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Affinia Group Intermediate Holdings Inc. (AFN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Affinia Group Intermediate Holdings Inc.

CIK: 1328655 Ticker: AFN

Exhibit 99.1

LOGO

For Immediate Release

AFFINIA GROUP ANNOUNCES HIGHER SALES AND GROSS PROFIT

FOR FISCAL YEAR 2008

ANN ARBOR, MICHIGAN, March 5, 2009

– Affinia Group Inc., a global leader in the on- and off-highway replacement products and service industry, today reported its financial results for the fourth quarter and full year ended December 31, 2008.

2008 Year End

For the fiscal year 2008, net sales were $2.178 billion, as compared to $2.138 billion for 2007. The $40 million increase in net sales was primarily a result of currency translation gains of $54 million, largely attributable to a stronger Brazilian Real and Polish Zloty.

Commercial Distribution South America products, comprised primarily of Brazilian operations, experienced a $67 million increase in net sales, of which $29 million was due to currency translation. Brake North America and Asia, Filtration and Chassis products combined net sales were $12 million lower in 2008 compared with 2007. 2008 net sales in the Commercial Distribution European and Brake South America segments were $18 million and $4 million lower respectively, compared with the same period in 2007. Eliminations and other resulted in a net sales increase of $7 million for the full year 2008 as compared with 2007.

Gross profit for 2008 increased to $401 million, as compared to $379 million for the same period in 2007. Gross profit margin remained constant year over year at 18 percent. Although benefits continued to be realized as a result of the company’s on-going comprehensive restructuring program, these savings were offset by higher freight and commodity costs.

Thomas Madden, Affinia’s Senior Vice President and Chief Financial Officer, stated, “Despite soft market conditions and the economic headwinds facing not only the aftermarket, but the economy in general, we are pleased to report an improvement in net sales and margin stability. Our year over year results continue to reflect the benefits we are realizing as a result of the comprehensive restructuring program and our relentless focus on all aspects of our cost structure.”

Selling, general and administrative expenses for fiscal year 2008 remained unchanged year over year at $325 million. As a percentage of sales selling, general and administrative expenses decreased to 14.9 percent from 15.2 percent in 2007. Reductions in advertising and selling expenses were offset in part by an increase in restructuring expenses resulting from the company’s ongoing comprehensive restructuring program.

Net loss for the year ended December 31, 2008 was $3 million, a decrease of $9 million over the same time period in 2007. The lower net income was a result of a one time monetization of a general unsecured nonpriority claim against Dana Corporation which resulted


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, March 5, 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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Ticker: AFN
CIK: 1328655
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-047383
Submitted to the SEC: Fri Mar 06 2009 3:03:44 PM EST
Accepted by the SEC: Fri Mar 06 2009
Period: Wednesday, December 31, 2008
Industry: Motor Vehicle Parts And Accessories

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