J.L. French Automotive Castings, Inc., Announces Q2
Results
MINNEAPOLIS, Aug. 9 J.L. French Automotive Castings, Inc.,
today announced its revenues and operating income for the quarter and six
months ended June 30, 2001.
Revenues for the second quarter of 2001 were $137.8 million, a decrease of
$7.2 million compared with $145.0 million in the second quarter of 2000.
Operating income was $12.8 million compared to $17.7 million reported last
year. Earnings before interest, taxes, depreciation and amortization (EBITDA)
were $25.5 million, down from $29.4 million in the 2000 period.
For the first half of 2001 revenues were $272.4 million, a decrease of
$24.7 million as compared to the 2000 period. Operating income decreased from
$38.4 million in the first half of 2000 to $18.6 million in 2001. EBITDA for
the first six months of 2001 was $45.1 million compared to $61.5 million for
the first half of 2000.
In commenting on the results, David S. Hoyte, president and chief
executive officer, said, "We continue to see improvements in our operating
performance resulting from the cost control disciplines that we have put in
place during the first half of the year. Despite production volumes that were
lower than anticipated, we were able to improve our gross margins during the
second quarter from those achieved in the past three quarters."
J.L. FRENCH AUTOMOTIVE CASTINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands - unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Sales $137,808 $145,031 $272,364 $297,109
Cost of sales 113,998 118,104 232,141 240,684
Gross profit 23,810 26,927 40,223 56,425
Selling, general and
administrative
expenses 8,223 6,415 15,954 12,718
Amortization expense 2,814 2,827 5,676 5,300
Operating income 12,773 17,685 18,593 38,407
Interest expense and
other, net 13,824 15,160 28,004 30,241
Income (loss) before
provision (benefit)
for income taxes (1,051) 2,525 (9,411) 8,166
Provision (benefit)
for income taxes 922 1,151 (2,074) 3,410
Net income (loss) $(1,973) $1,374 $(7,337) $4,756
J.L. FRENCH AUTOMOTIVE CASTINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
June 30, December 31,
Assets 2001 2000
(unaudited)
Current assets:
Cash and cash equivalents $743 $6,053
Accounts receivable, net 67,411 78,314
Inventories 26,319 40,546
Other current assets 23,619 20,076
Total current assets 118,092 144,989
Property, plant and equipment, net 279,059 283,346
Intangible and other assets, net 346,948 348,209
$744,099 $776,544
Liabilities and Stockholders' Deficit
Current liabilities:
Current maturities of long-term debt $28,386 $18,185
Accounts payable 72,365 94,728
Accrued liabilities 48,250 48,799
Total current liabilities 149,001 161,712
Long-term debt, net of current maturities 356,580 362,706
Subordinated notes 175,000 175,000
Other noncurrent liabilities 28,240 24,795
Total liabilities 708,821 724,213
Redeemable common stock 60,000 60,000
Stockholders' deficit:
Common stock -- --
Additional paid-in capital 91,681 90,877
Accumulated deficit (103,752) (92,886)
Accumulated other comprehensive loss (12,651) (5,660)
Total stockholders' deficit (24,722) (7,669)
$744,099 $776,544
