-----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, HgIyg9xy6uZzsdwJKqDi6QeHlWrtAb5DRnkx9rSfyW4wvuiuvynQxF0NBKYS3692 p6mVVHn5EIpDm3Is1cb2kg== 0001104659-03-026114.txt : 20031113 0001104659-03-026114.hdr.sgml : 20031113 20031113121438 ACCESSION NUMBER: 0001104659-03-026114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031113 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031113 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: 03996659 BUSINESS ADDRESS: STREET 1: ACCURIDE STREET 2: 7140 OFFICE CIRCLE CITY: EVANSVILLE STATE: IN ZIP: 47715 BUSINESS PHONE: 8129625000 8-K 1 a03-5421_28k.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): November 13, 2003 (November 13, 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)                                  Exhibits

 

99.1                                                   Press Release of Accuride Corporation, dated November 13, 2003.

 

Item 12.                                                    Results of Operations and Financial Condition.

 

On November 13, 2003, Accuride Corporation issued a press release announcing its financial results for the fiscal quarter ended September 30, 2003.  The full text of the press release issued by Accuride Corporation on November 13, 2003 is attached hereto as Exhibit 99.1.

 

The information in this Current Report is being furnished pursuant to Item 12 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 12.  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 November 13, 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:

November 13, 2003

 

 

/s/ John R. Murphy

 

 

 

 

John R. Murphy

 

 

 

Chief Financial Officer

 

 

3



 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

99.1

 

Press Release of Accuride Corporation, dated November 13, 2003.

 

4


EX-99.1 3 a03-5421_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

 

 

 

Contact: Deepak Chaudhry

 

 

 

Phone: (812) 962-5095

 

 

FOR IMMEDIATE RELEASE

 

 

Accuride Corporation Reports Third Quarter Results for 2003

 

 

EVANSVILLE, Ind. – November 13, 2003 – Accuride Corporation today announced net sales of $87.4 million for the third quarter ended September 30, 2003.  This compares to net sales of $93.0 million for the third quarter of 2002, a decrease of 6.0%.  Last year’s third quarter demand was inflated by the pre-buy ahead of the October 2002 EPA emission changes.  For the nine months ended September 30, 2003, net sales were $269.9 million compared to net sales of $265.4 million for the same nine-month period in 2002, an increase of 1.7%.

 

Adjusted EBITDA of $16.9 million for the third quarter ended September 30, 2003, is down from $19.5 million for the third quarter of 2002.  For the first nine months of 2003, Adjusted EBITDA increased by $1.0 million, or 1.9%, to reach $53.1 million resulting in an Adjusted EBITDA margin of 19.7%.  The purpose and reconciliation of Adjusted EBITDA for the Company to the most directly comparable GAAP measure are set forth on pages 4 and 5 of this press release.

 

“The quarter came in about as expected except for the fire at our Cuyahoga Falls aluminum facility which somewhat impacted our sales.  We are pleased with the recovery efforts that returned the facility to normal production in early October,” said Terry Keating, Accuride’s President and CEO.  “We are encouraged to see the generally improving economic environment and monthly order rates, which should translate to significant increases in production levels over the next several quarters.”

 

The Company’s liquidity position remained strong at September 30, 2003, with $36.0 million in cash and revolver availability of $41.0 million.

 

-more-

 



 

Accuride Corporation

November 13, 2003

 

Accuride had a net loss of $2.8 million for the third quarter ended September 30, 2003, compared to a net loss of $0.6 million for third quarter of 2002.  For the nine months ended September 30, 2003, Accuride had a net loss of $9.3 million, or a negative 3.4% of net sales, compared to a net loss of $2.0 million, or a negative 0.8% of net sales, for the same nine-month period in 2002.  The year-to-date results included $11.3 million of refinancing costs in connection with the amendment of the Company’s credit agreement in June 2003.

 

The Company will conduct a conference call to review and discuss its third quarter results on Thursday, November 13, 2003, at 1:30 PM (Central Time).  The phone number to access the conference call is 888-276-9998 in the United States, or 651-224-7582 internationally.  A replay will be available beginning today at 5:00 PM (Central Time), through November 20, 2003, by calling 800-475-6701 in the United States, or 320-365-3844 internationally, access code 705545.  The financial results for the three-month period ended September 30, 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, 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 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 September 30,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

NET SALES

 

$

87,439

 

$

92,972

 

COST OF GOODS SOLD

 

74,291

 

74,368

 

GROSS PROFIT

 

$

13,148

 

$

18,604

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

Selling, General & Administrative

 

5,499

 

6,207

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

7,649

 

12,397

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

Interest Income

 

49

 

98

 

Interest (Expense)

 

(10,256

)

(10,209

)

Refinancing Costs

 

(7

)

 

Equity in Earnings of Affiliates

 

81

 

111

 

Other Income (Expense), Net

 

(77

)

(4,017

)

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

(2,561

)

(1,620

)

 

 

 

 

 

 

INCOME TAX PROVISION (BENEFIT)

 

232

 

(1,026

)

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,793

)

$

(594

)

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

NET SALES

 

$

269,894

 

$

265,361

 

COST OF GOODS SOLD

 

222,608

 

216,127

 

GROSS PROFIT

 

$

47,286

 

$

49,234

 

 

 

 

 

 

 

OPERATING:

 

 

 

 

 

Selling, General & Administrative

 

17,693

 

19,636

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

29,593

 

29,598

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

Interest Income

 

180

 

222

 

Interest (Expense)

 

(28,641

)

(30,318

)

Refinancing Costs

 

(11,264

)

 

Equity in Earnings of Affiliates

 

461

 

216

 

Other Income (Expense), Net

 

(581

)

(1,464

)

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

(10,252

)

(1,746

)

 

 

 

 

 

 

INCOME TAX PROVISION (BENEFIT)

 

(928

)

245

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(9,324

)

$

(1,991

)

 

3



 

ACCURIDE CORPORATION

CONSOLIDATED ADJUSTED EBITDA

(DOLLARS IN THOUSANDS)

(UNAUDITED)

 

 

 

Three Months Ended September 30,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

(2,793

)

(594

)

Net Interest Expense

 

10,207

 

10,111

 

Income Taxes

 

232

 

(1,026

)

Refinancing Costs

 

7

 

 

Equity in Earnings of Affiliates

 

(81

)

(111

)

Other Expense (Income)

 

77

 

4,017

 

INCOME (LOSS) FROM OPERATIONS

 

7,649

 

12,397

 

Depreciation

 

7,190

 

6,243

 

Equity in Earnings of Affiliates

 

81

 

111

 

Restructuring, severance and other charges

 

1,969

 

704

 

ADJUSTED EBITDA

 

$

16,889

 

$

19,455

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

(9,324

)

(1,991

)

Net Interest Expense

 

28,461

 

30,096

 

Income Taxes

 

(928

)

245

 

Refinancing Costs

 

11,264

 

 

Equity in Earnings of Affiliates

 

(461

)

(216

)

Other Expense (Income)

 

581

 

1,464

 

INCOME (LOSS) FROM OPERATIONS

 

29,593

 

29,598

 

Depreciation

 

21,065

 

19,735

 

Equity in Earnings of Affiliates

 

461

 

216

 

Restructuring, severance and other charges

 

1,969

 

2,560

 

ADJUSTED EBITDA

 

$

53,088

 

$

52,109

 

 


a)  For the three months ending September 30, 2003, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.4 million for strike contingency costs associated with recent renewal of our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3 million for pension related costs at our facility in London, Ontario, (iii) $1.2 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio in August 2003.  Items (i), (ii) and (iii) effected gross profit.  For the three months ending September 30, 2002, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.1 million of costs related to a reduction in the employee workforce, (ii) $0.4 million costs related to the consolidation of light wheel production, (iii) $0.2 million of other costs.  Items (i) and (ii) effected gross profit while item (iii) related to selling, general, and administrative expenses.

 

4



 

For the nine months ending September 30, 2003, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.4 million for strike contingency costs associated with recent renewal of our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3 million for pension related costs at our facility in London, Ontario, (iii) $1.2 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio, in August 2003.  Items (i), (ii) and (iii) effected gross profit.  For the nine months ending September 30, 2002, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $1.0 million of costs related to a reduction in the employee workforce, (ii) $0.8 million of costs related to the consolidation of light wheel production, (iii) $0.4 million of costs related to non-cash expenses associated with the resolved labor dispute at the Henderson, Kentucky, facility (iv) $0.4 million of other costs.  All but $0.3 million of items (i), (ii) and (iii) effected gross profit while item (iv) related to selling, general, and administrative expenses.

 

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.  We have included information concerning Adjusted EBITDA in this press release because 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 our 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.

 

###

 

5


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