Adult registration is $65 for USAT members, $75 for non-members. GAAP $(0.06)$ 0.75 ============Engine Group Results:Reduced global vehicle production cut demand for thecompany's engine products.Engine segment net sales decreased to $624.5million, or 43.1%, compared with $1,098.1 million in the prior year's quarter. The negative impact of currency accounted for 6% of the decline.Severe cutsin auto production reduced European Engine segment sales by 46% compared withlast year.Sales in the U.S. declined 33%.Earnings before interest andtaxes were $35.9 million.Drivetrain Group Results:Drivetrain segment first quarter sales wereimpacted by continued production declines in North America and very weakdemand in Europe.
Sales were $198.2 million, down 52% compared with $409.8million in the first quarter of 2008.The negative impact of currencyaccounted for 4% of the decline.Earnings before interest and income taxeswere a loss of $(32.7) million.Recent Highlights:During the quarter the company announced that it isproviding its award winning Regulated Two-stage Turbocharger for the Volvo2.4-liter D5 diesel engine, and for the new four-cylinder diesel engine fromMercedes-Benz expected to be the backbone of their diesel engine production. The company's patented turbocharger technology helps improve fuel economy,reduce emissions and improve driving dynamics. The conversion price represents a conversionpremium of 27.5%. In conjunction with the note offering, the company enteredinto a bond hedge overlay at a net pre-tax cost of $25.2 million, effectivelyraising the conversion premium to 50%.
Upon conversion, the company will payor deliver cash, shares of its common stock or a combination of the two at itselection.The company expects to use the proceeds for general corporatepurposes, including the repayment of short-term indebtedness.At 9:30 a.m. ET today, a brief conference call concerning first quarterresults will be webcast at: http:// Hills, Michigan-based BorgWarner Inc. (NYSE: BWA) is a product leaderin highly engineered components and systems for vehicle powertrainapplications worldwide.The FORTUNE 500 company operates manufacturing andtechnical facilities in 60 locations in 18 countries.Customers includeVW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler,Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address forBorgWarner is: http:// Tables FollowStatements contained in this news release may contain forward-lookingstatements as contemplated by the 1995 Private Securities Litigation ReformAct that are based on management's current expectations, estimates andprojections.Words such as "outlook", "expects," "anticipates," "intends,""plans," "believes," "estimates," variations of such words and similarexpressions are intended to identify such forward-looking statements. stockholders' equity 1,961.0 2,006.0Noncontrolling interest25.931.5 -------- Total stockholders' equity 1,986.9 2,037.5------- ------- Total liabilities andstockholders' equity $4,353.7$4,644.0 ================BorgWarner Inc.Condensed Consolidated Statements of Cash Flows (Unaudited)-----------------------------------------------------------(millions of dollars)Three MonthsEndedMarch 31,20092008--------Operating---------Net earnings (loss) attributable to BorgWarner Inc.
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