EVANSVILLE, Ind.--(BUSINESS WIRE)--Accuride Corporation (NYSE: ACW), a leading supplier of components to the commercial vehicle industry, today reported financial results for the fourth quarter and fiscal year ended December 31, 2011.
Fourth Quarter 2011 Results
Accuride achieved fourth quarter
2011 net sales from continuing operations of $242.5 million, compared
with $175.7 million in the same period in 2010, an increase of 38.0
percent, with each business segment posting double-digit gains. Net
income for the quarter was $4.1 million, while Adjusted EBITDA was $24.3
million, an increase of $11.9 million, or 96.0 percent, over the fourth
quarter of fiscal year 2010. The Company’s fourth quarter Adjusted
EBITDA margin was 10.0 percent, compared to 7.1 percent in the same
quarter of 2010. Cash and cash equivalents were $56.9 million at quarter
end. Free cash flow was $18.2 million for the quarter.
“Increasing production volumes, driven by rapidly recovering Class 8 truck and trailer demand, helped drive our fourth quarter performance and gave us solid momentum going into 2012,” said Accuride President and CEO Rick Dauch. “The increased demand had the greatest impact on the performance of our Accuride Wheels business and validates our decision to expand our aluminum wheel capacity. In addition, our margins are beginning to reflect the impact of greater operating efficiencies and working capital performance as we execute our ‘Fix and Grow’ strategy.”
Fiscal Year 2011 Results
Net sales from continuing
operations for the fiscal year ended December 31, 2011 were $936.1
million, compared with $674.0 million in the prior year, an increase of
38.9 percent. The sales growth resulted from the continued strong demand
from the Company’s commercial vehicle customers, as well as the benefits
of increased pricing in the Company’s Gunite and Brillion businesses.
The Company reported a fully diluted loss per share of $0.36 for the
year ended December 31, 2011. Included in the loss per share was $0.30
related to losses recognized as part of the sale of assets of the
Company’s Fabco Automotive and Bostrom Seating businesses, and
acquisition costs related to the assets in Camden, South Carolina.
Adjusted EBITDA from continuing operations for fiscal-year 2011 was
$80.9 million, compared to $49.6 million in the prior year, an increase
of 63.1 percent. Cash was $56.9 million at year end, while free cash
flow was negative $59.9 million for the year which included $58.4
million of capital expenditures.
“2011 represented a year of transformation for Accuride,” Dauch continued. “Our new leadership team has developed and is executing a ’Fix and Grow’ strategy aimed at restoring our reputation as a dependable supplier to our customers and as a reliable, profitable investment for our shareholders. In an effort to increase our focus on our core wheel and wheel-end systems businesses we divested non-core businesses and acquired new aluminum wheel production capacity in Camden, South Carolina. We also developed and began the execution of a two year, $110 million capital investment program to restore operational excellence in our core businesses. This means that we will have production capacity available where and when our customers need it, using more standardized processes to achieve higher levels of product quality and reliability.”
Industry Conditions
The commercial vehicle industry segments
Accuride supplies (North America Class 5-8 vehicles, U.S. Trailers, and
the related aftermarket channels) continued their year-over-year
improvement in the fourth quarter due to a historically high fleet age,
healthy fleet profitability, and strong equipment replacement demand.
Production rose across all segments during the fourth quarter, with
Class 8 builds up 71.5 percent year-over-year, and the Class 5-7 and
U.S. Trailer segment production increasing 24.4 percent and 45.2
percent, respectively. Overall, each commercial vehicle segment is
expected to continue to increase production into 2012. The risks
associated with supply constraints within the industry and the continued
slow pace of economic expansion still remain, but they appear to be
diminishing.
Fourth Quarter Business Segment Results
Accuride Wheels
Our Wheels segment net
sales were $106.2 million, up $30.8 million, or 40.8 percent, from the
same period of 2010. Wheels Adjusted EBITDA was $29.8 million, an
increase of $14.1 million, or 89.8 percent from the fourth quarter of
2010. The improvements were driven largely by increased sales of both
steel and aluminum wheels to North American OEM and aftermarket
customers. We continue to see strong demand for aluminum wheels being
driven by the need for fleets to reduce fuel and maintenance costs,
along with total vehicle weight. Increasing demand for aluminum wheels
validates the aluminum wheel capacity investments Accuride made during
2011. The Company plans further aluminum wheel capacity investments in
2012-2013.
Gunite
Gunite segment net sales were
$61.4 million, up $11.8 million, or 23.8 percent, from the fourth
quarter of 2010 on higher industry volumes. Gunite’s Adjusted EBITDA was
$1.2 million, compared to $0.7 million in the same period of 2010.
Gunite’s new leadership team is having a positive impact on the
operations, while preparing for the on-time arrival of new machining
equipment. The operational improvements have helped Gunite recover from
its earlier manufacturing constraint situation by improving the
productivity of Gunite’s existing hub and drum machining operations.
This output enabled the business to build an inventory bank of brake
drums for the traditional spring truck maintenance season. Costs from
customer-required on-site inspections stemming from Gunite’s earlier
quality issue dampened earnings; however, Gunite is on track to satisfy
all requirements for discontinuing the additional inspections in the
first half of 2012.
Brillion Iron Works
Brillion Iron
Works’ fourth quarter net sales were $36.7 million, up $7.1 million, or
24.0 percent, from the same period in 2010, while Adjusted EBITDA
declined slightly year-over-year to $1.9 million. In October, Brillion
experienced a significant equipment failure that disrupted operations on
a major casting line for 7-10 days and resulted in higher maintenance
and overtime costs. However, the business is seeing the benefit of
increased pricing as capacity remains tight in the North American
casting industry. We are currently assessing strategic options for
Brillion – which is non-core to Accuride’s wheel and wheel-end systems
business – including its potential divestiture.
Imperial
At $38.3 million in the
fourth quarter, Imperial’s net sales increased 81.5 percent over the
same period in 2010 due to higher customer build rates. Adjusted EBITDA
for the business improved to $0.6 million in the fourth quarter from
$0.2 million in the same period last year. Imperial completed the
physical consolidation of certain assets from its Portland, Tennessee,
and Chehalis, Washington, facilities into its Decatur, Texas plant by
year-end. However, the Decatur facility experienced significant
operating inefficiencies in adjusting to the higher production volumes
and expanded product portfolio. The Imperial team is focused on
achieving optimal output from its transferred equipment, and we expect
Imperial’s profitability to improve significantly in early 2012.
2011 Liquidity and Debt
As of December 31, 2011, the Company
had cash of $56.9 million and total debt of $323.1 million. This
consisted of our $310.0 million senior secured notes, net of discount,
and a $20.0 million draw on its ABL facility. In the fourth quarter of
2011, the Company had cash from operations of $33.6 million and capital
spending of $15.4 million, resulting in free cash flow of $18.2 million.
Total liquidity at the end of the quarter was $99.0 million. On February
7, 2012, the Company entered into an incremental commitment agreement in
which lenders agreed to provide an additional $25.0 million in aggregate
commitments under the Company’s asset-backed loan (ABL) credit
agreement. Additionally, on February 10, 2012, Gunite Corporation, a
wholly owned subsidiary of Accuride Corporation, entered into an
agreement to lease $15.0 million in equipment.
Outlook and Summary – 2012 A Year of Execution
“With the
restructuring efforts to fix the business that we initiated in 2011
setting the stage, 2012 becomes a year of execution for the Accuride
team,” Dauch added. “Because the commercial vehicle market is projected
to continue growing through 2014-2015, our work this year focuses on
executing the plans that will enable us to capitalize on rising market
demand. Our highest priorities are completing Gunite’s operational
turnaround, successfully launching the additional aluminum wheel
capacity, improving Imperial’s operating performance, and implementing
common LEAN Manufacturing systems companywide. In addition, we will
target additional cost reductions and working capital improvements by
fully revamping our supply chain, which today represents more than half
of our cost of goods sold.”
Chief Financial Officer Greg Risch stated, “We are projecting 2012 net sales to be in the range of $1,000 to $1,025 million, and fully diluted earnings per share to be in the range of $0.07 to $0.15. We expect Adjusted EBITDA to be in the range of $100 to $105 million for the year. Our ‘Fix and Grow’ strategy is focused on serving the North American commercial vehicle market in a cost-effective manner, while creating sustainable improvements in quality and delivery.”
Earnings Conference Call Information
Accuride will hold a
conference call to discuss the financial and operational results of its
fourth quarter and full-year fiscal 2011 on Thursday, March 1, 2012,
beginning at 9:00 a.m. Central Time. Analysts and investors may
participate by dialing (866) 831-6291 in the United States, or (617)
213-8860 internationally, and using participant code 50380262. A live
webcast of the conference call can be accessed via the Investor
Information section of the Company’s website at www.accuridecorp.com.
A replay will be available March 1, 2012, at 11:00 a.m. CST until
midnight, March 8, 2012, by calling (888) 286-8010 in the United States,
or (617) 801-6888 internationally, using access code 24701158.
Information covered on the call and financial results for the three-month and full-year period ended December 31, 2011 will be available in the Investor Relations section of the company's website at http://www.accuridecorp.com.
Fresh-Start Reporting
Upon Accuride Corporation’s emergence
from Chapter 11 bankruptcy proceedings on February 26, 2010, we adopted
fresh-start accounting in accordance with the provisions of ASC 852
Reorganizations (ASC 852), pursuant to which the midpoint of the range
of our reorganization value was allocated to our assets and liabilities
in conformity with the procedures specified by ASC 805, “Business
Combinations.” The results for the ten-month period ended December 31,
2010 (references to the Company for such period, the “Successor”) and
the results for the two-month period ended February 26, 2010 (references
to the Company for such periods, the “Predecessor”) are presented
separately. This presentation is required by GAAP, as the Successor is
considered to be a new entity for financial reporting purposes, and the
results of the Successor reflect the application of fresh-start
reporting. Accordingly, the Company’s financial statements after
February 26, 2010, are not comparable to its financial statements for
any period prior to its emergence from Chapter 11, unless otherwise
noted.
About Accuride Corporation
With headquarters in Evansville,
Indiana, Accuride Corporation is a leading supplier of components to the
commercial vehicle industry. The company’s products include commercial
vehicle wheels, wheel-end components and assemblies, truck body and
chassis parts, and other commercial vehicle components. The company’s
products are marketed under its brand names, which include Accuride®,
Gunite®, ImperialTM 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, 2010. 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.
|
Three Months Operating Results |
|||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||
| (Dollars in thousands) | 2011 | 2010 | |||||||||||||||
| Net sales: | |||||||||||||||||
| Wheels | $ | 106,157 | 43.8 | % | $ | 75,403 | 42.9 | % | |||||||||
| Gunite | 61,368 | 25.3 | % | 49,600 | 28.2 | % | |||||||||||
| Brillion Iron Works | 36,662 | 15.1 | % | 29,595 | 16.9 | % | |||||||||||
| Imperial Group | 38,312 | 15.8 | % | 21,122 | 12.0 | % | |||||||||||
| Total net sales | $ | 242,499 | 100.0 | % | $ | 175,720 | 100.0 | % | |||||||||
| Gross Profit | $ | 21,839 | 9.0 | % | $ | 11,509 | 6.5 | % | |||||||||
| Income (loss) from Operations: | |||||||||||||||||
| Wheels | $ | 18,832 | 17.7 | % | $ | 6,591 | 8.7 | % | |||||||||
| Gunite | (778 | ) | (1.3 | )% | (1,478 | ) | (3.0 | )% | |||||||||
| Brillion Iron Works | 512 | 1.4 | % | (1,792 | ) | (6.1 | )% | ||||||||||
| Imperial Group | (37 | ) | (0.1 | )% | 1,501 | 7.1 | % | ||||||||||
| Corporate / Other | (9,009 | ) | — | % | (12,588 | ) | — | % | |||||||||
| Consolidated Total | $ | 9,520 | 3.9 | % | $ | (7,766 | ) | (4.4 | )% | ||||||||
| Net income (loss) | $ | 4,073 | 1.7 | % | $ | (110,865 | ) | (63.1 | )% | ||||||||
| Adjusted EBITDA | |||||||||||||||||
| Wheels | $ | 29,782 | 28.1 | % | $ | 15,654 | 20.8 | % | |||||||||
| Gunite | 1,190 | 1.9 | % | 704 | 1.4 | % | |||||||||||
| Brillion Iron Works | 1,923 | 5.2 | % | 2,098 | 7.1 | % | |||||||||||
| Imperial Group | 616 | 1.6 | % | 192 | 0.9 | % | |||||||||||
| Corporate / Other | (9,184 | ) | — | % | (6,227 | ) | — | % | |||||||||
| Continuing Operations | $ | 24,327 | 10.0 | % | $ | 12,421 | 7.1 | % | |||||||||
| Bostrom Seating | — | — | % | 6 | — | % | |||||||||||
| Fabco Automotive | — | — | % | 2,191 | — | % | |||||||||||
| Brillion Farm | — | — | % | 503 | — | % | |||||||||||
| Consolidated Total | $ | 24,327 | 10.0 | % | $ | 15,121 | 8.6 | % | |||||||||
|
Fiscal Year Operating Results |
||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||||||
| (Dollars in thousands) |
Year Ended |
Period from |
Period from |
|||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||
| Wheels | $ | 406,587 | 43.4 | % | $ | 247,673 | 42.5 | % | $ | 38,379 | 41.9 | % | ||||||||||||
| Gunite | 251,113 | 26.8 | % | 175,352 | 30.1 | % | 29,804 | 32.5 | % | |||||||||||||||
| Brillion Iron Works | 146,837 | 15.7 | % | 90,492 | 15.6 | % | 11,442 | 12.5 | % | |||||||||||||||
| Imperial Group | 131,558 | 14.1 | % | 68,790 | 11.8 | % | 12,022 | 13.1 | % | |||||||||||||||
| Total net sales | $ | 936,095 | 100.0 | % | $ | 582,307 | 100.0 | % | $ | 91,647 | 100.0 | % | ||||||||||||
| Gross Profit | $ | 80,811 | 8.6 | % | $ | 40,448 | 6.9 | % | $ | 2,250 | 2.5 | % | ||||||||||||
| Income (loss) from Operations: | ||||||||||||||||||||||||
| Wheels | $ | 57,864 | 14.2 | % | $ | 23,577 | 9.5 | % | $ | 2,663 | 6.9 | % | ||||||||||||
| Gunite | (1,785 | ) | (0.7 | )% | 2,623 | 1.5 | % | 277 | 0.9 | % | ||||||||||||||
| Brillion Iron Works | 2,301 | 1.6 | % | (1,171 | ) | (1.3 | )% | (986 | ) | (8.6 | )% | |||||||||||||
| Imperial Group | 3,141 | 2.4 | % | (579 | ) | (0.8 | )% | (1,011 | ) | (8.4 | )% | |||||||||||||
| Corporate / Other | (37,609 | ) | — | % | (38,149 | ) | — | % | (5,172 | ) | — | % | ||||||||||||
| Consolidated Total | $ | 23,912 | 2.6 | % | $ | (13,699 | ) | (2.4 | )% | $ | (4,229 | ) | (4.6 | )% | ||||||||||
| Net income (loss) | $ | (17,031 | ) | (1.8 | )% | $ | (126,532 | ) | (21.7 | )% | $ | 50,802 | 55.4 | % | ||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||
| Wheels | $ | 99,037 | 24.4 | % | $ | 53,944 | 21.8 | % | $ | 7,052 | 18.4 | % | ||||||||||||
| Gunite | 6,571 | 2.6 | % | 11,661 | 6.7 | % | 1,999 | 6.7 | % | |||||||||||||||
| Brillion Iron Works | 8,205 | 5.6 | % | 5,421 | 6.0 | % | (50 | ) | (0.4 | )% | ||||||||||||||
| Imperial Group | 5,524 | 4.2 | % | 403 | 0.6 | % | (233 | ) | (1.9 | )% | ||||||||||||||
| Corporate / Other | (38,402 | ) | — | % | (24,787 | ) | — | % | (5,761 | ) | — | % | ||||||||||||
| Continuing Operations | $ | 80,935 | 8.6 | % | $ | 46,642 | 8.0 | % | $ | 3,007 | 3.3 | % | ||||||||||||
| Bostrom Seating | (22 | ) | — | % | (155 | ) | — | % | (230 | ) | — | % | ||||||||||||
| Fabco Automotive | 5,172 | — | % | 12,638 | — | % | 1,067 | — | % | |||||||||||||||
| Brillion Farm | — | — | % | 2,430 | — | % | 839 | — | % | |||||||||||||||
| Consolidated Total | $ | 86,085 | 9.2 | % | $ | 61,555 | 10.6 | % | $ | 4,683 | 5.1 | % | ||||||||||||
|
ACCURIDE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
| Successor | Predecessor | ||||||||||||||
|
Year Ended |
Period from |
Period from |
|||||||||||||
| (In thousands except per share data) | 2011 | 2010 | 2010 | ||||||||||||
| NET SALES | $ | 936,095 | $ | 582,307 |
$ |
91,647 | |||||||||
| COST OF GOODS SOLD | 855,284 | 541,859 | 89,397 | ||||||||||||
| GROSS PROFIT (LOSS) | 80,811 | 40,448 | 2,250 | ||||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Selling, general and administrative | 56,899 | 54,147 | 6,479 | ||||||||||||
| INCOME (LOSS) FROM OPERATIONS | 23,912 | (13,699 | ) | (4,229 | ) | ||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest income | 46 | 143 | 54 | ||||||||||||
| Interest expense | (34,143 | ) | (33,593 | ) | (7,550 | ) | |||||||||
| Gain on mark to market valuation of convertible debt | — | 75,574 | — | ||||||||||||
| Inducement expense | — | (166,691 | ) | — | |||||||||||
| Other income, net | 3,596 | 2,575 | 566 | ||||||||||||
| LOSS BEFORE REORGANIZATION ITEMS AND INCOME TAXES FROM CONTINUING OPERATIONS | (6,589 | ) | (135,691 | ) | (11,159 | ) | |||||||||
| Reorganization expense (income) | — | — | (59,311 | ) | |||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (6,589 | ) | (135,691 | ) | 48,152 | ||||||||||
| INCOME TAX PROVISION (BENEFIT) | 7,761 | (2,207 | ) | (1,931 | ) | ||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (14,350 | ) | (133,484 | ) | 50,083 | ||||||||||
| DISCONTINUED OPERATIONS, NET OF TAX | (2,681 | ) | 6,952 | 719 | |||||||||||
| NET INCOME (LOSS) | $ | (17,031 | ) | $ | (126,532 | ) |
$ |
50,802 | |||||||
| Weighted average common shares outstanding—basic | 47,277 | 15,670 | 47,572 | ||||||||||||
| Basic income (loss) per share – continuing operations | $ | (0.30 | ) | $ | (8.52 | ) | $ | 1.05 | |||||||
| Basic income (loss) per share – discontinued operations | (0.06 | ) | 0.45 | 0.02 | |||||||||||
| Basic income (loss) per share | $ | (0.36 | ) | $ | (8.07 | ) | $ | 1.07 | |||||||
| Weighted average common shares outstanding—diluted | 47,277 | 15,670 | 47,572 | ||||||||||||
| Diluted income (loss) per share – continuing operations | $ | (0.30 | ) | $ | (8.52 | ) | $ | 1.05 | |||||||
| Diluted income (loss) per share – discontinued operations | (0.06 | ) | 0.45 | 0.02 | |||||||||||
| Diluted income (loss) per share | $ | (0.36 | ) | $ | (8.07 | ) | $ | 1.07 | |||||||
|
ACCURIDE CORPORATION CONSOLIDATED ADJUSTED EBITDA (UNAUDITED) |
|||||||||||||||||||
| Historical Results | |||||||||||||||||||
| Successor | Predecessor | Combined | |||||||||||||||||
|
Year Ended |
Period from |
Period from |
Year Ended |
||||||||||||||||
| (In thousands) | 2011 | 2010 | 2010 | 2010 | |||||||||||||||
| Net income (loss) | $ | (17,031 | ) | $ | (126,532 | ) | $ | 50,802 | $ | (75,730 | ) | ||||||||
| Income tax expense (benefit) | 7,408 | 1,591 | (1,534 | ) | 57 | ||||||||||||||
| Interest expense, net | 34,097 | 33,450 | 7,496 | 40,946 | |||||||||||||||
| Depreciation and amortization | 51,278 | 43,759 | 7,532 | 51,291 | |||||||||||||||
| Restructuring, severance and other charges1 | 4,806 | 19,091 | (59,092 | ) | (40,001 | ) | |||||||||||||
| Other items related to our credit agreement2 | 5,527 | 90,196 | (521 | ) | 89,675 | ||||||||||||||
| Adjusted EBITDA | $ | 86,085 | $ | 61,555 | $ | 4,683 | $ | 66,238 | |||||||||||
|
Note: |
|||
|
1) |
For the year ended December 31, 2011, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $4.8 million in costs associated with restructuring, acquisition, and divestiture items. For the year ended December 31, 2010, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, less $40.0 million in benefits associated with restructuring and reorganization items. |
||
|
2) |
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, 2011, items related to our credit agreement consisted of foreign currency income and other net income of $5.5 million. For the year ended December 31, 2010, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $89.7 million. |
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|
ACCURIDE CORPORATION SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED) |
|||||||||||||||||||
| Three Months Ended December 31, 2011 | |||||||||||||||||||
| (In thousands) |
Income (loss) |
Depreciation and |
Other |
Adjusted |
|||||||||||||||
| Wheels | $ | 18,832 | $ | 9,196 | $ | 1,754 | $ | 29,782 | |||||||||||
| Gunite | (778 | ) | 1,923 | 45 | 1,190 | ||||||||||||||
| Brillion Iron Works | 512 | 1,384 | 27 | 1,923 | |||||||||||||||
| Imperial Group | (37 | ) | 181 | 472 | 616 | ||||||||||||||
| Corporate / Other | (9,009 | ) | 529 | (704 | ) | (9,184 | ) | ||||||||||||
| Continuing Operations | $ | 9,520 | $ | 13,213 | $ | 1,594 | $ | 24,327 | |||||||||||
| Bostrom | — | — | — | — | |||||||||||||||
| Fabco Automotive | — | — | — | — | |||||||||||||||
| Farm | — | — | — | — | |||||||||||||||
| Consolidated Total | $ | 9,520 | $ | 13,213 | $ | 1,594 | $ | 24,327 | |||||||||||
| Three Months Ended December 31, 2010 | |||||||||||||||||||
| (In thousands) |
Income (loss) |
Depreciation and |
Other |
Adjusted |
|||||||||||||||
| Wheels | $ | 6,591 | $ | 7,463 | $ | 1,600 | $ | 15,654 | |||||||||||
| Gunite | (1,478 | ) | 1,792 | 390 | 704 | ||||||||||||||
| Brillion Iron Works | (1,792 | ) | 3,666 | 224 | 2,098 | ||||||||||||||
| Imperial Group | 1,501 | (1,326 | ) | 17 | 192 | ||||||||||||||
| Corporate / Other | (12,588 | ) | 283 | 6,078 | (6,227 | ) | |||||||||||||
| Continuing Operations | $ | (7,766 | ) | $ | 11,878 | $ | 8,309 | $ | 12,421 | ||||||||||
| Bostrom | (837 | ) | 843 | — | 6 | ||||||||||||||
| Fabco Automotive | 2,062 | 129 | — | 2,191 | |||||||||||||||
| Farm | 416 | 181 | (94 | ) | 503 | ||||||||||||||
| Consolidated Total | $ | (6,125 | ) | $ | 13,031 | $ | 8,215 | $ | 15,121 | ||||||||||
| Year Ended December 31, 2011 | |||||||||||||||||||
| (In thousands) |
Income (loss) |
Depreciation and |
Other |
Adjusted |
|||||||||||||||
| Wheels | $ | 57,864 | $ | 34,129 | $ | 7,044 | $ | 99,037 | |||||||||||
| Gunite | (1,785 | ) | 7,931 | 425 | 6,571 | ||||||||||||||
| Brillion Iron Works | 2,301 | 5,793 | 111 | 8,205 | |||||||||||||||
| Imperial Group | 3,141 | 360 | 2,023 | 5,524 | |||||||||||||||
| Corporate / Other | (37,609 | ) | 1,607 | (2,400 | ) | (38,402 | ) | ||||||||||||
| Continuing Operations | $ | 23,912 | $ | 49,820 | $ | 7,203 | $ | 80,935 | |||||||||||
| Bostrom | (112 | ) | 90 | — | (22 | ) | |||||||||||||
| Fabco Automotive | 3,804 | 1,368 | — | 5,172 | |||||||||||||||
| Farm | — | — | — | — | |||||||||||||||
| Consolidated Total | $ | 27,604 | $ | 51,278 | $ | 7,203 | $ | 86,085 | |||||||||||
| Period from February 26 to December 31, 2010 (Successor) | |||||||||||||||||||
| (In thousands) |
Income (loss) |
Depreciation and |
Other |
Adjusted |
|||||||||||||||
| Wheels | $ | 23,577 | $ | 23,916 | $ | 6,451 | $ | 53,944 | |||||||||||
| Gunite | 2,623 | 7,923 | 1,115 | 11,661 | |||||||||||||||
| Brillion Iron Works | (1,171 | ) | 6,065 | 527 | 5,421 | ||||||||||||||
| Imperial Group | (579 | ) | 850 | 132 | 403 | ||||||||||||||
| Corporate / Other | (38,149 | ) | 1,517 | 11,845 | (24,787 | ) | |||||||||||||
| Continuing Operations | $ | (13,699 | ) | $ | 40,271 | $ | 20,070 | $ | 46,642 | ||||||||||
| Bostrom | (1,809 | ) | 1,654 | — | (155 | ) | |||||||||||||
| Fabco Automotive | 11,145 | 1,265 | 228 | 12,638 | |||||||||||||||
| Farm | 1,506 | 569 | 355 | 2,430 | |||||||||||||||
| Consolidated Total | $ | (2,857 | ) | $ | 43,759 | $ | 20,653 | $ | 61,555 | ||||||||||
| Period from January 1 to February 26, 2010 (Predecessor) | |||||||||||||||||||
| (In thousands) |
Income (loss) |
Depreciation and |
Other |
Adjusted |
|||||||||||||||
| Wheels | $ | 2,663 | $ | 3,322 | $ | 1,067 | $ | 7,052 | |||||||||||
| Gunite | 277 | 1,501 | 221 | 1,999 | |||||||||||||||
| Brillion Iron Works | (986 | ) | 890 | 46 | (50 | ) | |||||||||||||
| Imperial Group | (1,011 | ) | 766 | 12 | (233 | ) | |||||||||||||
| Corporate / Other | (5,172 | ) | 514 | (1,103 | ) | (5,761 | ) | ||||||||||||
| Continuing Operations | $ | (4,229 | ) | $ | 6,993 | $ | 243 | $ | 3,007 | ||||||||||
| Bostrom | (544 | ) | 293 | 21 | (230 | ) | |||||||||||||
| Fabco Automotive | 953 | 114 | — | 1,067 | |||||||||||||||
| Farm | 707 | 132 | — | 839 | |||||||||||||||
| Consolidated Total | $ | (3,113 | ) | $ | 7,532 | $ | 264 | $ | 4,683 | ||||||||||
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) | 2011 | 2010 | ||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 56,915 | $ | 78,466 | ||||||
| Customer and other receivables | 98,075 | 75,702 | ||||||||
| Inventories, net | 72,827 | 55,818 | ||||||||
| Other current assets | 12,332 | 18,518 | ||||||||
| Total current assets | 240,149 | 228,504 | ||||||||
| PROPERTY, PLANT AND EQUIPMENT, net | 271,562 | 241,052 | ||||||||
| OTHER ASSETS: | ||||||||||
| Goodwill and other assets | 357,151 | 404,494 | ||||||||
| TOTAL | $ | 868,862 | $ | 874,050 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ | 80,261 | $ | 55,324 | ||||||
| Other current liabilities | 48,228 | 57,196 | ||||||||
| Total current liabilities | 128,489 | 112,520 | ||||||||
| LONG-TERM DEBT | 323,082 | 302,031 | ||||||||
| OTHER LIABILITIES | 159,908 | 161,400 | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||
| Total stockholders’ equity | 257,383 | 298,099 | ||||||||
| TOTAL | $ | 868,862 | $ | 874,050 | ||||||