8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 1, 2009

Commission file number: 001-13337

STONERIDGE, INC.

(Exact name of registrant as specified in its charter)

Ohio	34-1598949
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
9400 East Market Street, Warren, Ohio	44484
(Address of principal executive offices)	(Zip Code)

(330) 856-2443

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition.

On May 1, 2009, Stoneridge, Inc. issued a press release announcing its results for the first quarter of 2009.  A copy of the press release is attached hereto as Exhibit 99.1.  This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressed set forth by specific reference in such a filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Stoneridge, Inc.
Date: May 4, 2009	/s/ George E. Strickler
	George E. Strickler, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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Exhibit Index

99.1   Press release dated May 1, 2009, announcing results for the first quarter of 2009.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

STONERIDGE REPORTS FIRST-QUARTER 2009 RESULTS

w    Decrease in net sales, net income attributed to dramatically reduced volumes in key markets

w    Liquidity, capital structure seen as competitive advantage

WARREN, Ohio – May 1, 2009 – Stoneridge, Inc. (NYSE: SRI) today announced net sales of $121.1 million and a net loss of $11.6 million, or $(0.49) per diluted share, for the first quarter ended March 31, 2009.

Net sales decreased $82.0 million, or 40.4 percent, to $121.1 million, compared with $203.1 million for the first quarter of 2008.  The decrease in net sales was primarily caused by dramatically reduced production volumes in the North American passenger car/light truck market (50.9%) and the commercial vehicle markets in Europe (55.6%) and North America (41.8%), and the effect of foreign currency translation.  Foreign currency translation negatively affected first-quarter net sales by approximately $7.5 million compared with the same period in 2008. The sales decrease was partially offset by the strength in the North American agricultural and off-road market.

Net loss for the first quarter was $11.6 million, or $(0.49) per diluted share, compared with net income of $6.5 million, or $0.28 per diluted share, in the first quarter of 2008.  The decrease in net income was due primarily to the severe reduction in sales volume the Company experienced in many of its markets.

As of March 31, 2009, Stoneridge’s consolidated cash position was $89.2 million, $3.5 million lower than the 2008 year-end balance of $92.7 million, and its ABL facility remains undrawn. Net cash provided by operating activities for the quarter ended March 31, 2009 was $1.2 million, compared with $8.6 million for the quarter ended March 31, 2008.  The decrease of $7.4 million in cash provided by operating activities was primarily due to a reduction in earnings caused by the reduction in sales offset by working capital reductions.

Chrysler announced yesterday that it has filed for a quick and efficient bankruptcy.  To minimize Stoneridge’s exposure, the Company has filed for and has been accepted to participate in the Chrysler and General Motors U.S Government supplier accounts receivable guarantee program.

Outlook

“The decrease in production volumes globally in the first quarter was the most severe the Company has ever experienced,” said John C. Corey, president and chief executive officer.  “Current market conditions have caused unprecedented turmoil throughout our industry and we are managing our operations to react rapidly and adjust to quickly changing demand.  Nevertheless, we are encouraged that our cost-savings initiatives that have been implemented and our available liquidity and capital structure will allow us to operate through a protracted downturn in volume and position us for the new competitive landscape once markets recover.  Although the first half of 2009 will be worse than we originally expected, we continue to expect Stoneridge to be operating income and cash flow from operations positive in 2009, with improved business conditions by late third quarter and in the fourth quarter. ”

Conference Call on the Web

A live Internet broadcast of Stoneridge’s conference call regarding 2009 first-quarter results can be accessed at 1 p.m. Eastern time on Friday, May 1, 2009, at www.stoneridge.com, which will also offer a webcast replay.

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About Stoneridge, Inc.

Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, medium- and heavy-duty truck, agricultural and off-highway vehicle markets.  Additional information about Stoneridge can be found at www.stoneridge.com.

Forward-Looking Statements

Statements in this release that are not historical fact are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release.  Factors that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant change in automotive, medium- and heavy-duty truck or agricultural and off-highway vehicle production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company’s facilities or at any of the Company’s significant customers or suppliers; the ability of the Company’s suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business.  In addition, this release contains time-sensitive information that reflects management’s best analysis only as of the date of this release.  The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.  Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company’s periodic filings with the Securities and Exchange Commission.

For more information, contact:

Kenneth A. Kure, Corporate Treasurer and Director of Finance

330/856-2443

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STONERIDGE, INC. AND SUBSIDIARIES

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended
	March 31,
	2009			2008
Net Sales	$	121,085		$	203,070
Costs and Expenses:
Cost of goods sold		101,810			151,253
Selling, general and administrative		27,077			36,282
Restructuring charges		958			1,422
Operating Income (Loss)		(8,760	)		14,113
Interest expense, net		5,497			5,372
Equity in earnings of investees		(575	)		(3,819	)
Loss on early extinguishment of debt		-			499
Other expense, net		6			402
Income (Loss) Before Income Taxes		(13,688	)		11,659
Provision (benefit) for income taxes		(2,108	)		5,112
Net Income (Loss)	$	(11,580	)	$	6,547
Basic net income (loss) per share	$	(0.49	)	$	0.28
Basic weighted average shares outstanding		23,464			23,286
Diluted net income (loss) per share	$	(0.49	)	$	0.28
Diluted weighted average shares outstanding		23,464			23,647

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STONERIDGE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

	March 31,			December 31,
	2009			2008
ASSETS
Current Assets:
Cash and cash equivalents	$	89,177		$	92,692
Accounts receivable, less reserves of $4,274 and $4,204, respectively		86,124			96,535
Inventories, net		48,158			54,800
Prepaid expenses and other		12,273			9,069
Deferred income taxes, net of valuation allowance		1,548			1,495
Total current assets		237,280			254,591
Long-Term Assets:
Property, plant and equipment, net		85,712			87,701
Other Assets:
Investments and other, net		39,687			40,145
Total long-term assets		125,399			127,846
Total Assets	$	362,679		$	382,437
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	43,226		$	50,719
Accrued expenses and other		46,715			43,485
Total current liabilities		89,941			94,204
Long-Term Liabilities:
Long-term debt		183,000			183,000
Deferred income taxes		4,573			7,002
Other liabilities		6,457			6,473
Total long-term liabilities		194,030			196,475
Shareholders' Equity:
Preferred Shares, without par value, authorized 5,000 shares, none issued		-			-
Common Shares, without par value, authorized 60,000 shares, issued 25,286 and 24,772
shares and outstanding 25,178 and 24,665 shares, respectively, with no stated value		-			-
Additional paid-in capital		158,233			158,039
Common Shares held in treasury, 108 and 107 shares, respectively, at cost		(129	)		(129	)
Retained  deficit		(70,735	)		(59,155	)
Accumulated other comprehensive loss		(8,661	)		(6,997	)
Total shareholders’ equity		78,708			91,758
Total Liabilities and Shareholders' Equity	$	362,679		$	382,437

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STONERIDGE, INC. AND SUBSIDIARIES

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

	For the Fiscal Years
	Ended December 31,
	2009			2008
OPERATING ACTIVITIES:
Net cash provided by operating activities	$	1,198		$	8,623
INVESTING ACTIVITIES:
Capital expenditures		(3,945	)		(5,513	)
Proceeds from sale of fixed assets		92			36
Business acquisitions and other		-			(1,061	)
Net cash used for investing activities		(3,853	)		(6,538	)
FINANCING ACTIVITIES:
Repayments of long-term debt		-			(11,000	)
Share-based compensation activity		-			42
Premiums related to early extinguishment of debt		-			(358	)
Net cash used for financing activities		-			(11,316	)
Effect of exchange rate changes on cash and cash equivalents		(860	)		1,580
Net change in cash and cash equivalents		(3,515	)		(7,651	)
Cash and cash equivalents at beginning of period		92,692			95,924
Cash and cash equivalents at end of period	$	89,177		$	88,273

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