Accuride Corp (ACW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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Accuride Corp
Ticker: ACW CIK: 817979

News Release

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

FOR IMMEDIATE RELEASE

Accuride Reports Fourth Quarter and Fiscal Year 2013 Results

·	Fourth Quarter 2013 results from continuing operations included:

o	Net sales of $144.7 million, down 2.6 percent year-over-year

o	Net income of $0.04 per share, including one-time charges

o	Adjusted EBITDA of $9.8 million, up 55.6 percent year-over-year

·	Full year 2013 results from continuing operations included:

o	Net sales of $642.9 million, down 19.1 percent year-over-year

o	Net loss of $0.56 per share, including one-time charges

o	Adjusted EBITDA of $47.0 million, down 28.7 percent year-over-year

·	Strong liquidity to execute the Company’s business plan in 2014

·	Lowered breakeven point, positioning Company for higher future profitability

EVANSVILLE, Ind. – March 3, 2014 – Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American commercial vehicle industry – today reported financial results for the fourth quarter and fiscal year 2013 ended December 31, 2013.

Fourth Quarter 2013 Results

Fourth quarter 2013 net sales from continuing operations were $144.7 million, compared with $148.6 million in the same period in 2012, a decline of 2.6 percent, primarily reflecting the impact of weaker industry conditions in our Brillion segment, OEM market share changes and continued competitive pressures in our Gunite and Wheels segments during the quarter. The Company experienced an operating loss of $1.7 million for the quarter, as compared to an operating loss of $149.0 million in the fourth quarter of 2012. The 2012 operating loss included $133.7 million in one-time impairment charges related to goodwill and other assets related to Gunite. The Company reported net income of $1.9 million, or $0.04 per share, during the quarter compared to a net loss of $154.5 million, or $3.26 per share, in 2012. Fourth quarter Adjusted EBITDA increased by 55.6 percent year-over-year to $9.8 million, or 6.8 percent of net sales, compared to $6.3 million, or 4.2 percent of net sales, in the same quarter of 2012. As of December 31, 2013, Accuride had $33.4 million of cash plus $30.2 million in availability under its ABL Credit Facility, for total liquidity of $63.6 million.

Fiscal Year 2013 Results

Net sales from continuing operations for the fiscal year ended December 31, 2013 were $642.9 million, compared with $794.6 million in the prior year, a decrease of 19.1 percent. The decline in net sales was primarily the result of lower production by commercial vehicle manufacturers, previously announced market share losses at Gunite and weaker industrial end-markets at Brillion. Accuride reported a fully diluted loss per share of $0.56 for the year ended December 31, 2013. Adjusted EBITDA from continuing operations for fiscal-year 2013 was $47.0 million, compared to $65.9 million in the prior year, a 28.7 percent decrease.

Commenting on Accuride’s fourth-quarter results and business conditions, President and CEO Rick Dauch said, “The past year proved challenging for Accuride due to continued weakness in our principal end markets that led to disappointing financial results. We responded by taking the tough, necessary actions to selectively reduce SG&A and overhead costs to be in line with changing market conditions throughout the year. These and other actions to consolidate our operational footprint enabled us to lower the breakeven point of each of our businesses and achieve operating income performance at or near break-even for the year.

“In addition, the completion of our major capital upgrades and adoption of Lean systems across our operations have yielded quality, warranty, delivery and lead-times consistently at or approaching world-class levels. Our financial and operational performance in the fourth quarter directly reflects these actions and indicates the kind of improved results we expect to generate going forward as our end markets continue to recover,” Dauch added.

The following information was filed by Accuride Corp (ACW) on Monday, March 3, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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