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Exhibit 99.1
For Immediate Release
Contact: Scott Howat
Director of Global
Communications
Affinia Group Inc.
(734) 827-5421
AFFINIA GROUP ANNOUNCES FINANCIAL RESULTS FOR FOURTH
QUARTER AND FULL YEAR 2012
COMPANY TO HOLD CONFERENCE CALL AND WEBCAST ON MARCH 15TH
ANN ARBOR, MICHIGAN, March 14, 2013 Affinia Group Inc., an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today reported its financial results for the fourth quarter and full year ended December 31, 2012.
As announced earlier, the Company distributed its brake business to its shareholders in the fourth quarter of 2012. As a result, the financial performance of these entities is reflected in discontinued operations for financial reporting purposes.
Full Year 2012
Excluding unfavorable currency translation effects, year-over-year consolidated net sales improved by $63 million. On an as-reported basis, full year 2012 consolidated net sales decreased by $25 million to $1.45 billion, as compared to $1.48 billion for full year 2011, representing a 2 percent decrease in net sales versus last year. Lower currency exchange rates, primarily related to the Polish Zloty and Brazilian Real, reduced reported sales by $88 million, which was partially offset by increased sales to new and existing customers.
Filtration products net sales were $831 million in 2012, a $30 million increase as compared to 2011. The 4 percent improvement was attributable to $49 million of increased sales to new and existing customers, which was partially offset by $19 million of unfavorable currency translation effects, primarily due to depreciation of the Polish Zloty.
Affinia South America products net sales, excluding unfavorable translation effects, rose by $30 million. Reported net sales, including unfavorable translation effects, declined by 8 percent to $430 million in 2012 as compared to $469 million in 2011. Substantial currency depreciation of South American currencies, primarily the Brazilian Real, accounted for a year-over-year net sales decline of $69 million, which was partially offset by net sales improvement due to price increases on certain products and new business in our distribution and shock absorber operations.
Chassis product net sales declined by $19 million, or 9 percent in 2012, to $194 million from $213 million in 2011. The decrease in sales was attributable to significant initial order fulfillments recognized in 2011, whereas 2012 sales represented a more normal run rate for the new business.
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Affinia Group Intermediate Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
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Affinia Group Intermediate Holdings Inc. provided additional information to their SEC Filing as exhibits
Ticker: AFN
CIK: 1328655
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-111193
Submitted to the SEC: Mon Mar 18 2013 8:02:08 AM EST
Accepted by the SEC: Mon Mar 18 2013
Period: Monday, December 31, 2012
Industry: Motor Vehicle Parts And Accessories