Superior Industries International Fourth Quarter and Year 2000 Results Set New Records For Revenue, Unit Shipments and Net Income
VAN NUYS, Calif.--Jan. 31, 2001--Superior Industries International, Inc. today announced that it established new records for unit shipments, revenue, net income and earnings per share for the fourth quarter and year 2000, exceeding analysts' expectations and extending a trend of record-breaking financial performance.
Record Fourth Quarter Results
For the three months ended December 31, 2000, revenue increased 13.8% to a record $168,879,000 as unit shipments increased 9.9% to a new fourth quarter record. Revenue increased more than unit shipments because of the higher pass through of aluminum price increases to customers.
Included in net income were the non-recurring start-up costs of $2,500,000 related to the start up of its new aluminum components business and capacity expansions. However, the company still recorded its best-ever net income for a quarter at a record $22,349,000, or $0.85 per diluted share. For the fourth quarter of 1999, net income was $21,614,000, or $0.81 per diluted share, on revenue of $148,414,000.
Record Full Year Results
For the twelve months ended December 31, 2000, net sales were a record $644,899,000 compared to $571,782,000 for the prior year, a 12.8% increase. Net income increased 12.9% to $79,937,000, or $3.04 per diluted share. This compares to net income of $70,808,000, or $2.62 per diluted share, for 1999. Unit shipments increased 7.8% to a new record of more than 12,000,000 units.
Outlook
"This was an exceptional year for Superior Industries by every measure. Our manufacturing facilities operated at peak efficiency and high capacity rates. These high capacity rates were based on the company's success on winning new and replacement aluminum wheel supply contracts both with our existing customers and new important customer additions.
"New multi-year contract awards have been announced by the company over the past two years as follows: April, 1999 announcement of the Ford Focus; June, 1999 awards related to several platforms requiring a new wheel plant; renewed relationship with DaimlerChrysler, including the restyled 2002 Dodge Ram announced in 2000; and our initial orders from our new customer, Mitsubishi Motor Manufacturing, and new business from Toyota announced in the fall of 2000. These announcements of over $400 million in new and replacement business, is continuing evidence of Superior's increased market share.
"We also made excellent progress in our initiatives in the aluminum suspension component markets, which we continue to expect to become an important new source of growth for Superior. Initial shipments of our first production suspension components are scheduled to begin in 2001.
"In view of the current economic environment, we are carefully monitoring conditions in the automotive industry, so that we can quickly respond to risks or take advantage of our financial strength and global capabilities to pursue new business opportunities that may develop. We have developed contingency plans and will work hard to keep costs in line," a Company spokesman said.
Stock Repurchase Plan
The Company has repurchased 694,000 shares of its common stock during the year 2000 and approximately 4,300,000 shares since 1995. 3,700,000 shares remain authorized for repurchase under the March 2000 Board of Director authorization.
About Superior Industries
Superior supplies aluminum wheels and other aluminum automotive components to Ford, General Motors, DaimlerChrysler, BMW, Volkswagen, Audi, Land Rover, MG Rover, Toyota, Mazda, Mitsubishi, Nissan and Isuzu. For additional information, visit Superior's Web site at www.supind.com.
Superior will host a conference call today at 1:00 PM EST in connection with the release of its fourth quarter and 2000 results. A live simultaneous Webcast and replay of the call can be accessed at www.supind.com or www.streetfusion.com.
The statements contained in this release that are not historical facts may be deemed to constitute forward-looking statements. Actual results might differ materially from those projected in such statements due to a number of risks and uncertainties, including, without limitation, demand and competition for the Company's products, and other risks or uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
NET SALES $ 168,879 $ 148,414 $ 644,899 $ 571,782
Costs and Expenses
Cost of Sales 128,519 112,478 502,678 446,264
Selling and
Administrative Expenses 5,311 4,771 20,716 20,310
INCOME FROM OPERATIONS 35,049 31,165 121,505 105,208
Interest Income, net 1,726 1,559 7,323 5,451
Miscellaneous Expense, net 2,522 181 6,318 2,141
INCOME BEFORE TAXES 34,253 32,543 122,510 108,518
Income Tax Expense 11,904 10,929 42,573 37,710
NET INCOME $ 22,349 $ 21,614 $ 79,937 $ 70,808
DILUTED EARNINGS PER SHARE $ 0.85 $ 0.81 $ 3.04 $ 2.62
WEIGHTED AVERAGE AND
EQUIVALENT SHARES
OUTSTANDING 26,186,000 26,795,000 26,255,000 27,056,000
Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands) As of December 31,
2000 1999
CURRENT ASSETS $ 247,771 $ 263,740
PROPERTY, PLANT AND EQUIPMENT, net 218,713 163,113
OTHER ASSETS 27,372 33,615
$ 493,856 $ 460,468
CURRENT LIABILITIES $ 78,344 $ 86,847
CAPITALIZED LEASES -- 340
OTHER LONG-TERM LIABILITIES 16,497 20,195
SHAREHOLDERS' EQUITY 399,015 353,086
$ 493,856 $ 460,468
(1) Per share amounts are based on the weighted average number of
shares of common stock and common stock equivalents outstanding
during the period.
(2) Interim financial reporting standards require management to make
estimates based on assumptions of future events and
circumstances that may affect future operating results as the
ultimate outcome becomes known.
(3) Certain statements included in this Shareholder Report, which
are not historical in nature, are forward looking statements
within the meaning of the Private Securities Legislation Act of
1995. Forward looking statements regarding the Company's future
performance and financial results are subject to certain risks
and uncertainties that could cause actual results to Differ
materially from those set forth in the forward looking
statements due to a variety of factors. Factors that may impact
such forward looking statements include, among others, changes
in condition of the industry, changes in general economic
conditions and the success of the Company's strategic and
operating plans.