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.

 

-more-

 


The following information was filed by Accuride Corp (ACW) on Thursday, February 26, 2009 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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