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 27, 2015, entitled "Accuride Reports Increase in Profitability in Second Quarter 2015".
|
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, 2015.
|
/s/ STEPHEN A. MARTIN
|
Dated: July 27, 2015
|
|||
Stephen A. Martin
|
||||
Senior Vice President / General Counsel
|
Exhibit Number
|
Description
|
99.1
|
Press Release, dated July 27, 2015, entitled "Accuride Reports Increase in Profitability in Second Quarter 2015".
|
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, 2015.
|
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
|
|
Second Quarter 2015 results from continuing operations included:
|
o
|
Net sales of $185.4 million, up 2.1 percent year-over-year
|
o
|
Adjusted EBITDA of $25.9 million, up 11.5 percent year-over-year
|
o
|
Net Income of $0.13 per share
|
|
Maintaining 2015 earnings guidance despite reduction in revenue guidance due to Brillion
|
o
|
Aftermarket demand for aluminum wheels and Gunite components expected to help offset softer Brillion end markets
|
Three Months Ended June 30,
|
||||||||||||||||
(Dollars in thousands)
|
2015
|
2014
|
||||||||||||||
Net sales:
|
||||||||||||||||
Wheels
|
$
|
114,356
|
61.7
|
%
|
$
|
101,155
|
55.7
|
%
|
||||||||
Gunite
|
47,006
|
25.3
|
%
|
48,304
|
26.6
|
%
|
||||||||||
Brillion
|
24,018
|
13.0
|
%
|
32,116
|
17.7
|
%
|
||||||||||
Total net sales
|
$
|
185,380
|
100.0
|
%
|
$
|
181,575
|
100.0
|
%
|
||||||||
Gross Profit
|
$
|
25,906
|
14.0
|
%
|
$
|
22,422
|
12.3
|
%
|
||||||||
Income (loss) from Operations:
|
||||||||||||||||
Wheels
|
$
|
17,405
|
15.2
|
%
|
$
|
11,857
|
11.7
|
%
|
||||||||
Gunite
|
7,338
|
15.6
|
%
|
7,243
|
15.0
|
%
|
||||||||||
Brillion Iron Works
|
(1,470
|
)
|
(6.1
|
)
%
|
489
|
1.5
|
%
|
|||||||||
Corporate / Other
|
(9,089
|
)
|
—
|
(7,285
|
)
|
—
|
||||||||||
Consolidated Total
|
$
|
14,184
|
7.7
|
%
|
$
|
12,304
|
6.8
|
%
|
||||||||
Net Income
|
$
|
6,339
|
3.4
|
%
|
$
|
5,295
|
2.9
|
%
|
||||||||
Adjusted EBITDA:
|
||||||||||||||||
Wheels
|
$
|
26,090
|
22.8
|
%
|
$
|
20,934
|
20.7
|
%
|
||||||||
Gunite
|
8,694
|
18.5
|
%
|
8,304
|
17.2
|
%
|
||||||||||
Brillion Iron Works
|
(256
|
)
|
(1.1
|
)
%
|
1,605
|
5.0
|
%
|
|||||||||
Corporate / Other
|
(8,625
|
)
|
—
|
(7,609
|
)
|
—
|
||||||||||
Continuing Operations
|
$
|
25,903
|
14.0
|
%
|
$
|
23,234
|
12.8
|
%
|
Six Months Ended June 30,
|
||||||||||||||||
(Dollars in thousands)
|
2015
|
2014
|
||||||||||||||
Net sales:
|
||||||||||||||||
Wheels
|
$
|
222,692
|
60.3
|
%
|
$
|
193,373
|
55.5
|
%
|
||||||||
Gunite
|
84,746
|
23.0
|
%
|
92,277
|
26.5
|
%
|
||||||||||
Brillion
|
61,601
|
16.7
|
%
|
62,709
|
18.0
|
%
|
||||||||||
Total net sales
|
$
|
369,039
|
100.0
|
%
|
$
|
348,359
|
100.0
|
%
|
||||||||
Gross Profit
|
$
|
46,837
|
12.7
|
%
|
$
|
39,445
|
11.3
|
%
|
||||||||
Income (loss) from Operations:
|
||||||||||||||||
Wheels
|
$
|
30,657
|
13.8
|
%
|
$
|
21,599
|
11.2
|
%
|
||||||||
Gunite
|
10,079
|
11.9
|
%
|
10,521
|
11.4
|
%
|
||||||||||
Brillion Iron Works
|
726
|
1.2
|
%
|
1,764
|
2.8
|
%
|
||||||||||
Corporate / Other
|
(17,950
|
)
|
-
|
(15,011
|
)
|
-
|
||||||||||
Consolidated Total
|
$
|
23,512
|
6.4
|
%
|
$
|
18,873
|
5.4
|
%
|
||||||||
Net Income
|
$
|
5,751
|
1.6
|
%
|
$
|
1,722
|
0.5
|
%
|
||||||||
Adjusted EBITDA:
|
||||||||||||||||
Wheels
|
$
|
48,319
|
21.7
|
%
|
$
|
40,130
|
20.8
|
%
|
||||||||
Gunite
|
12,770
|
15.1
|
%
|
12,621
|
13.7
|
%
|
||||||||||
Brillion Iron Works
|
3,125
|
5.1
|
%
|
4,019
|
6.4
|
%
|
||||||||||
Corporate / Other
|
(17,026
|
)
|
—
|
(15,580
|
)
|
—
|
||||||||||
Continuing Operations
|
$
|
47,188
|
12.8
|
%
|
$
|
41,190
|
11.8
|
%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
(In thousands except per share data)
|
2015
|
2014
|
2015
|
2014
|
|||||||||
NET SALES
|
$
|
185,380
|
$
|
181,575
|
$
|
369,039
|
$
|
348,359
|
|||||
COST OF GOODS SOLD
|
159,474
|
159,153
|
322,202
|
308,914
|
|||||||||
GROSS PROFIT
|
25,906
|
22,422
|
46,837
|
39,445
|
|||||||||
OPERATING EXPENSES:
|
|||||||||||||
Selling, general and administrative
|
11,722
|
10,118
|
23,325
|
20,572
|
|||||||||
INCOME FROM OPERATIONS
|
14,184
|
12,304
|
23,512
|
18,873
|
|||||||||
OTHER INCOME (EXPENSE):
|
|||||||||||||
Interest expense, net
|
(8,354)
|
(8,487)
|
(16,704)
|
(16,907)
|
|||||||||
Other loss, net
|
(84)
|
(169)
|
(1,256)
|
(699)
|
|||||||||
INCOME BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
5,746
|
3,648
|
5,552
|
1,267
|
|||||||||
INCOME TAX EXPENSE (BENEFIT)
|
(378)
|
(1,461)
|
8
|
(557)
|
|||||||||
INCOME FROM CONTINUING OPERATIONS
|
6,124
|
5,109
|
5,544
|
1,824
|
|||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
215
|
186
|
207
|
(102)
|
|||||||||
NET INCOME
|
$
|
6,339
|
$
|
5,295
|
$
|
5,751
|
$
|
1,722
|
|||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:
|
|||||||||||||
Defined benefit plans
|
17,566
|
140
|
18,840
|
473
|
|||||||||
COMPREHENSIVE INCOME
|
$
|
23,905
|
$
|
5,435
|
$
|
24,591
|
$
|
2,195
|
|||||
Weighted average common shares outstanding—basic
|
47,991
|
47,737
|
47,907
|
47,667
|
|||||||||
Basic income per share-continuing operations
|
0.13
|
0.11
|
0.12
|
0.04
|
|||||||||
Basic income per share-discontinued operations
|
—
|
—
|
—
|
—
|
|||||||||
Basic income per share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
|||||
Weighted average common shares outstanding—diluted
|
49,286
|
49,003
|
48,554
|
48,299
|
|||||||||
Diluted income per share-continuing operations
|
0.13
|
0.11
|
0.12
|
0.04
|
|||||||||
Diluted income per share-discontinued operations
|
—
|
—
|
—
|
—
|
|||||||||
Diluted income per share
|
$
|
0.13
|
$
|
0.11
|
$
|
0.12
|
$
|
0.04
|
Three Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Net income
|
$
|
6,339
|
$
|
5,295
|
||||
Income tax benefit
|
(378
|
)
|
(1,461
|
)
|
||||
Interest expense, net
|
8,354
|
8,487
|
||||||
Depreciation and amortization
|
10,413
|
10,230
|
||||||
Restructuring, severance and other charges1
|
531
|
—
|
||||||
Other items related to our credit agreement2
|
644
|
683
|
||||||
Adjusted EBITDA
|
$
|
25,903
|
$
|
23,234
|
1)
|
For the three months ended June 30, 2015, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $0.5 million in costs associated with restructuring items. For the three months ended June 30, 2014, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization.
|
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, 2015, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $0.6 million. 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.
|
Six Months Ended June 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Net income
|
$
|
5,751
|
$
|
1,722
|
||||
Income tax expense (benefit)
|
8
|
(557
|
)
|
|||||
Interest expense, net
|
16,704
|
16,907
|
||||||
Depreciation and amortization
|
21,009
|
20,502
|
||||||
Restructuring, severance and other charges1
|
1,239
|
627
|
||||||
Other items related to our credit agreement2
|
2,477
|
1,989
|
||||||
Adjusted EBITDA
|
$
|
47,188
|
$
|
41,190
|
3)
|
For the six months ended June 30, 2015, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $1.2 million in costs associated with restructuring items. For the six months ended June 30, 2014, 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.
|
4)
|
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, 2015, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $2.5 million. 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.
|
Three Months Ended June 30, 2015
|
||||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
17,405
|
$
|
7,485
|
$
|
1,200
|
$
|
26,090
|
||||||||
Gunite
|
7,338
|
1,106
|
250
|
8,694
|
||||||||||||
Brillion Iron Works
|
(1,470
|
)
|
1,184
|
30
|
(256
|
)
|
||||||||||
Corporate / Other
|
(9,089
|
)
|
627
|
(163
|
)
|
(8,625
|
)
|
|||||||||
Continuing Operations
|
$
|
14,184
|
$
|
10,402
|
$
|
1,317
|
$
|
25,903
|
||||||||
Imperial Group
|
(11
|
)
|
11
|
—
|
—
|
|||||||||||
Consolidated Total
|
$
|
14,173
|
$
|
10,413
|
$
|
1,317
|
$
|
25,903
|
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
|
Six Months Ended June 30, 2015
|
||||||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
||||||||||||
Wheels
|
$
|
30,657
|
$
|
15,262
|
$
|
2,400
|
$
|
48,319
|
||||||||
Gunite
|
10,079
|
2,191
|
500
|
12,770
|
||||||||||||
Brillion Iron Works
|
726
|
2,339
|
60
|
3,125
|
||||||||||||
Corporate / Other
|
(17,950
|
)
|
1,196
|
(272
|
)
|
(17,026
|
)
|
|||||||||
Continuing Operations
|
$
|
23,512
|
$
|
20,988
|
$
|
2,688
|
$
|
47,188
|
||||||||
Imperial Group
|
(21
|
)
|
21
|
—
|
—
|
|||||||||||
Consolidated Total
|
$
|
23,491
|
$
|
21,009
|
$
|
2,688
|
$
|
47,188
|
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
|
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
30,847
|
$
|
29,773
|
||||
Customer and other receivables
|
77,691
|
63,570
|
||||||
Inventories
|
40,724
|
43,065
|
||||||
Other current assets
|
13,586
|
13,472
|
||||||
Total current assets
|
162,848
|
149,880
|
||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
206,174
|
212,183
|
||||||
OTHER ASSETS:
|
||||||||
Goodwill and other assets
|
234,678
|
236,359
|
||||||
TOTAL
|
$
|
603,700
|
$
|
598,422
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$
|
65,573
|
$
|
56,452
|
||||
Other current liabilities
|
38,172
|
40,619
|
||||||
Total current liabilities
|
103,745
|
97,071
|
||||||
LONG-TERM DEBT
|
316,760
|
323,234
|
||||||
OTHER LIABILITIES
|
126,763
|
147,314
|
||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Total stockholders' equity
|
56,432
|
30,803
|
||||||
TOTAL
|
$
|
603,700
|
$
|
598,422
|
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