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

June 5, 2008 (June 5, 2008)

Date of Report (Date of earliest event reported)

Hayes Lemmerz International, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-50303	32-0072578
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

15300 Centennial Drive, Northville, Michigan 48168

(Address of principal executive offices)       (Zip Code)

(734) 737-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. Results of Operations and Financial Condition.

On June 5, 2008, Hayes Lemmerz International, Inc. (the “Company”) issued a press release announcing its earnings for the three months ended April 30, 2008 and that it will hold a conference call to discuss such earnings. The press release and the text of the slide presentation to be used by the Company in connection with the conference call are attached as Exhibits 99.1 and 99.2, respectively. The press release and slide presentation include certain non-GAAP financial measures.  For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to pages 31, 32 and 33 of Exhibit 99.2.

The information contained in this report and in Exhibits 99.1 and 99.2 are not filed for purposes of the Securities Exchange Act of 1934 and are not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent the Company specifically incorporates the information by reference. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information contained herein is summary information that is intended to be considered in the context of the Company’s SEC filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as it believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures.

ITEM 7.01. Regulation FD Disclosure.

See Item 2.02 above.

ITEM 9.01. Financial Statements and Exhibits.

(c) Exhibits.

See Exhibit Index.

SIGNATURES

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.

HAYES LEMMERZ INTERNATIONAL, INC.
By:	/s/ Patrick C. Cauley
	Patrick C. Cauley
	Vice President, General Counsel and Secretary

Dated: June 5, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Issued by Hayes Lemmerz International, Inc. on June 5, 2008.
99.2	Text of Slide Presentation of Hayes Lemmerz International, Inc. used in connection with the Company’s fiscal quarter ended April 30, 2008 conference call.

EX-99.1

Exhibit 99.1

Hayes Lemmerz Reports Improved Sales, Operating Results, and Liquidity;
Continuing Restructuring Initiatives Contribute to Improvements

Company Affirms Guidance for FY 2008 Sales and Adjusted EBITDA

NORTHVILLE, Mich., June 05, 2008 — Hayes Lemmerz International, Inc. (Nasdaq: HAYZ) today reported substantially higher sales, adjusted EBITDA, core operating earnings, and liquidity for the first fiscal quarter ended April 30, 2008.

“Hayes Lemmerz continues to show steady year-over-year improvement in operational results,” said Curtis J. Clawson, President, CEO and Chairman of the Board. “We made progress in the restructuring of our North American operations, and our results reflect the fruits of that long and challenging process.”

The Company recently announced plans to close its aluminum wheel facility in Gainesville, Georgia by year end, due to global overcapacity in the light vehicle aluminum wheel market and increasing aluminum wheel imports into North America from low-cost countries. A portion of the annual production of the Gainesville facility will be transferred to the Company’s facility in Chihuahua, Mexico. The restructuring transaction will reduce costs and improve cash flow, the Company said.

For the first fiscal quarter, Hayes Lemmerz reported sales of $573.8 million, up 15% from $498.6 million in the year earlier quarter. Adjusted EBITDA improved 9% to $54.6 million from $50.1 million a year earlier. Core operating earnings (excluding discontinued operations and restructuring charges) improved to $25.2 million from $21.1 million a year earlier. The Company’s net loss for the quarter improved slightly to $12.8 million, compared with a loss of $15.3 million in the prior year quarter.

Free cash flow for the first quarter, which is traditionally weak because of seasonality, was negative $55.3 million, compared with negative $2.5 million a year earlier. “Although cash flow for the quarter was negative, our goal is to achieve positive cash flow for the full year, excluding the cash costs associated with restructuring activities,” Mr. Clawson said.

Liquidity improved to $249 million from $135 million at the end of the year earlier period, reflecting the success of our rights offering and refinancing during the second quarter of 2007. The $114 million improvement came primarily from increased cash ($43 million) and increased availability under the Company’s revolving credit facility ($55 million).

The Company also said it expects sales for the 2008 full fiscal year will range between $2.1 billion and $2.3 billion, Adjusted EBITDA will be between $205 million and $220 million, and capital expenditures will range between $95 million and $105 million. The Company continues to invest in profitable production facilities in leading-cost, high growth areas, including India, Brazil, Thailand, and Turkey.

“We are on track to achieve our primary short-term goals for 2008,” said Mr. Clawson. “We are executing our operating plan by improving core wheel financial results, and continued diversification of our business,” he said.

He noted that Hayes Lemmerz’ wheels are now on more than 200 platforms worldwide, and that no single platform accounts for more than 4% of sales. “Our diverse customer portfolio and geographic mix helps protect us from problems experienced by any single platform or manufacturer and helps to soften the impact of lower volumes in the North American automotive market,” Mr. Clawson said.

Use of Non-GAAP Financial Information

EBITDA, a measure used by management to measure operating performance, is defined as earnings from operations plus depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude asset impairment losses and other restructuring charges, reorganization items and other items. Management references these non-GAAP financial measures frequently in its decision making because they provide supplemental information that facilitates internal comparisons to historical operating performance of prior periods and external comparisons to competitors’ historical operating performance. Institutional investors generally look to Adjusted EBITDA in measuring performance, among other things. The Company uses Adjusted EBITDA to facilitate quantification of planned business activities and enhance subsequent follow-up with comparisons of actual to planned Adjusted EBITDA. Free cash flow is defined as cash from operating activities minus capital expenditures plus cash from the sale of assets. Management uses free cash flow to identify the amount of cash available to meet debt amortization requirements, pay dividends to stockholders or make corporate investments. Core operating earnings is defined as earnings from operations less asset impairments and restructuring charges, post-emergence chapter 11 related costs, gains and losses on sales of assets, and other special items that are of an infrequent or unusual nature. Core operating earnings is used by management as a non-GAAP financial measure because it is more indicative of operating performance due to exclusion of non-operating, infrequent, or unusual items.

For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to pages 31-33 of the slide presentation accompanying the conference call.

Conference Call

Hayes Lemmerz will host a telephone conference call to discuss the Company’s fiscal year 2008 first quarter financial results on Thursday, June 5, 2008, at 10:00 a.m. (ET).

To participate by phone, please dial 10 minutes prior to the call:

(888) 295-5935 from the United States and Canada
(706) 758-0212 from outside the United States

Callers should ask to be connected to Hayes Lemmerz financial results conference call, Conference ID# 44916319.

The conference call will be accompanied by a slide presentation, which can be accessed that morning through the Company’s web site, in the Investor Kit presentations section at http://www.hayes-lemmerz.com/Investor_Relations.html.

A replay of the call will be available from 1:00 p.m. (ET), June 5, 2008, until 11:59 p.m. (ET), June 15, 2008, by calling (800) 642-1687 (within the United States and Canada) or (706) 645-9291 (for international calls). Please refer to Conference ID#44916319. An audio replay of the call is expected to be available on the Company’s website beginning 48 hours after completion of the call.

Hayes Lemmerz International, Inc. is a world leading global supplier of automotive and commercial highway wheels and powertrain components. The Company has 24 facilities and over 7,000 employees worldwide.

Forward Looking Statements

This press release contains forward-looking statements with respect to our financial condition and business. All statements other than statements of historical fact made in this press release are forward-looking. Such forward-looking statements include, among others, those statements including the words “expect,” “anticipate,” “intend,” “believe,” and similar language. These forward-looking statements involve certain risks and uncertainties. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others: (1) competitive pressure in our industry; (2) fluctuations in the price of steel, aluminum, and other raw materials; (3) changes in general economic conditions; (4) our dependence on the automotive industry (which has historically been cyclical) and on a small number of major customers for the majority of our sales; (5) pricing pressure from automotive industry customers and the potential for re-sourcing of business to lower-cost providers; (6) changes in the financial markets or our debt ratings affecting our financial structure and our cost of capital and borrowed money; (7) the uncertainties inherent in international operations and foreign currency fluctuations; and (8) the risks described in our most recent Annual Report on Form 10-K and our periodic statements filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release.

Contact: Marika P. Diamond, Hayes Lemmerz International, Inc., 734.737.5162

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions of dollars)
(Unaudited)

	Three Months, Quarter Ending
	April 30, 2008			April 30, 2007
Net sales	$	573.8		$	498.6
Cost of goods sold		510.1			442.4
Gross profit		63.7			56.2
Marketing, general and administration		39.3			35.3
Amortization of intangibles		2.8			2.4
Asset impairments and other restructuring charges		3.3			2.4
Other (income) expense, net		(3.4	)		(2.0	)
Earnings from operations		21.7			18.1
Interest expense, net		13.3			18.1
Other non-operating expense		1.7			—
Loss on early extinguishment of debt		—			0.3
Earnings (loss) before income taxes and minority interest		6.7			(0.3	)
Income tax expense		13.0			8.5
Loss before minority interest		(6.3	)		(8.8	)
Minority interest		6.5			3.8
Loss from continuing operations		(12.8	)		(12.6	)
Loss from discontinued operations		—			(2.7	)
Net loss		(12.8	)		(15.3	)
Loss per common share data
Basic and diluted:
Loss from continuing operations	$	(0.13	)	$	(0.32	)
Loss from discontinued operations		—			(0.07	)
Net loss	$	(0.13	)	$	(0.39	)
Weighted average shares outstanding (in millions)		101.1			39.3

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(Unaudited)

	Balance as of
	April 30, 2008			January 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	106.8		$	160.2
Receivables		337.8			305.6
Other Receivables		47.7			48.3
Inventories		201.4			179.1
Assets held for sale		24.9			21.4
Prepaid expenses and other		15.4			12.2
Total current assets		734.0			726.8
Property, and plant equipment, net		635.3			616.8
Goodwill, intangibles and other long term assets		484.5			462.3
Total assets	$	1,853.8		$	1,805.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and other notes	$	36.5		$	32.9
Current portion of long-term debt		5.1			4.8
Accounts payable and other accrued liabilities		442.0			448.4
Liabilities held for sale		8.8			8.2
Other Short Term Liabilities		78.3			61.6
Total current liabilities		570.7			555.9
Long-term debt, net of current portion		604.1			572.2
Pension and other long-term liabilities		409.5			405.0
Minority interest		72.4			70.5
Stockholders’ equity:
Common stock, par value $0.01 per share		1.0			1.0
Additional paid in capital		883.0			882.0
Retained earnings		(942.9	)		(928.7	)
Accumulated other comprehensive income		256.0			248.0
Total stockholders’ equity		197.1			202.3
Total liabilities and stockholders’ equity	$	1,853.8		$	1,805.9

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)

	Three Months, Quarter Ending
	April 30, 2008			April 30, 2007
Cash provided by operating activities	$	(31.8	)	$	16.7
Cash flows from investing activities:
Purchase of property, plant, equipment and tooling		(19.2	)		(16.0	)
Proceeds from sale of assets		0.5			0.1
Cash used for investing activities		(18.7	)		(15.9	)
Cash flows from financing activities:
Changes in bank borrowings and credit facility		2.1			(0.5	)
Proceeds from revolving credit facility		0.0			10.0
Repayment of long term debt		(0.1	)		(0.9	)
Dividends paid to minority shareholders		(7.3	)		(5.5	)
Cash provided by (used for) financing activities		(5.3	)		3.1
Net cash provided by discontinued operations		—			19.9
Effect of exchange rate changes on cash and cash equivalents		2.4			2.4
Increase in cash and cash equivalents		(53.4	)		26.2
Cash and cash equivalents at beginning of period		160.2			38.5
Cash and cash equivalents at end of period	$	106.8		$	64.7

EX-99.2

Exhibit 99.2

First Quarter 2008 Earnings Presentation June 5, 2008

Forward Looking Statements This presentation contains forward-looking statements with respect to our financial condition and business. All statements other than statements of historical fact made in this press release are forward-looking. Such forward-looking statements include, among others, those statements including the words "expect", "anticipate", "intend", "believe", and similar language. These forward-looking statements involve certain risks and uncertainties. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others: (1) competitive pressure in our industry; (2) fluctuations in the price of steel, aluminum, and other raw materials; (3) changes in general economic conditions; (4) our dependence on the automotive industry (which has historically been cyclical) and on a small number of major customers for the majority of our sales; (5) pricing pressure from automotive industry customers and the potential for re-sourcing of business to lower-cost providers; (6) changes in the financial markets or our debt ratings affecting our financial structure and our cost of capital and borrowed money; (7) the uncertainties inherent in international operations and foreign currency fluctuations; and (8) the risks described in our most recent Annual Report on Form 10-K and our periodic statements filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward- looking statements, which speak only as of the date of this presentation.

Agenda Financial Highlights & Strategy Curt Clawson, President, CEO & Chairman of the Board Extend the Lead in Global Wheels & Summary Fred Bentley, Chief Operating Officer Financial Review Mark Brebberman, Corporate Controller

BE A PREMIER AUTOMOTIVE SUPPLIER Be the lowest cost producer Have the best people in the industry Grow through maximizing our customer satisfaction Our Vision

First Quarter Financial Highlights 2008 2007 YTD 54.6 50.1 2008 2007 YTD 25.1 21.1 2008 2007 YTD -55.3 -2.4 2007 2008 Sales 2008 2007 YTD 573.8 498.6 Adjusted EBITDA1 ($ in millions) Core Operating Earnings1 Free Cash Flow1 (Excl. A/R Programs) Liquidity 2007 2007 2007 2007 2008 2008 2008 2008 2008 2007 YTD 249 135 15% 84% 19% 9% 1 Please refer to the appendix for the definition of these non-GAAP financial measures $53M

Our Strategy Aggressive Cost Reductions Focus on Six Sigma and Lean Manufacturing and drive productivity improvements Invest in the Right Geography Focus on cost effective locations in growth markets Invest in the Right Products Focus on product leadership and growth prospects Invest in the Right Customers Focus on customer diversification

Right Products Product Innovation - Light Vehicle Steel Wheel Patented technology Styling flexibility Large vent area for spoke look Mid-point price range "VersaStyle" wheel - looks like aluminum wheel Aluminum Wheel Conventional Steel Wheel

Plan to sell non-core powertrain business in which: We are a niche player We are in a single geographic area There is a concentrated customer base Exit negative EBITDA/cash flow operation Sales of approximately $50M Right Products Nuevo Laredo Powertrain Facility Focusing on core wheels business

Our Strategy Aggressive Cost Reductions Focus on Six Sigma and Lean Manufacturing and drive productivity improvements Invest in the Right Geography Focus on cost effective locations in growth markets Invest in the Right Products Focus on product leadership and growth prospects Invest in the Right Customers Focus on customer diversification

Will close by end of December 2008 Exit negative EBITDA/cash flow operation Sales of approximately $50M to Chrysler, Ford and Toyota Will transfer some of volume to Chihuahua, Mexico facility Further reduces dependence on U.S. market Right Geography Gainesville, GA Aluminum Wheel Facility Closure will increase profitability and reduce U.S. presence

Reduced dependence on U.S. market Right Geography Sales by Manufacturing Region 2004 2008E (Without Gainesville)

Global Market Restructuring Steel Situation Keys to 2008

Our Strategy Aggressive Cost Reductions Focus on Six Sigma and Lean Manufacturing and drive productivity improvements Invest in the Right Geography Focus on cost effective locations in growth markets Invest in the Right Products Focus on product leadership and growth prospects Invest in the Right Customers Focus on customer diversification

Czech steel wheel operations received Ford's World Excellence Award Earned for exemplary performance in quality, delivery and cost performance Awarded for second consecutive year Brazil steel wheel operations honored with Fiat's Qualitas (Quality) Award Excellent performance in product development, delivery and quality Of 1,000 suppliers, only 60 recognized Extend the Lead in Global Wheels Commercial Highlights Maximizing customer satisfaction

Secured over $80M in new and carry-over business during the first quarter Expect to meet or exceed last years wins of $430M Continue to diversify customer and geographic mix: Winning with Asian OEM's Continue to win with European partners and Detroit Three Extend the Lead in Global Wheels Business Wins Business Wins Business Wins

Extend the Lead in Global Wheels Expansion Projects Investments continue in leading-cost/high-growth regions Completed last six months In progress Starts next six months Czech Lt vehicle aluminum Lt vehicle steel Turkey Lt vehicle aluminum Lt vehicle steel Commercial Truck Brazil Commercial Truck India Lt vehicle steel Commercial Truck Thailand Lt vehicle aluminum South Africa Lt vehicle aluminum

Leading-cost countries showing strong growth Extend the Lead in Global Wheels 2008 Market Environment by Segment Customer and product diversity help mitigate regional and customer specific variability Most HLI markets and products doing well

Extend the Lead in Global Wheels Global Vehicle Build - 2007 to 2009 Growth 3rd Qtr 4th Qtr N.A. -0.056 0.527 90 20.4 53% (6%) 3rd Qtr 4th Qtr N.A. 0.161 0.05 90 20.4 5% 16% 3rd Qtr 4th Qtr N.A. 0.173 0.238 90 20.4 24% 17% 3rd Qtr 4th Qtr N.A. 0.253 0.225 90 20.4 23% 25% 3rd Qtr 4th Qtr N.A. -0.027 0.125 90 20.4 13% (3%) 3rd Qtr 4th Qtr N.A. 0.614 0.19 90 20.4 19% 61% 3rd Qtr 4th Qtr N.A. 0.177 90 20.4 18% 3rd Qtr 4th Qtr N.A. 0.224 90 20.4 22% N.A. Brazil South Africa Turkey W. Europe E. Europe Thailand India Lt Veh Lt Veh Lt Veh Comm Lt Veh Comm Lt Veh Comm Lt Veh Comm Lt Veh Comm Lt Veh Comm Strong market growth in HLI expansion regions HLI expansion regions Source: Lt Vehicle CSM 5/08, Truck J.D.Power 3/08 Lt Veh = Light Vehicle Comm = Commercial Truck

Execute Operating Plan Core business financials improved from previous year New business wins will support future growth Continue to diversify customer base Extend the Lead in Global Wheels Continuing strategic investment strategy Strong geographic and product diversity Target Positive Free Cash Flow Excluding restructuring Steel Update Summary

Financial Review

Q1 2008 vs. Q1 2007 Financial Summary 1 Please refer to the appendix for a reconciliation of this non-GAAP financial measure. 2 Includes discontinued operations ($ in millions)

Q1 2008 vs. Q1 2007 Change in Net Sales ($ in millions) Sale of Wabash, IN powertrain plant Primarily mix

Q1 2008 vs. Q1 2007 Change in Core Operating Earnings1 ($ in millions) FX ($4M) Volume/price/mix $0M Productivity/Economics/Other ($2M) FX $7M Depreciation $3M 1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure provides useful information to investors.

1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure provides useful information to investors. Q1 2008 vs. Q1 2007 Change in Free Cash Flow1 (Excl. A/R Programs) ($ in millions) Adjusted EBITDA $5M Working Capital ($53M) Other ($2M)

Liquidity Liquidity improvement of $114M 4/30/2007 4/30/2008 A/R Securitization 4 20 Credit Revolver 69 124 Cash Balance 62 105 ($ in millions) $135 $249 Cash Balance Up $43M Credit Revolver Up $55M

Capital Structure Capital Structure ($ in millions) ($ in millions) No significant debt maturities until 2014 2008 2009 2010-2013 2014-2015 *2008 excludes debt maturity of $31M German A/R program, which we expect to renew annually. *Excludes pre-payments Improved capital structure and extended maturities Debt Maturities Unsecured debt upgraded by Standard & Poor's

2008 Outlook Financial Outlook We confirm our guidance for: Sales between $2.1 - $2.3 billion Adjusted EBITDA between $205 - $220 million Capital expenditures between $95 - $105 million Free Cash Flow (Excl. A/R Programs) Targeting positive free cash flow - excluding restructuring

Adjusted EBITDA1 Continuing Operations 2005-2008 Core business Adjusted EBITDA improving ($ in millions) 12% 23% 7%-15% $185M $205M - $220M $203M $189M Continuing Ops $139M Continuing Ops $192M Continuing Ops $156M Continuing Ops $205M - $220M Guidance range 1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure provides useful information to investors.

Appendix

Execute Operating Plan 2008 Top Platforms OEM NAMEPLATE REGION Toyota Hilux/Fortuner SA/Asia Honda Civic EU/SA/NA GM Silverado NA Ford Fusion EU/SA/NA Fiat Cinquecento EU Ford Focus EU/NA Nissan Megane/Serena EU/Asia VW Polo/Fabia EU/SA Nissan Frontier/Xterra NA Ford Transit EU Ford Freelander EU/Africa GM Malibu EU/NA PSA 307/C4 EU Nissan Clio/Micra EU/SA/NA Ford F Series NA Diverse product portfolio - over 200 platforms worldwide SA = South America; EU = Europe; NA = North America No platform greater than 4% of total revenue Top 15 Platforms % of Sales

Q1 2008 vs. Q1 2007 Free Cash Flow ($ in millions)

Non-GAAP Financial Information Adjusted EBITDA ($ in millions)

Non-GAAP Financial Information Core Operating Earnings ($ in millions)

Non-GAAP Financial Measures Adjusted EBITDA: EBITDA, a measure used by management to measure operating performance, is defined as earnings from operations plus depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude asset impairment losses and other restructuring charges, reorganization items and other items. Management references these non-GAAP financial measures frequently in its decision making because they provide supplemental information that facilitates internal comparisons to historical operating performance of prior periods and external comparisons to competitors' historical operating performance. Institutional investors generally look to Adjusted EBITDA in measuring performance, among other things. The Company uses Adjusted EBITDA to facilitate quantification of planned business activities and enhance subsequent follow-up with comparisons of actual to planned Adjusted EBITDA.

Non-GAAP Financial Measures Core Operating Earnings: Core operating earnings is defined as earnings from operations less asset impairments and restructuring charges, post-emergence chapter 11 related costs, gains and losses on sales of assets, and other special items that are of an infrequent or unusual nature. Core operating earnings is used by management as a non-GAAP financial measure because it is more indicative of operating performance due to exclusion of non-operating, infrequent, or unusual items. Free Cash Flow: Free cash flow is defined as cash from operating activities minus capital expenditures plus cash from the sale of assets. Free cash flow is used by management as a non- GAAP financial measure because it identifies the amount of cash available to meet principal debt amortization requirements or make corporate investments.