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

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


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, March 12, 2015 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholder's Equity (deficit)
Accounts Receivable Factoring
Accounts Receivable Factoring (tables)
Accounts Receivable Factoring - Summary Of Accounts Receivable Factoring (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Future Minimum Rental Commitments Under Non-cancelable Operating Leases In Continuing Operations (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Additional Information - Indenture (detail)
Debt - Additional Information - New Abl Revolver (detail)
Debt - Additional Information - Term Loans Facility (detail)
Debt - Schedule Of Debt (detail)
Debt - Schedule Of Debt (parenthetical) (detail)
Debt - Schedule Of Fair Value Of Debt, Net Of Discount (detail)
Debt - Schedule Of Interest Rate And Fees (detail)
Debt - Scheduled Maturities Of Debt (detail)
Debt - Summarizes Deferred Financing Activity (detail)
Derivatives
Derivatives (tables)
Derivatives - Additional Information (detail)
Derivatives - Schedule Of Fair Value Of Interest Rate Swaps And Our Currency Forward Contract Derivatives (detail)
Description Of Business And Basis Of Presentation
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Schedule Of Assets And Liabilities Included In Held For Sale (detail)
Discontinued Operations - Summary Of Net Sales, Income Before Income Tax Provision, Income Tax Provision And Net Income Included Within Income (loss) From Discontinued Operations (detail)
Discontinued Operations - Summary Of Net Sales, Loss Before Income Tax Provision, Income Tax Provision, Income (loss) From Discontinued Operations, Net Of Tax, Net Income Attributable To Noncontrolling Interest, Net Of Tax And Loss Attributable To The 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 Sheet (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 Statement Of Comprehensive Income (loss) (detail)
Financial Information For Guarantors And Non-guarantors - Guarantor Condensed Consolidating Statement Of Operations (detail)
Goodwill
Goodwill (tables)
Goodwill - Additional Information (detail)
Goodwill - Summary Of Goodwill Activity (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Income Before Income Tax, Equity, Net Of Tax And Noncontrolling Interest (detail)
Income Taxes - Schedule Of Components Of Income Tax Provision (benefit) (detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Reconciliation Of Effective Income Tax Rate (detail)
Income Taxes - Summary Of Unrecognized Tax Benefits (detail)
Inventories
Inventories (tables)
Inventories - Summary Of Inventories (detail)
Inventories - Summary Of Inventories (parenthetical) (detail)
Other Accrued Expenses
Other Accrued Expenses (tables)
Other Accrued Expenses - Schedule Of Other Accrued Expenses (detail)
Other Accrued Expenses - Schedule Of Reconciliation Of Changes In Return Reserves (detail)
Other Accrued Expenses - Schedule Of Reconciliation Of Changes In Return Reserves (parenthetical) (detail)
Other Intangible Assets
Other Intangible Assets (tables)
Other Intangible Assets - Additional Information (detail)
Other Intangible Assets - Other Intangible Assets (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Additional Information (detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Restructuring Of Operations
Restructuring Of Operations (tables)
Restructuring Of Operations - Additional Information (detail)
Restructuring Of Operations - Schedule Of Restructuring Charges And Activity (detail)
Restructuring Of Operations - Schedule Of Restructuring Expenses By Segment (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Long-lived Assets By Geographic Region (detail)
Segment Information - Long-lived Assets By Geographic Region (parenthetical) (detail)
Segment Information - Net Sales By Geographic Region (detail)
Segment Information - Reconciliation Of Sales, Operating Profit, Total Assets, Depreciation And Amortization And Capital Expenditures (detail)
Stock Incentive Plan
Stock Incentive Plan (tables)
Stock Incentive Plan - Additional Information (detail)
Stock Incentive Plan - Schedule Of Outstanding Stock Options (detail)
Stock Incentive Plan - Schedule Of Restricted Stock Units (detail)
Stock Incentive Plan - Schedule Of Stock Plan Balances For Restricted Stock Units, Stock Options, Deferred Compensation Shares And Stock Awards (detail)
Stock Incentive Plan - Schedule Of Weighted-average Monte Carlo Fair Value Assumptions (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Venezuelan Operations
Venezuelan Operations - Additional Information (detail)
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

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