Exhibit 99.1

 

LOGO

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.

View differences made from one year to another to evaluate Affinia Group Intermediate Holdings Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Affinia Group Intermediate Holdings Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account