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 July 28, 2014, entitled "Accuride Reports Strong Second Quarter 2014 Results; Increases Full-Year Guidance".
|
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 and six months ended June 30, 2014.
|
/s/ STEPHEN A. MARTIN
|
|
Dated: July 28, 2014
|
|
Stephen A. Martin
|
|
|
|
Senior Vice President / General Counsel
|
|
|
|
Exhibit Number
|
Description
|
99.1
|
Press Release, dated July 28, 2014, entitled "Accuride Reports Strong Second Quarter 2014 Results; Increases Full-Year Guidance".
|
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 and six months ended June 30, 2014.
|
Investor Relations: Todd Taylor
|
|
Media Relations: Timothy G. Weir, APR
|
Email: ttaylor@accuridecorp.com
|
|
Email: tweir@accuridecorp.com
|
Phone: (812) 962-5105
|
|
Phone: (812) 962-5128
|
·
|
Operating income doubles year-over year; first half is positive net income for first time since 2007
|
·
|
Second Quarter 2014 results from continuing operations included:
|
o
|
Net sales of $181.6 million, up 0.9 percent from Q2 2013
|
o
|
Operating income of $12.3 million, up from $6.0 million in Q2 2013
|
o
|
Net income of $5.1 million, or $0.11 per share, up from a loss of $5.1 million, or $0.11 per share, in Q2 2013
|
o
|
Adjusted EBITDA of $23.2 million, up 30.3 percent from Q2 2013
|
·
|
On improving results and outlook, Company raises full-year 2014 estimates for:
|
o
|
Revenues of $675 million – $700 million, representing an increase of $25 million
|
o
|
Adjusted EBITDA of $70 million – $80 million, representing an increase of $10 million
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30,
|
|
||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
101,155
|
|
55.7
|
%
|
$
|
99,468
|
|
55.3
|
%
|
Gunite
|
|
|
48,304
|
|
26.6
|
%
|
|
51,207
|
|
28.4
|
%
|
Brillion Iron Works
|
|
|
32,116
|
|
17.7
|
%
|
|
29,266
|
|
16.3
|
%
|
Total net sales
|
|
$
|
181,575
|
|
100.0
|
%
|
$
|
179,941
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
$
|
22,422
|
|
12.3
|
%
|
$
|
18,706
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
11,857
|
|
11.7
|
%
|
$
|
11,751
|
|
11.8
|
%
|
Gunite
|
|
|
7,243
|
|
15.0
|
%
|
|
3,323
|
|
6.5
|
%
|
Brillion Iron Works
|
|
|
489
|
|
1.5
|
%
|
|
1,855
|
|
6.3
|
%
|
Corporate / Other
|
|
|
(7,285
|
)
|
—
|
|
|
(10,970
|
)
|
—
|
|
Consolidated Total
|
|
$
|
12,304
|
|
6.8
|
%
|
$
|
5,959
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
5,295
|
|
2.9
|
%
|
$
|
(5,362
|
)
|
(3.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
20,934
|
|
20.7
|
%
|
$
|
20,686
|
|
20.8
|
%
|
Gunite
|
|
|
8,304
|
|
17.2
|
%
|
|
4,588
|
|
9.0
|
%
|
Brillion Iron Works
|
|
|
1,605
|
|
5.0
|
%
|
|
3,289
|
|
11.2
|
%
|
Corporate / Other
|
|
|
(7,609
|
)
|
|
|
(10,778
|
)
|
—
|
|
|
Continuing Operations
|
|
$
|
23,234
|
|
12.8
|
%
|
$
|
17,785
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperial Group
|
|
|
—
|
|
—
|
|
|
117
|
|
0.4
|
%
|
Consolidated Total
|
|
$
|
23,234
|
|
12.8
|
%
|
$
|
17,902
|
|
8.5
|
%
|
|
|
|
|
||||||||
|
|
Six Months Ended June 30,
|
|
||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
193,373
|
|
55.5
|
%
|
$
|
192,630
|
|
56.2
|
%
|
Gunite
|
|
|
92,277
|
|
26.5
|
%
|
|
90,603
|
|
26.4
|
%
|
Brillion Iron Works
|
|
|
62,709
|
|
18.0
|
%
|
|
59,695
|
|
17.4
|
%
|
Total net sales
|
|
$
|
348,359
|
|
100.0
|
%
|
$
|
342,928
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
$
|
39,445
|
|
11.3
|
%
|
$
|
24,984
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
21,599
|
|
11.2
|
%
|
$
|
17,494
|
|
9.1
|
%
|
Gunite
|
|
|
10,521
|
|
11.4
|
%
|
|
1,546
|
|
1.7
|
%
|
Brillion Iron Works
|
|
|
1,764
|
|
2.8
|
%
|
|
2,430
|
|
4.1
|
%
|
Corporate / Other
|
|
|
(15,011
|
)
|
—
|
|
|
(20,308
|
)
|
—
|
|
Consolidated Total
|
|
$
|
18,873
|
|
5.4
|
%
|
$
|
1,162
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
1,722
|
|
0.5
|
%
|
$
|
(21,309
|
)
|
(6.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Wheels
|
|
$
|
40,130
|
|
20.8
|
%
|
$
|
36,726
|
|
19.1
|
%
|
Gunite
|
|
|
12,621
|
|
13.7
|
%
|
|
4,024
|
|
4.4
|
%
|
Brillion Iron Works
|
|
|
4,019
|
|
6.4
|
%
|
|
5,009
|
|
8.4
|
%
|
Corporate / Other
|
|
|
(15,580
|
)
|
—
|
|
|
(19,747
|
)
|
—
|
|
Continuing Operations
|
|
$
|
41,190
|
|
11.8
|
%
|
$
|
26,012
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperial Group
|
|
|
—
|
|
—
|
|
|
(704
|
)
|
(1.2
|
)%
|
Consolidated Total
|
|
$
|
41,190
|
|
11.8
|
%
|
$
|
25,308
|
|
6.3
|
%
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
||||||||
(In thousands except per share data)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
NET SALES
|
|
$
|
181,575
|
|
$
|
179,941
|
|
$
|
348,359
|
|
$
|
342,928
|
|
COST OF GOODS SOLD
|
|
159,153
|
|
161,235
|
|
308,914
|
|
317,944
|
|
||||
GROSS PROFIT
|
|
22,422
|
|
18,706
|
|
39,445
|
|
24,984
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative
|
|
10,118
|
|
12,747
|
|
20,572
|
|
23,822
|
|
||||
INCOME FROM OPERATIONS
|
|
12,304
|
|
5,959
|
|
18,873
|
|
1,162
|
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net
|
|
(8,487
|
)
|
(9,157
|
)
|
(16,907
|
)
|
(17,851
|
)
|
||||
Other income (loss), net
|
|
(169
|
)
|
(441
|
)
|
(699
|
)
|
(296
|
)
|
||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
|
3,648
|
|
(3,639
|
)
|
1,267
|
|
(16,985
|
)
|
||||
INCOME TAX (BENEFIT) PROVISION
|
|
(1,461
|
)
|
1,464
|
|
(557
|
)
|
2,873
|
|
||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
5,109
|
|
(5,103
|
)
|
1,824
|
|
(19,858
|
)
|
||||
DISCONTINUED OPERATIONS, NET OF TAX
|
|
186
|
|
(259
|
)
|
(102
|
)
|
(1,451
|
)
|
||||
NET INCOME (LOSS)
|
|
$
|
5,295
|
|
$
|
(5,362
|
)
|
$
|
1,722
|
|
$
|
(21,309
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
|
|
|
|
|
|
|
|
|
|
||||
Defined benefit plans
|
|
140
|
|
417
|
|
473
|
|
748
|
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
5,435
|
|
$
|
(4,945
|
)
|
$
|
2,195
|
|
$
|
(20,561
|
)
|
Weighted average common shares outstanding—basic
|
|
47,737
|
|
47,563
|
|
47,667
|
|
47,508
|
|
||||
Basic income (loss) per share-continuing operations
|
|
0.11
|
|
(0.11
|
)
|
0.04
|
|
(0.42
|
)
|
||||
Basic income (loss) per share-discontinued operations
|
|
—
|
|
—
|
|
—
|
|
(0.03
|
)
|
||||
Basic income (loss) per share
|
|
$
|
0.11
|
|
$
|
(0.11
|
)
|
$
|
0.04
|
|
$
|
(0.45
|
)
|
Weighted average common shares outstanding—diluted
|
|
49,003
|
|
47,563
|
|
48,299
|
|
47,508
|
|
||||
Diluted income (loss) per share-continuing operations
|
|
0.11
|
|
(0.11
|
)
|
0.04
|
|
(0.42
|
)
|
||||
Diluted income (loss) per share-discontinued operations
|
|
—
|
|
—
|
|
—
|
|
(0.03
|
)
|
||||
Diluted income (loss) per share
|
|
$
|
0.11
|
|
$
|
(0.11
|
)
|
$
|
0.04
|
|
$
|
(0.45
|
)
|
|
|
Three Months Ended June 30,
|
|
||||
(In thousands)
|
|
2014
|
|
2013
|
|
||
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
5,295
|
|
$
|
(5,362
|
)
|
Income tax (benefit) expense
|
|
(1,461
|
)
|
1,464
|
|
||
Interest expense, net
|
|
8,487
|
|
9,157
|
|
||
Depreciation and amortization
|
|
10,230
|
|
10,952
|
|
||
Restructuring, severance and other charges1
|
|
—
|
|
591
|
|
||
Other items related to our credit agreement2
|
|
683
|
|
1,100
|
|
||
Adjusted EBITDA
|
|
$
|
23,234
|
|
$
|
17,902
|
|
1)
|
For the three months ended June 30, 2014, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization. For the three months ended June 30, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $0.6 million in costs associated with restructuring 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 June 30, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $0.7 million. For the three months ended June 30, 2013, items related to our credit agreement consisted of foreign currency income and other income or expenses of $1.1 million.
|
|
|
Six Months Ended June 30,
|
|
||||
(In thousands)
|
|
2014
|
|
2013
|
|
||
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
1,722
|
|
$
|
(21,309
|
)
|
Income tax (benefit) expense
|
|
(557
|
)
|
2,873
|
|
||
Interest expense, net
|
|
16,907
|
|
17,851
|
|
||
Depreciation and amortization
|
|
20,502
|
|
22,383
|
|
||
Restructuring, severance and other charges1
|
|
627
|
|
1,002
|
|
||
Other items related to our credit agreement2
|
|
1,989
|
|
2,508
|
|
||
Adjusted EBITDA
|
|
$
|
41,190
|
|
$
|
25,308
|
|
1)
|
For the six months ended June 30, 2014, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $0.6 million in costs associated with restructuring items. For the six months ended June 30, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $1.0 million in costs associated with restructuring 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 six months ended June 30, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $2.0 million. For the six months ended June 30, 2013, items related to our credit agreement consisted of foreign currency income and other income or expenses of $2.5 million.
|
|
Three Months Ended June 30, 2014
|
|||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
11,857
|
$
|
7,877
|
$
|
1,200
|
$
|
20,934
|
||||||||
Gunite
|
7,243
|
811
|
250
|
8,304
|
||||||||||||
Brillion Iron Works
|
489
|
1,086
|
30
|
1,605
|
||||||||||||
Corporate / Other
|
(7,285
|
)
|
446
|
(770
|
)
|
(7,609
|
)
|
|||||||||
Continuing Operations
|
$
|
12,304
|
$
|
10,220
|
$
|
710
|
$
|
23,234
|
||||||||
|
||||||||||||||||
Imperial Group
|
(10
|
)
|
10
|
—
|
—
|
|||||||||||
Consolidated Total
|
$
|
12,294
|
$
|
10,230
|
$
|
710
|
$
|
23,234
|
|
Three Months Ended June 30, 2013
|
|||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
11,751
|
$
|
7,735
|
$
|
1,200
|
$
|
20,686
|
||||||||
Gunite
|
3,323
|
1,015
|
250
|
4,588
|
||||||||||||
Brillion Iron Works
|
1,855
|
1,068
|
366
|
3,289
|
||||||||||||
Corporate / Other
|
(10,970
|
)
|
758
|
(566
|
)
|
(10,778
|
)
|
|||||||||
Continuing Operations
|
$
|
5,959
|
$
|
10,576
|
$
|
1,250
|
$
|
17,785
|
||||||||
|
||||||||||||||||
Imperial Group
|
(259
|
)
|
376
|
—
|
117
|
|||||||||||
Consolidated Total
|
$
|
5,700
|
$
|
10,952
|
$
|
1,250
|
$
|
17,902
|
|
Six Months Ended June 30, 2014
|
|||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
21,599
|
$
|
15,784
|
$
|
2,747
|
$
|
40,130
|
||||||||
Gunite
|
10,521
|
1,600
|
500
|
12,621
|
||||||||||||
Brillion Iron Works
|
1,764
|
2,195
|
60
|
4,019
|
||||||||||||
Corporate / Other
|
(15,011
|
)
|
902
|
(1,471
|
)
|
(15,580
|
)
|
|||||||||
Continuing Operations
|
$
|
18,873
|
$
|
20,481
|
$
|
1,836
|
$
|
41,190
|
||||||||
|
||||||||||||||||
Imperial Group
|
(21
|
)
|
21
|
—
|
—
|
|||||||||||
Consolidated Total
|
$
|
18,852
|
$
|
20,502
|
$
|
1,836
|
$
|
41,190
|
|
Six Months Ended June 30, 2013
|
|||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
17,494
|
$
|
15,973
|
$
|
3,259
|
$
|
36,726
|
||||||||
Gunite
|
1,546
|
1,978
|
500
|
4,024
|
||||||||||||
Brillion Iron Works
|
2,430
|
2,183
|
396
|
5,009
|
||||||||||||
Corporate / Other
|
(20,308
|
)
|
1,502
|
(941
|
)
|
(19,747
|
)
|
|||||||||
Continuing Operations
|
$
|
1,162
|
$
|
21,636
|
$
|
3,214
|
$
|
26,012
|
||||||||
|
||||||||||||||||
Imperial Group
|
(1,451
|
)
|
747
|
—
|
(704
|
)
|
||||||||||
Consolidated Total
|
$
|
(289
|
)
|
$
|
22,383
|
$
|
3,214
|
$
|
25,308
|
|
|
June 30,
|
|
December 31,
|
|
||
(In thousands)
|
|
2014
|
|
2013
|
|
||
|
|
|
|
|
|
||
ASSETS
|
|
|
|
|
|
||
CURRENT ASSETS:
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
31,903
|
|
$
|
33,426
|
|
Customer and other receivables
|
|
81,171
|
|
59,520
|
|
||
Inventories
|
|
46,216
|
|
39,329
|
|
||
Other current assets
|
|
15,773
|
|
16,993
|
|
||
Total current assets
|
|
175,063
|
|
149,268
|
|
||
PROPERTY, PLANT AND EQUIPMENT, net
|
|
217,741
|
|
219,624
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
||
Goodwill and other assets
|
|
243,764
|
|
242,885
|
|
||
TOTAL
|
|
$
|
636,568
|
|
$
|
611,777
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
CURRENT LIABILITIES:
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
63,786
|
|
$
|
47,527
|
|
Other current liabilities
|
|
41,895
|
|
42,472
|
|
||
Total current liabilities
|
|
105,681
|
|
89,999
|
|
||
LONG-TERM DEBT
|
|
340,709
|
|
330,183
|
|
||
OTHER LIABILITIES
|
|
125,194
|
|
129,711
|
|
||
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
||
Total stockholders' equity
|
|
64,984
|
|
61,884
|
|
||
TOTAL
|
|
$
|
636,568
|
|
$
|
611,777
|
|
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