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Accuride Corp (ACW) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Accuride Corp

CIK: 817979 Ticker: ACW
 
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 Strong Fourth Quarter and Fiscal Year 2014 Results
Fourth Quarter 2014 results from continuing operations included:
o
Net sales of $172.8 million, up 19.4 percent year-over-year
o
Net loss of $0.10 per share
o
Adjusted EBITDA of $15.6 million, up 59.2 percent year-over-year
Full year 2014 results from continuing operations included:
o
Net sales of $705.2 million, up 9.7 percent year-over-year
o
Net loss of $0.04 per share
o
Adjusted EBITDA of $78.0 million, up 66.0 percent year-over-year
Company generates positive free cash flow for first time since 2007
Strong core market conditions and expected share gains support Company's projected 2015 growth and profitability improvement

EVANSVILLE, Ind. – March 3, 2015 – Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American commercial vehicle industry – today reported strong financial results for the fourth quarter and fiscal year ended December 31, 2014.  The results demonstrate the power of Accuride's "Fix & Grow" investments to deliver world-class operating metrics, reduce fixed costs and support ongoing margin improvement.

Fourth Quarter 2014 Results
Fourth quarter 2014 net sales from continuing operations were $172.8 million, compared with $144.7 million in the same period in 2013, an increase of 19.4 percent, primarily reflecting the impact of stronger industry conditions in the Company's Wheels and Brillion segments during the quarter.  Accuride's operating income was $3.7 million for the quarter, as compared to an operating loss of $1.7 million in the fourth quarter of 2013.  The Company reported a net loss of $5.1 million, or $0.10 per share, during the quarter, compared to net income of $1.9 million, or $0.04 per share, in 2013.  Fourth quarter Adjusted EBITDA increased by 59.2 percent year-over-year to $15.6 million, or 9.1 percent of net sales, compared to $9.8 million, or 6.8 percent of net sales, in the same quarter of 2013.  As of December 31, 2014, Accuride had $29.8 million of cash plus $40.5 million in availability under its ABL Credit Facility for total liquidity of $70.3 million.

Fiscal Year 2014 Results
Net sales from continuing operations for the fiscal year ended December 31, 2014 were $705.2 million, compared with $642.9 million in the prior year, an increase of 9.7 percent.  The net sales increase was primarily due to higher vehicle production by North American commercial vehicle manufacturers and strengthening in certain industrial end-markets Brillion serves.  Accuride reported a loss per share of $0.04 for the year ended December 31, 2014.  Adjusted EBITDA from continuing operations for fiscal-year 2014 was $78.0 million, or 11.1 percent of net sales, compared to $47.0 million, or 7.3 percent of net sales, in the prior year.

Industry Conditions
In the fourth quarter, North American truck and trailer production continued to increase at a double-digit pace, as expected.  Class 8, Class 5-7 and trailer production grew by 27 percent, 13 percent and 25 percent, respectively, compared to 2013.  Class 8 net orders remained strong as lower fuel prices and higher profitability enabled fleets to replace aging equipment and expand their operations.  Class 8 net orders were up 66 percent for all of 2014.  This order strength is expected to translate into increased OEM production levels over the next several quarters, with full-year Class 8 production

The following information was filed by Accuride Corp (ACW) on Tuesday, March 3, 2015 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Stockholders' Equity
Assets Held For Sale
Assets Held For Sale (details)
Changes In Accumulated Other Comprehensive Income (loss) By Component
Changes In Accumulated Other Comprehensive Income (loss) By Component (details)
Changes In Accumulated Other Comprehensive Income (loss) By Component (tables)
Commitments
Commitments (details)
Commitments (tables)
Contingencies
Contingencies (details)
Debt
Debt (details)
Debt (tables)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Financial Instruments
Financial Instruments (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (tables)
Guarantor And Non-guarantor Financial Statements
Guarantor And Non-guarantor Financial Statements (tables)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Balance Sheets (details)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Statements Of Cash Flows (details)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Statements Of Operations (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Nature Of Operations, Basis Of Presentation And Summary Of Significant Accounting Policies
Nature Of Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Nature Of Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Nature Of Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (details)
Pension And Other Postretirement Benefit Plans (tables)
Product Warranties
Product Warranties (details)
Product Warranties (tables)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (details)
Quarterly Data (unaudited) (tables)
Segment Reporting
Segment Reporting (tables)
Segment Reporting, Geographic Information (details)
Segment Reporting, Net Sales, Operating Income And Assets By Segment (details)
Segment Reporting, Sales By Product Grouping (details)
Segment Reporting, Sales To Major Customers (details)
Stock-based Compensation Plans
Stock-based Compensation Plans (details)
Stock-based Compensation Plans (tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Valuation And Qualifying Accounts (tables)
Ticker: ACW
CIK: 817979
Form Type: 10-K Annual Report
Accession Number: 0000817979-15-000010
Submitted to the SEC: Tue Mar 03 2015 3:06:18 PM EST
Accepted by the SEC: Tue Mar 03 2015
Period: Wednesday, December 31, 2014
Industry: Motor Vehicle Parts And Accessories

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