Accuride Corporation Reports Third Quarter Results for 2004.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. . -- 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 $123.5 million for the third quarter ended September September: see month. 30, 2004. This compares to net sales of $87.4 million for the third quarter of 2003, an increase of 41.3%. The improvement is primarily driven by an increase in Class 5-8 builds of 35.3% from a year ago and greater industry penetration The successful unauthorized breach of a security perimeter. See penetration test. of aluminum versus steel wheels. For the nine months ended September 30, 2004, net sales were $355.5 million compared to net sales of $269.9 million for the same nine-month period in 2003, an increase of 31.7%. 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 $27.3 million for the third quarter ended September 30, 2004, is up from $16.9 million for the third quarter of 2003, an increase of 61.5%. The resulting EBITDA margin has increased to 22.1% of net sales from 19.3% of net sales in last year's third quarter, primarily due to increased volume. For the first nine months of 2004, Adjusted EBITDA increased by $22.9 million, or 43.1%, to reach $76.0 million. The purpose and reconciliation of Adjusted EBITDA for the Company to the most directly comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure is set forth on pages 4-5 of this press release. "We are pleased with our results for the quarter as revenue and EBITDA continue to grow driven by improving industry fundamentals," said Terry Keating Keating may refer refer to the following: People For people with the surname Keating, see Keating (surname) Places Several places in the US:
The Company's liquidity position remained strong at September 30, 2004, with $40.2 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 $41.0 million. Accuride had net income of $7.0 million, or 5.7% of net sales, for the third quarter ended September 30, 2004, compared to a net loss of $2.8 million, or a negative 3.2% of net sales, for the third quarter of 2003. For the nine months ended September 30, 2004, Accuride had net income of $16.5 million, or 4.6% of net sales, compared to a net loss of $9.3 million, or a negative 3.4% of net sales, for the same nine-month period in 2003. The Company will conduct a conference call to review and discuss its third quarter results on Wednesday Wednesday: see week. , November November: see month. 10, 2004, at 1:30 p.m. (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ). The phone number to access the conference call is (800) 450-0785 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , or (612) 332-0634 internationally. A replay will be available beginning November 10, 2004, at 5 p.m. (CDT), through November 17, 2004, by calling (800) 475-6701 in the United States, or (320) 365-3844 internationally, access code 751809. The financial results for the three-month and nine-month period ended September 30, 2004, will also be archived at http://www.accuridecorp.com. 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, pick-up pick-up Noun 1. a small truck with an open body used for light deliveries 2. Informal a casual acquaintance made for a sexual purpose 3. Informal a. 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 vans. 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 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 Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ; and Monterrey Monterrey (mōntārā`), city (1990 pop. 1,068,996), capital of Nuevo León state, NE Mexico, the third largest city of Mexico. Located c.150 mi (240 km) S of Laredo, Tex. , 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. . 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. . 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 . 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 market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the 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,
-----------------------
2004 2003
----------- -----------
NET SALES $ 123,463 $ 87,439
COST OF GOODS SOLD 97,282 74,291
---------- ----------
GROSS PROFIT $ 26,181 $ 13,148
OPERATING EXPENSES:
Selling, General & Administrative 5,758 5,499
---------- ----------
INCOME FROM OPERATIONS 20,423 7,649
OTHER INCOME (EXPENSE):
Interest Income 55 49
Interest (Expense) (9,214) (10,256)
Refinancing Costs - (7)
Equity in Earnings of Affiliates 148 81
Other Income (Expense), Net 595 (77)
---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 12,007 (2,561)
INCOME TAX PROVISION (BENEFIT) 5,018 232
---------- ----------
NET INCOME (LOSS) $ 6,989 $ (2,793)
========== ==========
Nine Months Ended
September 30,
-----------------------
2004 2003
----------- -----------
NET SALES $ 355,495 $ 269,894
COST OF GOODS SOLD 282,207 222,608
---------- ----------
GROSS PROFIT $ 73,288 $ 47,286
OPERATING:
Selling, General & Administrative 18,547 17,693
---------- ----------
INCOME FROM OPERATIONS 54,741 29,593
OTHER INCOME (EXPENSE):
Interest Income 110 180
Interest (Expense) (27,490) (28,641)
Refinancing Costs - (11,264)
Equity in Earnings of Affiliates 441 461
Other (Expense), Net (942) (581)
---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 26,860 (10,252)
INCOME TAX PROVISION (BENEFIT) 10,326 (928)
---------- ----------
NET INCOME (LOSS) $ 16,534 $ (9,324)
========== ==========
ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended
September 30,
-----------------------
2004 2003
----------- -----------
NET INCOME (LOSS) 6,989 (2,793)
Net Interest Expense 9,159 10,207
Income Taxes 5,018 232
Refinancing Costs - 7
Equity in Earnings of Affiliates (148) (81)
Other Expense (Income), Net (595) 77
---------- ----------
INCOME FROM OPERATIONS 20,423 7,649
Depreciation 6,164 7,190
Equity in Earnings of Affiliates 148 81
Restructuring, severance and other charges 593 1,969
---------- ----------
ADJUSTED EBITDA $ 27,328 $ 16,889
========== ==========
Nine Months Ended
September 30,
-----------------------
2004 2003
----------- -----------
NET INCOME (LOSS) 16,534 (9,324)
Net Interest Expense 27,380 28,461
Income Taxes 10,326 (928)
Refinancing Costs - 11,264
Equity in Earnings of Affiliates (441) (461)
Other Expense, Net 942 581
---------- ----------
INCOME FROM OPERATIONS 54,741 29,593
Depreciation 19,936 21,065
Equity in Earnings of Affiliates 441 461
Restructuring, severance and other charges 833 1,969
---------- ----------
ADJUSTED EBITDA $ 75,951 $ 53,088
========== ==========
a) For the three months ending September 30, 2004, Adjusted EBITDA
represents income from operations plus depreciation plus equity in
earnings of affiliates, plus (i) $0.1 million for costs associated
with the fire damage and resulting business interruption sustained at
our facility in Cuyahoga Falls, Ohio in August 2003, and (ii) $0.5 for
costs associated with roof damage and resulting business interruption
sustained at our facility in Cuyahoga Falls, Ohio. Items (i) and (ii)
affected gross profit in 2004. For the three months ending September
30, 2003, Adjusted EBITDA represents income from operations plus
depreciation plus equity in earnings of affiliates, plus (i) $0.4
million for strike contingency costs associated with recent renewal of
our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3
million for pension related costs at our facility in London, Ontario,
and (iii) $1.2 million for costs associated with the fire damage and
resulting business interruption sustained at our facility in Cuyahoga
Falls, Ohio in August 2003. Items (i), (ii) and (iii) affected gross
profit in 2003.
For the nine months ending September 30, 2004, Adjusted EBITDA
represents income from operations plus depreciation plus equity in
earnings of affiliates, plus (i) $0.3 million for costs associated
with the fire damage and resulting business interruption sustained at
our facility in Cuyahoga Falls, Ohio in August 2003, and (ii) $0.5 for
costs associated with roof damage and resulting business interruption
sustained at our facility in Cuyahoga Falls, Ohio. Items (i) and (ii)
affected gross profit in 2004. For the nine months ending September
30, 2003, Adjusted EBITDA represents income from operations plus
depreciation plus equity in earnings of affiliates, plus (i) $0.4
million for strike contingency costs associated with recent renewal of
our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3
million for pension related costs at our facility in London, Ontario,
and (iii) $1.2 million for costs associated with the fire damage and
resulting business interruption sustained at our facility in Cuyahoga
Falls, Ohio, in August 2003. Items (i), (ii) and (iii) affected gross
profit in 2003.
b) Adjusted EBITDA is not intended to represent cash flow as defined
by generally accepted accounting principles ("GAAP") and should not be
considered as an indicator of cash flow from operations. Adjusted
EBITDA represents income from operations plus depreciation plus equity
in earnings of affiliates plus non-recurring items. However, other
companies may calculate Adjusted EBITDA differently. Accuride has
included information concerning Adjusted EBITDA in this press release
because Accuride's management and our board of directors use it as
measure of our performance to internal business plans to which a
significant portion of management incentive programs are based. In
addition, future investment and capital allocation decisions are based
on Adjusted EBITDA. Investors and industry analysts use Adjusted
EBITDA to measure the Company's performance to historic results and to
the Company's peer group. The Company has historically provided the
measure in previous press releases and believes it provides
transparency and continuity to investors for comparable purposes.
Certain financial covenants in our borrowing arrangements are tied to
similar measures. Adjusted EBITDA margin represents Adjusted EBITDA as
a percentage of net sales.
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