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Accuride Corp (ACW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Accuride Corp

CIK: 817979 Ticker: ACW

Exhibit 99.1

 

 

Investor Relations Contact:

Dave Armstrong

 

Phone:

(812) 962-5059

 

 

 

 

Media Contact:

Eva Schmitz

 

Phone:

(812) 962-5011

 

FOR IMMEDIATE RELEASE

 

Accuride Corporation Reports Results for 2007

 

EVANSVILLE, Ind. – February 28, 2008 –

Accuride Corporation (NYSE: ACW), a leading manufacturer and supplier of commercial vehicle components, today announced its financial results for the fourth quarter 2007 and fiscal year ended December 31, 2007.

 

The Company reported results of $222.5 million in net sales for the fourth quarter of 2007 compared to $344.9 million for the fourth quarter of 2006.  For the twelve months ended December 31, 2007, net sales were $1.0 billion compared to $1.4 billion for the same twelve month period in 2006.  The decrease in net sales was primarily a result of the reduced demand for commercial vehicles with engines compliant with new emission standards that became effective in 2007.

 

A net loss of $10.4 million, or ($0.29) per diluted share, was reported for the fourth quarter of 2007 compared to net income of $14.3 million, or $0.41 per diluted share, for the fourth quarter of 2006.  For the twelve months ended December 31, 2007, a net loss of $8.6 million, or ($0.25) per diluted share, was reported compared to net income of $65.1 million, or $1.88 per diluted share, in 2006.  The net loss included unfavorable special items totaling $13.7 million, or $0.39 per diluted share, which was $21.0 million on a pre-tax basis.  The special items included a $10.6 million increase in revenue from a resolution of a commercial dispute with a customer and a $3.2 million net gain from insurance proceeds, which was offset by pre-tax costs of $14.2 million associated with a reduction in the employee workforce in our steel wheel operations, $14.1 million in accelerated depreciation and a write-down of supplies inventory related primarily to light steel wheel assets, and $6.5 million related to employment matters and other items.

 

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The following information was filed by Accuride Corp (ACW) on Thursday, February 28, 2008 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: 0001104659-08-018033
Submitted to the SEC: Mon Mar 17 2008 4:53:13 PM EST
Accepted by the SEC: Mon Mar 17 2008
Period: Monday, December 31, 2007
Industry: Motor Vehicle Parts And Accessories

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