-
Fourth Quarter 2013 results from
continuing operations included:
-
Net sales of $144.7 million, down 2.6 percent
year-over-year
-
Net income of $0.04 per share, including one-time
charges
-
Adjusted EBITDA of $9.8 million, up 55.6 percent
year-over-year
-
Full year 2013 results from continuing operations
included:
-
Net sales of $642.9 million, down 19.1 percent
year-over-year
-
Net loss of $0.56 per share, including one-time
charges
-
Adjusted EBITDA of $47.0 million, down 28.7
percent year-over-year
-
Strong liquidity to execute the Company's business
plan in 2014
-
Lowered breakeven point, positioning Company for
higher future profitability
EVANSVILLE, Ind. - March 3, 2014 - Accuride
Corporation (NYSE: ACW) - a leading supplier of components to the
North American commercial vehicle industry - today reported
financial results for the fourth quarter and fiscal year 2013 ended
December 31, 2013.
Fourth Quarter 2013
Results
Fourth quarter 2013 net sales from continuing operations were
$144.7 million, compared with $148.6 million in the same period in
2012, a decline of 2.6 percent, primarily reflecting the impact of
weaker industry conditions in our Brillion segment, OEM market
share changes and continued competitive pressures in our Gunite and
Wheels segments during the quarter. The Company experienced
an operating loss of $1.7 million for the quarter, as compared to
an operating loss of $149.0 million in the fourth quarter of 2012.
The 2012 operating loss included $133.7 million in one-time
impairment charges related to goodwill and other assets related to
Gunite. The Company reported net income of $1.9 million, or
$0.04 per share, during the quarter compared to a net loss of
$154.5 million, or $3.26 per share, in 2012. Fourth quarter
Adjusted EBITDA increased by 55.6 percent year-over-year to $9.8
million, or 6.8 percent of net sales, compared to $6.3 million, or
4.2 percent of net sales, in the same quarter of 2012. As of
December 31, 2013, Accuride had $33.4 million of cash plus $30.2
million in availability under its ABL Credit Facility, for total
liquidity of $63.6 million.
Fiscal Year 2013
Results
Net sales from continuing operations for the fiscal year ended
December 31, 2013 were $642.9 million, compared with $794.6 million
in the prior year, a decrease of 19.1 percent. The decline in
net sales was primarily the result of lower production by
commercial vehicle manufacturers, previously announced market share
losses at Gunite and weaker industrial end-markets at Brillion.
Accuride reported a fully diluted loss per share of $0.56 for
the year ended December 31, 2013. Adjusted EBITDA from
continuing operations for fiscal-year 2013 was $47.0 million,
compared to $65.9 million in the prior year, a 28.7 percent
decrease.
Commenting on Accuride's fourth-quarter results
and business conditions, President and CEO Rick Dauch said, "The
past year proved challenging for Accuride due to continued weakness
in our principal end markets that led to disappointing financial
results. We responded by taking the tough, necessary actions
to selectively reduce SG&A and overhead costs to be in line
with changing market conditions throughout the year. These
and other actions to consolidate our operational footprint enabled
us to lower the breakeven point of each of our businesses and
achieve operating income performance at or near break-even for the
year.
"In addition, the completion of our major capital
upgrades and adoption of Lean systems across our operations have
yielded quality, warranty, delivery and lead-times consistently at
or approaching world-class levels. Our financial and
operational performance in the fourth quarter directly reflects
these actions and indicates the kind of improved results we expect
to generate going forward as our end markets continue to recover,"
Dauch added.
Industry
Conditions
Net orders for the Class 8 and Class 5-7 commercial vehicle
segments Accuride supplies improved in the fourth quarter with the
arrival of the industry's traditional peak order season, while
trailer production was down 1.8 percent year-over-year. Class
8 and Class 5-7 production was up 4.7 percent and 9.2 percent,
respectively, over Q4 2012. Net orders across all segments
were strong as profitable fleets continue to replace aging
equipment. Class 8 net orders in January 2014 were up 22.8
percent year-over-year, while Class 5-7 and U.S. Trailer were up
8.2 percent and 4.8 percent, respectively. With orders
increasing, the industry could see higher build rates during the
first half of 2014, particularly within the Class 8 segment.
Overall, the future of the commercial vehicle industry
remains bright. Fleets are generally optimistic about current
conditions within the trucking industry. Freight tonnage is
forecasted to steadily grow, which will continue to drive higher
demand for trucks and trailers. Demand in Brillion's
core industrial, construction, mining, and oil and gas markets,
however, remained low in the fourth quarter and is not expected to
recover until 2015-16.
Fourth Quarter Business
Segment Results
Accuride
Wheels
Accuride Wheels segment net sales were $84.0 million, down $2.2
million, or 2.6 percent, from the same period in 2012, primarily
due to OEM market share changes and continued competitive pressure
in the segment. Wheels' Adjusted EBITDA was $14.7 million, a
decrease of $1.4 million, or 8.7 percent, from the fourth quarter
of 2012. The Company's advanced coating technology for steel
wheels, Steel Armor(TM), began commercial production in January
2014, the culmination of a $6.5 million investment in new coating
capacity at the Henderson and Monterrey wheel plants.
Gunite
Gunite segment net sales were $37.6 million, up $1.1 million, or
3.0 percent, from the fourth quarter of 2012, attributable
primarily to stronger aftermarket demand for drums. Gunite's
Adjusted EBITDA was $2.7 million, compared to a negative $4.2
million in the fourth quarter of 2012. Gunite's results
reflect the operational improvements from capital investments and
consolidation of operations. The Company is targeting Gunite
to become a 10 to12 percent EBITDA business in 2014.
Brillion Iron
Works
Brillion Iron Works' fourth quarter net sales were $23.1 million,
down $2.7 million, or 10.5 percent, from the fourth quarter of
2012. Brillion's Adjusted EBITDA was a negative $0.5 million,
a decrease of $3.7 million, from the fourth quarter of 2012.
Brillion's fourth-quarter results were impacted by lower
demand in its core industrial, construction, mining, and oil and
gas markets, plus costs related to completing a new five-year
collective bargaining agreement for the business. The Company
currently doesn't expect Brillion's end markets to improve until
2015.
Liquidity and
Debt
As of December 31, 2013, total debt was $330.2 million, consisting
of $305.2 million of our outstanding 9.5% senior secured notes, net
of discount, and a $25.0 million draw on our ABL Credit Facility,
which is a reduction of $10 million from the previous quarter.
As of December 31, 2013, Accuride had $33.4 million of cash
plus $30.2 million in availability under its ABL Credit Facility,
for total liquidity of $63.6 million.
Business and Market
Outlook
"Since the launch of our 'Fix & Grow' strategy 30 months ago,
we have invested to create a more strategically focused,
competitive Accuride that is capable of delivering consistent
operating and financial performance, even at reduced revenue
levels," Accuride President and CEO Rick Dauch said. "At the
same time, we have introduced new technologies that offer customers
greater value, including the Gunite Silver Lightweight Brake Drum
and the revolutionary new Steel Armor(TM) coating that is now
standard on our steel wheels. Market response has been
favorable. With the introduction of these new technology
advances and our work to 'Fix' Accuride into a capable, competitive
and profitable company largely behind us, we are energized by our
ability to support customers dependably from more capable assets
that allow us to compete for business more effectively than ever
before. Due to our more focused footprint and reduced cost
base, we expect to generate higher levels of profitability as we
regain share and leverage the market recovery projected for 2014
and beyond."
"With the North American commercial vehicle market
showing signs of renewed strength, we expect Class 8 truck builds
will be in the range of 260,000 to 275,000 units in 2014.
Recent equipment order trends support a healthier
backlog-to-build ratio, which should lead to an increase in our OEM
customers' production levels throughout the year. Overall, we
expect the North American commercial vehicle market to be up by
approximately three to seven percent in 2014, while Brillion's
mining equipment and other core industrial end markets are not
projected to recover until 2015. For 2014, we are focused on
expanding margins on only moderately higher revenues as we continue
to secure profitable new business to fill open capacity, lower our
SG&A, reduce capital spending and manage working capital to
enhance liquidity," added Dauch.
2014 Financial
Guidance
Accuride's management expects the Company's 2014 net sales to be in
the range of $650 million to $685 million, and Adjusted EBITDA to
be in the range of $60 million to $70 million. The 2014
guidance is based on North American Class 8 production levels in
range of 260,000 to 275,000 units, North American Class 5-7
production levels in the range of 200,000 to 215,000 units and
North American Trailer production in the range of 235,000 to
245,000 units. In addition, management expects the net sales
for its Brillion business unit to be flat compared to 2013 as its
end markets are not expected to recover until 2015-16.
Earnings Conference Call
Information
Accuride will host a conference call to discuss the financial and
operational results of its Fourth Quarter and Full-Year Fiscal 2013
on Monday, March 3, 2014, beginning at 9:00 a.m. Central Time.
Analysts and investors may participate on the conference call
by dialing (800) 708-4539 in the United States, or (847) 619-6396
internationally, and using participant code 36732253. A live
webcast of the conference call can be accessed via the Investors
section of the company's website - www.AccurideCorp.com/investors.
A replay will be available from March 3, 2014, at 11:30 a.m.
CDT until 11:59 p.m. CDT, March 10, 2014, by calling (888) 843-7419
in the United States, or (630) 652-3042 internationally, using
access code 36732253.
About Accuride
Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is
a leading supplier of components to the North American commercial
vehicle industry. The company's products include commercial vehicle
wheels; wheel-end components and assemblies; and specialty
cast-iron components for a range of agricultural, construction and
mining, and oil and gas equipment applications. The company's
products are marketed under its brand names, which include
Accuride®, Accuride Wheel End SolutionsTM, Gunite®, and BrillionTM. Accuride's common stock trades on the
New York Stock Exchange under the ticker symbol ACW. For more
information, visit the Company's website at
http://www.accuridecorp.com.
Forward-Looking
Statements
Statements contained in this news release that
are not purely historical are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding
Accuride's expectations, hopes, beliefs, and intentions with
respect to future results. Such statements are subject to the
impact on Accuride's business and prospects generally of, among
other factors, market demand in the commercial vehicle industry,
general economic, business and financing conditions, labor
relations, governmental action, competitor pricing activity,
expense volatility and other risks detailed from time to time in
Accuride's Securities and Exchange Commission filings, including
those described in Item 1A of Accuride's Annual Report on Form 10-K
for the fiscal year ended December 31, 2012. Any forward-looking
statement reflects only Accuride's belief at the time the statement
is made. Although Accuride believes that the expectations reflected
in these forward-looking statements are reasonable, it cannot
guarantee its future results, levels of activity, performance or
achievements. Except as required by law, Accuride undertakes no
obligation to update any forward-looking statements to reflect
events or developments after the date of this news
release.
Media Relations
Contact
Timothy G. Weir
Director of Public Affairs
(812) 962-5128 | tweir@accuridecorp.com
Investor Relations
Contact
Todd Taylor
Vice President/Treasurer
(812) 962-5105 | ttaylor@accuridecorp.com
Three Months
Operating Results
|
|
|
|
Three Months Ended December
31, |
|
(Dollars in thousands) |
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Wheels |
|
$ |
84,006 |
|
58.1 |
% |
$ |
86,225 |
|
58.0 |
% |
Gunite |
|
|
37,634 |
|
26.0 |
% |
|
36,539 |
|
24.6 |
% |
Brillion Iron Works |
|
|
23,051 |
|
15.9 |
% |
|
25,811 |
|
17.4 |
% |
Total net sales |
|
$ |
144,691 |
|
100.0 |
% |
$ |
148,575 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit (loss) |
|
$ |
8,702 |
|
6.0 |
% |
$ |
(2,742 |
) |
(1.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Operations: |
|
|
|
|
|
|
|
|
|
|
|
Wheels |
|
$ |
5,416 |
|
6.4 |
% |
$ |
1,078 |
|
1.3 |
% |
Gunite |
|
|
1,203 |
|
3.2 |
% |
|
(139,821 |
) |
(382.7 |
)% |
Brillion Iron Works |
|
|
(1,699 |
) |
(7.4 |
)% |
|
(1,312 |
) |
(5.1 |
)% |
Corporate / Other |
|
|
(6,589 |
) |
- |
|
|
(8,961 |
) |
- |
|
Consolidated Total |
|
$ |
(1,669 |
) |
(1.2 |
)% |
$ |
(149,016 |
) |
(100.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
1,611 |
|
1.1 |
% |
$ |
(156,538 |
) |
(105.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Wheels |
|
$ |
14,733 |
|
17.5 |
% |
$ |
16,141 |
|
18.7 |
% |
Gunite |
|
|
2,745 |
|
7.3 |
% |
|
(4,164 |
) |
(11.4 |
)% |
Brillion Iron Works |
|
|
(549 |
) |
(2.4 |
)% |
|
3,213 |
|
12.4 |
% |
Corporate / Other |
|
|
(7,103 |
) |
- |
|
|
(8,926 |
) |
- |
|
Continuing Operations |
|
$ |
9,826 |
|
6.8 |
% |
$ |
6,264 |
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm |
|
|
(50 |
) |
- |
|
|
- |
|
- |
|
Imperial Group |
|
|
(150 |
) |
- |
|
|
(1,153 |
) |
(0.1 |
)% |
Consolidated Total |
|
$ |
9,626 |
|
6.7 |
% |
$ |
5,111 |
|
3.4 |
% |
-more-
Fiscal Year
Operating Results
|
|
|
|
Year Ended December
31, |
|
(Dollars in thousands) |
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Wheels |
|
$ |
364,614 |
|
56.7 |
% |
$ |
414,340 |
|
52.2 |
% |
Gunite |
|
|
168,988 |
|
26.3 |
% |
|
221,974 |
|
27.9 |
% |
Brillion Iron Works |
|
|
109,281 |
|
17.0 |
% |
|
158,320 |
|
19.9 |
% |
Total net sales |
|
$ |
642,883 |
|
100.0 |
% |
$ |
794,634 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
$ |
45,188 |
|
7.0 |
% |
$ |
51,001 |
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Operations: |
|
|
|
|
|
|
|
|
|
|
|
Wheels |
|
$ |
30,883 |
|
8.5 |
% |
$ |
44,928 |
|
10.8 |
% |
Gunite |
|
|
2,599 |
|
1.5 |
% |
|
(151,940 |
) |
(68.4 |
)% |
Brillion Iron Works |
|
|
1,027 |
|
0.9 |
% |
|
11,969 |
|
7.6 |
% |
Corporate / Other |
|
|
(35,741 |
) |
- |
|
|
(44,187 |
) |
- |
|
Consolidated Total |
|
$ |
(1,232 |
) |
(0.2 |
)% |
$ |
(139,230 |
) |
(17.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(38,313 |
) |
(6.0 |
)% |
$ |
(178,007 |
) |
(22.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Wheels |
|
$ |
68,487 |
|
18.8 |
% |
$ |
89,673 |
|
21.6 |
% |
Gunite |
|
|
8,230 |
|
4.9 |
% |
|
(4,247 |
) |
(1.9 |
)% |
Brillion Iron Works |
|
|
5,885 |
|
5.4 |
% |
|
20,212 |
|
12.8 |
% |
Corporate / Other |
|
|
(35,559 |
) |
- |
|
|
(39,776 |
) |
- |
|
Continuing Operations |
|
$ |
47,043 |
|
7.3 |
% |
$ |
65,862 |
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm |
|
|
(137 |
) |
- |
|
|
- |
|
- |
|
Imperial Group |
|
|
(869 |
) |
(1.2 |
)% |
|
(3,074 |
) |
(2.3 |
)% |
Consolidated Total |
|
$ |
46,037 |
|
7.2 |
% |
$ |
62,788 |
|
7.9 |
% |
ACCURIDE
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
|
Three Months Ended December
31, |
(In thousands, except per share
data) |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
NET SALES |
|
$ |
144,691 |
|
$ |
148,575 |
|
COST OF GOODS SOLD |
|
135,989 |
|
151,317 |
|
GROSS PROFIT |
|
8,702 |
|
(2,742 |
) |
OPERATING EXPENSES: |
|
|
|
|
|
Selling, general and administrative |
|
10,371 |
|
12,542 |
|
Impairment of goodwill |
|
- |
|
62,839 |
|
Impairment of other intangibles |
|
- |
|
36,767 |
|
Impairment of property, plant and equipment |
|
- |
|
34,126 |
|
LOSS FROM OPERATIONS |
|
(1,669 |
) |
(149,016 |
) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Interest expense, net |
|
(8,465 |
) |
(8,614 |
) |
Other income (loss), net |
|
(570 |
) |
(1,400 |
) |
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
|
(10,704 |
) |
(159,030 |
) |
INCOME TAX BENEFIT |
|
(12,622 |
) |
(4,487 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
1,918 |
|
(154,543 |
) |
DISCONTINUED OPERATIONS, NET OF TAX |
|
(307 |
) |
(1,995 |
) |
NET INCOME (LOSS) |
|
$ |
1,611 |
|
$ |
(156,538 |
) |
Weighted average common shares outstanding-basic |
|
47,588 |
|
47,378 |
|
Basic income (loss) per share - continuing operations
|
|
$ |
0.04 |
|
$ |
(3.26 |
) |
Basic income (loss) per share - discontinued operations
|
|
(0.01 |
) |
(0.04 |
) |
Basic income (loss) per share |
|
$ |
0.03 |
|
$ |
(3.30 |
) |
Weighted average common shares outstanding-diluted
|
|
47,950 |
|
47,378 |
|
Diluted income (loss) per share - continuing operations
|
|
$ |
0.04 |
|
$ |
(3.26 |
) |
Diluted income (loss) per share - discontinued operations
|
|
(0.01 |
) |
(0.04 |
) |
Diluted income (loss) per share |
|
$ |
0.03 |
|
$ |
(3.30 |
) |
OTHER COMPREHENSIVE INCOME (LOSS): |
|
|
|
|
|
|
|
Defined benefit plans |
|
|
47,190 |
|
|
(19,416 |
) |
Income tax benefit related to items of other comprehensive
income |
|
|
(16,249 |
) |
|
2,360 |
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
|
30,941 |
|
|
(17,056 |
) |
COMPREHENSIVE INCOME (LOSS) |
|
$ |
32,552 |
|
$ |
(173,594 |
) |
ACCURIDE
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
|
Year Ended December
31, |
(In thousands, except per share
data) |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
NET SALES |
|
$ |
642,883 |
|
$ |
794,634 |
|
COST OF GOODS SOLD |
|
598,927 |
|
743,633 |
|
GROSS PROFIT |
|
43,956 |
|
51,001 |
|
OPERATING EXPENSES: |
|
|
|
|
|
Selling, general and administrative |
|
45,188 |
|
56,499 |
|
Impairment of goodwill |
|
- |
|
62,839 |
|
Impairment of other intangibles |
|
- |
|
36,767 |
|
Impairment of property, plant and equipment |
|
- |
|
34,126 |
|
LOSS FROM OPERATIONS |
|
(1,232 |
) |
(139,230 |
) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Interest expense, net |
|
(35,027 |
) |
(34,938 |
) |
Other income (loss), net |
|
(320 |
) |
(864 |
) |
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
|
(36,579 |
) |
(175,032 |
) |
INCOME TAX PROVISION (BENEFIT) |
|
(10,244 |
) |
(1,657 |
) |
LOSS FROM CONTINUING OPERATIONS |
|
(26,335 |
) |
(173,375 |
) |
DISCONTINUED OPERATIONS, NET OF TAX |
|
(11,978 |
) |
(4,632 |
) |
NET LOSS |
|
$ |
(38,313 |
) |
$ |
(178,007 |
) |
Weighted average common shares outstanding-basic |
|
47,548 |
|
47,378 |
|
Basic income (loss) per share - continuing operations
|
|
$ |
(0.56 |
) |
$ |
(3.66 |
) |
Basic income (loss) per share - discontinued operations
|
|
(0.25 |
) |
(0.10 |
) |
Basic income (loss) per share |
|
$ |
(0.81 |
) |
$ |
(3.76 |
) |
Weighted average common shares outstanding-diluted
|
|
47,548 |
|
47,378 |
|
Diluted income (loss) per share - continuing operations
|
|
$ |
(0.56 |
) |
$ |
(3.66 |
) |
Diluted income (loss) per share - discontinued operations
|
|
(0.25 |
) |
(0.10 |
) |
Diluted income (loss) per share |
|
$ |
(0.81 |
) |
$ |
(3.76 |
) |
OTHER COMPREHENSIVE INCOME (LOSS): |
|
|
|
|
|
|
|
Defined benefit plans |
|
|
49,879 |
|
|
(19,772 |
) |
Income tax benefit related to items of other comprehensive
income |
|
|
(16,757 |
) |
|
2,360 |
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
|
33,122 |
|
|
(17,412 |
) |
COMPREHENSIVE LOSS |
|
$ |
(5,191 |
) |
$ |
(195,419 |
) |
ACCURIDE
CORPORATION
CONSOLIDATED ADJUSTED
EBITDA
(UNAUDITED)
|
|
Three Months Ended December
31, |
|
(In thousands) |
|
2013 |
|
2012 |
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,611 |
|
|
(156,538 |
) |
Income tax expense (benefit) |
|
(12,622 |
) |
(4,487 |
) |
Interest expense, net |
|
8,465 |
|
8,614 |
|
Depreciation and amortization |
|
10,790 |
|
154,382 |
|
Restructuring, severance and other charges1 |
|
253 |
|
430 |
|
Other items related to our credit agreement2
|
|
1,129 |
|
2,710 |
|
Adjusted EBITDA |
|
$ |
9,626 |
|
|
5,111 |
|
Note:
-
For the three months ended December 31, 2013,
Adjusted EBITDA represents net income before net interest expense,
income tax expense, depreciation and amortization, plus $0.3
million in costs associated with restructuring items. For the
three months ended December 31, 2012, Adjusted EBITDA represents
net income before net interest expense, income tax benefit,
depreciation and amortization, plus $0.4 million in costs
associated with restructuring items.
-
Items related to our credit agreement refer to
amounts utilized in the calculation of financial covenants in
Accuride's senior credit facility. For the three months ended
December 31, 2013, items related to our credit agreement consisted
of foreign currency losses and other income or expenses of $1.1
million. For the three months ended September 30, 2012, items
related to our credit agreement consisted of foreign currency
income and other income or expenses of $2.7 million.
|
|
Year Ended December 31, |
|
(In thousands) |
|
2013 |
|
2012 |
|
|
|
|
|
|
Net loss |
|
$ |
(38,313 |
) |
|
(178,007 |
) |
Income tax expense |
|
(10,244 |
) |
(1,657 |
) |
Interest expense, net |
|
35,027 |
|
34,938 |
|
Depreciation and amortization |
|
44,329 |
|
192,847 |
|
Restructuring, severance and other charges1
|
|
11,550 |
|
10,113 |
|
Other items related to our credit agreement2
|
|
3,688 |
|
4,554 |
|
Adjusted EBITDA |
|
$ |
46,037 |
|
|
62,788 |
|
Note:
-
For the year ended December 31, 2013, Adjusted
EBITDA represents net income before net interest expense, income
tax expense, depreciation and amortization, plus $11.6 million in
costs associated with restructuring items. For the year ended
December 31, 2012, Adjusted EBITDA represents net income before net
interest expense, income tax expense, depreciation and
amortization, plus $10.1 million in costs associated with
restructuring items.
-
Items related to our credit agreement refer to
amounts utilized in the calculation of financial covenants in
Accuride's senior credit facility. For the year ended
December 31, 2013, items related to our credit agreement consisted
of foreign currency income and other income or expenses of $3.7
million. For the year ended December 31, 2012, items related
to our credit agreement consisted of foreign currency income and
other income or expenses of $4.5 million.
ACCURIDE
CORPORATION
SEGMENT ADJUSTED EBITDA
RECONCILIATION
(UNAUDITED)
|
|
Three Months Ended December 31,
2013 |
(In thousands) |
|
Income (loss) from
Operations |
|
Depreciation and
Amortization |
|
Other |
|
Adjusted EBITDA |
|
Wheels |
|
$ |
5,416 |
|
|
7,892 |
|
|
1,425 |
|
|
14,733 |
|
Gunite |
|
|
1,203 |
|
|
1,288 |
|
|
254 |
|
|
2,745 |
|
Brillion Iron Works |
|
|
(1,699 |
) |
|
1,119 |
|
|
31 |
|
|
(549 |
) |
Corporate / Other |
|
|
(6,589 |
) |
|
482 |
|
|
(996 |
) |
|
(7,103 |
) |
Continuing Operations |
|
$ |
(1,669) |
|
|
10,781 |
|
|
714 |
|
|
9,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm |
|
|
(50 |
) |
|
- |
|
|
- |
|
|
(50 |
) |
Imperial Group |
|
|
(159 |
) |
|
9 |
|
|
- |
|
|
(150 |
) |
Consolidated Total |
|
$ |
(1,878 |
) |
|
10,790 |
|
|
714 |
|
|
9,626 |
|
|
|
Three Months Ended December 31,
2012 |
(In thousands) |
|
Income (loss) from
Operations |
|
Depreciation and
Amortization |
|
Other |
|
Adjusted EBITDA |
|
Wheels |
|
$ |
1,078 |
|
|
13,468 |
|
|
1,595 |
|
|
16,141 |
|
Gunite |
|
|
(139,821 |
) |
|
135,342 |
|
|
315 |
|
|
(4,164 |
) |
Brillion Iron Works |
|
|
(1,312 |
) |
|
4,495 |
|
|
30 |
|
|
3,213 |
|
Corporate / Other |
|
|
(8,961 |
) |
|
806 |
|
|
(771 |
) |
|
(8,926 |
) |
Continuing Operations |
|
$ |
(149,016 |
) |
|
154,111 |
|
|
1,169 |
|
|
6,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Imperial Group |
|
|
(1,424 |
) |
|
271 |
|
|
- |
|
|
(1,153 |
) |
Consolidated Total |
|
$ |
(150,440 |
) |
|
154,382 |
|
|
1,169 |
|
|
5,111 |
|
|
|
Year Ended December 31,
2013 |
(In thousands) |
|
Income (loss) from
Operations |
|
Depreciation and
Amortization |
|
Other |
|
Adjusted EBITDA |
|
Wheels |
|
$ |
30,883 |
|
|
31,700 |
|
|
5,904 |
|
|
68,487 |
|
Gunite |
|
|
2,599 |
|
|
4,709 |
|
|
922 |
|
|
8,230 |
|
Brillion Iron Works |
|
|
1,027 |
|
|
4,400 |
|
|
458 |
|
|
5,885 |
|
Corporate / Other |
|
|
(35,741 |
) |
|
2,631 |
|
|
(2,449 |
) |
|
(35,559 |
) |
Continuing Operations |
|
$ |
(1,232) |
|
|
43,440 |
|
|
4,835 |
|
|
47,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm |
|
|
(137 |
) |
|
- |
|
|
- |
|
|
(137 |
) |
Imperial Group |
|
|
(1,758 |
) |
|
889 |
|
|
- |
|
|
(869 |
) |
Consolidated Total |
|
$ |
(3,127 |
) |
|
44,329 |
|
|
4,835 |
|
|
46,037 |
|
|
|
Year Ended December 31,
2012 |
(In thousands) |
|
Income (loss) from
Operations |
|
Depreciation and
Amortization |
|
Other |
|
Adjusted EBITDA |
|
Wheels |
|
$ |
44,928 |
|
|
37,911 |
|
|
6,834 |
|
|
89,673 |
|
Gunite |
|
|
(151,940 |
) |
|
143,114 |
|
|
4,579 |
|
|
(4,247 |
) |
Brillion Iron Works |
|
|
11,969 |
|
|
8,123 |
|
|
120 |
|
|
20,212 |
|
Corporate / Other |
|
|
(44,187 |
) |
|
2,712 |
|
|
1,699 |
|
|
(39,776 |
) |
Continuing Operations |
|
$ |
(139,230 |
) |
|
191,860 |
|
|
13,232 |
|
|
65,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brillion Farm Brillion
Farm |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Imperial Automotive |
|
|
(4,061 |
) |
|
987 |
|
|
- |
|
|
(3,074 |
) |
Consolidated Total |
|
$ |
(143,291 |
) |
|
192,847 |
|
$ |
13,232 |
|
|
62,788 |
|
We define Adjusted EBITDA as our net income or
loss before income tax expense or benefit, interest expense, net,
depreciation and amortization, restructuring, severance, and other
charges, impairment, and currency losses, net. Adjusted EBITDA has
been included because we believe that it is useful for us and our
investors to measure our ability to provide cash flows to meet debt
service. Adjusted EBITDA should not be considered an
alternative to net income (loss) or other traditional indicators of
operating performance and cash flows determined in accordance with
accounting principles generally accepted in the United States
("GAAP"). We present the table of Adjusted EBITDA because
covenants in the agreements governing our material indebtedness
contain ratios based on this measure on a quarterly basis.
While Adjusted EBITDA is used as a measure of liquidity and
the ability to meet debt service requirements, it is not
necessarily comparable to other similarly titled captions of other
companies due to differences in methods of calculations.
ACCURIDE
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
|
|
December 31, |
|
December 31, |
|
(In thousands) |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,426 |
|
|
26,751 |
|
Customer and other receivables |
|
59,520 |
|
64,596 |
|
Inventories, net |
|
39,329 |
|
61,192 |
|
Other current assets |
|
16,993 |
|
10,175 |
|
Total current assets |
|
149,268 |
|
162,714 |
|
PROPERTY, PLANT AND EQUIPMENT, net |
|
219,624 |
|
267,377 |
|
OTHER ASSETS: |
|
|
|
|
|
Goodwill and other assets |
|
242,885 |
|
247,725 |
|
TOTAL |
|
$ |
611,777 |
|
|
677,816 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
|
$ |
47,527 |
|
|
59,181 |
|
Other current liabilities |
|
42,472 |
|
47,580 |
|
Total current liabilities |
|
89,999 |
|
106,761 |
|
LONG-TERM DEBT |
|
330,183 |
|
324,133 |
|
OTHER LIABILITIES |
|
129,711 |
|
182,049 |
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Total stockholders' equity |
|
61,884 |
|
64,873 |
|
TOTAL |
|
$ |
611,777 |
|
|
677,816 |
|
###
Accuride Corp Logo
ACWQ42013EarningsRelease
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Accuride Corporation via Globenewswire
HUG#1765734
Accuride (NYSE:ACW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Accuride (NYSE:ACW)
Historical Stock Chart
From Jul 2023 to Jul 2024