $0.35 per share, on net sales of $227.6 million for the second quarter of 2013. Operating loss was $6.2 million against $3.9 million a year ago. EBITDA from continuing operations was $0.2 million against $5.1 million a year ago. EBITDAR from continuing operations was $1.0 million against $7.1 million a year ago. Excluding the decrease in sales due to the effect of changes in foreign currency translation of $2.2 million, net sales decreased by 14.2% from the second quarter of 2013, primarily due to lower net volume and unfavorable change in sales mix, partially offset by net price increases. Loss from continuing operations for the quarter ended June 30, 2014 was $8.4 million, or a loss from continuing operations per share of $0.46, as compared to a loss from continuing operations of $6.0 million, or a loss from continuing operations per share of $0.33, in the same period of 2013. The change was primarily related to lower gross profit and lowers other income, partially offset by lower S&A expenses for the second quarter of 2014, as compared to the same period of 2013. The company reported cash used in operating activities was $16.5 million in the first six months of 2014, as compared to $7.0 million in the same period in 2013. Capital expenditures was $6.2 million. The company reported impairments, restructuring charges and other items was $0.8 million against $2.0 million a year ago.

Tecumseh Products Company to Report Q2, 2014 Results on Aug 04, 2014

Tecumseh Products Company announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Aug 04, 2014

Tecumseh Products Company, Q2 2014 Earnings Call, Aug 05, 2014

Tecumseh Products Company, Q2 2014 Earnings Call, Aug 05, 2014

 

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