Superior Industries Q4 Net Income Increases to a Record $0.81 Per Share
10 February 2000
Superior Industries International Fourth Quarter Net Income Increases to a Record $0.81 Per Share
VAN NUYS, Calif.--Feb. 10, 2000--As Revenue and Unit Shipments Also Reach New Highs
Superior Industries International, Inc. announced today that net income for the fourth quarter ended December 31, 1999, increased 10.6% to a record $21,614,000, or $0.81 per diluted share, from $19,547,000, or $0.71 per diluted share, for the fourth quarter of 1998. Revenue was $148,414,000 compared to $152,685,000 a year earlier.
For the twelve months ended December 31, 1999, net income increased 35.3% to a record $70,808,000, or $2.62 per diluted share. This compares to net income of $52,319,000, or $1.88 per diluted share, for 1998. Unit wheel shipments rose 10.5% for 1999 to a new high, and revenue rose 6.0% to $571,782,000, also a record, from $539,431,000 despite lower pass-through aluminum selling prices compared to 1998.
"Nineteen ninety-nine was another great year for Superior Industries. In addition to setting new standards for revenue, unit shipments and earnings, during 1999 we were awarded aluminum wheel supply contracts valued at more than $350,000,000 that we expect to deliver over the next three years. We added DaimlerChrysler and Rover to our world-class customer base, committed to significantly expanding manufacturing capacity, and made progress in building Superior's position in the rapidly growing market for aluminum suspension and related underbody components to complement our strong position in the OEM aluminum wheel market," a Superior spokesman said.
"Building an entirely new plant in Chihuahua, Mexico and expanding capacity at two of our wheel plants as well as the new component facility in Heber Springs, Arkansas will be funded entirely from cash on hand and internally generated cash flow. Our ability to absorb significant capital expenditures without having to access outside sources of capital is due to our commitment to a strong balance sheet."
Superior purchased approximately 292,000 shares in open market transactions during the fourth quarter, for a total repurchase of 885,000 shares during 1999.
About Superior Industries
Superior supplies aluminum wheels and other aluminum automotive components to Ford, General Motors, DaimlerChrysler, BMW, Volkswagen, Audi, Rover, Toyota, Mazda, Nissan and Isuzu.
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 Twelve Months Ended
December 31 December 31
1999 1998 1999 1998
Net Sales $ 148,414 $ 152,685 $ 571,782 $ 539,431
Costs and Expenses
Cost of Sales 112,478 117,390 446,264 439,327
Selling and
Administrative
Expenses 4,771 4,821 20,310 19,758
Income From
Operations 31,165 30,474 105,208 80,346
Interest
Income, net 1,559 1,278 5,451 4,287
Miscellaneous
Expense, net 181 1,564 2,141 3,832
Income Before
Taxes 32,543 30,188 108,518 80,801
Income Tax
Expense 10,929 10,641 37,710 28,482
Net Income $ 21,614 $ 19,547 $ 70,808 $ 52,319
Earnings
Per Share:
Basic $ 0.81 $ 0.71 $ 2.63 $ 1.89
Diluted $ 0.81 $ 0.71 $ 2.62 $ 1.88
Weighted Average
and Equivalent
Shares Outstanding:
Basic 26,642,000 27,357,000 26,927,000 27,671,000
Diluted 26,795,000 27,457,000 27,056,000 27,818,000
Summarized Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands)
As of December 31
1999 1998
Current Assets $263,740 $235,886
Property, Plant and Equipment, net 163,113 158,194
Other Assets 33,615 33,350
$460,468 $427,430
Current Liabilities $ 86,847 $ 91,111
Capitalized Leases 340 673
Other Long-Term Liabilities 20,195 23,612
Shareholders' Equity 353,086 312,034
$460,468 $427,430