Superior Industries International Sets New First Quarter Records
11 April 2000
Superior Industries International Sets New First Quarter Records for Sales, Net Income and Unit Shipments
VAN NUYS, Calif.--April 11, 2000--and Increases Nearly 23% Over The Prior Year
Superior Industries International, Inc. announced today that net income for the first quarter ended March 31, 2000 increased 19.1% to a record $18,455,000, or $0.70 per diluted share, exceeding analysts' expectations, on a 13.5% increase in revenue to a record $155,390,000. Unit shipments rose 10.5% to a new record. For the first quarter of 1999, net income was $15,494,000, or $0.57 per share, on revenue of $136,909,000.
"These record-breaking first quarter results reinforce our optimism about Superior's continued growth in 2000 and beyond. We have been awarded more than $350,000,000 in new orders in just the past few months, including new business from DaimlerChrysler, Mitsubishi and Rover. Our share of the OEM aluminum wheel market is increasing, and we are aggressively expanding capacity to support further growth of this business.
"In addition, as evidenced by our recent decision to build a dedicated manufacturing facility, we will be equally successful in the emerging market for aluminum suspension and related components. We believe that this new market has the potential to rival or exceed the OEM aluminum wheel market in just a few years," a spokesman said.
"Our customers know that they can rely on Superior for the highest quality products, built to exacting specifications on time and on budget. This commitment to quality products, engineering excellence, and unparalleled customer service is the foundation of Superior's success," the spokesman added.
Superior repurchased approximately 350,000 shares of its common stock in open market transactions during the first quarter, and has repurchased approximately 4,000,000 shares since 1995. In March 2000, the Board of Directors authorized the repurchase of up to an additional 4,000,000 shares.
About Superior Industries
Superior supplies aluminum wheels and other aluminum automotive components to Ford, General Motors, DaimlerChrysler, BMW, Volkswagen, Audi, Rover, Toyota, Mazda, Mitsubishi, 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
March 31,
2000 1999
Net Sales $ 155,390 $ 136,909
Costs and Expenses
Cost of Sales 122,555 108,258
Selling and Administrative Expenses 5,078 5,131
Income From Operations 27,757 23,520
Interest Income, net 1,840 1,049
Miscellaneous Expense, net 1,313 640
Income Before Income Taxes 28,284 23,929
Income Tax Expense 9,829 8,435
Net Income $ 18,455 $ 15,494
Earnings Per Share:
Basic $ 0.70 $ 0.57
Diluted $ 0.70 $ 0.57
Weighted Average and Equivalent
Shares Outstanding:
Basic 26,259,000 27,234,000
Diluted 26,364,000 27,355,000
Summarized Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
As of March 31,
2000 1999
Current Assets $ 280,643 $ 225,772
Property, Plant and Equipment, net 165,800 160,724
Other Assets 32,576 32,764
$ 479,019 $ 419,260
Current Liabilities $ 96,735 $ 74,911
Capitalized Leases 258 600
Other Long-Term Liabilities 21,142 23,688
Shareholders' Equity 360,884 320,061
$ 479,019 $ 419,260