Hayes Lemmerz 2007 net loss widens

DETROIT (Reuters) - Hayes Lemmerz International Inc (HAYZ.O: Quote, Profile, Research, Stock Buzz), a maker of wheels and other automotive components, posted a wider 2007 net loss on Thursday due to an increase in asset impairment charges.

The net loss widened to $194.4 million for its fiscal year ended January 31, from $166.9 million in 2006. The 2007 loss included $85.5 million of asset impairment charges for the restructuring company, compared with $32.8 million of charges for the 2006 fiscal year.

The company's per-share loss narrowed to $2.41 for the year from $4.35 because of a sharp rise in shares outstanding. The company restructured its balance sheet in 2007 using an equity rights offering to reduce debt.

Sales rose 18.3 percent to $2.13 billion for the year.

Hayes Lemmerz said its fourth-quarter net loss narrowed to $29.3 million from $62.8 million a year earlier. Sales rose 19.6 percent to $529 million in the quarter.

The company said it expects fiscal 2008 net sales of $2.1 billion to $2.3 billion, with adjusted earnings of $205 million to $220 million and positive free cash flow.

(Reporting by David Bailey; editing by John Wallace and Dave Zimmerman)