Sales were $84 million, down 30% from the second quarter of 2019.
Second quarter gross margins were 31.6% compared to 34.1% in the same period in 2019.
We delivered an adjusted EBITDA margin of 16.7% despite a 30% drop in sales.
Second quarter adjusted earnings per share were $0.16.
We added 13 new customers in the quarter.
We ended the quarter with $146 million in cash, and $141 million in debt.
This plan will be completed over the next 24 months.
The plan is expected to deliver an annualized earnings per share improvement of $0.22 to $0.26 by the second half of 2022.
New business awards were $105 million for the quarter, a solid performance given several OEMs continue to push out business decisions due to the COVID-19 and the resulting wide scale shutdowns in Europe and in North America in the quarter.
As I said, we added 13 new customers in the quarter, six in industrial, three in medical, three in defense and one in telecom.
In the US, sales of used cars increased while the SAAR for 2020 is closer to 13 million, down 23% from last year.
On-hand days of supply are at 54 days, down 20% from the five-year average, which should help short-term demand.
European sales are forecasted to decline 26% from last year.
The China market continues to recover with volumes predicted to be down 14% in the $21 million to $22 million range for the year.
Our second quarter sales were $84.2 million, down 30% compared to the prior year.
Sales to transportation customers decreased by 53%, and sales to other end markets increased by 14%.
Our temperature sensing acquisition added $5.4 million and organic sales to non-transportation customers were up 1%.
Our gross margin was 31.6% for the second quarter, impacted substantially by lower sales.
As a result, we expect to be closer to the lower end of our previously communicated range of 23% to 25% excluding discrete items.
Our second quarter 2020 earnings were $0.15 per diluted share, adjusted earnings per diluted share were $0.16.
As we communicated back in April, due to lower volume expectations, we implemented measures to reduce cost through temporary payroll reduction, suspension of 401 k contributions, furloughs, plant shutdown, reduced Board compensation and control over all discretionary spending.
Revenue in the second quarter was significantly lower and conditions remain uncertain.
We expect restructuring costs to be in the range of $10 million to $12 million over the next two years.
Anticipated annualized savings are in the range of $0.22 per share to $0.26 per share by the end of 2022.
In terms of cash, we were net cash positive by approximately $5 million, which is an improvement from zero net cash at the end of first quarter.
We have access to an additional $157 million through our revolving credit facility.
In March, we borrowed $50 million from our credit facility.
Our controllable working capital as a percent of sales was 21.2% at the end of the second quarter.
We generated $11.8 million in operating cash flow in the second quarter.
Capex was $2.7 million.
For the full year, we are expecting capital expenditures to be approximately 4% of sales.
With the go-live in Matamoros, we have completed the rollout to plants that provide approximately 80% of the Company's revenue.

Summary:
Second quarter adjusted earnings per share were $0.16.
Our second quarter sales were $84.2 million, down 30% compared to the prior year.
Our second quarter 2020 earnings were $0.15 per diluted share, adjusted earnings per diluted share were $0.16.
Revenue in the second quarter was significantly lower and conditions remain uncertain.