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Exhibit 99.1
For Immediate Release
Contact: Steven Klueg
Senior Vice President and Chief Financial Officer
704-864-6711
AFFINIA REPORTS FINANCIAL RESULTS FOR THE
FOURTH QUARTER AND FULL YEAR 2014
Record fourth quarter and full year sales and earnings for the Filtration segment
GASTONIA, NORTH CAROLINA, March 12, 2015 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 $336 million for the fourth quarter of 2014 compared to $338 million in the fourth quarter of 2013, a decrease of $2 million or 0.6%. On a currency adjusted basis, net sales for the fourth quarter of 2014 improved by 9.5% or $32 million over the same period in 2013. Adjusted EBITDA improved to $37 million in the fourth quarter of 2014 compared to $36 million in the same period in the prior year, an increase of 2.8%.
Filtration segment net sales were $235 million, which is a record for the fourth quarter, resulting in a 4.9% improvement over the fourth quarter of 2013. Adjusted EBITDA for the Filtration segment was $37 million in the fourth quarter of 2014, an increase of $4 million or 12.1% compared to the corresponding period in the prior year. Affinia South America segment net sales were $102 million, which is $12 million or 10.5% lower than the fourth quarter of 2013. On a currency adjusted basis, Affinia South America segment net sales were $117 million, a $3 million or 2.6% increase over the fourth quarter of 2013.
Keith Wilson, President and Chief Executive Officer, commented, During the fourth quarter of 2014, our global businesses continued to deliver strong operational and financial performance. In 2014, our Filtration segment achieved record sales and earnings, with improvement across all regions. Overall, 2014 was a year of significant growth as we continued to gain market share around the globe as a result of enhancing our product portfolio, investing in manufacturing capabilities and improving our distribution footprint. We remain committed to delivering superior quality and innovation, while focusing on continuously improving the service and value we provide to our customers.
Free cash flow, which is operating cash flow less capital expenditures, was $8 million in the fourth quarter of 2014. Trade working capital was $221 million at December 31, 2014, a decrease of $39 million from the third quarter of 2014.
We delivered strong free cash flow in the fourth quarter of 2014, which allowed us to further reduce debt levels while continuing to invest in our business. As of year-end, our leverage ratio has improved to 4.5 times the trailing twelve months Adjusted EBITDA compared to 5.2 times at the end of 2013. Our focus is currently on executing on our 2015 business plan, as well as delivering on our overall growth strategies. stated Steven Klueg, Senior Vice President and Chief Financial Officer.
Net Sales
Net sales were $336 million for the fourth quarter of 2014 compared with $338 million for the same period last year. On a currency adjusted basis, net sales for the fourth quarter of 2014 improved by 9.5% or $32 million over the same period in 2013. The Filtration segment achieved record fourth quarter net sales of $235 million in 2014, a 4.9% increase over the prior year, primarily attributable to our 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. On a currency adjusted basis, Filtration segment net sales for the fourth quarter improved $29 million or 12.9% compared to the prior year. Net sales in the Affinia South America segment were $102 million in the fourth quarter of 2014, a 10.5% decrease compared to the same period in the prior year, due primarily to the decline in value of the Brazilian Real and Argentine Peso. On a currency adjusted basis, net sales for the fourth quarter of 2014 improved by $3 million or
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Ticker: AFN
CIK: 1328655
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-095590
Submitted to the SEC: Tue Mar 17 2015 5:26:12 PM EST
Accepted by the SEC: Tue Mar 17 2015
Period: Wednesday, December 31, 2014
Industry: Motor Vehicle Parts And Accessories