Accuride Corporation Announces Third 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)--Oct. 20, 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 $104.4 million for the third quarter ended September September: see month. 30, 2000. This compares to sales of $129.4 million for the third quarter of 1999, representing a decline of $25.0 million, or 19.3%. For the nine months ended September 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 $7.7 million to $384.7 million compared to net sales of $377.0 million for the same nine-month period in 1999, an increase of 2.0%. On a pro-forma basis reflecting the AKW AKW Atomkraftwerk (German: Nuclear Plant) acquisition effective April 1, 1999, sales for the nine months ended September 30, 2000, decreased by $16.2 million or 4.0% to $384.7 million from $400.9 million as compared to the same nine-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 $18.2 million for the third quarter ended September 30, 2000, is down from $28.3 million for the third quarter of 1999. The resulting adjusted EBITDA margin percentage decreased to 17.4%, from 21.8% during the same quarter in 1999. For the first nine months of 2000, adjusted EBITDA decreased by $6.0 million, or 6.9%, to reach $80.9 million. This compares to $86.9 million for the first nine months of 1999. The resulting pro-forma adjusted EBITDA margin percentage decreased to 21.0%, from 22.4% during the same nine-month period in 1999. EBITDA for the second quarter ended June June: see month. 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 $25.5 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 . Total debt for the quarter ended September 30, 2000, has been reduced by $11.3 million. "Accuride clearly felt the impact of the heavy duty truck industry decline over the past quarter, which industry analysts have linked to high levels of new trucks in inventory, continued high fuel prices, tightening of credit, and a glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. of used trucks. Due to this 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. , several of our key customers have announced production cutbacks, and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. have downsized their workforce," explained 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. . "As part of our operating strategy to manage the business cycle, we have implemented new production plans at our heavy vehicle production facilities, adjusted staffing levels, as well as continuing our programs to manage cash, working capital and continuous improvement." 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
September 30,
------------------
2000 1999
---- ----
NET SALES $ 104,403 $ 129,422
COST OF GOODS SOLD 87,214 100,720
------- -------
GROSS PROFIT $ 17,189 $ 28,702
OPERATING:
Selling, General & Administrative 6,435 7,608
------- -------
INCOME FROM OPERATIONS 10,754 21,094
OTHER INCOME (EXPENSE):
Interest Income 596 174
Interest Expense (10,842) (10,152)
Equity in Earnings of Affiliates 118 32
Other Income (Expense), Net (2,674) (681)
------- -------
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST (2,048) 10,467
INCOME TAX PROVISION (859) 4,396
------- -------
NET INCOME $ (1,189) $ 6,071
------- -------
------- -------
Nine Months Ended
September 30,
-----------------
2000 1999
---- ----
NET SALES $ 384,727 $ 377,007
COST OF GOODS SOLD 308,216 290,987
------- -------
GROSS PROFIT $ 76,511 $ 86,020
OPERATING:
Selling, General & Administrative 22,050 21,782
Merger & Acquisition Fees 2,700 -
------- -------
INCOME FROM OPERATIONS 51,761 64,238
OTHER INCOME (EXPENSE):
Interest Income 1,448 404
Interest Expense (31,497) (29,113)
Equity in Earnings of Affiliates 357 2,358
Other Income (Expense), Net (6,417) (1,605)
------- -------
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 15,652 36,282
INCOME TAX PROVISION 6,574 15,239
MINORITY INTEREST - 91
------- -------
NET INCOME $ 9,078 $ 20,952
------- -------
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ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended
September 30,
------------------
2000 1999
---- ----
INCOME FROM OPERATIONS $ 10,754 $ 21,094
Depreciation and Amortization 7,319 7,150
Equity in Earnings of Affiliates 118 32
------- -------
EBITDA $ 18,191 $ 28,276
------- -------
------- -------
ADJUSTMENTS - -
ADJUSTED EBITDA $ 18,191 $ 28,276
------- -------
------- -------
Nine Months Ended
September 30,
-----------------
2000 1999
---- ----
INCOME FROM OPERATIONS $ 51,761 $ 64,238
Depreciation and Amortization 22,780 20,328
Equity in Earnings of Affiliates 357 2,358
------- -------
EBITDA $ 74,898 $ 86,924
------- -------
------- -------
ADJUSTMENTS
AdM Restructuring 3,300 -
M&A Advisory Costs 2,700 -
------- -------
ADJUSTED EBITDA $ 80,898 $ 86,924
------- -------
------- -------
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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