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Exhibit 99.1
News Release |
CORPORATION |
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7140 Office Circle |
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P.O. Box 15600 |
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Evansville, IN 47716-0600 |
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Investor Relations Contact: |
Dave Armstrong |
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(812) 962-5059 |
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Media Contact: |
Eva Schmitz |
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(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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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Accuride Corp.
Accuride Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2009 10-K Annual Report includes:
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Accuride Corp provided additional information to their SEC Filing as exhibits
Ticker: ACW
CIK: 817979
Form Type: 10-K Annual Report
Accession Number: 0001104659-09-017677
Submitted to the SEC: Fri Mar 13 2009 5:23:37 PM EST
Accepted by the SEC: Fri Mar 13 2009
Period: Wednesday, December 31, 2008
Industry: Motor Vehicle Parts And Accessories