Accuride Corp (ACW) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Exhibit 99.1

 

News Release	CORPORATION
		7140 Office Circle
		P.O. Box 15600
		Evansville, IN  47716-0600

 

	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 2008

 

·                  Fiscal year 2008 net sales of $931.4 million and Adjusted EBITDA of $73.3 million

·                  On a U.S. GAAP basis, a net loss of $335.3 million, or ($9.44) per diluted share, negatively impacted by non-cash goodwill and other intangible impairment, tax valuation charges, and restructuring charges totaling $305.3 million or ($8.59) per diluted share

·                  Recently announced restructuring initiatives expected to result in approximately $25 million to $30 million in cost savings in 2009

 

EVANSVILLE, Ind. – February 26, 2009 –

Accuride Corporation (OTCBB: AURD), a leading manufacturer and supplier of commercial vehicle components, today announced its fourth quarter and fiscal year 2008 results.  Net sales in 2008 were $931.4 million, compared with $1,013.7 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 $335.3 million, or ($9.44) per diluted share, which was impacted by $256.8 million in non-cash goodwill and other intangible impairment, $41.5 million of tax valuation charges, and $7.0 million of restructuring charges totaling $305.3 million or ($8.59) per diluted share, compared with a net loss of $8.6 million or ($0.25) per diluted share, in the prior year.

 

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