Good morning, ladies and gentlemen. And welcome to the Cooper-Standard First Quarter 2016 Earnings Conference Call. During the presentation, all participants will be in listen-only mode. Following company's prepared comments, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded and the webcast will be available for replay later today. I would now like to turn the call over to Roger Hendriksen, Director of Investor Relations.

Thank you, Madison. And good morning everyone. Thanks for taking the time to participate in our call this morning. We appreciate your continued interest in Cooper-Standard. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer and Matt Hardt, Executive Vice President and Chief Financial Officer. Before we begin, I need to remind you that this presentation contains forward-looking statements. While they are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, these statements do involve risks and uncertainties. For more information on forward-looking statements, we ask that you refer to the slide three of this presentation and the Company statements included in other periodic filings with the Securities and Exchange Commission. With that said, I will turn the call over to Jeff Edwards.

Okay. Thanks, Roger, and good morning everyone. We are certainly pleased to again report record quarterly performance. The first quarter of 2016 marks the sixth consecutive reporting period in which we've delivered year-over-year improvement in adjusted EBITDA and adjusted EBITDA margin. We reached a record high $862 million in sales for the quarter, up nearly 8% compared to the first quarter of last year. Excluding the impact of foreign exchange rates, sales were up more than 11% year-over-year. We continue to see strength in the North American markets as well as in China and Europe. Production increases of light trucks and SUV's combined with the launches of our new business continue to drive a favorable mix. Adjusted EBITDA for the quarter was $104 million which was also a record high for our company, up more than 28% compared to the first quarter of last year. The increase was driven by improved volume and mix as well as our continued success in implementing our Cooper-Standard operating system in best business practice tool in our facilities around the world. As a percentage of sales adjusted EBITDA for the first quarter of 2016 was 12%, that's up 190 basis points when compared to the first quarter of last year. We also had an excellent quarter in terms of free cash flow with a $34 million improvement versus the first quarter of last year. And Matt will have more details on that in a few minutes. Our operating teams continue to do an outstanding job of executing our plans and strategy. Launching new products efficiently and providing outstanding service to our customers. We certainly want to thank our 30,000 employees around the world for their engagement and driving our record results this quarter. Slide 6 breaks out the key drivers of our revenue growth…

Thanks Jeff and good morning everyone. In the next few slides, I will provide some additional color on our financial results for the quarter and I also want to comment briefly on the evolution of our ownership structure in our trading volume. If you turn to slide 13, you see a summary of our results for the first quarter of 2016 compared to the first quarter of 2015. First quarter of 2016 sales doubled $862.5 million which is a record high for any quarter in our history and represented an increase of 7.8% compared to the first quarter of 2015. Excluding the impact of foreign exchange the sales increase was 11.3%, gross profit was 18.5% of sales and that's up 210 basis points year-over-year. Our adjusted EBITDA, as Jeff mentioned, was $103.6 million for the quarter which was also an all time record high and 12% of sales this was an improvement of 190 basis points over last year. Our net income of $30.6 million included restructuring as well as underwriting fees and some other expenses associated with our secondary offering and share repurchase in March. When you exclude those items our adjusted net income for the first quarter was $47.4 million or $2.54 per diluted share compared to $29.7 million or $1.63 per diluted share in the first quarter of 2015. This represents an EPS increase of 56%. Our CapEx for the quarter was $55.1 million. This is in lined with our plan for the full year which was somewhat front end loaded, due to the high level of new program launch activity we have in the first half of this year. If you turn to slide 14, we show how we are continuing the positive trend and adjusted EBITDA on a trailing 12 months basis going back to…

Okay. Thanks, Matt. In a few minutes that we have left I want to review our outlook and the guidance for the full year 2016. So as we move to slide 18, actually show the slide wanted to report of our fourth quarter results a couple of months ago. And I think it make sense to show it again because it provides a nice summary of our plans and objectives for this year. And we will continue the optimization of our global footprint with the integration of our Shenya operations in China. Also the continued migration form West to East in Europe. We'll also be adding one more production facility in China this year and that will support the expansion and the vertical integration of our fuel and brake delivery business in that region. We are also focused on successfully launching all of our 161 new programs in 2016 and that's about a 34% increase over 2015. And as we continue to roll out our best business practice tool in both our fuel and brake and fluid transfer system business we expect to drive an additional $100 million in cost savings. We also expect our top line growth to continue to outpace global light vehicle production. We will continue to aggressively manage our capital resources in 2016 by further optimizing working capital, maintaining capital expenditures closer to 4.5% of sales and minimizing the restructuring spend and continuing to implement our tax planning strategies. On slide 19, we provide you with our guidance and expectations for the year. We’re maintaining the same range as for guidance is provided with our fourth quarter results and we believe we are on track to meet these targets. However, in view of the positive first quarter performance we are leaning more toward the upper end of the ranges, more sales and EBITDA margin. So this concludes our prepared remarks this morning. Now, we would like to take the time to answer any questions that you may have.

Thank you. [Operator Instructions]. And your first question comes from the line of John Murphy with Bank of America Merrill Lynch.

Good morning, guys, this is Aileen Smith [ph] actually on for John.

Hi, Aileen.

Good morning, Aileen.

So just first question, based on your first quarter performance it still looks like your outlook for the remainder of 2016, may actually be pretty conservative especially as you guys posted a 12% EBITDA margin in the first quarter in your outlook. Only really costs for 11.3 to 11.8 and I know you guys said that you are leaning toward the upper end of the range. Is there something in the latter half of the year that would explain the sequentially margin compression, it does not really appear the 1Q the weakest in terms of seasonality for margins. So I just want to know if there are any particular launches or other headwinds that will be rolling in the second quarter and beyond.

No, we don’t. This is Jeffrey. We don’t anticipate that, but as I mentioned we've got a lot of going on obviously with the launches certainly with Brazil still being a challenge. As we sit here today, we just didn’t feel at the stage and so we just put the guidance out there that we were going to update it for this quarter. Last year we took a look at the end of the second quarter and made the adjustments for the year I would anticipated a similar approach this year.

Okay, great, that is helpful. And within North America you guys called out volume mix and raw MATS as some of the main drivers of the improved operating performance in the quarter. Can you break out explicitly how much each of those items accounted for? We are just kind of thinking about raw MATS and how big that how big of a tailwind of that was in the quarter and how we should think about that going forward?

I think balance for the year, Aileen. This is Matt. I mean raw MATS was favorable. Now, as we have discussed we do pass some of that from an index perspective back to the customers. So raw MATS did help us a bit in the quarter and a lot of that was offset as you know by price and in the U.S. we did have some headwinds due to FX as well based on the changing grades in Canadian dollar.

Okay. And then, just a final quick one. How should we think about your share repurchase program? You guys repurchased $23 million of shares in the quarter which is pretty solid. Is your strategy on share repurchases more opportunistic with the share price and M&A opportunities or is it in ongoing part of your capital allocation strategy?

Yeah, I think probably the ladder certainly as market dips occur we are prepared buy back shares that was part of the announcement that we put out here a couple of months of so I think that's how we would answer that Aileen.

Okay. So is there like a specific amount you’re planning to repurchase for quarter or losing rally model and then it does plan that does?

We haven’t specifically guided that way all. We are prepared as the fluctuations occur to buy back shares if that opportunity makes sense.

Okay, great, that is very helpful. I’ll pass it on.

Okay. Thanks, Aileen.

And our next question comes from the line of Glenn Chin with Buckingham Research Group.

Good morning, gentlemen and congratulations on a terrific quarter.

Thanks, Glenn. Good morning.

Can I ask you stripping out - I am just looking at organic revenue growth. So stripping out the Shenya acquisition, the hard coat plastic divestiture and then FX impact. I guess to about an 8% organic revenue growth number is that about right, can you explain that?

Yeah.

Great. And then…

That’s how we try to lain that out on page 11, we try to clarify that given some of the noise that is in the numbers today, Glenn.

Yeah, okay. Very good thanks. And then in the press release you mentioned [it's] $167 million in annual net new business awards. Can you talk about over which or many years that business rolls over?

Well typically, Glenn as we book new business for our timelines. We see it launch usually 2 to 2.5 hours out from when we book it.

Okay.

And at last over the program life, typically the program lives are 5 years or so. 5 to 6.

Very good. And then in Asia-Pacific, so the segment profit results implies the degradation in margin right because revenue increased almost 50% yet segment profit was relatively unchanged. Is that a function of lack of critical revenues MATS in the region or at one point do we expect to realize some operating leverage there?

Yeah you can Glenn. I mean when you take a look at the Asia-Pacific margins in particular. As we report the segment profits it's at earnings before tax basis. what comes into that figure in order to adjust that to sort of come up with an EBITDA look is there an interest charge that goes there that's essentially the equivalent cost to the fund the Shenya operations. There is depreciation in that figure. There isn't any restructuring. But that be the other bucket to get from segment profit to an EBITDA figure. Those numbers are in the queue in the K and when you take a look at that for Asia, and you strip out depreciation and the interest charge, you get to a low double-digit type of an EBITDA figure. And that number will continue to grow as we continue to drive top-line and fill up the factories that came with the Shenya acquisition in early 2015.

Okay very good. That's it from me and congrats again.

Thank you.

Thanks.

Thanks, Glenn.

[Operator Instructions]. And you do have a question from the line of Bret Jordan with Jefferies.

Hey, good morning.

Hi, Bret.

Good morning Bret.

On the fourth quarter I think you'd used a SAR guide or SAR estimate of 18.2 for your projections for '16 and I didn't see SAR estimate in this - Are you sticking about 18.2 or have you revised those numbers after Q1?

No. Bret we're still at 18.2 for SAR.

Okay and again what the sensitivity? Obviously you've got some platforms that are outperforming the industry average but SAR we're 17.5 and how much the delta in your projection?

That's a tough question. I think at the SAR with the 17.5 and the SAR in North America dropped with smaller automotives. It probably wouldn't have that demonstrable of an impact on us. If gas price they shut up in the SUV and the pickup truck market we're to go sideways that probably have a bigger impact on us given the level of penetration that we've got in pickup trucks and SUVs F-150 and the GM products.

This is Jeff. I would tell you that with the volume and mix that we've been talking about. We certainly are predicting that to shift substantially in anyway. In fact I think that the trucks and SUVs continue to forecast very, very strong mix and that obviously helps us and that's what we reviewed here with you this morning. I don't see that changing.

Great and question on the slide number 9. I guess in the last conference call you've talked about a couple of pending contracts in Ford trucks. Is that $108 million of booked business, is there any Ford trucks in that or is Ford truck is still sort of pending development contracts.

Yeah as I mentioned the four orders that we spoke of this morning on Ford Trucks. Those are development contracts .And the reason their development contracts is because we're working way upstream with the engineering folks the advanced engineering teams that get those Ford customers. And as the work is done and as the RFQs come on that business later then we'll be in a very good position. Having done all of the preliminary work necessary to prove out the product. So when the ready to source we're standing there for the order.

Okay great thank you.

Okay.

And it appears there are no more questions at this time. I would now like to turn the call back over to Roger Hendriksen.

Okay. Thanks, Madison, and thank you all for your participation this morning. We look forward to catching up with you in the coming days and weeks. If further questions come up please feel free to give me a call. Again thank you very much for joining.

And this does conclude today's conference call. You may now disconnect.