Superior Industries International Sets New Q1 Records
VAN NUYS, Calif.--April 19, 2001--Superior Industries International Inc. announced today that revenue for the first quarter ended March 31, 2001, increased to a record $166,093,000 from $155,390,000 a year earlier as unit shipments rose 4.3% to a new first quarter record.Net income was $15,957,000 or $0.61 per diluted share, in accordance with the Company's announcement on April 5, 2001. This compares to net income of $18,455,000, or $0.70 per diluted share, for the first quarter of 2000.
"As previously announced, orders, unit shipments and revenue met our expectations for the first quarter, but sharply higher energy prices during the winter months reduced gross margin by approximately $3.8 million, or $0.10 per share, relative to last year. With the recent decline in energy costs from the winter highs, we currently expect gross margin to gradually improve. Also included in the first quarter results is the write off of approximately $3.0 million of start up costs related to the new aluminum automotive components business and new wheel facility in Chihuahua, Mexico," a Company spokesman said.
The spokesman noted that Superior's joint venture plant in Hungary is operating efficiently and running at high capacity rates. This facility offers both forging and casting aluminum wheel technologies, the only plant of its kind in the world. Recently expanded casting capacity is being filled by new orders and the forging line continues at high operating rates.
Outlook
The spokesman continued, "Our higher sales reflect our success in winning new and replacement aluminum wheel supply contracts both from our existing customers and important new customers. Over the past two years, we have won more than $400 million in new and replacement business. We also continue to make progress in our initiatives in aluminum components, which we expect to become an important new source of growth for Superior. Initial shipments of our first production suspension components are scheduled to begin later this year.
"In view of the current economic uncertainty, we are carefully monitoring conditions in the automotive industry. With no debt and a cash position of approximately $100,000,000, we are prepared to respond quickly 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 as always are working hard to keep costs in line."
Stock Repurchase Plan
The Company repurchased approximately 4,334,000 shares of its common stock since 1995, including 6,300 shares during the first quarter. Approximately 3,700,000 shares remain authorized for repurchase under the March 2000 Board of Director authorization.
SUPERIOR INDUSTRIES INTERNATIONAL INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
2001 2000
---- ----
Net Sales $ 166,093 $ 155,390
Costs and Expenses
Cost of Sales 136,204 122,555
Selling and Administrative Expenses 4,867 5,078
Income From Operations 25,022 27,757
Interest Income, net 1,307 1,840
Miscellaneous Expense, net 2,057 1,313
Income Before Income Taxes 24,272 28,284
Income Tax Expense 8,315 9,829
Net Income $ 15,957 $ 18,455
Earnings Per Share:
Basic $ 0.62 $ 0.70
Diluted $ 0.61 $ 0.70
Weighted Average and
Equivalent Shares Outstanding:
Basic 25,863,000 26,259,000
Diluted 26,257,000 26,364,000
Summarized Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands)
As of March 31,
2001 2000
---- ----
Current Assets $ 269,490 $ 280,643
Property, Plant and Equipment, net 224,515 165,800
Other Assets 27,753 32,576
$ 521,758 $ 479,019
Current Liabilities $ 91,250 $ 96,735
Capitalized Leases - 258
Other Long-Term Liabilities 17,543 21,142
Shareholders' Equity 412,965 360,884
$ 521,758 $ 479,019