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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Accuride Corp. | NYSE:ACW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.58 | 0 | 01:00:00 |
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 November 3, 2014, entitled "Accuride Reports Strong Third Quarter Results; Continues Margin Momentum".
|
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 nine months ended September 30, 2014.
|
/s/ STEPHEN A. MARTIN
|
Dated: November 3, 2014
|
|||
Stephen A. Martin
|
||||
Senior Vice President / General Counsel
|
Exhibit Number
|
Description
|
99.1
|
Press Release, dated November 3, 2014, entitled "Accuride Reports Strong Third Quarter Results; Continues Margin Momentum".
|
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 nine months ended September 30, 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
|
·
|
Third Quarter 2014 results from continuing operations included:
|
o
|
Net sales of $184.0 million, up 18.5 percent from Q3 2013
|
o
|
Operating income of $10.0 million, up from negative $0.7 million in Q3 2013
|
o
|
Net income of $1.2 million, or $0.02 per share, up from a loss of $8.4 million, or $0.18 per share, in Q3 2013
|
o
|
Adjusted EBITDA of $21.2 million, up 88.8 percent from Q3 2013
|
·
|
Achieves continued incremental operational improvements across its three business units
|
·
|
On basis of sustained momentum, Company tightens full-year 2014 guidance to high end of previous range:
|
o
|
Revenues of $690 million – $700 million
|
o
|
Adjusted EBITDA of $75 million – $80 million
|
Three Months Ended September 30,
|
|||||||||||
(Dollars in thousands)
|
2014
|
2013
|
|||||||||
Net sales:
|
|||||||||||
Wheels
|
$
|
106,685
|
58.0
|
%
|
$
|
87,978
|
56.7
|
%
|
|||
Gunite
|
42,357
|
23.0
|
%
|
40,751
|
26.2
|
%
|
|||||
Brillion Iron Works
|
34,965
|
19.0
|
%
|
26,535
|
17.1
|
%
|
|||||
Total net sales
|
$
|
184,007
|
100.0
|
%
|
$
|
155,264
|
100.0
|
%
|
|||
Gross Profit
|
$
|
19,912
|
10.8
|
%
|
$
|
10,270
|
6.6
|
%
|
|||
Income (Loss) from Operations:
|
|||||||||||
Wheels
|
$
|
11,847
|
11.1
|
%
|
$
|
7,973
|
9.1
|
%
|
|||
Gunite
|
4,149
|
9.8
|
%
|
(150)
|
(0.4)
|
%
|
|||||
Brillion Iron Works
|
1,680
|
4.8
|
%
|
296
|
1.1
|
%
|
|||||
Corporate / Other
|
(7,632)
|
—
|
(8,844)
|
—
|
|||||||
Consolidated Total
|
$
|
10,044
|
5.5
|
%
|
$
|
(725)
|
(0.5)
|
%
|
|||
Net Income (Loss)
|
$
|
1,099
|
0.6
|
%
|
$
|
(18,615)
|
(12.0)
|
%
|
|||
Adjusted EBITDA:
|
|||||||||||
Wheels
|
$
|
20,971
|
19.7
|
%
|
$
|
17,028
|
19.4
|
%
|
|||
Gunite
|
5,397
|
12.7
|
%
|
1,461
|
3.6
|
%
|
|||||
Brillion Iron Works
|
2,796
|
8.0
|
%
|
1,425
|
5.4
|
%
|
|||||
Corporate / Other
|
(8,006)
|
—
|
(8,709)
|
—
|
|||||||
Continuing Operations
|
$
|
21,158
|
11.5
|
%
|
$
|
11,205
|
7.2
|
%
|
|||
Brillion Farm
|
—
|
—
|
(87)
|
—
|
|||||||
Imperial Group
|
—
|
—
|
(15)
|
(0.1)
|
%
|
||||||
Consolidated Total
|
$
|
21,158
|
11.5
|
%
|
$
|
11,103
|
6.7
|
%
|
Nine Months Ended September 30,
|
|||||||||||
(Dollars in thousands)
|
2014
|
2013
|
|||||||||
Net sales:
|
|||||||||||
Wheels
|
$
|
300,058
|
56.4
|
%
|
$
|
280,608
|
56.3
|
%
|
|||
Gunite
|
134,634
|
25.3
|
%
|
131,354
|
26.4
|
%
|
|||||
Brillion Iron Works
|
97,674
|
18.3
|
%
|
86,230
|
17.3
|
%
|
|||||
Total net sales
|
$
|
532,366
|
100.0
|
%
|
$
|
498,192
|
100.0
|
%
|
|||
Gross Profit
|
$
|
59,357
|
11.1
|
%
|
$
|
35,254
|
7.1
|
%
|
|||
Income (Loss) from Operations:
|
|||||||||||
Wheels
|
$
|
33,446
|
11.1
|
%
|
$
|
25,467
|
9.1
|
%
|
|||
Gunite
|
14,670
|
10.9
|
%
|
1,396
|
1.1
|
%
|
|||||
Brillion Iron Works
|
3,444
|
3.5
|
%
|
2,726
|
3.2
|
%
|
|||||
Corporate / Other
|
(22,643)
|
—
|
(29,152)
|
—
|
|||||||
Consolidated Total
|
$
|
28,917
|
5.4
|
%
|
$
|
437
|
0.1
|
%
|
|||
Net Income (Loss)
|
$
|
2,821
|
0.5
|
%
|
$
|
(39,924)
|
(8.0)
|
%
|
|||
Adjusted EBITDA:
|
|||||||||||
Wheels
|
$
|
61,101
|
20.4
|
%
|
$
|
53,754
|
19.2
|
%
|
|||
Gunite
|
18,018
|
13.4
|
%
|
5,485
|
4.2
|
%
|
|||||
Brillion Iron Works
|
6,815
|
7.0
|
%
|
6,434
|
7.5
|
%
|
|||||
Corporate / Other
|
(23,586)
|
—
|
(28,456)
|
—
|
|||||||
Continuing Operations
|
$
|
62,348
|
11.7
|
%
|
$
|
37,217
|
7.5
|
%
|
|||
Brillion Farm
|
—
|
—
|
(87)
|
—
|
|||||||
Imperial Group
|
—
|
—
|
(719)
|
(1.0)
|
%
|
||||||
Consolidated Total
|
$
|
62,348
|
11.7
|
%
|
$
|
36,411
|
6.4
|
%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||
(In thousands except per share data)
|
2014
|
2013
|
2014
|
2013
|
|||||||||
NET SALES
|
$
|
184,007
|
$
|
155,264
|
$
|
532,366
|
$
|
498,192
|
|||||
COST OF GOODS SOLD
|
164,095
|
144,994
|
473,009
|
462,938
|
|||||||||
GROSS PROFIT
|
19,912
|
10,270
|
59,357
|
35,254
|
|||||||||
OPERATING EXPENSES:
|
|||||||||||||
Selling, general and administrative
|
9,868
|
10,995
|
30,440
|
34,817
|
|||||||||
INCOME (LOSS) FROM OPERATIONS
|
10,044
|
(725)
|
28,917
|
437
|
|||||||||
OTHER INCOME (EXPENSE):
|
|||||||||||||
Interest expense, net
|
(8,444)
|
(8,711)
|
(25,351)
|
(26,562)
|
|||||||||
Other income (loss), net
|
(805)
|
546
|
(1,504)
|
250
|
|||||||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
795
|
(8,890)
|
2,062
|
(25,875)
|
|||||||||
INCOME TAX (BENEFIT) PROVISION
|
(410)
|
(495)
|
(967)
|
2,378
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
1,205
|
(8,395)
|
3,029
|
(28,253)
|
|||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
(106)
|
(10,220)
|
(208)
|
(11,671)
|
|||||||||
NET INCOME (LOSS)
|
$
|
1,099
|
$
|
(18,615)
|
$
|
2,821
|
$
|
(39,924)
|
|||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
|
|||||||||||||
Defined benefit plans
|
472
|
1,433
|
945
|
2,181
|
|||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
1,571
|
$
|
(17,182)
|
$
|
3,766
|
$
|
(37,743)
|
|||||
Weighted average common shares outstanding—basic
|
47,749
|
47,588
|
47,694
|
47,535
|
|||||||||
Basic income (loss) per share-continuing operations
|
0.02
|
(0.18)
|
0.06
|
(0.59)
|
|||||||||
Basic loss per share-discontinued operations
|
—
|
(0.21)
|
—
|
(0.25)
|
|||||||||
Basic income (loss) per share
|
$
|
0.02
|
$
|
(0.39)
|
$
|
0.06
|
$
|
(0.84)
|
|||||
Weighted average common shares outstanding—diluted
|
49,042
|
47,588
|
48,531
|
47,535
|
|||||||||
Diluted income (loss) per share-continuing operations
|
0.02
|
(0.18)
|
0.06
|
(0.59)
|
|||||||||
Diluted loss per share-discontinued operations
|
—
|
(0.21)
|
—
|
(0.25)
|
|||||||||
Diluted income (loss) per share
|
$
|
0.02
|
$
|
(0.39)
|
$
|
0.06
|
$
|
(0.84)
|
Three Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
|||||
|
|||||||
Net income (loss)
|
$
|
1,099
|
$
|
(18,615)
|
|||
Income tax benefit
|
(410)
|
(495)
|
|||||
Interest expense, net
|
8,444
|
8,711
|
|||||
Depreciation and amortization
|
10,502
|
11,156
|
|||||
Restructuring, severance and other charges1
|
—
|
10,140
|
|||||
Other items related to our credit agreement2
|
1,523
|
206
|
|||||
Adjusted EBITDA
|
$
|
21,158
|
$
|
11,103
|
1)
|
For the three months ended September 30, 2014, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization. For the three months ended September 30, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $10.1 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 September 30, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $1.5 million. For the three months ended September 30, 2013, items related to our credit agreement consisted of foreign currency income and other income or expenses of $0.2 million.
|
Nine Months Ended September 30,
|
|||||||
(In thousands)
|
2014
|
2013
|
|||||
|
|||||||
Net income (loss)
|
$
|
2,821
|
$
|
(39,924)
|
|||
Income tax (benefit) expense
|
(967)
|
2,378
|
|||||
Interest expense, net
|
25,351
|
26,562
|
|||||
Depreciation and amortization
|
31,004
|
33,539
|
|||||
Restructuring, severance and other charges1
|
627
|
11,142
|
|||||
Other items related to our credit agreement2
|
3,512
|
2,714
|
|||||
Adjusted EBITDA
|
$
|
62,348
|
$
|
36,411
|
3)
|
For the Nine months ended September 30, 2014, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $0.6 million in costs associated with restructuring items. For the Nine months ended September 30, 2013, Adjusted EBITDA represents net income before net interest expense, income tax benefit, depreciation and amortization, plus $11.1 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 Nine months ended September 30, 2014, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $3.5 million. For the Nine months ended September 30, 2013, items related to our credit agreement consisted of foreign currency income and other income or expenses of $2.7 million.
|
Three Months Ended September 30, 2014
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
11,847
|
$
|
7,924
|
$
|
1,200
|
$
|
20,971
|
|||||
Gunite
|
4,149
|
998
|
250
|
5,397
|
|||||||||
Brillion Iron Works
|
1,680
|
1,086
|
30
|
2,796
|
|||||||||
Corporate / Other
|
(7,632)
|
484
|
(858)
|
(8,006)
|
|||||||||
Continuing Operations
|
$
|
10,044
|
$
|
10,492
|
$
|
622
|
$
|
21,158
|
|||||
Imperial Group
|
(10)
|
10
|
—
|
—
|
|||||||||
Consolidated Total
|
$
|
10,034
|
$
|
10,502
|
$
|
622
|
$
|
21,158
|
Three Months Ended September 30, 2013
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
7,973
|
$
|
7,835
|
$
|
1,220
|
$
|
17,028
|
|||||
Gunite
|
(150)
|
1,443
|
168
|
1,461
|
|||||||||
Brillion Iron Works
|
296
|
1,098
|
31
|
1,425
|
|||||||||
Corporate / Other
|
(8,844)
|
647
|
(512)
|
(8,709)
|
|||||||||
Continuing Operations
|
$
|
(725)
|
$
|
11,023
|
$
|
907
|
$
|
11,205
|
|||||
Brillion Farm
|
(87)
|
—
|
—
|
(87)
|
|||||||||
Imperial Group
|
(148)
|
133
|
—
|
(15)
|
|||||||||
Consolidated Total
|
$
|
(960)
|
$
|
11,156
|
$
|
907
|
$
|
11,103
|
Nine Months Ended September 30, 2014
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
33,446
|
$
|
23,708
|
$
|
3,947
|
$
|
61,101
|
|||||
Gunite
|
14,670
|
2,598
|
750
|
18,018
|
|||||||||
Brillion Iron Works
|
3,444
|
3,281
|
90
|
6,815
|
|||||||||
Corporate / Other
|
(22,643)
|
1,386
|
(2,329)
|
(23,586)
|
|||||||||
Continuing Operations
|
$
|
28,917
|
$
|
30,973
|
$
|
2,458
|
$
|
62,348
|
|||||
Imperial Group
|
(31)
|
31
|
—
|
—
|
|||||||||
Consolidated Total
|
$
|
28,886
|
$
|
31,004
|
$
|
2,458
|
$
|
62,348
|
Nine Months Ended September 30, 2013
|
|||||||||||||
(In thousands)
|
Income (loss) from Operations
|
Depreciation and Amortization
|
Other
|
Adjusted EBITDA
|
|||||||||
Wheels
|
$
|
25,467
|
$
|
23,808
|
$
|
4,479
|
$
|
53,754
|
|||||
Gunite
|
1,396
|
3,421
|
668
|
5,485
|
|||||||||
Brillion Iron Works
|
2,726
|
3,281
|
427
|
6,434
|
|||||||||
Corporate / Other
|
(29,152)
|
2,149
|
(1,453)
|
(28,456)
|
|||||||||
Continuing Operations
|
$
|
437
|
$
|
32,659
|
$
|
4,121
|
$
|
37,217
|
|||||
Brillion Farm
|
(87)
|
—
|
—
|
(87)
|
|||||||||
Imperial Group
|
(1,599)
|
880
|
—
|
(719)
|
|||||||||
Consolidated Total
|
$
|
(1,249)
|
$
|
33,539
|
$
|
4,121
|
$
|
36,411
|
September 30,
|
December 31,
|
||||||
(In thousands)
|
2014
|
2013
|
|||||
ASSETS
|
|
|
|||||
CURRENT ASSETS:
|
|
|
|||||
Cash and cash equivalents
|
$
|
21,530
|
$
|
33,426
|
|
||
Customer and other receivables
|
82,936
|
59,520
|
|
||||
Inventories
|
45,826
|
39,329
|
|
||||
Other current assets
|
14,712
|
16,993
|
|
||||
Total current assets
|
165,004
|
149,268
|
|
||||
PROPERTY, PLANT AND EQUIPMENT, net
|
214,116
|
219,624
|
|
||||
OTHER ASSETS:
|
|
||||||
Goodwill and other assets
|
242,766
|
242,885
|
|
||||
TOTAL
|
$
|
621,886
|
$
|
611,777
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
||||||
CURRENT LIABILITIES:
|
|
||||||
Accounts payable
|
$
|
66,527
|
$
|
47,527
|
|
||
Other current liabilities
|
35,421
|
42,472
|
|
||||
Total current liabilities
|
101,948
|
89,999
|
|
||||
LONG-TERM DEBT
|
330,972
|
330,183
|
|
||||
OTHER LIABILITIES
|
121,789
|
129,711
|
|
||||
STOCKHOLDERS' EQUITY:
|
|
||||||
Total stockholders' equity
|
67,177
|
61,884
|
|||||
TOTAL
|
$
|
621,886
|
$
|
611,777
|
|
1 Year Accuride Chart |
1 Month Accuride Chart |
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