Tecumseh Products 2014 Annual Report Download - page 34

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32
necessary during the next several quarters and might include changing our current footprint, consolidation of facilities, other
reductions in manufacturing capacity, reductions in our workforce, sales of assets and other restructuring activities. These
restructuring actions could result in significant restructuring or asset impairment charges, severance costs, losses on asset sales
and use of cash. Accordingly, any future restructuring activities could have a significant effect on our consolidated financial
position, operating profit, cash flows and future operating results. Cash required for any future restructuring activities may be
provided by our cash balances, cash proceeds from the sales of assets or new financing arrangements, although we have no
commitments for new financing arrangements. If these restructuring actions are taken, there is a risk that the costs of the
restructuring and cash required will exceed our original estimates or the benefits received from such activities.
As we look to the first quarter of 2015, we expect our sales, operating profit and operating cash flow to be slightly lower than
the first quarter of 2014. Operating profit might be lower than in the first quarter of 2014 primarily due lower sales levels as
well as additional restructuring actions.