Accuride Corporation Reports Results for 2001.Business Editors/Automotive Writers 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. .--(AutomotiveWire)--Feb. 28, 2002 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 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 $71.4 million for the fourth quarter ended December 31, 2001. This compares to net sales of $91.1 million for the fourth quarter of 2000, a decrease of 21.6%. For the twelve months ended December 31, 2001, net sales were $332.1 million compared to net sales of $475.8 million for the same twelve-month period in 2000, a decrease of 30.2%. 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 26% from the prior year's fourth quarter and down more than 37% from the prior year. 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 $8.7 million for the fourth quarter ended December 31, 2001, is up from $8.4 million for the fourth quarter of 2000. The resulting EBITDA margin has increased to 12.2% of net sales from 9.3% of net sales in last year's fourth quarter. For the twelve months of 2001, adjusted EBITDA decreased by $48.4 million, or 54.1%, to reach $41.0 million. This compares to $89.3 million for the twelve months of 2000. The Company's liquidity position remained strong at December 31, 2001, with $47.7 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 $37.5 million. "The results for the fourth quarter continue to be impacted by the current downturn in the heavy/medium truck market. However, our margins continue to improve and our liquidity is strong," 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. . "Despite a 22% decrease in revenue, our margins have increased by 290 basis points as we continue to aggressively work on cost and productivity programs throughout the Company. Our actions have positioned the Company for improved earnings upon the eventual industry rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective ." 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 forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. 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. ; 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, 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 December 31,
2001 2000
---- ----
NET SALES $ 71,371 $ 91,077
COST OF GOODS SOLD 65,669 85,016
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GROSS PROFIT $ 5,702 $ 6,061
OPERATING EXPENSES:
Selling, General & Administrative 8,355 8,099
---------- ----------
INCOME (LOSS) FROM OPERATIONS (2,653) (2,038)
OTHER INCOME (EXPENSE):
Interest Income 118 376
Interest (Expense) (10,779) (9,069)
Equity in Earnings of Affiliates 32 98
Other Income (Expense), Net (1,826) 260
---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES (15,108) (10,373)
INCOME TAX PROVISION (BENEFIT) (4,404) (2,213)
---------- ----------
INCOME (LOSS) BEFORE EXTRAORDINARY GAIN (10,704) (8,160)
EXTRAORDINARY GAIN, NET OF TAX -- 1,595
---------- ----------
NET INCOME (LOSS) $(10,704) $ (6,565)
---------- ----------
---------- ----------
Twelve Months Ended December 31,
2001 2000
---- ----
NET SALES $332,071 $475,804
COST OF GOODS SOLD 295,737 393,232
---------- ----------
GROSS PROFIT $ 36,334 $ 82,572
OPERATING EXPENSES:
Selling, General & Administrative 33,538 32,849
---------- ----------
INCOME (LOSS) FROM OPERATIONS 2,796 49,723
OTHER INCOME (EXPENSE):
Interest Income 1,362 1,824
Interest (Expense) (41,561) (40,566)
Equity in Earnings of Affiliates 250 455
Other Income (Expense), Net (9,837) (6,157)
---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES (46,990) 5,279
INCOME TAX PROVISION (BENEFIT) (13,836) 4,361
---------- ----------
INCOME (LOSS) BEFORE EXTRAORDINARY GAIN (33,154) 918
EXTRAORDINARY GAIN, NET OF TAX -- 1,595
---------- ----------
NET INCOME (LOSS) $(33,154) $ 2,513
---------- ----------
---------- ----------
ACCURIDE CORPORATION
CONSOLIDATED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended December 31,
-------------------------------
2001 2000
---- ----
INCOME (LOSS) FROM OPERATIONS $ (2,653) $ (2,038)
Depreciation and Amortization 11,344 7,208
Equity in Earnings of Affiliates 31 97
---------- ----------
EBITDA $ 8,722 $ 5,267
---------- ----------
---------- ----------
ADJUSTMENTS -- 3,179
---------- ----------
ADJUSTED EBITDA $ 8,722 $ 8,446
---------- ----------
---------- ----------
Twelve Months Ended December 31,
--------------------------------
2001 2000
---- ----
INCOME (LOSS) FROM OPERATIONS $ 2,796 $ 49,723
Depreciation and Amortization 33,416 29,989
Equity in Earnings of Affiliates 250 454
---------- ----------
EBITDA $ 36,462 $ 80,166
---------- ----------
---------- ----------
ADJUSTMENTS 4,516 9,179
---------- ----------
ADJUSTED EBITDA $ 40,978 $ 89,345
---------- ----------
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Adjusted EBITDA is not intended to represent cash flows as defined by GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (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 2001 represents income from operations plus depreciation and amortization, net of $2.2 million in amortization of deferred financing costs, plus equity in earnings of affiliates, plus (i) $2.7 million of charges related to the closure of the Columbia, Tennessee, facility, (ii) $1.6 million of restructuring charges 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. related to our other facilities, (iii) and $0.2 million for charges related to the Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Credit Agreement entered into on July 27, 2001. |
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