Exhibit 99.1

 

News Release

CORPORATION    

 

 

 

7140 Office Circle

 

 

P.O. Box 15600

 

 

Evansville, IN 47716-0600

 

 

Investor Relations Contact:

Todd Taylor

 

Phone:

(812) 962-5105

 

 

 

 

Media Contact:

Eva Schmitz

 

Phone:

(812) 962-5011

 

FOR IMMEDIATE RELEASE

 

Accuride Corporation Reports Results for 2009

 

EVANSVILLE, Ind. — March 24, 2010 —

Accuride Corporation (OTCBB:  ACUZ), a leading manufacturer and supplier of commercial vehicle components, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2009.

 

Net sales in 2009 were $570.2 million, compared with $931.4 million in the prior year.  The decrease in sales was the result of reduced demand from customers in the commercial vehicle industry.  On a U.S. GAAP basis, the Company reported a net loss of $140.1 million, or ($3.59) per diluted share, compared to a net loss of $328.3 million, or ($9.24) per diluted share, in 2008.  The loss in 2009 included $11.4 million in restructuring costs and $43.5 million of other unusual items totaling $54.9 million, or ($1.41) per diluted share.  The loss in 2008 was impacted by $273.2 million in non-cash goodwill and other intangible impairment charges, $41.7 million of tax valuation charges, $15.5 million of restructuring charges and $13.8 million of other unusual items totaling $344.2 million, or ($9.68) per diluted share.

 

In the fourth quarter, net sales were $146.2 million compared to $208.8 million in the fourth quarter of 2008.  On a U.S. GAAP basis, the Company reported a net loss of $39.7 million, or ($0.83) per diluted share, compared to a loss of $118.7 million, or ($3.32) per diluted share, in the prior year.  The loss in 2009 included $0.9 million in restructuring costs and $20.5 million in other unusual items totaling $21.4 million, or ($0.45) per diluted share.  The loss in 2008 was impacted by $63.9 million in non-cash goodwill and other intangible impairment charges, $41.7 million of tax valuation charges, and $7.1 million of restructuring charges totaling $112.7 million, or ($3.15) per diluted share.

 

-more-

 


The following information was filed by Accuride Corp (ACW) on Wednesday, March 24, 2010 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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