J.L. French Automotive Castings, Inc., Announces
First-Quarter Results
MINNEAPOLIS, May 14 J.L. French Automotive Castings, Inc.,
today announced its revenues and operating income for the quarter ended
March 31, 2001.
For the first quarter of 2001, revenues were $134.6 million, a decrease of
$17.5 million compared with $152.1 million in the 2000 period. Operating
income was $5.8 million compared to $20.7 million reported last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was
$19.6 million, down from $32.1 million in the first quarter of 2000.
In commenting on first-quarter results, David S. Hoyte, president and
chief executive officer, said, "While our first-quarter results reflected
operating improvements at our Grandville, Mich., and Glasgow, Ky., facilities,
we were adversely impacted by significantly lower customer production
schedules and increased energy costs."
J.L. FRENCH AUTOMOTIVE CASTINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands - unaudited)
Three Months Ended March 31,
2001 2000
Sales $134,556 $152,078
Cost of sales 118,143 122,580
Gross profit 16,413 29,498
Selling, general and administrative expenses 7,731 6,303
Amortization expense 2,862 2,473
Operating income 5,820 20,722
Interest expense and other, net 14,180 15,080
Income (loss) before provision (benefit)
for income taxes (8,360) 5,642
Provision (benefit) for income taxes (2,996) 2,260
Net income (loss) $(5,364) $3,382
J.L. FRENCH AUTOMOTIVE CASTINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
March 31, December 31,
Assets 2001 2000
(unaudited)
Current assets:
Cash and cash equivalents $2,131 $ 6,053
Accounts receivable, net 70,969 78,314
Inventories 33,612 40,546
Other current assets 21,815 20,076
Total current assets 128,527 144,989
Property, plant and equipment, net 276,915 283,346
Intangible and other assets, net 350,572 348,209
$756,014 $776,544
Liabilities and Stockholders' Deficit
Current liabilities:
Current maturities of long-term debt $21,856 $18,185
Accounts payable 84,820 94,728
Accrued liabilities 49,477 48,799
Total current liabilities 156,153 161,712
Long-term debt, net of current maturities 357,653 362,706
Subordinated notes 175,000 175,000
Other noncurrent liabilities 27,601 24,795
Total liabilities 716,407 724,213
Redeemable common stock 60,000 60,000
Stockholders' deficit:
Common stock -- --
Additional paid-in capital 91,439 90,877
Accumulated deficit (100,016) (92,886)
Accumulated other comprehensive loss (11,816) (5,660)
Total stockholders' deficit (20,393) (7,669)
$756,014 $776,544
