EANS-News: Progress-Werk Oberkirch AG / PWO with further signs of recovery in Q3 2009 and balanced EBIT

- Highest monthly revenue of the year recorded in September

- All foreign sites (excl. China) profitable or break-even

- Positive cash flow

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9-Monatsbericht

Utl.: - Highest monthly revenue of the year recorded in September
- All foreign sites (excl. China) profitable or break-even
- Positive cash flow

Oberkirch (euro adhoc) - Oberkirch, 4 November 2009 - Progress-Werk
Oberkirch AG is today releasing its interim financial report for the
third quarter and nine-month period of 2009. The upturn in the second
quarter has been sustained in the third quarter of 2009. At the same
time, the implemented cost-cutting measures also had an increasingly
positive effect. The Group was therefore able to post a balanced
quarterly EBIT figure (2008: EUR 3.1 million) and a loss for the
period of EUR -1.5 million (2008: EUR 1.1 million), which is less
than half of the loss posted in the second quarter. This equates to
EUR -0.62 (2008: EUR 0.44) per share.

Compared to the second quarter, revenue increased by 10.6% to EUR
54.3 million (2008: EUR 65.6 million), while total output was up 8.8%
to EUR 55.7 million (2008: EUR 66.9 million). In September, the
highest monthly revenue in the current financial year was achieved,
as was positive EBIT and a slight profit for the period. As a result,
the decline in revenue and output decreased to almost 17% against the
previous year.

In the nine-month period of 2009, revenue amounted to EUR 144.8
million (2008: 204.2 million), total output was EUR 149.9 million
(2008: 212.0 million) and EBIT totalled EUR -7.2 million (2008: EUR
11.5 million). The change in EBIT compared to the previous year just
goes to show the extent of the slump in the industry since then. Net
loss amounted to EUR -9.3 million (2008: EUR 5.4 million), while
earnings per share came in at EUR -3.71 (2008: EUR 2.19).

It is encouraging to see that our Oberkirch site in Germany generated
a positive EBIT figure in the quarter under review and that we were
able to largely suspend short-time in production here as a result of
the increase in customer standby orders. However, short-time is still
used at indirect units. For the first time this year, all foreign
subsidiaries - with the exception of the Chinese site, which is
currently being developed - either made a profit as well or were
close to achieving break-even in September. In China, the first
significant revenue was generated in the quarter under review.

After recording a slightly positive cash flow from operating
activities in the second quarter, we once again achieved a
considerable cash inflow in the third quarter of EUR 3.7 million,
which also exceeded the cash outflow for investments. This has
therefore enabled us to significantly reduce short-term credit lines
overall.

There are still risks involved in the future development of business.
Our customers´ current plans for the remaining months of the 2009
financial year seem to indicate that we can expect their standby
orders to stabilise. We therefore intend to generate Group revenue of
over EUR 200 million for the full year and are aiming to reduce the
loss recorded in the nine month period even further in the remaining
course of the year.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile: PWO is one of the world´s leading suppliers of
superior metal parts in the area of car safety and comfort. Since the
company was founded in 1919, it has developed a unique know-how in
the shaping and joining of metals. The German plant in Oberkirch
currently has around 1,100 employees. The company is represented
globally, with sites in China, Canada, Mexico and the Czech Republic,
and employs around 1,900 employees.

PWO is a partner in the global automobile industry for the
development and production of innovative products: by the millions,
just-in-time and of excellent quality. In close cooperation with our
customers, PWO´s international production sites are being expanded to
supply foreign markets. This way, considerable successes have already
been achieved, meaning that PWO has contracts that will once again
lead to growth in the coming years - regardless of whether the market
fully recovers or not.

Ende der Mitteilung euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Rückfragehinweis:

Bernd Bartmann (CFO)

Phone: +49 7802 / 84-347

Fax: +49 7802 / 84-789

e-Mail: bernd.bartmann@progress-werk.de

Branche: Auto
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / Regulierter Markt/Prime Standard
Berlin / Freiverkehr
Hamburg / Freiverkehr
Stuttgart / Freiverkehr
Düsseldorf / Freiverkehr
München / Freiverkehr