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 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

For the quarterly period ended June 30, 2020

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

For the transition period from                      to                     .

Commission file number: 1-6615

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

95-2594729

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

26600 Telegraph Road, Suite 400

 

Southfield, Michigan

48033

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (248) 352-7300

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

 

SUP

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

 

 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of common stock outstanding as of July 29, 2020: 25,591,930 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I

-

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

Item 1

-

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income (Loss)

1

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

2

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

3

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

4

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity (Deficit)

5

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

 

 

 

 

 

Item 2

-

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

 

 

 

 

 

 

 

Item 3

-

Quantitative and Qualitative Disclosures About Market Risk

42

 

 

 

 

 

 

 

 

Item 4

-

Controls and Procedures

42

 

 

 

 

PART II

-

OTHER INFORMATION

43

 

 

 

 

 

 

 

 

Item 1

-

Legal Proceedings

43

 

 

 

 

 

 

 

 

Item 1A

-

Risk Factors

43

 

 

 

 

 

 

 

 

Item 2

-

Unregistered Sales of Equity Securities and Use of Proceeds

44

 

 

 

 

 

 

 

 

Item 5

-

Other Information

44

 

 

 

 

 

 

 

 

Item 6

-

Exhibits

45

 

 

 

 

 

 

Signatures

46

 

 


 

 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

NET SALES

 

$

144,835

 

 

$

352,499

 

 

$

445,947

 

 

$

710,192

 

Cost of sales

 

 

167,676

 

 

 

312,504

 

 

 

445,627

 

 

 

637,075

 

GROSS (LOSS) PROFIT

 

 

(22,841

)

 

 

39,995

 

 

 

320

 

 

 

73,117

 

Selling, general and administrative expenses

 

 

11,276

 

 

 

15,964

 

 

 

23,811

 

 

 

30,447

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

 

 

 

 

 

193,641

 

 

 

 

(LOSS) INCOME FROM OPERATIONS

 

 

(34,117

)

 

 

24,031

 

 

 

(217,132

)

 

 

42,670

 

Interest expense, net

 

 

(12,184

)

 

 

(11,852

)

 

 

(24,034

)

 

 

(23,725

)

Other (expense) income, net

 

 

(670

)

 

 

2,632

 

 

 

653

 

 

 

2,759

 

(LOSS) INCOME BEFORE INCOME TAXES

 

 

(46,971

)

 

 

14,811

 

 

 

(240,513

)

 

 

21,704

 

Income tax benefit (provision)

 

 

3,753

 

 

 

(7,541

)

 

 

7,213

 

 

 

(12,484

)

NET (LOSS) INCOME

 

$

(43,218

)

 

$

7,270

 

 

$

(233,300

)

 

$

9,220

 

LOSS PER SHARE – BASIC

 

$

(2.00

)

 

$

(0.04

)

 

$

(9.81

)

 

$

(0.27

)

LOSS PER SHARE – DILUTED

 

$

(2.00

)

 

$

(0.04

)

 

$

(9.81

)

 

$

(0.27

)

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.


1


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

Net (loss) income

 

$

(43,218

)

 

$

7,270

 

 

$

(233,300

)

 

$

9,220

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

9,443

 

 

 

8,033

 

 

 

(26,090

)

 

 

684

 

Change in unrecognized gains (losses) on derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

19,673

 

 

 

2,130

 

 

 

(38,752

)

 

 

8,544

 

Tax (provision) benefit

 

 

(4,375

)

 

 

(274

)

 

 

8,753

 

 

 

(1,762

)

Change in unrecognized gains (losses) on derivative instruments, net of tax

 

 

15,298

 

 

 

1,856

 

 

 

(29,999

)

 

 

6,782

 

Defined benefit pension plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial losses on pension obligations

 

 

72

 

 

 

53

 

 

 

144

 

 

 

105

 

Tax (provision)

 

 

(13

)

 

 

(11

)

 

 

(30

)

 

 

(22

)

Pension changes, net of tax

 

 

59

 

 

 

42

 

 

 

114

 

 

 

83

 

Other comprehensive income (loss), net of tax

 

 

24,800

 

 

 

9,931

 

 

 

(55,975

)

 

 

7,549

 

Comprehensive (loss) income

 

$

(18,418

)

 

$

17,201

 

 

$

(289,275

)

 

$

16,769

 

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.

2


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

 

 

June 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

130,732

 

 

$

77,927

 

Accounts receivable, net

 

 

61,249

 

 

 

76,786

 

Inventories, net

 

 

149,450

 

 

 

168,470

 

Income taxes receivable

 

 

4,226

 

 

 

4,630

 

Other current assets

 

 

16,774

 

 

 

26,375

 

Total current assets

 

 

362,431

 

 

 

354,188

 

Property, plant and equipment, net

 

 

502,393

 

 

 

529,282

 

Deferred income tax assets, net

 

 

48,365

 

 

 

38,607

 

Goodwill

 

 

 

 

 

184,832

 

Intangibles, net

 

 

113,795

 

 

 

137,078

 

Other non-current assets

 

 

58,973

 

 

 

67,880

 

Total assets

 

$

1,085,957

 

 

$

1,311,867

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

90,726

 

 

$

123,112

 

Short-term debt

 

 

58,297

 

 

 

4,010

 

Accrued expenses

 

 

63,905

 

 

 

60,845

 

Income taxes payable

 

 

3,530

 

 

 

3,148

 

Total current liabilities

 

 

216,458

 

 

 

191,115

 

Long-term debt (less current portion)

 

 

655,526

 

 

 

611,025

 

Non-current income tax liabilities

 

 

6,953

 

 

 

6,523

 

Deferred income tax liabilities, net

 

 

 

 

 

12,369

 

Other non-current liabilities

 

 

88,743

 

 

 

71,640

 

Commitments and contingent liabilities (Note 17)

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 1,000,000 shares

 

 

 

 

 

 

 

 

Issued and outstanding – 150,000 shares outstanding at

   June 30, 2020 and December 31, 2019

 

 

169,935

 

 

 

160,980

 

European non-controlling redeemable equity

 

 

1,518

 

 

 

6,525

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 100,000,000 shares

 

 

 

 

 

 

 

 

Issued and outstanding – 25,591,930 and 25,128,158 shares at

   June 30, 2020 and December 31, 2019

 

 

93,541

 

 

 

93,331

 

Accumulated other comprehensive loss

 

 

(156,053

)

 

 

(100,078

)

Retained earnings

 

 

9,336

 

 

 

258,437

 

Total shareholders’ equity (deficit)

 

 

(53,176

)

 

 

251,690

 

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

 

$

1,085,957

 

 

$

1,311,867

 

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.

3


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

 

 

Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(233,300

)

 

$

9,220

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

48,316

 

 

 

46,673

 

Income tax, non-cash changes

 

 

(13,975

)

 

 

1,582

 

Impairment of goodwill and indefinite-lived intangibles

 

 

193,641

 

 

 

 

Stock-based compensation

 

 

210

 

 

 

1,917

 

Amortization of debt issuance costs

 

 

2,261

 

 

 

2,456

 

Other non-cash items

 

 

(2,456

)

 

 

(1,630

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

9,839

 

 

 

(22,538

)

Inventories

 

 

17,053

 

 

 

(2,660

)

Other assets and liabilities

 

 

1,186

 

 

 

12,574

 

Accounts payable

 

 

(31,276

)

 

 

10,655

 

Income taxes

 

 

1,366

 

 

 

11,382

 

NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES

 

 

(7,135

)

 

 

69,631

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(22,761

)

 

 

(28,665

)

Other investing activities

 

 

 

 

 

9,631

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(22,761

)

 

 

(19,034

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt

 

 

11,690

 

 

 

 

Repayments of debt

 

 

(24,066

)

 

 

(24,183

)

Cash dividends paid

 

 

(6,767

)

 

 

(12,910

)

Purchase of non-controlling redeemable shares

 

 

(4,938

)

 

 

(1,411

)

Payments related to tax withholdings for stock-based compensation

 

 

 

 

 

(108

)

Proceeds from borrowings on revolving credit facility

 

 

213,825

 

 

 

43,800

 

Repayments of borrowings on revolving credit facility

 

 

(106,992

)

 

 

(43,800

)

Other financing activities

 

 

(547

)

 

 

(654

)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

 

82,205

 

 

 

(39,266

)

Effect of exchange rate changes on cash

 

 

496

 

 

 

(1,872

)

Net increase in cash and cash equivalents

 

 

52,805

 

 

 

9,459

 

Cash and cash equivalents at the beginning of the period

 

 

77,927

 

 

 

47,464

 

Cash and cash equivalents at the end of the period

 

$

130,732

 

 

$

56,923

 

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.


4


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(Dollars in thousands)

For the six months ended June 30, 2019

 

(Unaudited)

 

Common Stock

 

 

Accumulated Other Comprehensive (Loss)

Income

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Unrecognized

Gains (Losses)

on Derivative

Instruments

 

 

Pension

Obligations

 

 

Cumulative

Translation

Adjustment

 

 

Retained

Earnings

 

 

Total

 

 

BALANCE AT DECEMBER 31, 2018

 

 

25,019,237

 

 

$

87,723

 

 

$

(3,205

)

 

$

(3,000

)

 

$

(99,290

)

 

$

391,037

 

 

$

373,265

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,220

 

 

 

9,220

 

 

Change in unrecognized gains/losses on derivative

   instruments, net of tax

 

 

 

 

 

 

 

 

6,782

 

 

 

 

 

 

 

 

 

 

 

 

6,782

 

 

Change in employee benefit plans, net of taxes

 

 

 

 

 

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

 

83

 

 

Net foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

684

 

 

 

 

 

 

684

 

 

Common stock issued, net of shares withheld for

   employee taxes

 

 

95,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

1,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,809

 

 

Cash dividend declared ($0.09 per common

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,582

)

 

 

(4,582

)

 

Redeemable preferred 9% dividend, participating

   dividend and accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,688

)

 

 

(15,688

)

 

European non-controlling redeemable equity

   dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(383

)

 

 

(383

)

 

BALANCE AT JUNE 30, 2019

 

 

25,114,598

 

 

$

89,532

 

 

$

3,577

 

 

$

(2,917

)

 

$

(98,606

)

 

$

379,604

 

 

$

371,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Common Stock

 

 

Accumulated Other Comprehensive (Loss)

Income

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Unrecognized

Gains (Losses)

on Derivative

Instruments

 

 

Pension

Obligations

 

 

Cumulative

Translation

Adjustment

 

 

Retained

Earnings

 

 

Total

 

 

BALANCE AT MARCH 31, 2019

 

 

25,073,360

 

 

$

88,119

 

 

$

1,721

 

 

$

(2,959

)

 

$

(106,639

)

 

$

382,772

 

 

$

363,014

 

 

Net income