Grupo Imsa Announces Third Quarter 2002 Results; EBITDA Grows 40% to a Record Level Of US$123 Million
MONTERREY, Mexico--Oct. 23, 2002--Grupo Imsa, S.A. de C.V. today announced results for the third quarter of 2002.Unless otherwise stated, all figures are presented in millions of Sept. 30, 2002 pesos (Ps), or in millions of nominal U.S. dollars(a) (US$).
Third Quarter 2002 Highlights
| -- | In nominal dollars, both revenues and EBITDA reached their maximum level for a quarter in the Company's history. |
| -- | Third quarter revenues in nominal dollar terms rose year-over-year by 29.2% to US$739, and in peso terms by 32.6% to Ps 7,391. |
| -- | IMSA ACERO's sales volume for the third quarter grew 16.6% year-over-year. |
| -- | In the third quarter, ENERMEX's sales volume increased by 2.7% compared with the previous quarter. |
| -- | Grupo Imsa's operating margin for the quarter was 12.7%, compared with 10.8% for the third quarter of 2001 and 10.3% for the second quarter of 2002. |
| -- | Third quarter EBITDA in nominal dollar terms totaled US$123, 39.9% above the same period of the previous year; in peso terms, EBITDA rose year-over-year by 45.6%. |
| -- | EBITDA of the four business segments grew compared with the third quarter of 2001. |
| -- | Interest coverage defined as EBITDA divided by net interest expense rose to 11.2 times in the third quarter of 2002, while interest coverage defined as EBITDA divided by gross interest expense reached 9.5 times. |
| -- | During the quarter, through Stabilit, Grupo Imsa acquired Lightfield, Europe's second-largest fiberglass-reinforced plastic panel producer. |
| -- | In September Grupo Imsa successfully placed two issues of certificados bursatiles (peso bonds) totaling $1,200. |
| -- | In order to improve productivity, quality and service, this quarter Grupo IMSA began implementing 6-Sigma methodology throughout the organization. |
For a full version of Grupo IMSA's third quarter of 2002 earnings release please visit our Web site at www.grupoimsa.com.
A conference call with Marcelo Canales Clariond, Chief Financial Officer of Grupo IMSA, will be held on Thursday, Oct. 24, 2002 at 11:00am U.S. ET. To participate in the conference, please dial 719/457-2652 ten minutes prior to the call. Confirmation Code: 402415.
(a) Nominal dollars result from the translation of nominal pesos using
the average exchange rate of each month.