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Accuride Corp (ACW) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Accuride Corp

CIK: 817979 Ticker: ACW

Exhibit 99.1

 

News Release

 

CORPORATION

 

7140 Office Circle

 

P.O. Box 15600

 

Evansville, IN  47716

 

 

Investor Relations Contact:

Chad Monroe

 

Phone:

(812) 962-5041

 

 

 

 

Media Contact:

Eva Schmitz

 

Phone:

(812) 962-5011

 

FOR IMMEDIATE RELEASE

 

Accuride Corporation Reports Results for Full Year and Q4 2010

·                  Sales increased 34.0 percent versus prior year

·                  Adjusted EBITDA increased $4.5 million versus prior year quarter to $15.1 million

·                  Generated free cash flow of $17.9 million in the fourth quarter

 

EVANSVILLE, Ind. — Feb. 25, 2011 —

Accuride Corporation (NYSE:  ACW), a leading manufacturer and supplier of commercial vehicle components, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2010.

 

Net sales in 2010 were $764.0 million, compared with $570.2 million in the prior year.  The increase in sales was the result of increased demand from customers in the commercial vehicle industry.  The Company reported a net loss of $75.7 million, or ($4.83) per diluted share, compared to a net loss of $140.1 million, or ($35.90) per diluted share, in 2009.  On a pretax basis, 2010 results included a mark-to-market gain of $75.6 million on our convertible notes, a $166.7 million inducement expense associated with the early conversion of those same notes to equity, $59.3 million in favorable reorganization items and a $2.3 million charge in the fourth quarter related to a product campaign.  The loss in 2009 included charges of $31.4 million in reorganization items and pre-petition professional fees, $5.4 million for the early extinguishment of debt, $3.3 million in goodwill impairment and $11.4 million in restructuring costs. Adjusted EBITDA in the year was $66.2 million compared to $23.7 million in the prior year.  Cash was $78.5 million at year end.  Free cash flow was negative $28.1 million for the year, which includes $43.8 million in cash outflows related to our financial restructuring.

 

In the fourth quarter, net sales were $193.7 million compared to $146.2 million in the fourth quarter of 2009, an increase of 32.5 percent due to continuing year-over-year improvement in the commercial vehicle industry.  On a U.S. GAAP basis, the Company reported a net loss of $110.9 million, or ($4.47) per diluted share, compared to a loss of $39.7 million, or ($8.35) per diluted share, in the prior year.  On a pretax basis, the loss in 2010 included the above $166.7 million inducement expense, a mark-to-market gain on the convertible notes prior to conversion of $70.0 million and a $2.3 million charge related to a product campaign.  The loss in 2009 included $0.9 million in restructuring costs and the above $31.4 million in reorganization items and pre-petition professional fees.  Adjusted EBITDA in the quarter was $15.1 million compared to $10.6 million in the prior year.  Free cash flow was $17.9 million for the quarter, which includes $9.2 million in cash outflows related to our financial restructuring.

 

“2010 was a pivotal and successful year for Accuride.  Despite the challenging economic and industry conditions, Accuride pursued and implemented strategic initiatives to successfully restructure the Company’s operations and capital structure, strengthen customer relationships and increase market share,” said Rick

 


The following information was filed by Accuride Corp (ACW) on Friday, February 25, 2011 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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SEC Filing Tools
Ticker: ACW
CIK: 817979
Form Type: 10-K Annual Report
Accession Number: 0001047469-11-002734
Submitted to the SEC: Mon Mar 28 2011 2:46:02 PM EST
Accepted by the SEC: Mon Mar 28 2011
Period: Friday, December 31, 2010
Industry: Motor Vehicle Parts And Accessories

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