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 March 3, 2015, entitled "Accuride Reports Strong Fourth Quarter and Fiscal Year 2014 Results".
|
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 twelve months ended December 31, 2014.
|
/s/ STEPHEN A. MARTIN
|
Dated: March 3, 2015
|
|||
Stephen A. Martin
|
||||
Senior Vice President / General Counsel
|
Exhibit Number
|
Description
|
99.1
|
Press Release, dated March 3, 2015, entitled "Accuride Reports Strong Fourth Quarter and Fiscal Year 2014 Results".
|
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 twelve months ended December 31, 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
|
|
Fourth Quarter 2014 results from continuing operations included:
|
o
|
Net sales of $172.8 million, up 19.4 percent year-over-year
|
o
|
Net loss of $0.10 per share
|
o
|
Adjusted EBITDA of $15.6 million, up 59.2 percent year-over-year
|
|
Full year 2014 results from continuing operations included:
|
o
|
Net sales of $705.2 million, up 9.7 percent year-over-year
|
o
|
Net loss of $0.04 per share
|
o
|
Adjusted EBITDA of $78.0 million, up 66.0 percent year-over-year
|
|
Company generates positive free cash flow for first time since 2007
|
|
Strong core market conditions and expected share gains support Company's projected 2015 growth and profitability improvement
|
Three Months Ended December 31,
|
|||||||||||
(Dollars in thousands)
|
2014
|
2013
|
|||||||||
Net sales:
|
|||||||||||
Wheels
|
$
|
102,088
|
59.1
|
%
|
$
|
84,006
|
58.1
|
%
|
|||
Gunite
|
36,629
|
21.2
|
%
|
37,634
|
26.0
|
%
|
|||||
Brillion Iron Works
|
34,095
|
19.7
|
%
|
23,051
|
15.9
|
%
|
|||||
Total net sales
|
$
|
172,812
|
100.0
|
%
|
$
|
144,691
|
100.0
|
%
|
|||
Gross Profit
|
$
|
14,121
|
8.2
|
%
|
$
|
8,702
|
6.0
|
%
|
|||
Income (Loss) from Operations:
|
|||||||||||
Wheels
|
$
|
8,377
|
8.2
|
%
|
$
|
5,416
|
6.4
|
%
|
|||
Gunite
|
2,040
|
5.6
|
%
|
1,203
|
3.2
|
%
|
|||||
Brillion Iron Works
|
1,079
|
3.2
|
%
|
(1,699)
|
(7.4)
|
%
|
|||||
Corporate / Other
|
(7,775)
|
—
|
(6,589)
|
—
|
|||||||
Consolidated Total
|
$
|
3,721
|
2.2
|
%
|
$
|
(1,669)
|
(1.2)
|
%
|
|||
Net Income (Loss)
|
$
|
(5,128)
|
(3.0)
|
%
|
$
|
1,611
|
1.1
|
%
|
|||
Adjusted EBITDA:
|
|||||||||||
Wheels
|
$
|
17,564
|
17.2
|
%
|
$
|
14,733
|
17.5
|
%
|
|||
Gunite
|
3,518
|
9.6
|
%
|
2,745
|
7.3
|
%
|
|||||
Brillion Iron Works
|
2,257
|
6.6
|
%
|
(549)
|
(2.4)
|
%
|
|||||
Corporate / Other
|
(7,693)
|
—
|
(7,103)
|
—
|
|||||||
Continuing Operations
|
$
|
15,646
|
9.1
|
%
|
$
|
9,826
|
6.8
|
%
|
|||
Brillion Farm
|
—
|
—
|
(50)
|
—
|
|||||||
Imperial Group
|
—
|
—
|
(150)
|
—
|
%
|
||||||
Consolidated Total
|
$
|
15,646
|
9.1
|
%
|
$
|
9,626
|
6.7
|
%
|
Year Ended December 31,
|
|||||||||||
(Dollars in thousands)
|
2014
|
2013
|
|||||||||
Net sales:
|
|||||||||||
Wheels
|
$
|
402,146
|
57.0
|
%
|
$
|
364,614
|
56.7
|
%
|
|||
Gunite
|
171,263
|
24.3
|
%
|
168,988
|
26.3
|
%
|
|||||
Brillion Iron Works
|
131,769
|
18.7
|
%
|
109,281
|
17.0
|
%
|
|||||
Total net sales
|
$
|
705,178
|
100.0
|
%
|
$
|
642,883
|
100.0
|
%
|
|||
Gross Profit
|
$
|
73,478
|
10.4
|
%
|
$
|
43,956
|
6.8
|
%
|
|||
Income (Loss) from Operations:
|
|||||||||||
Wheels
|
$
|
41,823
|
10.4
|
%
|
$
|
30,883
|
8.5
|
%
|
|||
Gunite
|
16,710
|
9.8
|
%
|
2,599
|
1.5
|
%
|
|||||
Brillion Iron Works
|
4,523
|
3.4
|
%
|
1,027
|
0.9
|
%
|
|||||
Corporate / Other
|
(30,418)
|
—
|
(35,741)
|
—
|
|||||||
Consolidated Total
|
$
|
32,638
|
4.6
|
%
|
$
|
(1,232)
|
(0.2)
|
%
|
|||
Net Income (Loss)
|
$
|
(2,307)
|
(0.3)
|
%
|
$
|
(38,313)
|
(6.0)
|
%
|
|||
Adjusted EBITDA:
|
|||||||||||
Wheels
|
$
|
78,665
|
19.6
|
%
|
$
|
68,487
|
18.8
|
%
|
|||
Gunite
|
21,536
|
12.6
|
%
|
8,230
|
4.9
|
%
|
|||||
Brillion Iron Works
|
9,072
|
6.9
|
%
|
5,885
|
5.4
|
%
|
|||||
Corporate / Other
|
(31,279)
|
—
|
(35,559)
|
—
|
|||||||
Continuing Operations
|
$
|
77,994
|
11.1
|
%
|
$
|
47,043
|
7.3
|
%
|
|||
Brillion Farm
|
—
|
—
|
(137)
|
—
|
|||||||
Imperial Group
|
—
|
—
|
(869)
|
(1.2)
|
%
|
||||||
Consolidated Total
|
$
|
77,994
|
11.1
|
%
|
$
|
46,037
|
6.4
|
%
|
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||
(In thousands except per share data)
|
2014
|
2013
|
2014
|
2013
|
|||||||||
NET SALES
|
$
|
172,812
|
$
|
144,691
|
$
|
705,178
|
$
|
642,883
|
|||||
COST OF GOODS SOLD
|
158,691
|
135,989
|
631,700
|
598,927
|
|||||||||
GROSS PROFIT
|
14,121
|
8,702
|
73,478
|
43,956
|
|||||||||
OPERATING EXPENSES:
|
|||||||||||||
Selling, general and administrative
|
10,400
|
10,371
|
40,840
|
45,188
|
|||||||||
INCOME (LOSS) FROM OPERATIONS
|
3,721
|
(1,669)
|
32,638
|
(1,232)
|
|||||||||
OTHER INCOME (EXPENSE):
|
|||||||||||||
Interest expense, net
|
(8,362)
|
(8,465)
|
(33,713)
|
(35,027)
|
|||||||||
Other income (loss), net
|
(2,002)
|
(570)
|
(3,506)
|
(320)
|
|||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
(6,643)
|
(10,704)
|
(4,581)
|
(36,579)
|
|||||||||
INCOME TAX BENEFIT
|
(1,560)
|
(12,622)
|
(2,527)
|
(10,244)
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(5,083)
|
1,918
|
(2,054)
|
(26,335)
|
|||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
(45)
|
(307)
|
(253)
|
(11,978)
|
|||||||||
NET INCOME (LOSS)
|
$
|
(5,128)
|
$
|
1,611
|
$
|
(2,307)
|
$
|
(38,313)
|
|||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
|
|||||||||||||
Defined benefit plans
|
(31,871)
|
30,941
|
(30,926)
|
33,122
|
|||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(36,999)
|
$
|
32,552
|
$
|
(33,233)
|
$
|
(5,191)
|
|||||
Weighted average common shares outstanding—basic
|
47,749
|
47,588
|
47,708
|
47,548
|
|||||||||
Basic income (loss) per share-continuing operations
|
(0.10)
|
0.04
|
(0.04)
|
(0.56)
|
|||||||||
Basic loss per share-discontinued operations
|
—
|
(0.01)
|
(0.01)
|
(0.25)
|
|||||||||
Basic income (loss) per share
|
$
|
(0.10)
|
$
|
0.03
|
$
|
(0.05)
|
$
|
(0.81)
|
|||||
Weighted average common shares outstanding—diluted
|
47,749
|
47,950
|
47,708
|
47,548
|
|||||||||
Diluted income (loss) per share-continuing operations
|
(0.10)
|
0.04
|
(0.04)
|
(0.56)
|
|||||||||
Diluted loss per share-discontinued operations
|
—
|
(0.01)
|
(0.01)
|
(0.25)
|
|||||||||
Diluted income (loss) per share
|
$
|
(0.10)
|
$
|
0.03
|
$
|
(0.05)
|
$
|
(0.81)
|
Three Months Ended December 31,
|
|||||||
(In thousands)
|
2014
|
2013
|
|||||
|
|||||||
Net income (loss)
|
$
|
(5,128)
|
$
|
1,611
|
|||
Income tax benefit
|
(1,560)
|
(12,622)
|
|||||
Interest expense, net
|
8,362
|
8,465
|
|||||
Depreciation and amortization
|
10,869
|
10,790
|
|||||
Restructuring, severance and other charges1
|
442
|
253
|
|||||
Other items related to our credit agreement2
|
2,661
|
1,129
|
|||||
Adjusted EBITDA
|
$
|
15,646
|
$
|
9,626
|
1)
|
For the three months ended December 31, 2014, 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 December 31, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $0.3 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 December 31, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $2.7 million. For the three months ended December 31, 2013, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $1.1 million.
|
Year Ended December 31,
|
|||||||
(In thousands)
|
2014
|
2013
|
|||||
|
|||||||
Net income (loss)
|
$
|
(2,307)
|
$
|
(38,313)
|
|||
Income tax benefit
|
(2,527)
|
(10,244)
|
|||||
Interest expense, net
|
33,713
|
35,027
|
|||||
Depreciation and amortization
|
41,873
|
44,329
|
|||||
Restructuring, severance and other charges1
|
1,069
|
11,550
|
|||||
Other items related to our credit agreement2
|
6,173
|
3,688
|
|||||
Adjusted EBITDA
|
$
|
77,994
|
$
|
46,037
|
1)
|
For the Year Ended December 31, 2014, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $1.1 million in costs associated with restructuring items. For the Year Ended December 31, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $11.6 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 Year Ended December 31, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $6.2 million. For the Year Ended December 31, 2013, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $3.7 million.
|
Three Months Ended December 31, 2014
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
8,377
|
$
|
7,987
|
$
|
1,200
|
$
|
17,564
|
|||||
Gunite
|
2,040
|
1,228
|
250
|
3,518
|
|||||||||
Brillion Iron Works
|
1,079
|
1,148
|
30
|
2,257
|
|||||||||
Corporate / Other
|
(7,775)
|
495
|
(413)
|
(7,693)
|
|||||||||
Continuing Operations
|
$
|
3,721
|
$
|
10,858
|
$
|
1,067
|
$
|
15,646
|
|||||
Imperial Group
|
(11)
|
11
|
—
|
—
|
|||||||||
Consolidated Total
|
$
|
3,710
|
$
|
10,869
|
$
|
1,067
|
$
|
15,646
|
Three Months Ended December 31, 2013
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
5,416
|
$
|
7,892
|
$
|
1,425
|
$
|
14,733
|
|||||
Gunite
|
1,203
|
1,288
|
254
|
2,745
|
|||||||||
Brillion Iron Works
|
(1,699)
|
1,119
|
31
|
(549)
|
|||||||||
Corporate / Other
|
(6,589)
|
482
|
(996)
|
(7,103)
|
|||||||||
Continuing Operations
|
$
|
(1,669)
|
$
|
10,781
|
$
|
714
|
$
|
9,826
|
|||||
Brillion Farm
|
(50)
|
—
|
—
|
(50)
|
|||||||||
Imperial Group
|
(159)
|
9
|
—
|
(150)
|
|||||||||
Consolidated Total
|
$
|
(1,878)
|
$
|
10,790
|
$
|
714
|
$
|
9,626
|
Year Ended December 31, 2014
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
41,823
|
$
|
31,695
|
$
|
5,147
|
$
|
78,665
|
|||||
Gunite
|
16,710
|
3,826
|
1,000
|
21,536
|
|||||||||
Brillion Iron Works
|
4,523
|
4,429
|
120
|
9,072
|
|||||||||
Corporate / Other
|
(30,418)
|
1,881
|
(2,742)
|
(31,279)
|
|||||||||
Continuing Operations
|
$
|
32,638
|
$
|
41,831
|
$
|
3,525
|
$
|
77,994
|
|||||
Imperial Group
|
(42)
|
42
|
—
|
—
|
|||||||||
Consolidated Total
|
$
|
32,596
|
$
|
41,873
|
$
|
3,525
|
$
|
77,994
|
Year Ended December 31, 2013
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
30,883
|
$
|
31,700
|
$
|
5,904
|
$
|
68,487
|
|||||
Gunite
|
2,599
|
4,709
|
922
|
8,230
|
|||||||||
Brillion Iron Works
|
1,027
|
4,400
|
458
|
5,885
|
|||||||||
Corporate / Other
|
(35,741)
|
2,631
|
(2,449)
|
(35,559)
|
|||||||||
Continuing Operations
|
$
|
(1,232)
|
$
|
43,440
|
$
|
4,835
|
$
|
47,043
|
|||||
Brillion Farm
|
(137)
|
—
|
—
|
(137)
|
|||||||||
Imperial Group
|
(1,758)
|
889
|
—
|
(869)
|
|||||||||
Consolidated Total
|
$
|
(3,127)
|
$
|
44,329
|
$
|
4,835
|
$
|
46,037
|
December 31,
|
December 31,
|
||||||
(In thousands)
|
2014
|
2013
|
|||||
ASSETS
|
|
|
|||||
CURRENT ASSETS:
|
|
|
|||||
Cash and cash equivalents
|
$
|
29,773
|
$
|
33,426
|
|
||
Customer and other receivables
|
63,570
|
59,520
|
|
||||
Inventories
|
43,065
|
39,329
|
|
||||
Other current assets
|
13,472
|
16,993
|
|
||||
Total current assets
|
149,880
|
149,268
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net
|
212,183
|
219,624
|
|
||||
OTHER ASSETS:
|
|
||||||
Goodwill and other assets
|
236,359
|
242,885
|
|
||||
TOTAL
|
$
|
598,422
|
$
|
611,777
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
||||||
CURRENT LIABILITIES:
|
|
||||||
Accounts payable
|
$
|
56,452
|
$
|
47,527
|
|
||
Other current liabilities
|
40,619
|
42,472
|
|
||||
Total current liabilities
|
97,071
|
89,999
|
|
||||
LONG-TERM DEBT
|
323,234
|
330,183
|
|
||||
OTHER LIABILITIES
|
147,314
|
129,711
|
|
||||
STOCKHOLDERS' EQUITY:
|
|
||||||
Total stockholders' equity
|
30,803
|
61,884
|
|||||
TOTAL
|
$
|
598,422
|
$
|
611,777
|
|
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