Accuride Corporation Reports First Quarter Results for 2002.Business Editors and Automotive Writers EVANSVILLE, 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. .--(AutomotiveWire)--May 10, 2002 Accuride Corporation today announced 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 of $77.8 million for the first quarter ended March 31, 2002. This compares to net sales of $90.9 million for the first quarter of 2001, a decrease of 14.4%. The decrease is largely due to the continuation of the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. 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. of the heavy/medium commercial vehicle market with builds down more than 22% from the prior year's first quarter. 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 $13.1 million for the first quarter ended March 31, 2002, is up from $10.0 million for the first quarter of 2001. The resulting EBITDA margin has increased to 16.9% of net sales from 11.0% of net sales in last year's first quarter. EBITDA for the quarter was adjusted by $1.0 million, $0.9 million of which is related to a reduction in the employee workforce. The Company's liquidity position remained strong at March 31, 2002, with $31.7 million in cash and 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 availability of $27.5 million. "Although industry builds remain soft, we continue to drive margin improvement in all operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon ," said Terry Keating, 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. . "We are heartened by the recent strength in class 8 net orders which along with our focus on continuous improvement should provide positive earnings momentum in the upcoming quarters." 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 forged aluminum heavy/medium wheels. Accuride Corporation also produces wheels for buses, commercial light trucks and 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 for passenger cars. Accuride Corporation 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. ; London, Ontario, Canada; and in 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 March 31,
2002 2001
-------- --------
NET SALES $ 77,804 $ 90,931
COST OF GOODS SOLD 65,646 81,985
-------- --------
GROSS PROFIT $ 12,158 $ 8,946
OPERATING EXPENSES:
Selling, General & Administrative 7,167 7,257
-------- --------
INCOME FROM OPERATIONS 4,991 1,689
OTHER INCOME (EXPENSE):
Interest Income 90 395
Interest (Expense) (10,014) (10,408)
Equity in Earnings of Affiliates 39 120
Other Income (Expense), Net 865 (3,015)
-------- --------
INCOME (LOSS) BEFORE INCOME TAXES (4,029) (11,219)
INCOME TAX PROVISION (BENEFIT) (655) (4,025)
-------- --------
NET INCOME (LOSS) $ (3,374) $ (7,194)
======== ========
ACCURIDE CORPORATION
CONSOLIDATED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended March 31,
2002 2001
------- -------
INCOME (LOSS) FROM OPERATIONS $ 4,991 $ 1,689
Depreciation and Amortization 7,109 7,187
Equity in Earnings of Affiliates 39 120
------- -------
EBITDA $12,139 $ 8,996
======= =======
ADJUSTMENTS 987 993
------- -------
ADJUSTED EBITDA $13,126 $ 9,989
======= =======
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.
Adjusted EBITDA for 2002 represents income from operations plus
depreciation plus equity in earnings of affiliates, plus (i) $0.9
million of costs related to a reduction in the employee workforce,
(ii) $0.1 million of costs related to other non-operational costs.
Adjusted EBITDA for 2001 represents income from operations plus
depreciation plus equity in earnings of affiliates, plus (i) $1.0
million of costs related to a reduction in the employee workforce.
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