Operating income at Intier Automotive for the second quarter of 2004 increased to $US67.9 million compared to $39.9 million for the second quarter of 2003.

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The increase was primarily attributable to higher sales resulting from new products, lower start up costs at new facilities and increased operating efficiencies. These improvements were partially offset by higher raw material prices, increased selling, general and administrative costs and higher depreciation expense.


Earnings per share for the second quarter were $0.61 compared to $0.36 a year ago.


Sales increased 26% to $1,409.5 million for the period compared to $1,120.7 million in 2003. This growth is attributable primarily to increased average dollar content per vehicle in North America.


The strengthening of the euro and British pound relative to the US dollar also contributed to sales growth in Europe.

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North American production sales grew to $909.2 million in the second quarter of 2004 compared to $637.2 million in the second quarter of 2003 as a result of the higher North American average dollar content per vehicle. North American average dollar content per vehicle increased to $218 for the second quarter of 2004 compared to $153 for the second quarter of 2003.


New products that contributed to this increase included the complete seats, headliner and instrument panel for the Chevrolet Equinox and the second and third row stow in floor seats for the DaimlerChrysler minivan.


North American light vehicle production volumes remained relatively unchanged at approximately 4.2 million units for the three month periods ended June 30, 2004 and 2003.


Western European production sales increased 9% to $419.4 million for the second quarter of 2004 from $383.3 million for the second quarter of 2003. This increase is primarily the result of the strengthening of the British pound and euro relative to the US dollar. New products launched in the second quarter of 2004 and in the second half of 2003 also contributed to the increased sales. Second quarter of 2004 launches included the door panels for the BMW 1 series; a modular side door latch for a number of Audi programmes; and the door panels, interior trim, carpet and cargo management system for the Mercedes A-Class.


Western European average dollar content per vehicle increased to $95 for the second quarter of 2004 compared to $88 for the second quarter of 2003. Western European vehicle production volumes increased 2% to 4.4 million units for the second quarter of 2004 compared to 4.3 million units for the second quarter of 2003.


Consolidated tooling and engineering sales for the three month period ended June 30, 2004 decreased by 19% to $80.9 million from $100.2 million for the period.