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Affinia Group Intermediate Holdings Inc. (AFN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

Affinia Group Intermediate Holdings Inc.

CIK: 1328655 Ticker: AFN

Exhibit 99.1

 

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For Immediate Release

Contact: Steven Klueg

Senior Vice President and Chief Financial Officer

704-864-6711

AFFINIA REPORTS FINANCIAL RESULTS FOR THE

THIRD QUARTER 2014

Record third quarter sales for the Filtration segment of $248 million

GASTONIA, NORTH CAROLINA, November 12, 2014

– Affinia Group Intermediate Holdings Inc. (“Affinia”), an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today reported net sales of $364 million for the third quarter of 2014 compared to $351 million in the third quarter of 2013, an increase of $13 million or 3.7%. Adjusted EBITDA improved to $48 million in the third quarter of 2014 compared to $40 million in the same period in the prior year, an increase of 20.0%.

Keith Wilson, President and Chief Executive Officer, commented, “We are extremely proud of the performance of our global businesses. For the third consecutive quarter in 2014, our Filtration segment achieved record quarterly sales, led by strong volumes of premium products in North America as a result of the continuing rebound within the commercial and industrial end markets. Overall, the trends in our industry are positive, as we see continued growth in the markets we serve. I am pleased with the continued success and dedication of our team, and we remain committed to delivering superior quality and innovation, while improving the value we provide to our customers.”

Filtration segment net sales were $248 million, which is a record for the third quarter, resulting in a 6.0% improvement over the third quarter of 2013. Adjusted EBITDA for the Filtration segment was $46 million in the third quarter of 2014, an increase of $8 million or 21.1% compared to the corresponding period in the prior year. Affinia South America segment net sales were $116 million, which is $1 million or 0.9% lower than the third quarter of 2013. On a currency adjusted basis, Affinia South America segment net sales were $119 million, a $2 million or 1.7% increase over the third quarter of 2013.

“Our businesses achieved 20 percent adjusted EBITDA growth in the third quarter of 2014 compared to the prior year. The operational success of our businesses has allowed for continued debt reduction in the third quarter and further improvement in our leverage ratios. We will continue to remain diligent in our efforts to right size our corporate cost structure with the needs of the business,” stated Steven Klueg, Senior Vice President and Chief Financial Officer.

Net Sales

Net sales were $364 million for the third quarter of 2014 compared with $351 million for the same period last year. On a currency adjusted basis, net sales for the third quarter of 2014 improved by 8.8% or $31 million over the same period in 2013. The Filtration segment achieved record third quarter net sales of $248 million in 2014, a 6.0% increase over the prior year, driven primarily by the North America operations due to higher volumes of premium heavy duty and light duty products, as well as growth through new product introductions and capturing new business. Net sales in the Affinia South America segment were $116 million in the third quarter of 2014, a 0.9% decrease compared to the same period in the prior year, due to the decline in value of the Argentine Peso. On a currency adjusted basis, net sales for the third quarter of 2014 improved by 1.7% over the same period in 2013 as a result of increases in our Brazilian and Argentine distribution companies.

Operating Profit

Operating profit for the third quarter of 2014 was $42 million, an $11 million increase over the prior year. Operating profit in the Filtration segment was $43 million in the third quarter of 2014, an $8 million increase over the prior year, primarily due to improved gross profit in North America as a result of higher volumes of premium products, which carry better margins, and execution of cost savings initiatives. Operating profit in the Affinia South America segment was $9 million in both the third quarter of 2014 and 2013 due largely to unfavorable currency impacts in 2014. On a currency adjusted basis, operating profit in the Affinia South America segment was up 11.1% in the third quarter of 2014 compared to the prior year largely due to price increases and higher volumes.


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, November 13, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Comprehensive Income (loss) (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Accounts Receivable Factoring
Accounts Receivable Factoring (tables)
Accounts Receivable Factoring - Summary Of Accounts Receivable Factoring (detail)
Basis Of Presentation
Changes In Accumulated Other Comprehensive Income (loss)
Changes In Accumulated Other Comprehensive Income (loss) (tables)
Changes In Accumulated Other Comprehensive Income (loss) - Components Of Changes In Accumulated Other Comprehensive Income (loss), Net Of Tax (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Reconciliation Of Changes In Return Reserves (detail)
Debt
Debt (tables)
Debt - Additional Information - New Abl Revolver (detail)
Debt - Additional Information - New Abl Revolver (parenthetical) (detail)
Debt - Schedule Of Fair Value Of Debt, Net Of Discount (detail)
Debt - Summary Of Sources And Uses Of Refinancing (detail)
Derivatives
Derivatives (tables)
Derivatives - Additional Information (detail)
Derivatives - Notional Amount Of Outstanding Derivatives (detail)
Description Of Business
Discontinued Operation - Chassis
Discontinued Operation - Chassis (tables)
Discontinued Operation - Chassis - Additional Information (detail)
Discontinued Operation - Chassis - Schedule Of Assets And Liabilities Included In Held For Sale (detail)
Discontinued Operation - Chassis - Summary Of Net Sales, Income Before Income Tax Provision, Income Tax Provision And Net Income Included Within Income (loss) From Discontinued Operations (detail)
Financial Information For Guarantors And Non-guarantors
Financial Information For Guarantors And Non-guarantors (tables)
Financial Information For Guarantors And Non-guarantors - Additional Information (detail)
Financial Information For Guarantors And Non-guarantors - Guarantor Condensed Consolidating Balance Sheets (detail)
Financial Information For Guarantors And Non-guarantors - Guarantor Condensed Consolidating Statement Of Cash Flows (detail)
Financial Information For Guarantors And Non-guarantors - Guarantor Condensed Consolidating Statements Of Comprehensive Income (loss) (detail)
Financial Information For Guarantors And Non-guarantors - Guarantor Condensed Consolidating Statements Of Operations (detail)
Income Taxes
Income Taxes - Additional Information (detail)
Inventories
Inventories (tables)
Inventories - Summary Of Inventories (detail)
Legal Proceedings
Legal Proceedings - Additional Information (detail)
New Accounting Pronouncements
New Accounting Pronouncements (policies)
Restructuring Of Operations
Restructuring Of Operations (tables)
Restructuring Of Operations - Additional Information (detail)
Restructuring Of Operations - Schedule Of Restructuring Charges And Activity (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Schedule Of Financial Information Of Reportable Segments, Corporate, Eliminations And Other (detail)
Venezuelan Operations
Venezuelan Operations - Additional Information (detail)
Ticker: AFN
CIK: 1328655
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-14-411259
Submitted to the SEC: Thu Nov 13 2014 4:44:03 PM EST
Accepted by the SEC: Thu Nov 13 2014
Period: Tuesday, September 30, 2014
Industry: Motor Vehicle Parts And Accessories

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