EX-99.01 2 acw15-99d1.htm EX-99.1  
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

FOR IMMEDIATE RELEASE

Accuride Reports Fourth Quarter and Fiscal Year 2015 Results
Fourth Quarter 2015 Results:
o
Net loss of $0.31 per share, including a loss of $0.09 per share related to an impairment charge at Brillion
o
Net sales of $153.1 million, down 11.4 percent year-over-year
o
Adjusted EBITDA of $15.6 million, flat year-over-year

Full year 2015 Results:
o
Net loss of $0.16 per share, including a loss of $0.09 per share related to an impairment charge at Brillion
o
Net sales of $685.6 million, down 2.8 percent year-over-year
o
Adjusted EBITDA of $81.9 million, up 5.1 percent year-over-year

EVANSVILLE, Ind. – February 26,  2016 – Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American and European commercial vehicle industries – today reported financial results for the fourth quarter and fiscal year ended December 31, 2015.

"In diverse market conditions, we improved on several key financial measures in 2015, including Adjusted EBITDA, free cash flow and liquidity," said Rick Dauch, Accuride President and CEO.  "While Brillion's results continued to be impacted by lower end-market demand, the Wheels and Gunite businesses performed exceptionally well in 2015.  With their facilities operating at near-peak efficiencies, they converted this world-class operating performance and capable, available capacity into improved market share positions for wheels and wheel end components.  This enabled us to generate $20 million in free cash flow in 2015 and improve our liquidity level to $77 million.

"Our investments in industry-leading technologies – such as our Steel Armor™ and newly-introduced EverSteel™ coatings – are further positioning us for success in the marketplace.  In 2015, we converted 50 fleets to Accuride wheels and Gunite components.  We also secured or renewed five long-term agreements with key truck OEMs and three with trailer OEs, giving us a solid three to five year foundation from which to expand.

"Although Class 8 volumes are projected to be approximately 20 percent lower in 2016, the Trailer and Aftermarket segments – where Accuride's share has increased – are expected to be stable. In addition, 2016 will see the top-line benefit of our new majority stake in Gianetti Ruote, which serves Europe's steadily growing commercial vehicle industry. Now, more than ever, Accuride is a more competitive and strategically vital supplier to our customers in North America and Europe. We are confident our improved product and geographic platforms will lead to growth and increased stakeholder value."

Fourth Quarter 2015 Results
Fourth quarter 2015 net sales were $153.1 million, a decrease of 11.4 percent from the year ago period.  This was driven primarily by the lower demand in our Brillion segment and lower raw material prices which was partially offset by $6.5 million in net sales related to our majority investment in Gianetti.  Accuride's operating loss was $1.6 million, which was impacted by a $4.4 million non-cash goodwill impairment charge related to Brillion and a $1.3 million loss related to the results at Gianetti.  The Company reported a net loss from continuing operations attributable to stockholders of $14.9 million, or a negative $0.31 per share, during the quarter.  This included a loss of $0.09 per share related to the impairment charge at Brillion.  Fourth quarter Adjusted EBITDA was $15.6 million, or 10.2 percent of net sales, compared to $15.6 million, or 9.1 percent of net sales, in the fourth quarter of 2014.  As of December 31, 2015, Accuride had $29.8 million of cash plus $46.8 million in availability under its ABL Credit Facility for total liquidity of $76.6 million.

Fiscal Year 2015 Results
Net sales for the fiscal year ended December 31, 2015 were $685.6 million.  This compares with $705.2 million in the prior year, or a decrease of 2.8 percent.  The net sales decrease was primarily due to lower demand at our Brillion business unit which was partially offset by the impact of higher vehicle production in the North American commercial vehicle market and by $6.5 million in net sales related to our majority investment in Gianetti.  Accuride reported a loss from continuing operations attributable to stockholders of $7.5 million, or a negative $0.16 per share, for the year ended December 31, 2015 compared to a loss of $0.04 per share in 2014.  This included a loss of $0.09 per share related to the impairment charge at Brillion.  Adjusted EBITDA from continuing operations for fiscal-year 2015 was $81.9 million, or 12.0 percent of net sales, compared to $78.0 million, or 11.1 percent of net sales, in the prior year.

Fourth Quarter Business Segment Results

Accuride Wheels
Accuride Wheels segment net sales were $98.4 million, down $3.7 million, or 3.6 percent, from the same period in 2014.  This was primarily due to lower OEM demand in the quarter which was partially offset by $6.5 million in net sales related to Gianetti.  Excluding the net sales from Gianetti, the Wheels' net sales were down $10.2 million, or 10.0 percent, from the same period in 2014.  Despite this decrease, the Wheels' Adjusted EBITDA was $20.2 million, an increase of $2.6 million, or 14.7 percent, from the fourth quarter of 2014.  Wheels continued to gain share in 2015 due to its available aluminum wheel capacity and the introduction of industry leading products in both steel and aluminum wheels.

Gunite
Gunite segment net sales of $39.2 million were up $2.6 million, or 7.1 percent, from the fourth quarter of 2014. This was primarily attributable to market share gains in aftermarket brake drums. Gunite's Adjusted EBITDA improved to $6.2 million, from $3.5 million in the fourth quarter of 2014. Gunite gained share in 2015 as it continued to reestablish itself as a prominent wheel-end component supplier through industry leading lead times and quality.

Brillion Iron Works
Brillion Iron Works' fourth quarter net sales were $15.5 million, down $18.6 million, or 54.5 percent, from the fourth quarter of 2014 on lower industry demand. Brillion's Adjusted EBITDA was a negative $2.6 million, a decrease of $4.8 million, from the fourth quarter of 2014.  The net sales in the fourth quarter represented its lowest level in any quarter since 2009 as this business continues to be impacted by reduced end market demand from customers in the oil and gas, mining and agriculture industries.

Liquidity and Debt
As of December 31, 2015, total debt was $317.6 million, consisting of $307.3 million of our outstanding 9.5% senior secured notes, net of discount, and $10.3 million in short term obligations related to our majority interest in Gianetti.  As of December 31, 2015, Accuride had $29.8 million of cash plus $46.8 million in availability under its ABL Credit Facility, for total liquidity of $76.6 million.

2016 Financial Guidance
Accuride expects 2016 revenue to be in the range of $650 million to $700 million, with Adjusted EBITDA in the range $65 million to $80 million.  Accuride also expects free cash flow for 2016 to be roughly breakeven. The Company is basing these expectations for its 2016 guidance on the following projections for North American commercial vehicle production and other key assumptions for the year:

·
Class 8 production levels in the range of 240,000 to 260,000 units
·
Class 5-7 production levels in the range of 220,000 to 240,000 units
·
Trailer production in the range of 270,000 to 290,000 units
·
European heavy and medium duty truck builds in the range of 510,000 to 530,000 units
·
Commercial vehicle aftermarket growth in the range of 1 percent to 3.5 percent
·
Brillion business unit net sales down 15 percent to 20 percent versus prior year
·
Full year consolidation of Gianetti Ruote

Earnings Conference Call Information
Accuride will host a conference call to discuss the financial and operational results of its Fourth Quarter and Full-Year Fiscal 2015 on Friday, February 26, 2016, beginning at 9:00 a.m. CST.  Analysts and investors may participate on the conference call by dialing (855) 542-4217 in the United States, or (412) 455-6081 internationally, and using participant code 54646527.  A live webcast of the conference call can be accessed via the Investors section of the company's website – www.AccurideCorp.com/investors.  A replay will be available from February 26, 2016, at 12:00 p.m. CST until 11:59 p.m. CST, March 4, 2016, by calling (855) 859-2056 in the United States, or (404) 537-3406 internationally, using access code 54646527.

About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American and European commercial vehicle industries.  The company's products include commercial vehicle wheels; wheel-end components and assemblies; and specialty cast-iron components for a range of agricultural, construction and mining, and oil and gas equipment applications.  The company's products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions™, Gunite®, Gianetti Ruote™ and Brillion™.  Accuride's common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Company's website at http://www.accuridecorp.com.

Forward-Looking Statements
Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Accuride's expectations, hopes, beliefs, and intentions with respect to future results. Such statements are subject to the impact on Accuride's business and prospects generally of, among other factors, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Accuride's Securities and Exchange Commission filings, including those described in Item 1A of Accuride's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Any forward-looking statement reflects only Accuride's belief at the time the statement is made. Although Accuride believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee its future results, levels of activity, performance or achievements. Except as required by law, Accuride undertakes no obligation to update any forward-looking statements to reflect events or developments after the date of this news release.

Three Months Operating Results
(UNAUDITED)

       
   
Three Months Ended December 31,
  
(Dollars in thousands)
  
2015
  
2014
  
                       
Net sales:
                      
Wheels                                                                                              
  
$
98,380
  
64.3
%
$
102,088
  
59.1
%
Gunite                                                                                              
    
39,214
  
25.6
%
  
36,629
  
21.2
%
Brillion Iron Works                                                                                              
    
15,513
  
10.1
%
  
34,095
  
19.7
%
Total net sales                                                                                                  
  
$
153,107
  
100.0
%
$
172,812
  
100.0
%
                       
Gross Profit                                                                                                  
  
$
14,605
  
9.5
%
$
14,121
  
8.2
%
                       
Income (Loss) from Operations:
                      
Wheels                                                                                              
  
$
10,461
  
10.6
%
$
8,377
  
8.2
%
Gunite                                                                                              
    
4,755
  
12.1
%
  
2,040
  
5.6
%
Brillion Iron Works                                                                                              
    
(8,719)
  
(56.2)
%
  
1,079
  
3.2
%
Corporate / Other                                                                                              
    
(8,087)
  
—
    
(7,775)
  
—
  
Consolidated Total                                                                                                  
  
$
(1,590)
  
(1.0)
%
$
3,721
  
2.2
%
                       
Net Income (Loss)                                                                                                  
  
$
(15,205)
  
(9.9)
%
$
(5,128)
  
(3.0)
%
                       
Adjusted EBITDA:
                      
Wheels                                                                                              
  
$
20,248
  
20.6
%
$
17,564
  
17.2
%
Gunite                                                                                              
    
6,224
  
15.9
%
  
3,518
  
9.6
%
Brillion Iron Works                                                                                              
    
(2,558)
  
(16.5)
%
  
2,257
  
6.6
%
Corporate / Other                                                                                              
    
(8,308)
  
—
    
(7,693)
  
—
  
Continuing Operations                                                                                                  
  
$
15,606
  
10.2
%
$
15,646
  
9.1
%
                       
Discontinued Operations                                                                                              
    
(13)
  
—
    
—
  
—
  
Consolidated Total                                                                                                  
  
$
15,593
  
10.2
%
$
15,646
  
9.1
%







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Fiscal Year Operating Results
(UNAUDITED)

       
   
Year Ended December 31,
  
(Dollars in thousands)
  
2015
  
2014
  
                       
Net sales:
                      
Wheels                                                                                              
  
$
422,905
  
61.7
%
$
402,146
  
57.0
%
Gunite                                                                                              
    
167,783
  
24.5
%
  
171,263
  
24.3
%
Brillion Iron Works                                                                                              
    
94,886
  
13.8
%
  
131,769
  
18.7
%
Total net sales                                                                                                  
  
$
685,574
  
100.0
%
$
705,178
  
100.0
%
                       
Gross Profit                                                                                                  
  
$
79,705
  
11.6
%
$
73,478
  
10.4
%
                       
Income (Loss) from Operations:
                      
Wheels                                                                                              
  
$
54,833
  
13.0
%
$
41,823
  
10.4
%
Gunite                                                                                              
    
19,895
  
11.9
%
  
16,710
  
9.8
%
Brillion Iron Works                                                                                              
    
(11,643)
  
(12.3)
%
  
4,523
  
3.4
%
Corporate / Other                                                                                              
    
(33,665)
  
—
    
(30,418)
  
—
  
Consolidated Total                                                                                                  
  
$
29,420
  
4.3
%
$
32,638
  
4.6
%
                       
Net Income (Loss) attributable to stockholders
  
$
(7,634)
  
(1.1)
%
$
(2,307)
  
(0.3)
%
                       
Adjusted EBITDA:
                      
Wheels                                                                                              
  
$
90,951
  
21.5
%
$
78,665
  
19.6
%
Gunite                                                                                              
    
25,462
  
15.2
%
  
21,536
  
12.6
%
Brillion Iron Works                                                                                              
    
(1,876)
  
(2.0)
%
  
9,072
  
6.9
%
Corporate / Other                                                                                              
    
(32,590)
  
—
    
(31,279)
  
—
  
Continuing Operations                                                                                                  
  
$
81,947
  
12.0
%
$
77,994
  
11.1
%
                       
Discontinued Operations                                                                                              
    
(13)
  
—
    
—
  
—
  
Consolidated Total                                                                                                  
  
$
81,934
  
12.0
%
$
77,994
  
11.1
%







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ACCURIDE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

   
Three Months Ended December 31,
  
Year Ended December 31,
  
(In thousands except per share data)
  
2015
  
2014
  
2015
  
2014
  
                   
NET SALES
  
$
153,107
  
$
172,812
  
$
685,574
  
$
705,178
  
COST OF GOODS SOLD
    
138,502
    
158,691
    
605,869
    
631,700
  
GROSS PROFIT
    
14,605
    
14,121
    
79,705
    
73,478
  
OPERATING EXPENSES:
                          
Selling, general and administrative
    
11,781
    
10,400
    
45,871
    
40,840
  
Impairment of Goodwill
    
4,414
    
—
    
4,414
    
—
  
INCOME FROM OPERATIONS
    
(1,590)
    
3,721
    
29,420
    
32,638
  
OTHER EXPENSE:
                          
Interest expense, net
    
(8,423)
    
(8,362)
    
(33,376)
    
(33,713)
  
Other loss, net
    
(1,745)
    
(2,002)
    
(4,143)
    
(3,506)
  
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
    
(11,758)
    
(6,643)
    
(8,099)
    
(4,581)
  
INCOME TAX EXPENSE (BENEFIT))
    
3,525
    
(1,560)
    
(138)
    
(2,527)
  
INCOME FROM CONTINUING OPERATIONS
    
(15,283)
    
(5,083)
    
(7,961)
    
(2,054)
  
DISCONTINUED OPERATIONS, NET OF TAX
    
(352)
    
(45)
    
(103)
    
(253)
  
NET LOSS
    
(15,635)
    
(5,128)
    
(8,064)
    
(2,307)
  
NET LOSS ATTRIBUTABLE TO NONCONTROLLING MINORITY INTEREST
    
(430)
    
—
    
(430)
    
—
  
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS
  
$
(15,205)
  
$
(5,128)
  
$
(7,634)
  
$
(2,307)
  
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
                          
Defined benefit plans and foreign currency
    
16,632
    
17,767
    
32,213
    
(30,926)
  
COMPREHENSIVE INCOME (LOSS)
  
$
1,427
  
$
12,639
  
$
24,579
  
$
(33,233)
  
                           
AMOUNTS ATTRIBUTABLE TO STOCKHOLDERS
                          
Income (Loss) from continuing operations, net of tax
  
$
(14,853)
  
$
(5,083)
  
$
(7,531)
  
$
(2,054)
  
Discontinued operations, net of tax
    
(352)
    
(45)
    
(103)
    
(253)
  
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS
  
$
(15,205)
  
$
(5,128)
  
$
(7,634)
  
$
(2,307)
  
                           
EARNINGS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS
                          
Weighted average common shares outstanding—basic
    
48,016
    
47,749
    
47,961
    
47,708
  
Basic income per share-continuing operations
    
(0.31)
    
(0.11)
    
(0.16)
    
(0.04)
  
Basic income per share-discontinued operations
    
(0.01)
    
—
    
—
    
(0.01)
  
Basic income per share
  
$
(0.32)
  
$
(0.11)
  
$
(0.16)
  
$
(0.05)
  
Weighted average common shares outstanding—diluted
    
48,016
    
47,749
    
47,961
    
47,708
  
Diluted income per share-continuing operations
    
(0.31)
    
(0.11)
    
(0.16)
    
(0.04)
  
Diluted income per share-discontinued operations
    
(0.01)
    
—
    
—
    
(0.01)
  
Diluted income per share
  
$
(0.32)
  
$
(0.11)
  
$
(0.16)
  
$
(0.05)
  




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ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(UNAUDITED)

   
Three Months Ended December 31,
  
(In thousands)
  
2015
  
2014
  
         
 
Net income (loss)  
  
$
(15,635)
  
$
(5,128)
  
Income tax benefit
    
3,525
    
(1,560)
  
Interest expense, net  
    
8,423
    
8,362
  
Depreciation and amortization  
    
11,292
    
10,869
  
Impairment of goodwill  
    
4,414
    
—
  
Noncontrolling interest  
    
430
    
—
  
Restructuring, severance and other charges1  
    
1,177
    
442
  
Other items related to our credit agreement2  
    
1,967
    
2,661
  
Adjusted EBITDA  
  
$
15,593
  
$
15,646
  

Note:
1)    
For the three months ended December 31, 2015, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, $4.4 million in impairment of goodwill, noncontrolling interest, plus $1.2 million in costs associated with restructuring severance, and other charges. For the three months ended December 31, 2014, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $0.4 million in costs associated with restructuring, severance and other charges.
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, 2015, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $2.0 million. 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.

   
Year ended December 31,
  
(In thousands)
  
2015
  
2014
  
         
 
Net income (loss)  
  
$
(8,064)
  
$
(2,307)
  
Income tax benefit  
    
(138)
    
(2,527)
  
Interest expense, net  
    
33,376
    
33,713
  
Depreciation and amortization  
    
42,792
    
41,873
  
Impairment of goodwill  
    
4,414
    
—
  
Noncontrolling interest  
    
430
    
—
  
Restructuring, severance and other charges1  
    
2,892
    
1,069
  
Other items related to our credit agreement2  
    
6,232
    
6,173
  
Adjusted EBITDA  
  
$
81,934
  
$
77,994
  

Note:

1)    
For the full year ended December 31, 2015, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, $4.4 million impairment of goodwill, noncontrolling interest plus $2.9 million in costs associated with restructuring, severance and other charges.  For the full year ended December 31, 2014, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $1.1 million in costs associated with restructuring, severance and other charges.
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 full year ended December 31, 2015, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $6.2 million. For the full 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.
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ACCURIDE CORPORATION
SEGMENT ADJUSTED EBITDA RECONCILIATION
(UNAUDITED)


   
Three Months Ended December 31, 2015
  
(In thousands)
  
Income (loss) from Operations
  
Depreciation and Amortization
  
Other
  
Adjusted EBITDA
  
Wheels  
  
$
10,461
  
$
8,125
  
$
1,662
  
$
20,248
  
Gunite  
    
4,755
    
1,219
    
250
    
6,224
  
Brillion Iron Works  
    
(8,719)
    
1,229
    
4,932
    
(2,558)
  
Corporate / Other  
    
(8,087)
    
709
    
(930)
    
(8,308)
  
Continuing Operations  
  
$
(1,590)
  
$
11,282
  
$
5,914
  
$
15,606
  
Discontinued Operations
    
(23)
    
10
    
—
    
(13)
  
Consolidated Total  
  
$
(1,613)
  
$
11,292
  
$
5,914
  
$
15,593
  




   
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
  
Discontinued Operations  
    
(11)
    
11
    
—
    
—
  
Consolidated Total  
  
$
3,710
  
$
10,869
  
$
1,067
  
$
15,646
  



   
Year Ended December 31, 2015
  
(In thousands)
  
Income (loss) from Operations
  
Depreciation and Amortization
  
Other
  
Adjusted EBITDA
  
Wheels  
  
$
54,833
  
$
30,856
  
$
5,262
  
$
90,951
  
Gunite  
    
19,895
    
4,567
    
1,000
    
25,462
  
Brillion Iron Works  
    
(11,643)
    
4,745
    
5,022
    
(1,876)
  
Corporate / Other  
    
(33,665)
    
2,583
    
(1,508)
    
(32,590)
  
Continuing Operations  
  
$
29,420
  
$
42,751
  
$
9,776
  
$
81,947
  
Discontinued Operations  
    
(54)
    
41
    
—
    
(13)
  
Consolidated Total  
  
$
29,366
  
$
42,792
  
$
9,776
  
$
81,934
  


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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
  
Discontinued Operations
    
(42)
    
42
    
—
    
—
  
Consolidated Total  
  
$
32,596
  
$
41,873
  
$
3,525
  
$
77,994
  


We define Adjusted EBITDA as our net income before net interest expense, income tax expense, depreciation and amortization, impairment of goodwill, noncontrolling interest, restructuring, severance and other charges.  Adjusted EBITDA has been included because we believe that it is useful for us and our investors to measure our ability to provide cash flows to meet debt service. Adjusted EBITDA should not be considered an alternative to net income (loss) or other traditional indicators of operating performance and cash flows determined in accordance with accounting principles generally accepted in the United States ("GAAP"). We present the table of Adjusted EBITDA because covenants in the agreements governing our material indebtedness contain ratios based on this measure on a quarterly basis. While Adjusted EBITDA is used as a measure of liquidity and the ability to meet debt service requirements, it is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculations.








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ACCURIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)


   
December 31,
  
December 31,
  
(In thousands)
  
2015
  
2014
  
           
ASSETS
    
 
  
 
CURRENT ASSETS:
    
 
  
 
Cash and cash equivalents  
  
$
29,759
  
$
29,773
 
Customer and other receivables  
    
65,980
    
63,570
 
Inventories  
    
47,792
    
43,065
 
Other current assets  
    
8,399
    
13,472
 
Total current assets  
    
151,930
    
149,880
 
PROPERTY, PLANT AND EQUIPMENT, net  
    
224,762
    
212,183
 
OTHER ASSETS:
            
 
Goodwill and other assets  
    
230,024
    
236,359
 
TOTAL  
  
$
606,716
  
$
598,422
 
LIABILITIES AND STOCKHOLDERS' EQUITY
            
 
CURRENT LIABILITIES:
            
 
Accounts payable  
  
$
71,782
  
$
56,452
 
Short term debt obligations  
    
10,286
    
—
  
Other current liabilities  
    
39,830
    
40,619
 
Total current liabilities  
    
121,898
    
97,071
 
LONG-TERM DEBT  
    
307,351
    
323,234
 
OTHER LIABILITIES  
    
106,613
    
147,314
 
STOCKHOLDERS' EQUITY:
            
 
Total stockholders' equity  
    
70,854
    
30,803
  
TOTAL  
  
$
606,716
  
$
598,422