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Superior Industries International Q1 Net Income Increases 21%

14 April 1999

Superior Industries International First Quarter Net Income Increases 21% on Record Revenue and Unit Shipments; Earnings Exceed Analysts' Expectations

    VAN NUYS, Calif.--April 14, 1999--Superior Industries International, Inc. announced today that net income for the three months ended March 31, 1999 increased 21% to $15,494,000, or $0.57 per diluted share, exceeding analysts' expectations.
    Unit shipments of aluminum road wheels to original equipment manufacturers (OEMs) increased 8.5% to a new first quarter record. For the first quarter of 1998, net income was $12,791,000, or $0.46 per diluted share. Despite lower pass-through aluminum selling prices, revenue increased to $136,909,000, also a first quarter record, from $136,371,000 for the same period last year.
    A Company spokesman attributed Superior's strong first quarter performance to the continued success of its program to expand its share of the global OEM aluminum road wheel business. "We recently won an exclusive, multi-year contract valued in excess of $50 million annually to supply aluminum wheels for a major global automotive manufacturer for a new vehicle to be introduced this fall. We also added Rover Group Ltd. to our client roster for the first time with a new multi-year contract to supply cast aluminum wheels for several Rover models from our European joint venture manufacturing facility. These contracts are in addition to new supply contracts for Ford's Windstar, GM's GMT800 and other nameplates that will support our continued growth in 1999," he said.
    The spokesman added, "With our unparalleled aluminum engineering and manufacturing expertise, our long history of on-time delivery of quality products that meet the most exacting specifications, our world-class customer base, and our highly liquid balance sheet, we are confident that Superior will win additional supply contracts for aluminum road wheels and non-wheel aluminum automotive components as the year unfolds."
    The spokesman said that volume and profitability at the Company's OEM chrome plating and bright polishing facility in Fayetteville, Arkansas continued to increase during the first quarter, and that Superior's program to expand capacity at its facilities in Chihuahua, Mexico and Tatabanya, Hungary are on schedule.
    Superior purchased approximately 236,000 shares in open market transactions during the first quarter, for a total of 985,000 shares under its most recent 2 million share repurchase authorization. Share repurchases reduced the average number of fully diluted shares outstanding to 27,355,000 for the 1999 first quarter from 28,102,000 a year earlier.
    At March 31, 1999, Superior reported cash and short-term investments of $96,508,000, a current ratio of approximately 3:1, no long-term debt, and shareholders' equity of $320,061,000.
    Superior supplies aluminum wheels and other aluminum components to Ford, General Motors, Chrysler de Mexico, BMW, Volkswagen, Audi, Rover, Toyota, Mazda, Nissan and Isuzu. The Company is also a leading manufacturer of accessory products for the national automotive aftermarket.

    The statements contained in this release which are not historical facts may be deemed to constitute forward-looking statements. Actual results might differ materially from those projected in such statements due to a number of risks and uncertainties, including, without limitation, demand and competition for the Company's products, and other risks or uncertainties detailed in the Company's filings with the Securities and Exchange Commission.

                SUPERIOR INDUSTRIES INTERNATIONAL, INC.
             Consolidated Statements of Income (Unaudited)
           (Dollars in Thousands, Except Per Share Amounts)

                                         Three Months Ended March 31
                                           1999               1998

NET SALES                               $ 136,909          $ 136,371
 Costs and Expenses
  Cost of Sales                           108,258            111,534
  Selling and Administrative Expenses       5,131              5,383

INCOME FROM OPERATIONS                     23,520             19,454
 Interest Income, net                       1,049                890
 Miscellaneous Expense, net                   640                590

INCOME BEFORE TAXES                        23,929             19,754
 Income Tax Expense                         8,435              6,963
                                              
NET INCOME                              $  15,494          $  12,791

DILUTED EARNINGS PER SHARE              $    0.57          $    0.46

WEIGHTED AVERAGE AND
 EQUIVALENT SHARES OUTSTANDING         27,355,000         28,102,000


                      Consolidated Balance Sheets
                              (Unaudited)
                        (Dollars in Thousands)

                                               As of March 31
                                           1999               1998

CURRENT ASSETS                          $ 225,772          $ 223,546
PROPERTY, PLANT AND EQUIPMENT, net        160,724            147,796
OTHER ASSETS                               32,764             35,843
                                        $ 419,260          $ 407,185

CURRENT LIABILITIES                     $  74,911          $  82,288
LONG-TERM DEBT                                600              1,272
OTHER LONG-TERM LIABILITIES                23,688             27,746
SHAREHOLDERS' EQUITY                      320,061            295,879
                                        $ 419,260          $ 407,185