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) |
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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 August 4, 2011, announcing results for the second quarter ended June 30, 2011.
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Stoneridge, Inc.
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Date: August 4, 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 August 4, 2011, announcing results for the second quarter ended June 30, 2011.
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Three months ended
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Six months ended
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June 30,
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June 30,
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(in thousands, except per share data)
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2011
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2010
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2011
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2010
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As adjusted
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As adjusted
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Net Sales
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$ | 190,417 | $ | 166,262 | $ | 383,461 | $ | 314,336 | ||||||||
Costs and expenses:
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Cost of goods sold
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152,699 | 126,998 | 306,453 | 241,140 | ||||||||||||
Selling, general and administrative
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30,305 | 31,447 | 62,895 | 61,015 | ||||||||||||
Operating Income
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7,413 | 7,817 | 14,113 | 12,181 | ||||||||||||
Interest expense, net
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4,289 | 5,630 | 8,555 | 11,236 | ||||||||||||
Equity in earnings of investees
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(1,808 | ) | (1,611 | ) | (3,724 | ) | (2,302 | ) | ||||||||
Other expense (income), net
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534 | (749 | ) | 1,533 | (1,699 | ) | ||||||||||
Income before income taxes
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4,398 | 4,547 | 7,749 | 4,946 | ||||||||||||
Provision (benefit) for income taxes
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1,158 | 731 | 1,835 | (758 | ) | |||||||||||
Net income
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3,240 | 3,816 | 5,914 | 5,704 | ||||||||||||
Net loss attributable to noncontrolling interest
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(124 | ) | (21 | ) | (339 | ) | (44 | ) | ||||||||
Net income attributable to Stoneridge, Inc. and subsidiaries
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$ | 3,364 | $ | 3,837 | $ | 6,253 | $ | 5,748 | ||||||||
Basic net income per share
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$ | 0.14 | $ | 0.16 | $ | 0.26 | $ | 0.24 | ||||||||
Basic weighted average shares outstanding
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24,162 | 23,965 | 24,090 | 23,922 | ||||||||||||
Diluted net income per share
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$ | 0.14 | $ | 0.16 | $ | 0.25 | $ | 0.24 | ||||||||
Diluted weighted average shares outstanding
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24,606 | 24,389 | 24,545 | 24,351 |
June 30,
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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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As adjusted
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 36,448 | $ | 71,974 | ||||
Accounts receivable, less reserves of $1,623 and $2,013, respectively
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126,039 | 102,600 | ||||||
Inventories, net
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73,322 | 54,959 | ||||||
Prepaid expenses and other current assets
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23,850 | 20,443 | ||||||
Total current assets
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259,659 | 249,976 | ||||||
Long-term assets:
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Property, plant and equipment, net
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81,516 | 76,576 | ||||||
Investments and other long-term assets, net
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67,631 | 60,184 | ||||||
Total long-term assets
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149,147 | 136,760 | ||||||
Total assets
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$ | 408,806 | $ | 386,736 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 78,435 | $ | 68,341 | ||||
Accrued expenses and other current liabilities
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41,819 | 44,442 | ||||||
Total current liabilities
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120,254 | 112,783 | ||||||
Long-term liabilities:
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Long-term debt
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169,238 | 167,903 | ||||||
Other long-term liabilities
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14,795 | 14,831 | ||||||
Total long-term liabilities
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184,033 | 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 26,451 and 25,994
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shares and outstanding 25,577 and 25,393 shares, respectively, with no stated value
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- | - | ||||||
Additional paid-in capital
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164,311 | 161,587 | ||||||
Common Shares held in treasury, 874 and 601 shares, respectively, at cost
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(1,862 | ) | (1,118 | ) | ||||
Accumulated deficit
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(71,367 | ) | (77,620 | ) | ||||
Accumulated other comprehensive income
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9,197 | 4,062 | ||||||
Total Stoneridge Inc. and subsidiaries shareholders’ equity
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100,279 | 86,911 | ||||||
Noncontrolling interest
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4,240 | 4,308 | ||||||
Total shareholders' equity
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104,519 | 91,219 | ||||||
Total liabilities and shareholders' equity
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$ | 408,806 | $ | 386,736 |
Six months ended June 30 (in thousands)
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2011
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2010
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As adjusted
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OPERATING ACTIVITIES:
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Net cash used for operating activities
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$ | (23,113 | ) | $ | (7,433 | ) | ||
INVESTING ACTIVITIES:
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Capital expenditures
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(14,117 | ) | (7,063 | ) | ||||
Proceeds from sale of fixed assets
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3 | 21 | ||||||
Capital contribution from noncontrolling interest
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271 | - | ||||||
Net cash used for investing activities
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(13,843 | ) | (7,042 | ) | ||||
FINANCING ACTIVITIES:
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Repayments of debt
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(130 | ) | (141 | ) | ||||
Revolving credit facility borrowings
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893 | 4,271 | ||||||
Revolving credit facility payments
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(457 | ) | (3,794 | ) | ||||
Other financing costs
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(96 | ) | - | |||||
Repurchase of shares to satisfy employee tax withholding
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(744 | ) | - | |||||
Excess tax benefits from share-based compensation expense
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- | 294 | ||||||
Net cash (used for) provided by financing activities
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(534 | ) | 630 | |||||
Effect of exchange rate changes on cash and cash equivalents
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1,964 | (3,454 | ) | |||||
Net decrease in cash and cash equivalents
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(35,526 | ) | (17,299 | ) | ||||
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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$ | 36,448 | $ | 74,608 | ||||
Supplemental disclosure of non-cash financing activities:
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Change in fair value of interest rate swap
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$ | 1,208 | $ | - |