Ohio | 34-1598949 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
9400 East Market Street, Warren, Ohio | 44484 | |
(Address of principal executive offices) | (Zip Code) |
(330) 856-2443 |
Registrant’s telephone number, including area code |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press release dated May 6, 2011, announcing results for the first quarter ended March 31, 2011.
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Stoneridge, Inc.
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Date: May 6, 2011
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/s/ George E. Strickler
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George E. Strickler, Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
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99.1
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Press release dated May 6, 2011, announcing results for the first quarter ended March 31, 2011.
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As adjusted
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||||||||
Three months ended March 31 (in thousands, except per share data)
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2011
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2010
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||||||
Net Sales
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$ | 193,044 | $ | 148,074 | ||||
Costs and Expenses:
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||||||||
Cost of goods sold
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153,754 | 114,143 | ||||||
Selling, general and administrative
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32,590 | 29,568 | ||||||
Operating income
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6,700 | 4,363 | ||||||
Interest expense, net
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4,266 | 5,606 | ||||||
Equity in earnings of investees
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(1,916 | ) | (691 | ) | ||||
Other expense (income), net
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999 | (950 | ) | |||||
Income before income taxes
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3,351 | 398 | ||||||
Provision (benefit) for income taxes
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677 | (1,489 | ) | |||||
Net income
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2,674 | 1,887 | ||||||
Net loss attributable to noncontrolling interest
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(215 | ) | (23 | ) | ||||
Net income attributable to Stoneridge, Inc. and subsidiaries
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$ | 2,889 | $ | 1,910 | ||||
Basic net income per share
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$ | 0.12 | $ | 0.08 | ||||
Basic weighted average shares outstanding
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24,018 | 23,880 | ||||||
Diluted net income per share
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$ | 0.12 | $ | 0.08 | ||||
Diluted weighted average shares outstanding
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24,474 | 24,324 |
As adjusted
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||||||||
March 31,
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December 31,
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|||||||
(in thousands)
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2011
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2010
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||||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 53,246 | $ | 71,974 | ||||
Accounts receivable, less reserves of $1,925 and $2,013, respectively
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129,927 | 102,600 | ||||||
Inventories, net
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65,667 | 54,959 | ||||||
Prepaid expenses and other current assets
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23,301 | 20,443 | ||||||
Total current assets
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272,141 | 249,976 | ||||||
Long-term assets:
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Property, plant and equipment, net
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76,654 | 76,576 | ||||||
Investments and other long-term assets, net
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63,191 | 60,184 | ||||||
Total long-term assets
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139,845 | 136,760 | ||||||
Total assets
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$ | 411,986 | $ | 386,736 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 84,746 | $ | 68,341 | ||||
Accrued expenses and other current liabilities
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47,072 | 44,442 | ||||||
Total current liabilities
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131,818 | 112,783 | ||||||
Long-term liabilities:
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Long-term debt
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168,107 | 167,903 | ||||||
Other long-term liabilities
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14,764 | 14,831 | ||||||
Total long-term liabilities
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182,871 | 182,734 | ||||||
Shareholders' equity:
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||||||||
Preferred Shares, without par value, authorized 5,000 shares, none issued
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- | - | ||||||
Common Shares, without par value, authorized 60,000 shares, issued 26,450 and 25,994
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shares and outstanding 25,598 and 25,393 shares, respectively, with no stated value
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- | - | ||||||
Additional paid-in capital
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163,135 | 161,587 | ||||||
Common Shares held in treasury, 852 and 601 shares, respectively, at cost
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(1,808 | ) | (1,118 | ) | ||||
Accumulated deficit
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(74,731 | ) | (77,620 | ) | ||||
Accumulated other comprehensive income
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6,483 | 4,062 | ||||||
Total Stoneridge Inc. and subsidiaries shareholders’ equity
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93,079 | 86,911 | ||||||
Noncontrolling interest
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4,218 | 4,308 | ||||||
Total shareholders' equity
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97,297 | 91,219 | ||||||
Total liabilities and shareholders' equity
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$ | 411,986 | $ | 386,736 |
As adjusted
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Three months ended March 31 (in thousands)
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2011
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2010
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OPERATING ACTIVITIES:
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Net cash used for operating activities
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$ | (15,476 | ) | $ | (7,273 | ) | ||
INVESTING ACTIVITIES:
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Capital expenditures
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(4,342 | ) | (3,619 | ) | ||||
Proceeds from sale of fixed assets
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- | 20 | ||||||
Capital contribution from noncontrolling interest
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125 | - | ||||||
Net cash used for investing activities
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(4,217 | ) | (3,599 | ) | ||||
FINANCING ACTIVITIES:
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Repayments of debt
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(68 | ) | (70 | ) | ||||
Revolving credit facility borrowings
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753 | 2,055 | ||||||
Revolving credit facility payments
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(423 | ) | (1,841 | ) | ||||
Other financing costs
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(27 | ) | - | |||||
Repurchase of shares to satisfy employee tax withholding
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(690 | ) | - | |||||
Excess tax benefits from share-based compensation expense
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- | 294 | ||||||
Net cash provided by (used for) financing activities
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(455 | ) | 438 | |||||
Effect of exchange rate changes on cash and cash equivalents
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1,420 | (1,425 | ) | |||||
Net change in cash and cash equivalents
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(18,728 | ) | (11,859 | ) | ||||
Cash and cash equivalents at beginning of period
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71,974 | 91,907 | ||||||
Cash and cash equivalents at end of period
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$ | 53,246 | $ | 80,048 | ||||
Supplemental disclosure of non-cash financing activities:
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Change in fair value of interest rate swap
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$ | 144 | $ | - |