-----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, EyF0EzCIdc9mxKOwcWBXg+dmdTDa5C/4O0Ey0SdE+70uZGGrlEprdtF8FPt9DmAX YYoPF/0ULz8x48u/9Q7yug== 0001104659-04-024256.txt : 20040813 0001104659-04-024256.hdr.sgml : 20040813 20040813102150 ACCESSION NUMBER: 0001104659-04-024256 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040813 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040813 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: 04972160 BUSINESS ADDRESS: STREET 1: ACCURIDE STREET 2: 7140 OFFICE CIRCLE CITY: EVANSVILLE STATE: IN ZIP: 47715 BUSINESS PHONE: 8129625000 8-K 1 a04-9513_28k.htm 8-K

 

UNITED STATES
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): August 13, 2004 (August 12, 2004)

 

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 and Exhibits

 

(c)           Exhibits

 

99.1        Press Release of Accuride Corporation, dated August 12, 2004.

 

Item 12.                                                    Results of Operations and Financial Condition

 

On August 12, 2004, Accuride Corporation issued a press release announcing its financial results for the fiscal quarter ended June 30, 2004.  A copy of this press release, including information concerning forward-looking statements and factors that may affect future results, is attached hereto as Exhibit 99.1.  This press release is being furnished, not filed, under Item 12 in this Report on Form 8-K.

 

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:

August 13, 2004

 

/s/ John R. Murphy

 

 

 

 

John R. Murphy

 

Chief Financial Officer

 

3



 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

99.1

 

Press Release of Accuride Corporation, dated August 12, 2004.

 

4


EX-99.1 2 a04-9513_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Contact: Deepak Chaudhry

 

Phone: (812) 962-5095

 

 

FOR IMMEDIATE RELEASE

 

 

Accuride Corporation Reports Second Quarter Results for 2004

 

EVANSVILLE, Ind. – August 12, 2004 – Accuride Corporation today announced net sales of $120.6 million for the second quarter ended June 30, 2004.  This compares to net sales of $94.2 million for the second quarter of 2003, an increase of 28.0%.  The increase is a result of the continuing cyclical recovery and greater penetration of aluminum wheels in the commercial vehicle industry.  For the six months ended June 30, 2004, net sales were $232.0 million compared to net sales of $182.5 million for the same six-month period in 2003, an increase of 27.1%.

 

Adjusted EBITDA of $26.4 million for the second quarter ended June 30, 2004, is up from $19.4 million for the second quarter of 2003, an increase of 36.1%.  The resulting EBITDA margin has increased to 21.9% of net sales from 20.6% of net sales in last year’s second quarter, primarily due to increased volume.  For the first six months of 2004, Adjusted EBITDA increased by $12.4 million, or 34.3%, to reach $48.6 million.  The purpose and reconciliation of Adjusted EBITDA for the Company to the most directly comparable GAAP measure is set forth on Page 4 of this press release.

 

“We believe the demand for trucks is being fueled by the 6% increase in freight tonnage since the start of the year, which has improved the profitability of fleets enabling them to replace their aging equipment.  Class 8 truck production, the bellwether of the commercial vehicle industry, is up 44% since the start of the year,” said Terry Keating, Accuride’s President and CEO.  “Heading into the second half of 2004, revenue should remain strong but the rising costs associated with raw material continue to be challenging.”

 

-more-

 



 

The Company’s liquidity position remained strong at June 30, 2004, with $40.9 million in cash and revolver availability of $41.0 million.

 

Accuride had net income of $4.8 million, or 4.0% of net sales, for the second quarter ended June 30, 2004, compared to a net loss of $6.0 million, or a negative 6.4% of net sales, for the second quarter of 2003.  For the six months ended June 30, 2004, Accuride had a net income of $9.5 million, or 4.1% of net sales, compared to a net loss of $6.5 million, or a negative 3.6% of net sales, for the same six-month period in 2003.

 

The Company will conduct a conference call to review and discuss its second quarter results on Friday, August 13, 2004, at 10 a.m. (CDT).  The phone number to access the conference call is (888) 428-4479 in the United States, or (612) 332-0228 internationally.  A replay will be available beginning August 13, 2004, at 1:30 p.m. (CDT), through August 20, 2004, by calling (800) 475-6701 in the United States, or (320) 365-3844 internationally, access code 740207.  The financial results for the three-month and six-month period ended June 30, 2004, 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, pick-up trucks, sport utility vehicles, and vans.  Accuride Corporation has steel wheel operations in Henderson, Kentucky; London, Ontario, Canada; and 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 strength of revenue in the second half of 2004 and 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 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 the Company’s Securities and Exchange Commission filings.  Accuride assumes no obligation to update the information included in this release.

 

2



 

ACCURIDE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(DOLLARS IN THOUSANDS)

(UNAUDITED)

 

 

 

Three Months Ended June 30,

 

 

 

2004

 

2003

 

NET SALES

 

$

120,631

 

$

94,207

 

COST OF GOODS SOLD

 

95,488

 

75,690

 

GROSS PROFIT

 

$

25,143

 

$

18,517

 

OPERATING EXPENSES:

 

 

 

 

 

Selling, General & Administrative

 

6,418

 

6,305

 

INCOME FROM OPERATIONS

 

18,725

 

12,212

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

Interest Income

 

30

 

59

 

Interest (Expense)

 

(9,063

)

(9,473

)

Refinancing Costs

 

 

(11,257

)

Equity in Earnings of Affiliates

 

155

 

199

 

Other Income (Expense), Net

 

(1,676

)

110

 

INCOME (LOSS) BEFORE INCOME TAXES

 

8,171

 

(8,150

)

INCOME TAX PROVISION (BENEFIT)

 

3,393

 

(2,197

)

NET INCOME (LOSS)

 

$

4,778

 

$

(5,953

)

 

 

 

Six Months Ended June 30,

 

 

 

2004

 

2003

 

NET SALES

 

$

232,032

 

$

182,455

 

COST OF GOODS SOLD

 

184,925

 

148,317

 

GROSS PROFIT

 

$

47,107

 

$

34,138

 

OPERATING:

 

 

 

 

 

Selling, General & Administrative

 

12,789

 

12,194

 

INCOME FROM OPERATIONS

 

34,318

 

21,944

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

Interest Income

 

55

 

131

 

Interest (Expense)

 

(18,276

)

(18,385

)

Refinancing Costs

 

 

(11,257

)

Equity in Earnings of Affiliates

 

293

 

379

 

Other (Expense), Net

 

(1,537

)

(503

)

INCOME (LOSS) BEFORE INCOME TAXES

 

14,853

 

(7,691

)

INCOME TAX PROVISION (BENEFIT)

 

5,308

 

(1,160

)

NET INCOME (LOSS)

 

$

9,545

 

$

(6,531

)

 

3



 

ACCURIDE CORPORATION

CONSOLIDATED ADJUSTED EBITDA

(DOLLARS IN THOUSANDS)

(UNAUDITED)

 

 

 

Three Months Ended June 30,

 

 

 

2004

 

2003

 

NET INCOME (LOSS)

 

4,778

 

(5,953

)

Net Interest Expense

 

9,033

 

9,414

 

Income Taxes

 

3,393

 

(2,197

)

Refinancing Costs

 

 

11,257

 

Equity in Earnings of Affiliates

 

(155

)

(199

)

Other Expense (Income), Net

 

1,676

 

(110

)

INCOME FROM OPERATIONS

 

18,725

 

12,212

 

Depreciation

 

7,476

 

7,019

 

Equity in Earnings of Affiliates

 

155

 

199

 

Restructuring, severance and other charges

 

 

 

ADJUSTED EBITDA

 

$

26,356

 

$

19,430

 

 

 

 

Six Months Ended June 30,

 

 

 

2004

 

2003

 

NET INCOME (LOSS)

 

9,545

 

(6,531

)

Net Interest Expense

 

18,221

 

18,254

 

Income Taxes

 

5,308

 

(1,160

)

Refinancing Costs

 

 

11,257

 

Equity in Earnings of Affiliates

 

(293

)

(379

)

Other Expense, Net

 

1,537

 

503

 

INCOME FROM OPERATIONS

 

34,318

 

21,944

 

Depreciation

 

13,772

 

13,875

 

Equity in Earnings of Affiliates

 

293

 

379

 

Restructuring, severance and other charges

 

240

 

 

ADJUSTED EBITDA

 

$

48,623

 

$

36,198

 

 

a)  For the six months ending June 30, 2004, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i)  $0.2 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio in August 2003.  Item (i) effected gross profit.

 

b)  Adjusted EBITDA is not intended to represent cash flow as defined by generally accepted accounting principles (“GAAP”) and should not be considered as an indicator of cash flow from operations.  Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates plus non-recurring items.  However, other companies may calculate Adjusted EBITDA differently.  Accuride has included information concerning Adjusted EBITDA in this press release because Accuride’s management and our board of directors use it as measure of our performance to internal business plans to which a significant portion of management incentive programs are based.  In addition, future investment and capital allocation decisions are based on Adjusted EBITDA.  Investors and industry analysts use Adjusted EBITDA to measure the Company’s performance to historic results and to the Company’s peer group.  The Company has historically provided the measure in previous press releases and believes it provides transparency and continuity to investors for comparable purposes.  Certain financial covenants in our borrowing arrangements are tied to similar measures.  Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.

 

###

 

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