Accuride Corporation Reports First Quarter Results for 2001
EVANSVILLE, Ind.--May 14, 2001--Accuride Corporation today announced sales of $90.9 million for the first quarter ended March 31, 2001, compared to $143.4 million for the first quarter of 2000, a decrease of 36.6%.The decrease is due to the cyclical downturn of the heavy/medium commercial vehicle market, with class 8 builds down more than 53% from the prior year's first quarter.
Adjusted EBITDA for the quarter was $10.0 million. This is down from $31.3 million for the first quarter of 2000. The resulting adjusted EBITDA margins have decreased to 11.0% from 21.9% in the prior year's first quarter. EBITDA for the quarter was adjusted by $1.0 million for employee severance relating to the reduction of 50 salaried employees.
The Company's liquidity position remained strong at March 31, 2001, with $48.9 million in cash and Revolver availability of $100 million.
"There are clear signs that we are now near the bottom of the cycle; industry backlog appears to have stabilized," said Bill Greubel, Accuride's President and CEO. "The restructuring actions we have taken, including the planned restructuring of our light wheel operations, together with our strong liquidity position will ensure a stronger Company as we emerge from the cyclical trough."
ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended March 31,
----------------------------
2001 2000
---- ----
NET SALES $ 90,931 $ 143,368
COST OF GOODS SOLD 81,985 111,626
--------- ---------
GROSS PROFIT $ 8,946 $ 31,742
OPERATING:
Selling, General & Administrative 7,257 8,400
--------- ---------
INCOME FROM OPERATIONS 1,689 23,342
OTHER INCOME (EXPENSE):
Interest Income 395 383
Interest Expense (10,408) (10,558)
Equity in Earnings of Affiliates 120 126
Other Income (Expense), Net (3,015) (601)
--------- ---------
INCOME (LOSS) BEFORE INCOME TAXES (11,219) 12,692
INCOME TAX PROVISION (4,025) 5,331
--------- ---------
NET INCOME (LOSS) $ (7,194) $ 7,361
========= =========
ACCURIDE CORPORATION
CONSOLIDATED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Three Months Ended March 31,
----------------------------
2001 2000
---- ----
INCOME FROM OPERATIONS $ 1,689 $ 23,342
Depreciation and Amortization 7,187 7,869
Equity in Earnings of Affiliates 120 126
--------- ---------
EBITDA $ 8,996 $ 31,337
========= =========
ADJUSTMENTS 993 --
--------- ---------
ADJUSTED EBITDA $ 9,989 $ 31,337
========= =========
Adjusted EBITDA is not intended to represent cash flows as defined by
GAAP. It is included in our report as it is a basis upon which the
Company assesses its financial performance and certain covenants in
the Company's borrowing arrangements are tied to similar measures.
Depreciation and amortization excludes amortization of deferred
Financing costs which are classified as interest expense and therefore
are not components of income from operations.