Collins & Aikman Announces Results for the Fourth Quarter and Year Ended December 31, 2000.Business & Automotive Editors TROY, Mich.--(AutomotiveWire)--Feb. 21, 2001 Collins & Aikman Aikman is a surname, and may refer to
See: New York Stock Exchange :CKC CKC Canadian Kennel Club CKC Chiang Kai-Shek (former leader of the Republic of China) CKC California Kiwifruit Commission CKC Cool Kids Club CKC Cairo Kidney Center CKC Cold Knife Cone (biopsy) ) today reported fourth quarter and annual results for its fiscal period ended December December: see month. 31, 2000. For the current fiscal quarter, the Company reported sales of $436.8 million, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $2.0 million and a net loss of $15.9 million, or ($0.26) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Operating income in the quarter was impacted by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $18.0 million in one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs and write-offs, the majority of which were non-cash related. Recent Highlights Include: -------------------------- -- First step of Heartland Industrial Partners, L.P. (Heartland) investment in Collins & Aikman announced -- Significant capital infusion to enhance global growth opportunities. -- Introduced AcT(TM) (Acoustically Tuned Technologies) -- Revolutionary industry development for acoustically tuning vehicles. -- Completed acquisition of COMET(TM) Acoustic Software -- Leadership in acoustic modeling and predictive capabilities further enabling "bumper-to-bumper" NVH solutions. -- Announced new business awards in Europe with Renault, GM and Chrysler -- Continuing to enhance European presence. -- Received Toyota Quality Alliance Gold Supplier Award and KIA Most Valued Partner Award -- Strong commitment to providing excellent service, quality, value and delivery. Commenting on the Company's fourth quarter results, Collins & Aikman's Chairman and Chief Executive Officer, Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Evans Ev·ans , Herbert McLean 1882-1971. American anatomist who isolated four pituitary hormones and discovered vitamin E (1922). , stated, "Although our fourth quarter operating income was impacted in total by approximately $18.0 million in one-time costs and write-offs, our reported financial performance in the quarter was disappointing. Despite the benefits realized from our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions, the current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. has caused our customers to ratchet production down far quicker than expected and simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics toughen their positions on a variety of commercial issues. To offset this, we are taking an aggressive stance stance the posture or position. sawhorse stance see sawhorse posture. stance A body position. See Pugilistic stance. on all spending, including limitations on all discretionary expenses and implementation of a global hiring freeze Noun 1. hiring freeze - a freeze on hiring freeze - fixing (of prices or wages etc) at a particular level; "a freeze on hiring" . Additionally, we are actively assessing our entire organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. and associated staffing levels, and anticipate quickly taking some significant actions to further lower our costs. In terms of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , we are realigning our capital spending initiatives so as to further enhance productivity. Although these actions are difficult, we will continue to vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. respond to market conditions and position Collins & Aikman to achieve the growth, debt coverage and cash generating goals to which we remain committed." Fourth Quarter Performance Highlights ------------------------------------- For the fourth quarter 2000, the Company reported a net loss of $15.9 million, or ($0.26) per diluted share. In the fourth quarter of 1999, the Company earned net income of $6.6 million, or $0.11 per diluted share, excluding a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta 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. of $13.5 million, or $0.15 per diluted share after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. . Operating income for the fourth quarter 2000 was $2.0 million, which in addition to lower vehicle production and an unfavorable business mix, was negatively impacted by approximately $18.0 million in one-time costs and write-offs. In the fourth quarter of 1999, operating income was approximately $35.6 million, excluding the previously mentioned restructuring charge, or $22.0 million as reported. Free cash flow for the quarter was $50.8 million, compared to $87.3 million in the 1999 fourth quarter, which also excludes the previously mentioned restructuring charge. For the quarter ended December 31, 2000, the Company had approximately 62.0 million shares outstanding on a weighted average diluted basis, versus 62.5 million in the year ago period, excluding the restructuring charge. 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 for the 2000 fourth quarter were down 14 percent to $436.8 million, as compared with $505.6 million in the fourth quarter of 1999. Relative to the fourth quarter 1999, fourth quarter 2000 sales were negatively impacted by approximately $38 million due to a change in the Company's fiscal calendar and by approximately $14 million due to the negative impact of foreign currency translation. Net sales were also negatively impacted by a six percent decline in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. light vehicle production and a three percent decline in European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. light vehicle production. As a result, sales for the Company's North American Automotive Interior Systems Division decreased approximately 15 percent to $267.1 million, while in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , sales declined 21 percent to
$65.4 million, as compared to $82.9 million in the fourth quarter of
1999. Sales for the Company's Specialty A contract under seal.A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. Automotive Products Division decreased three percent to $104.3 million, versus $107.0 million in the fourth quarter of 1999. Year-To-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Performance Highlights ----------------------------------- For the twelve months ended December 31, 2000, the Company earned net income of $4.5 million, or $0.07 per diluted share; reflecting a net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.4 million, or ($0.03) per diluted share, net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $6.6 million, or $0.11 per diluted share and an extraordinary charge for early debt retirement of $0.7 million, or ($0.01) per diluted share. For the twelve months ended December 25, 1999, the Company earned net income of $20.1 million, or $0.32 per diluted share, excluding 1999 pre-tax restructuring charges of $33.4 million, or ($0.34) per diluted share after-tax, and the cumulative after-tax effect of a change in accounting principle of $8.9 million, or ($0.14) per diluted share. Operating income for the full year 2000 was $108.1 million, as compared to twelve month 1999 performance of approximately $131.9 million, excluding the previously mentioned 1999 restructuring charges. Despite the decline in operating income, year-to-date free cash flow of $168.5 million, exceeded 1999's performance of $167.7 million, which excludes the previously mentioned restructuring charges. For the twelve months ended December 31, 2000, weighted average diluted shares outstanding were 62.4 million, unchanged from a year ago, excluding restructuring charges and the cumulative effect of a change in accounting principle. Year-to-date, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales for 2000 were relatively flat with the prior year at approximately $1.9 billion. Strong sales during the first half of the year were partially offset by an eight percent sales decline in the second half of the year. Overall, sales for the North American Automotive Interior Systems Division rose two percent to $1.2 billion, while sales for the European Automotive Interior Systems Division decreased seven percent to $284.5 million. Sales for the Specialty Automotive Products Division were $441.7 million versus 440.5 million the prior year, as higher fabric sales offset a 30% decline in Chrysler Sebring The Chrysler Sebring is a line of mid-size cars sold by Chrysler LLC. There have been three entirely different vehicles with this name:
Evans continued, "Despite current industry conditions, I believe that Collins & Aikman is better positioned than ever for future growth, and with Heartland's investment, we have another highly supportive supportive adjective Pertaining to a Pt management philosophy in which only the Sx of a particular condition are treated; supportive measures are often taken when no specific and/or effective therapy is available or accessible–eg, viral meningitis, or capital partner to assist us in this regard. Our acoustic acoustic /acous·tic/ (ah-kldbomacs´tik) relating to sound or hearing. a·cous·tic or a·cous·ti·cal adj. Of or relating to sound, the sense of hearing, or the perception of sound. resources and customer offerings have been substantially enhanced through our new global technology structure, the recently announced family of AcT(TM) acoustically a·cous·tic adj. also a·cous·ti·cal 1. Of or relating to sound, the sense of hearing, or the science of sound. 2. a. Designed to carry sound or to aid in hearing. b. tuned products and the completion of our Comet comet [Gr.,=longhaired], a small celestial body consisting mostly of dust and gases that moves in an elongated elliptical or nearly parabolic orbit around the sun. Comets visible from the earth can be seen for periods ranging from a few days to several months. Acoustics acoustics (ək  `stĭks) [Gr.,=the facts about hearing], the science of sound, including its production, propagation, and effects. acquisition. Additionally, we're we're Contraction of we are. we're we are aggressively tackling cost cutting throughout the Company and our business backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. remains solid. Telematics and systems integration continue to accelerate, and we view these long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. industry trends as important drivers for our growth. In summary, although we remain cautious in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , the long-term outlook for Collins & Aikman remains quite bright." Collins & Aikman, with annual sales approaching $2 billion, is the global leader in automotive floor and acoustic systems and is a leading supplier of automotive fabric, interior trim and convertible top systems. The Company's operations span the globe through 72 facilities, 13 countries and approximately 15,000 employees who are committed to achieving total excellence. Collins & Aikman's high-quality products combine industry-leading design and styling capabilities, superior manufacturing capabilities and the industry's most effective NVH NVH Noise, Vibration and Harshness NVH Nahverkehr Hohenlohekreis (German) NVH Noise Vibration and Harshness "quiet" technologies. Information about Collins & Aikman is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.collinsaikman.com. This news release contains 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. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Collins & Aikman operates, fluctuations in the production of vehicles for which the Company is a supplier, changes in the popularity of particular car models or particular interior trim packages A trim package is an automotive package composed by a set of cosmetic (mostly non-functional) embellishments to a vehicle. In some cases the trim package may include a specific model or ending name. , the loss of programs on particular car models, labor disputes involving the Company or its significant customers, changes in consumer preferences, dependence on significant automotive customers, the level of competition in the automotive supply industry, pricing pressure from automotive customers, the substantial leverage of the Company and its subsidiaries, limitations imposed by the Company's debt facilities, charges made in connection with the integration of operations acquired by the Company, the implementation of the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. , risks associated with conducting business in foreign countries and other risks detailed from time-to-time in the Company's Securities and Exchange Commission filings including without limitation, in Items 1 and 7 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year-ended December 25, 1999, and Item 1 in the Company's Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the periods ended April 1, 2000, July July: see month. 1, 2000 and September September: see month. 30, 2000.
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
Quarter Ended
----------------------------------------
Adjusted(1)
December 31, December 25, December 25,
2000 1999 1999
---------- ---------- ----------
Net sales $ 436,848 $ 505,566 $ 505,566
Cost of goods sold 391,219 433,862 433,862
---------- ---------- ----------
Gross profit 45,629 71,704 71,704
Selling, general and
administrative expenses 43,607 36,115 36,115
Restructuring charge - 13,544 -
---------- ---------- ----------
Operating income 2,022 22,045 35,589
Interest expense, net 23,889 24,224 24,224
Loss on sale of receivables 1,725 1,521 1,521
Other expense (income) 558 (627) (627)
---------- ---------- ----------
Income (loss) before
income taxes (24,150) (3,073) 10,471
Income tax expense (benefit) (8,272) (558) 3,885
---------- ---------- ----------
Net income (loss) $ (15,878) $ (2,515) $ 6,586
========== ========== ==========
Net income (loss) per basic
and diluted common share: $ (0.26) $ (0.04) $ 0.11
========== ========== ==========
Average common shares outstanding:
Basic 61,997 61,913 61,913
========== ========== ==========
Diluted 61,997 61,913 62,531
========== ========== ==========
(1) Excludes restructuring charge
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
Twelve Months Ended
----------------------------------------
Adjusted(1)
December 31, December 25, December 25,
2000 1999 1999
(53 weeks) (52 weeks) (52 weeks)
------------ ------------ ------------
Net sales $ 1,901,819 $ 1,898,597 $ 1,898,597
Cost of goods sold 1,635,178 1,613,880 1,613,880
------------ ------------ ------------
Gross profit 266,641 284,717 284,717
Selling, general and
administrative expenses 158,556 152,807 152,807
Restructuring charges - 33,391 -
------------ ------------ ------------
Operating income 108,085 98,519 131,910
Interest expense, net 96,589 92,045 92,045
Loss on sale of receivables 9,227 5,356 5,356
Other expense 1,454 2,237 2,237
------------ ------------ ------------
Income (loss) before
income taxes 815 (1,119) 32,272
Income tax expense 2,252 246 12,169
------------ ------------ ------------
Income (loss) from continuing
operations before extraordinary
charge and cumulative effect of
a change in accounting principle (1,437) (1,365) 20,103
Income from discontinued
operations, net of income
taxes of $4,400 6,600 - -
------------ ------------ ------------
Income (loss) before extraordinary
charge and cumulative effect of
a change in accounting principle 5,163 (1,365) 20,103
Extraordinary charge, net of
income taxes of $457 (686) - -
Cumulative effect of a change in
accounting principle, net of
income taxes of $5,083 - (8,850) -
------------ ------------ ------------
Net income (loss) $ 4,477 $ (10,215) $ 20,103
============ ============ ============
Net income (loss) per basic
and diluted common share:
Continuing operations $ (0.03) $ (0.02) $ 0.32
Discontinued operations 0.11 - -
Extraordinary charge (0.01) - -
Cumulative effect of a change
in accounting principle - (0.14) -
------------ ------------ ------------
Net income (loss) $ 0.07 $ (0.16) $ 0.32
============ ============ ============
Average common shares outstanding:
Basic 61,909 61,952 61,952
============ ============ ============
Diluted 62,355 61,952 62,384
============ ============ ============
(1) Excludes restructuring charges and the cumulative effect of a
change in accounting principle
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
December 31, December 25,
ASSETS 2000 1999
------------ ------------
Current Assets:
Cash and cash equivalents $ 20,862 $ 13,980
Accounts and other receivables, net 196,451 233,819
Inventories 131,720 132,625
Other 75,852 84,942
------------ ------------
Total current assets 424,885 465,366
Property, plant and equipment, net 434,147 443,526
Deferred tax assets 97,314 86,235
Goodwill, net 245,509 256,362
Other assets 78,435 97,401
------------ ------------
$ 1,280,290 $ 1,348,890
============ ============
LIABILITIES AND COMMON STOCKHOLDERS' DEFICIT
Current Liabilities:
Short-term borrowings $ 3,835 $ 3,088
Current maturities of long-term debt 84,302 27,992
Accounts payable 178,483 198,466
Accrued expenses 123,109 132,709
------------ ------------
Total current liabilities 389,729 362,255
Long-term debt 799,677 884,550
Other, including post-retirement
benefit obligation 245,870 253,206
Commitments and contingencies
Common stock (150,000 shares authorized,
70,521 shares issued and 62,024 shares
outstanding at December 31, 2000 and
70,521 shares issued and 61,904 shares
outstanding at December 25, 1999) 705 705
Other paid-in capital 585,481 585,484
Accumulated deficit (636,639) (641,117)
Accumulated other comprehensive loss (42,925) (33,260)
Treasury stock, at cost (8,497 shares at
December 31, 2000 and 8,617 shares at
December 25, 1999) (61,608) (62,933)
------------ ------------
Total common stockholders' deficit (154,986) (151,121)
------------ ------------
$ 1,280,290 $ 1,348,890
============ ============
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Quarter Ended
---------------------------------
December 31, December 25,
2000 1999
(13 weeks) (13 weeks)
------------- --------------
OPERATING ACTIVITIES
Loss from continuing operations $ (15,878) $ (2,515)
Adjustments to derive cash flow
from continuing operating
activities:
Impairment of long-lived assets - 7,768
Deferred income tax
expense (benefit) (10,398) 2,567
Depreciation and amortization 21,744 19,530
Decrease in accounts and other
receivables 40,412 1,601
Decrease in inventories 7,727 22,866
Increase (decrease) in
accounts payable 3,722 38,890
Increase (decrease) in
interest payable (12,812) (13,645)
Other, net (1,510) (11,443)
------------- --------------
Net cash provided by continuing
operating activities 33,007 65,619
------------- --------------
Net cash provided by (used in)
discontinued operations (1,872) (10,984)
------------- --------------
INVESTING ACTIVITIES
Additions to property, plant
and equipment (24,810) (31,218)
Sales of property, plant
and equipment 3,711 173
Other, net - 1,717
------------- --------------
Net cash used in investing
activities (21,099) (29,328)
------------- --------------
FINANCING ACTIVITIES
Issuance of long-term debt - -
Repayment of long-term debt (7,298) (5,272)
Proceeds from (reduction of)
participating interests in
accounts receivable (32,476) 8,100
Net borrowings (repayments) on
revolving credit facilities 22,806 (27,691)
Increase (decrease) on
short-term borrowings (4,336) (8,610)
Dividends paid - -
Reissuance (purchase) of
treasury stock, net 475 (505)
Other, net - (1,736)
------------- --------------
Net cash used in financing
activities (20,829) (35,714)
------------- --------------
Net increase (decrease) in
cash and cash equivalents (10,793) (10,407)
Cash and cash equivalents at
beginning of period 31,655 24,387
------------- --------------
Cash and cash equivalents at
end of period $ 20,862 $ 13,980
============= ==============
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Twelve Months Ended
---------------------------------
December 31, December 25,
2000 1999
(53 weeks) (52 weeks)
------------- --------------
OPERATING ACTIVITIES
Loss from continuing operations $ (1,437) $ (1,365)
Adjustments to derive cash flow
from continuing operating
activities:
Impairment of long-lived assets - 13,361
Deferred income tax
expense (benefit) (8,545) (6,800)
Depreciation and amortization 76,436 71,474
Decrease in accounts and other
receivables 78,214 1,826
Decrease in inventories 905 20,215
Increase (decrease) in
accounts payable (19,983) 28,658
Increase (decrease) in
interest payable 3,434 946
Other, net 8,089 (28,455)
------------- --------------
Net cash provided by continuing
operating activities 137,113 99,860
------------- --------------
Net cash provided by (used in)
discontinued operations 357 (16,770)
------------- --------------
INVESTING ACTIVITIES
Additions to property, plant
and equipment (75,120) (86,430)
Sales of property, plant
and equipment 5,543 10,126
Other, net - (1,225)
------------- --------------
Net cash used in investing
activities (69,577) (77,529)
------------- --------------
FINANCING ACTIVITIES
Issuance of long-term debt - 100,000
Repayment of long-term debt (67,343) (20,607)
Proceeds from (reduction of)
participating interests in
accounts receivable (34,046) 2,000
Net borrowings (repayments) on
revolving credit facilities 38,405 (35,293)
Increase (decrease) on
short-term borrowings 1,581 (7,405)
Dividends paid - (50,198)
Reissuance (purchase) of
treasury stock, net 392 (2,097)
Other, net - (1,736)
------------- --------------
Net cash used in financing
activities (61,011) (15,336)
------------- --------------
Net increase (decrease) in
cash and cash equivalents 6,882 (9,775)
Cash and cash equivalents at
beginning of period 13,980 23,755
------------- --------------
Cash and cash equivalents at
end of period $ 20,862 $ 13,980
============= ==============
COLLINS & AIKMAN CORPORATION AND SUBSIDIARIES
FOURTH QUARTER 2000 - SUPPLEMENTAL SCHEDULE
(Unaudited - in millions, except CPV)
SALES DATA:
-----------
Quarter Ended
--------------------------
DIVISION: December 31, December 25,
2000 1999
(13 weeks) (13 weeks)
------------ ------------
North American Automotive Interior Systems $ 267 $ 316
European Automotive Interior Systems 66 83
Specialty Automotive Products 104 107
------------ ------------
Total $ 437 $ 506
============ ============
Twelve Months Ended
--------------------------
DIVISION: December 31, December 25,
2000 1999
(53 weeks) (52 weeks)
------------ ------------
North American Automotive Interior Systems $ 1,176 $ 1,152
European Automotive Interior Systems 284 306
Specialty Automotive Products 442 440
------------ ------------
Total $ 1,902 $ 1,898
============ ============
OPERATING INCOME (LOSS)(a):
---------------------------
Quarter Ended
--------------------------
DIVISION: December 31, December 25,
2000 1999
(13 weeks) (13 weeks)
------------ ------------
North American Automotive Interior Systems $ 10 $ 34
European Automotive Interior Systems (8) (5)
Specialty Automotive Products 3 7
Other (3) -
------------ ------------
Total $ 2 $ 36
============ ============
Year-to-Date
-------------------------
DIVISION: December 31, December 25,
2000 1999
(53 weeks) (52 weeks)
------------ ------------
North American Automotive Interior Systems $ 87 $ 89
European Automotive Interior Systems 1 2
Specialty Automotive Products 23 40
Other (3) 1
------------ ------------
Total $ 108 $ 132
============ ============
STATISTICAL DATA:
-----------------
Quarter Ended
--------------------------
December 31, December 25,
2000 1999
(13 weeks) (13 weeks)
------------ ------------
EUROPEAN CPV $ 13 $ 16
N. AMERICAN CPV $ 88 $ 91
EBITDA(a) $ 24 $ 55
CAPITAL EXPENDITURES $ 25 $ 31
FREE CASH FLOW(b) $ 51 $ 87
Twelve Months Ended
--------------------------
December 31, December 25,
2000 1999
(53 weeks) (52 weeks)
------------ ------------
EUROPEAN CPV $ 14 $ 15
N. AMERICAN CPV $ 89 $ 88
EBITDA(a) $ 185 $ 203
CAPITAL EXPENDITURES $ 75 $ 86
FREE CASH FLOW(b) $ 169 $ 168
(a) 1999 Excludes restructuring charges.
(b) Free Cash Flow equals EBITDA (excluding restructuring charges)
less capital expenditures, plus/minus the operating change in accounts
receivable, accounts payable, and inventory.
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