Accuride Corporation Announces Strong Second Quarter Results.Business Editors EVANSVILLE Evansville, city (1990 pop. 126,272), seat of Vanderburgh co., extreme SW Ind., a port on the Ohio River; inc. 1819. It is a rail and river shipping and commercial center for a coal, oil, and farm region. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--Aug. 4, 2000 Accuride Accuride Corporation is a diversified manufacturer and supplier of commercial vehicle components in North America. Based in Evansville, Indiana, the company engages in the design, manufacture, and marketing of commercial vehicle components. Corporation today announced sales of $137.0 million for the second quarter ended June June: see month. 30, 2000. This compares to sales of $136.1 million for the second quarter of 1999. For the six months ended June 30, 2000, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased by $32.7 million to $280.3 million compared to net sales of $247.6 million for the same six-month period in 1999, an increase of 13.2%. The increase in net sales is primarily due to including total sales from AKW AKW Atomkraftwerk (German: Nuclear Plant) with the consolidated sales of the Company effective April 1, 1999, the date of the acquisition. On a pro-forma basis reflecting the AKW acquisition, sales for the six months ended June 30, 2000, have increased by $8.8 million or 3.2% to $280.3 million from $271.5 million as compared to the same six-month period in 1999. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $31.4 million for the second quarter ended June 30, 2000, is up by 1.9% from $30.8 million for the second quarter of 1999. For the first six months of 2000, adjusted EBITDA increased by $4.1 million, or 7.0%, to reach $62.7 million. This compares to $58.6 million for the first six months of 1999. EBITDA for the quarter ended June 30, 2000, was adjusted by $2.7 million for merger and acquisition advisory costs and by $3.3 million for a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. at Accuride de Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . The Company's liquidity position remains very strong with $47.3 million in cash as well as 100% availability on the $140.0 million Revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to . This represents an increase in cash of $14.8 million from the beginning of the year. "Overall, we are pleased with the results for the second quarter of 2000, although tempered by a disappointing start-up Start-up The earliest stage of a new business venture. at AdM," said Bill Greubel, Accuride's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Since our focus has been to manage the business cycle, we are well positioned for the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the commercial vehicle market. Programs surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. cash, capital, continuous improvement and flexible operations are already in place." Accuride Corporation is North America's largest manufacturer and supplier of wheels for heavy/medium trucks and trailers. The Company offers the broadest product line in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. heavy/medium wheel industry and is the only North American manufacturer and supplier of both steel and aluminum heavy/medium wheels. Accuride Corporation produces wheels for buses, commercial light trucks, sport utility vehicles This page lists sports utility vehicles currently in production (as of April 2007), as well as past models. The list includes crossover SUVs, Mini SUVs, Compact SUVs and other similar vehicles. , and passenger cars. Accuride has steel wheel operations in Henderson, Kentucky Henderson is a city located in Henderson County, along the Ohio River in Western Kentucky. It was called "Red Banks" by the native Americans who originally lived and hunted there because of the reddish clay soil on the banks of the river. ; Columbia, Tennessee Columbia is a city in Maury County, Tennessee, United States. The population was 33,055 at the 2000 census. It is the county seat of Maury CountyGR6. ; London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , Ontario, Canada; and Monterrey, Mexico. Accuride has aluminum wheel operations in Erie, Pennsylvania “Erie” redirects here. For other uses, see Erie (disambiguation). Erie (pronounced IPA: /ˈɪəri/) is a major industrial city on the shore of Lake Erie in the northwestern corner of the U.S. , and Cuyahoga Falls, Ohio Cuyahoga Falls is a city in Summit County, Ohio, United States. As of the 2003 census, the city population was 50,375. It is currently the second largest city in Summit County. It is considered a suburb of both Akron and Cleveland, but is actually older than Akron. . Additionally, the Company produces tire molds at its Erie, Pennsylvania, facility. Accuride is also involved in a commercial tire and wheel assembly joint venture in Springfield, Ohio Springfield is a city in the U.S. state of Ohio and the county seat of Clark CountyGR6. The municipality is located in southwestern Ohio and is situated on the Mad River and Buck Creek, approximately 45 miles (72 km) west of Columbus and 25 miles (40 , and Talbotville, Ontario, Canada. For more information, visit Accuride's website at http://www.accuridecorp.com. Statements contained in this news release that are not purely historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the Company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the Company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Accuride assumes no obligation to update the information included in this release.
ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended June 30,
--------------------------
2000 1999
---- ----
NET SALES $136,956 $136,052
COST OF GOODS SOLD 109,376 104,826
--------------- ---------------
GROSS PROFIT $27,580 $31,226
OPERATING:
Selling, General & Administrative 7,215 7,695
Merger & Acquisition Fees 2,700 -
--------------- --------------
INCOME FROM OPERATIONS 17,665 23,531
OTHER INCOME (EXPENSE):
Interest Income 469 165
Interest Expense (10,097) (10,005)
Equity in Earnings of Affiliates 113 11
Other Income (Expense), Net (3,142) (556)
--------------- ---------------
INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST 5,008 13,146
INCOME TAX PROVISION 2,102 5,522
MINORITY INTEREST - 67
--------------- ---------------
NET INCOME $2,906 $7,557
--------------- ---------------
--------------- ---------------
Six Months Ended June 30
------------------------
2000 1999
---- ----
NET SALES $280,324 $247,585
COST OF GOODS SOLD 221,002 190,267
--------------- ---------------
GROSS PROFIT $59,322 $57,318
OPERATING:
Selling, General & Administrative 15,615 14,174
Merger & Acquisition Fees 2,700 -
--------------- ---------------
INCOME FROM OPERATIONS 41,007 43,144
OTHER INCOME (EXPENSE):
Interest Income 852 230
Interest Expense (20,655) (18,961)
Equity in Earnings of Affiliates 239 2,326
Other Income (Expense), Net (3,743) (924)
--------------- ---------------
INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST 17,700 25,815
INCOME TAX PROVISION 7,433 10,843
MINORITY INTEREST - 91
--------------- ---------------
NET INCOME $10,267 $14,881
--------------- ---------------
--------------- ---------------
ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended June 30,
--------------------------
2000 1999
---- ----
INCOME FROM OPERATIONS $17,665 $23,531
Depreciation and Amortization 7,592 7,250
Equity in Earnings of Affiliates 113 11
---------------- -----------------
EBITDA $25,370 $30,792
---------------- -----------------
---------------- -----------------
ADJUSTMENTS
AdM Restructuring 3,300 -
M&A Advisory Costs 2,700 -
---------------- -----------------
ADJUSTED EBITDA $31,370 $30,792
---------------- -----------------
---------------- -----------------
Six Months Ended June 30,
-------------------------
2000 1999
---- ----
INCOME FROM OPERATIONS $41,007 $43,144
Depreciation and Amortization 15,461 13,178
Equity in Earnings of Affiliates 239 2,326
---------------- -----------------
EBITDA $56,707 $58,648
---------------- -----------------
---------------- -----------------
ADJUSTMENTS
AdM Restructuring 3,300 -
M&A Advisory Costs 2,700 -
---------------- -----------------
ADJUSTED EBITDA $62,707 $58,648
---------------- -----------------
---------------- -----------------
Adjusted EBITDA is not intended to represent cash flows as defined by
GAAP. It is included in our report as it is a basis upon which the
Company assesses its financial performance and certain covenants in
the Company's borrowing arrangements are tied to similar measures.
Depreciation and amortization excludes amortization of deferred
financing costs which are classified as interest expense and therefore
are not components of income from operations.
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