EX-99.1 3 c84614aexv99w1.txt CONSOLIDATED STATEMENT EXHIBIT 99.1 TENNECO AUTOMOTIVE INC. AND CONSOLIDATED SUBSIDIARIES STATEMENTS OF INCOME (LOSS) Unaudited THREE MONTHS ENDED MARCH 31, (Millions except share and per share amounts)
2004 2003 ---------- ---------- Net sales and operating revenues $ 1,034(a) $ 921 ========== ========== Costs and Expenses Cost of Sales (exclusive of depreciation shown below) 830(b) 743(d) Engineering, Research and Development 17 19 Selling, General and Administrative 109(a)(b)(c) 88 Depreciation and Amortization of Other Intangibles 45 39 Total Costs and Expenses 1,001 889 ========== ========== Other Income (Loss) -- (1) ---------- ---------- Income (Loss) before Interest Expense, Income Taxes, and Minority Interest North America 30(a)(b)(c) 28(d) Europe (3)(b)(c) (1)(d) Other 6(c) 4 ---------- ---------- 33 31 Less: Interest expense (net of interest capitalized) 35 31 Income tax expense (benefit) (1) (2)(e) Minority interest 1 1 ---------- ---------- Net income (loss) $ (2) $ 1 ========== ========== Average common shares outstanding: Basic 40.9 40.1 ========== ========== Diluted 43.5 40.9 ========== ========== Earnings (loss) per share of common stock: Basic $ (0.05) $ 0.02 ========== ========== Diluted $ (0.05) $ 0.02 ========== ==========
---------- (a) Includes changeover costs for a new aftermarket customer of $6 million pre-tax, $3 million after-tax or $0.08 per share. Of the adjustment $4 million is recorded in Sales and $2 million is recorded in SG&A. Geographically all of the charge is recorded in North America. (b) Includes restructuring and restructuring related charges of $5 million pre-tax, $3 million after tax or $0.07 per share. Of the adjustment $2 million is recorded in SG&A and the remaining $3 million is in cost of sales. Geographically, $2 million is recorded in North America and $3 million in Europe. (c) Consulting fees indexed to stock price of $3 million pre-tax, $2 million after-tax or $0.05 per share. The entire charge is recorded in SG&A. Geographically $1 million of the charge is recorded in North America, Europe and Other respectively. (d) Includes restructuring related charges of $5 million pre-tax, $2 million after-tax or $0.07 per share. The entire charge is recorded in cost of sales. Geographically, $3 million is recorded in North America and $2 million in Europe. (e) Includes a $3 million or $0.08 per share tax benefit related to the resolution of outstanding tax issues. TENNECO AUTOMOTIVE INC. AND CONSOLIDATED SUBSIDIARIES BALANCE SHEET (Unaudited) (Millions)
MARCH 31, 2004 DECEMBER 31, 2003 ------------------ ------------------ Assets Cash and Cash Equivalents $ 149 $ 145 Receivables, Net 512 442 Inventories 367 343 Other Current Assets 203 175 Investments and Other Assets 602 579 Plant, Property, and Equipment, Net 1,079 1,111 ------------------ ------------------ Total Assets $ 2,912 $ 2,795 ================== ================== Liabilities and Shareholders' Equity Short-Term Debt $ 18 $ 20 Accounts Payable 692 621 Accrued Taxes 25 19 Accrued Interest 39 42 Other Current Liabilities 234 191 Long-Term Debt 1,408 1,410 Deferred Income Taxes 125 119 Deferred Credits and Other Liabilities 297 292 Minority Interest 21 23 Total Shareholders' Equity 53 58 ------------------ ------------------ Total Liabilities and Shareholders' Equity $ 2,912 $ 2,795 ================== ==================
Tenneco Automotive Inc. and Consolidated Subsidiaries Statement of Cash Flows (Unaudited) (Millions)
THREE MONTHS ENDED MARCH 31, -------------------------- 2004 2003 ---------- ---------- Operating activities: Net income (loss) $ (2) $ 1 Adjustments to reconcile income (loss) to net cash provided (used) by operating activities - Depreciation and amortization 45 39 Deferred income taxes (9) (7) Changes in components of working capital - (Inc.)/dec. in receivables (70) (49) (Inc.)/dec. in inventories (27) (12) (Inc.)/dec. in prepayments and other current assets (26) (6) Inc./(dec.) in payables 79 78 Inc./(dec.) in taxes accrued 5 (4) Inc./(dec.) in interest accrued (2) 11 Inc./(dec.) in other current liabilities 15 (18) Other 5 3 ---------- ---------- Net cash provided (used) by operating activities 13 36 Investing activities: Net proceeds from sale of assets 11 1 Expenditures for plant, property & equipment (25) (26) Investments and other (1) (1) ---------- ---------- Net cash provided (used) by investing activities (15) (26) ---------- ---------- Net cash provided (used) before financing activities (2) 10 Financing activities: Issuance of common and treasury shares 3 -- Retirement of long-term debt (2) (24) Net inc./(dec.) in short-term debt excluding current maturities on long-term debt (2) 21 Other 1 -- ---------- ---------- Net cash provided (used) by financing activities -- (3) ---------- ---------- Effect of foreign exchange rate changes on cash and cash equivalents 6 (3) ---------- ---------- Inc./(dec.) in cash and cash equivalents 4 4 Cash and cash equivalents, January 1 145 54 ---------- ---------- Cash and cash equivalents, March 31 $ 149 $ 58 ========== ========== Cash paid during the period for interest $ 37 $ 20 Cash paid during the period for income taxes $ 3 $ 11