Delaware
|
001-32483
|
61-1109077
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
7140 Office Circle, Evansville, IN
|
47715
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 7.01.
|
Regulation FD Disclosure
|
Item 9.01.
|
Financial Statements and Exhibits
|
99.1
|
Press Release, dated April 23, 2013, entitled “Accuride Corporation Reports First Quarter 2013 Results, Boosts Liquidity”.
|
99.2
|
Text of Slide Presentation of Accuride Corporation used in connection with Accuride Corporation’s conference call to discuss financial results for the three months ended March 31, 2013.
|
/s/ STEPHEN A. MARTIN
|
Dated: April 23, 2013
|
||
Stephen A. Martin
|
|||
Senior Vice President / General Counsel
|
Exhibit Number
|
Description
|
99.1
|
Press Release, dated April 23, 2013, entitled “Accuride Corporation Reports First Quarter 2013 Results, Boosts Liquidity”.
|
99.2
|
Text of Slide Presentation of Accuride Corporation used in connection with Accuride Corporation’s conference call to discuss financial results for the three months ended March 31, 2013.
|
Investor Relations: Chad Monroe
|
Media Relations: Timothy G. Weir, APR
|
Email: cmonroe@accuridecorp.com
|
Email: tweir@accuridecorp.com
|
Phone: (812) 962-5041
|
Phone: (812) 962-5128
|
·
|
First-quarter 2013 results included:
|
o
|
Net Sales of $192.5 million, down from $269.5 million in Q1 2012
|
o
|
Operating loss of $6.0 million, down from a positive $7.2 million in Q1 2012
|
o
|
Net loss of $15.9 million, or $0.34 per share, down from a net loss of $2.9 million in Q1 2012
|
o
|
Adjusted EBITDA of $7.4 million, down 65.7 percent year-over-year
|
·
|
Strong working capital performance and added liquidity as industry cycle bottoms
|
·
|
Class 8 vehicle orders and production showing signs of improvement
|
Three Months Ended March 31,
|
||||||||||||
(Dollars in thousands)
|
2013
|
2012
|
||||||||||
Net sales:
|
||||||||||||
Wheels
|
$
|
93,162
|
48.4
|
%
|
$
|
116,944
|
43.4
|
%
|
||||
Gunite
|
39,396
|
20.5
|
%
|
68,563
|
25.4
|
%
|
||||||
Brillion Iron Works
|
30,429
|
15.8
|
%
|
43,810
|
16.3
|
%
|
||||||
Imperial Group
|
29,473
|
15.3
|
%
|
40,201
|
14.9
|
%
|
||||||
Total net sales
|
$
|
192,460
|
100
|
%
|
$
|
269,518
|
100
|
%
|
||||
Gross Profit
|
$
|
5,086
|
2.6
|
%
|
$
|
22,100
|
8.2
|
%
|
||||
Income (loss) from Operations:
|
||||||||||||
Wheels
|
$
|
5,743
|
6.2
|
%
|
$
|
18,442
|
15.8
|
%
|
||||
Gunite
|
(1,777
|
)
|
(4.5
|
)%
|
(2,168
|
)
|
(3.2
|
)%
|
||||
Brillion Iron Works
|
575
|
1.9
|
%
|
3,173
|
7.2
|
%
|
||||||
Imperial Group
|
(1,217
|
)
|
(4.1
|
)%
|
(519
|
)
|
(1.3
|
%
|
||||
Corporate / Other
|
(9,313
|
)
|
—
|
%
|
(11,692
|
)
|
—
|
%
|
||||
Consolidated Total
|
$
|
(5,989
|
)
|
(3.1
|
)%
|
$
|
7,236
|
2.7
|
%
|
|||
Net loss
|
$
|
(15,947
|
)
|
(8.3
|
)%
|
$
|
(2,949
|
)
|
(1.1
|
)%
|
||
Adjusted EBITDA:
|
||||||||||||
Wheels
|
$
|
16,040
|
17.2
|
%
|
$
|
28,340
|
24.2
|
%
|
||||
Gunite
|
(564
|
)
|
(1.4
|
)%
|
516
|
0.8
|
%
|
|||||
Brillion Iron Works
|
1,720
|
5.7
|
%
|
4,440
|
10.1
|
%
|
||||||
Imperial Group
|
(821
|
)
|
(2.8
|
)%
|
(267
|
)
|
(0.7
|
)%
|
||||
Corporate / Other
|
(8,969
|
)
|
—
|
%
|
(11,386
|
)
|
—
|
%
|
||||
Consolidated Total
|
$
|
7,406
|
3.8
|
%
|
$
|
21,643
|
8.0
|
%
|
Three Months Ended March 31,
|
|||||||
(In thousands except per share data)
|
2013
|
2012
|
|||||
NET SALES
|
$
|
192,460
|
$
|
269,518
|
|||
COST OF GOODS SOLD
|
187,374
|
247,418
|
|||||
GROSS PROFIT
|
5,086
|
22,100
|
|||||
OPERATING EXPENSES:
|
|||||||
Selling, general and administrative
|
11,075
|
14,864
|
|||||
INCOME FROM OPERATIONS
|
(5,989
|
)
|
7,236
|
||||
OTHER INCOME (EXPENSE):
|
|||||||
Interest income
|
38
|
16
|
|||||
Interest expense
|
(8,732
|
)
|
(8,761
|
)
|
|||
Other income, net
|
145
|
157
|
|||||
LOSS BEFORE INCOME TAXES
|
(14,538
|
)
|
(1,352
|
)
|
|||
INCOME TAX PROVISION
|
1,409
|
1,597
|
|||||
NET LOSS
|
$
|
(15,947
|
)
|
$
|
(2,949
|
)
|
|
Weighted average common shares outstanding—basic
|
47,453
|
47,319
|
|||||
Basic loss per share
|
$
|
(0.34
|
)
|
$
|
(0.06
|
)
|
|
Weighted average common shares outstanding—diluted
|
47,453
|
47,319
|
|||||
Diluted loss per share
|
$
|
(0.34
|
)
|
$
|
(0.06
|
)
|
|
OTHER COMPREHENSIVE LOSS, NET OF TAX:
|
|||||||
Foreign currency translation adjustments
|
331
|
(218
|
)
|
||||
COMPREHENSIVE LOSS
|
$
|
(15,616
|
)
|
$
|
(3,167
|
)
|
Three Months Ended March 31,
|
|||||||
(In thousands)
|
2013
|
2012
|
|||||
Net loss
|
$
|
(15,947
|
)
|
$
|
(2,949
|
)
|
|
Income tax expense
|
1,409
|
1,597
|
|||||
Interest expense, net
|
8,694
|
8,745
|
|||||
Depreciation and amortization
|
11,431
|
12,530
|
|||||
Restructuring, severance and other charges1
|
411
|
1,129
|
|||||
Other items related to our credit agreement2
|
1,408
|
591
|
|||||
Adjusted EBITDA
|
$
|
7,406
|
$
|
21,643
|
1)
|
For the three months ended March 31, 2013, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $0.4 million in costs associated with restructuring items. For the three months ended March 31, 2012, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $1.1 million in costs associated with restructuring and reorganization items.
|
2)
|
Items related to our credit agreement refer to amounts utilized in the calculation of financial covenants in Accuride’s senior credit facility. For the three months ended March 31, 2013, items related to our credit agreement consisted of foreign currency income and other income or expenses of $1.4 million. For the three months ended March 31, 2012, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $0.6 million.
|
Three Months Ended March 31, 2013
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
5,743
|
$
|
8,238
|
$
|
2,059
|
$
|
16,040
|
|||||
Gunite
|
(1,777
|
)
|
963
|
250
|
(564
|
)
|
|||||||
Brillion Iron Works
|
575
|
1,115
|
30
|
1,720
|
|||||||||
Imperial Group
|
(1,217
|
)
|
371
|
25
|
(821
|
)
|
|||||||
Corporate / Other
|
(9,313
|
)
|
744
|
(400
|
)
|
(8,969
|
)
|
||||||
Consolidated Total
|
$
|
(5,989
|
)
|
$
|
11,431
|
$
|
1,964
|
$
|
7,406
|
Three Months Ended March 31, 2012
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
18,442
|
$
|
8,020
|
$
|
1,878
|
$
|
28,340
|
|||||
Gunite
|
(2,168
|
)
|
2,434
|
250
|
516
|
||||||||
Brillion Iron Works
|
3,173
|
1,237
|
30
|
4,440
|
|||||||||
Imperial Group
|
(519
|
)
|
227
|
25
|
(267
|
)
|
|||||||
Corporate / Other
|
(11,692
|
)
|
612
|
(306
|
)
|
(11,386
|
)
|
||||||
Consolidated Total
|
$
|
7,236
|
$
|
12,530
|
$
|
1,877
|
$
|
21,643
|
March 31,
|
December 31,
|
||||||
(In thousands)
|
2013
|
2012
|
|||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|||||||
Cash and cash equivalents
|
$
|
31,518
|
$
|
26,751
|
|||
Customer and other receivables
|
91,678
|
64,596
|
|||||
Inventories
|
57,453
|
61,192
|
|||||
Other current assets
|
15,207
|
10,175
|
|||||
Total current assets
|
195,856
|
162,714
|
|||||
PROPERTY, PLANT AND EQUIPMENT, net
|
248,571
|
267,377
|
|||||
OTHER ASSETS:
|
|||||||
Goodwill and other assets
|
245,232
|
247,725
|
|||||
TOTAL
|
$
|
689,659
|
$
|
677,816
|
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
CURRENT LIABILITIES:
|
|||||||
Accounts payable
|
$
|
71,445
|
$
|
59,181
|
|||
Other current liabilities
|
38,555
|
47,580
|
|||||
Total current liabilities
|
110,000
|
106,761
|
|||||
LONG-TERM DEBT
|
349,395
|
324,133
|
|||||
OTHER LIABILITIES
|
180,416
|
182,049
|
|||||
STOCKHOLDERS’ EQUITY:
|
|||||||
Total stockholders’ equity
|
49,848
|
64,873
|
|||||
TOTAL
|
$
|
689,659
|
$
|
677,816
|
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