-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OgR6Kf/IkkX0nOn0zV64SI7SIyE+M7D2SCUf4Xa+5AnLUfU7v0EkbmLgHrCQbH0X uM3hZIZTWyxadrCiNnwN6Q== 0001104659-03-008185.txt : 20030506 0001104659-03-008185.hdr.sgml : 20030506 20030506092056 ACCESSION NUMBER: 0001104659-03-008185 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030506 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCURIDE CORP CENTRAL INDEX KEY: 0000817979 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 611109077 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-15435 FILM NUMBER: 03683140 BUSINESS ADDRESS: STREET 1: ACCURIDE STREET 2: 7140 OFFICE CIRCLE CITY: EVANSVILLE STATE: IN ZIP: 47715 BUSINESS PHONE: 8129625000 8-K 1 j0242_8k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 6, 2003 (May 6, 2003)

 

ACCURIDE CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

333-50239

 

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)

 

Registrant’s telephone number, including area code (812) 962-5000

 

 

 

Item 7.

 

Financial Statements, Pro Forma Financial Information and Exhibits

 

 

 

 

 

 

(c)

Exhibit Number

Description

 

 

 

 

 

 

 

99.1

Press Release of Accuride Corporation, dated May 6, 2003

 

 

 

 

 

Item 9.

 

Regulation FD Disclosure

 

 

In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under “Item 12. Results of Operations and Financial Condition,” is instead furnished under “Item 9. Regulation FD Disclosure.”

 

On May 6, 2003, Accuride Corporation issued a press release announcing its financial results for the fiscal quarter ended March 31, 2003.  The full text of the press release issued by Accuride Corporation on May 6, 2003 is attached hereto as Exhibit 99.1.

 

The information in this Current Report is being furnished pursuant to Item 9 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and Section 11 of the Securities Act of 1933, as amended, or otherwise subject to the liabilities of those sections. This Current Report will not be deemed an admission by Accuride Corporation as to the materiality of any information in this report that is required to be disclosed solely by Item 9.  Accuride Corporation does not undertake a duty to update the information in this Current Report and cautions that the information included in this Current Report is current only as of May 6, 2003 and may change thereafter.

 

2

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ACCURIDE CORPORATION

 

 

 

 

Date:  May 6, 2003

/s/ John R. Murphy

 

John R. Murphy

 

Executive Vice President/Chief Financial Officer

 

3

 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

99.1

 

Press Release of Accuride Corporation, dated May 6, 2003.

 

4

 EX-99.1 3 j0242_ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Contact: Deepak Chaudhry

 

Phone: (812) 962-5095

 

FOR IMMEDIATE RELEASE

 

Accuride Corporation Reports First Quarter Results for 2003

 

EVANSVILLE, Ind. – May 6, 2003 – Accuride Corporation today announced net sales of $88.2 million for the first quarter ended March 31, 2003.  This compares to net sales of $77.8 million for the first quarter of 2002, an increase of 13.4%.  The increase reflects the continuing recovery in the commercial vehicle market, led by the trailer industry which experienced a first quarter production increase of 84% over first quarter 2002 levels.

 

Adjusted EBITDA of $16.8 million for the first quarter ended March 31, 2003, is up from $13.1 million for the first quarter of 2002.  The resulting EBITDA margin has increased to 19.0% of net sales from 16.8% of net sales in last year’s first quarter.  The purposes and reconciliation to the nearest GAAP measure of Adjusted EBITDA for the Company are set forth on page 4 of this press release.

 

The Company’s liquidity position remained strong at March 31, 2003, with $41.2 million in cash.

 

“All in all we are pleased with the results of the first quarter.  The industry has weathered the spike in diesel fuel prices and weak demand in Class 8 trucks following the October 1, 2002 EPA emissions change better than many had expected.  In addition, light vehicle production remains robust due in part to the step-up in incentives.  The result was stronger than anticipated demand,” said Terry Keating, Accuride’s President and CEO.

 

-more-

 

 

Accuride Corporation

May 6, 2003

Page 2

 

The company will conduct a conference call to review and discuss its first quarter results on Tuesday, May 6, 2003, at 10:00 AM (Central Time).  The phone number to access the conference call is 888-428-4478 in the United States, or 612-288-0337 internationally.  A replay will be available beginning today at 3:30 PM (Central Time), through May 13, 2003, by calling 800-475-6701 in the United States, or 320-365-3844 internationally, access code 682942.  The financial results for the three-month period ended March 31, 2003 will also be archived at http://www.accuridecorp.com.

 

Accuride Corporation is North America’s largest manufacturer and supplier of wheels for heavy/medium trucks and trailers.  The Company offers the broadest product line in the North American heavy/medium wheel industry and is the only North American manufacturer and supplier of both steel and forged aluminum heavy/medium wheels.  Accuride Corporation also produces wheels for buses, commercial light trucks and sport utility vehicles, and for passenger cars.  Accuride Corporation has steel wheel operations in Henderson, Kentucky; London, Ontario, Canada; and in Monterrey, Mexico.  Accuride has aluminum wheel operations in Erie, Pennsylvania, and Cuyahoga Falls, Ohio.  Additionally, the Company produces tire molds at its Erie, Pennsylvania, facility.  Accuride is also involved in a commercial tire and wheel assembly joint venture in Springfield, Ohio. For more information, visit Accuride’s website at http://www.accuridecorp.com.

 

Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the Company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Accuride assumes no obligation to update the information included in this release.

 

-more-

 

 

Accuride Corporation

May 6, 2003

Page 3

ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

NET SALES

 

$

88,248

 

$

77,804

 

COST OF GOODS SOLD

 

72,627

 

66,077

 

GROSS PROFIT

 

$

15,621

 

$

11,727

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

Selling, General & Administrative

 

5,889

 

6,736

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

9,732

 

4,991

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

Interest Income

 

72

 

90

 

Interest (Expense)

 

(8,912

)

(10,014

)

Equity in Earnings of Affiliates

 

181

 

39

 

Other Income (Expense), Net

 

(613

)

865

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

460

 

(4,029

)

 

 

 

 

 

 

INCOME TAX PROVISION (BENEFIT)

 

1,038

 

(655

)

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(578

)

$

(3,374

)

 

-more-

 

 

Accuride Corporation

May 6, 2003

Page 4

ACCURIDE CORPORATION
CONSOLIDATED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

INCOME (LOSS) FROM OPERATIONS

 

$

9,732

 

$

4,991

 

Depreciation

 

6,856

 

7,109

 

Equity in Earnings of Affiliates

 

181

 

39

 

EBITDA

 

$

16,769

 

$

12,139

 

 

 

 

 

 

 

ADJUSTMENTS

 

—

 

987

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

$

16,769

 

$

13,126

 

 

Adjusted EBITDA is not intended to represent cash flows as defined by generally accepted accounting principles (“GAAP”) and should not be considered as an alternative to net income as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. We have included information concerning Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in our industry.  Additionally, Adjusted EBITDA is a basis upon which the Company assesses its financial performance, incentive compensation, and certain covenants in the Company’s borrowing arrangements are tied to similar measures.

 

Adjusted EBITDA for 2003 represents income from operations plus depreciation plus equity in earnings of affiliates.  Adjusted EBITDA for 2002 represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.9 million of costs related to a reduction in the employee workforce, (ii) $0.1 million of costs related to corporate business development.

 

###

 

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