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 SECOND QUARTER 2015

Reported Second Quarter Net Sales of $242 Million, with Currency Adjusted Sales of $262 Million

GASTONIA, NORTH CAROLINA, August 5, 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 $242 million for the second quarter of 2015 compared to $266 million in the second quarter of 2014, a decrease of $24 million or 9.0%. On a currency adjusted basis, net sales for the second quarter of 2015 declined by 1.5% or $4 million over the same period in 2014. Adjusted EBITDA was $31 million in the second quarter of 2015 compared to $41 million in the same period in the prior year, a decrease of 24.4%.

In the second quarter of 2015, Affinia reached agreements to sell its Brazilian businesses within the ASA segment. The completion of these transactions are subject to customary closing conditions, including antitrust provisions under Brazilian law, and are expected to close in the second half of 2015.

Keith Wilson, President and Chief Executive Officer, commented, “We continue to execute on our strategic initiatives, as we reached an agreement to divest of the Brazilian operations of our ASA segment. Our global Filtration business remains focused and committed to serving our customers by delivering quality product, enhanced logistics and superior service.”

Free cash flow, which is operating cash flow less capital expenditures, was $14 million in the second quarter of 2015, compared to $21 million in the second quarter of 2014. Trade working capital was $167 million at June 30, 2015, an increase of $21 million from December 31, 2014.

“We continue to invest in trade working capital to support meeting our customer order fill requirements. Our cash position and total liquidity provide us significant flexibility in executing on our strategic goals. The proceeds from the upcoming sale of the ASA Brazil business will be used to reduce debt and further strengthen our balance sheet.” stated Steven Klueg, Senior Vice President and Chief Financial Officer.

Net Sales

Net sales were $242 million for the second quarter of 2015 compared with $266 million for the same period last year. On a currency adjusted basis, net sales for the second quarter of 2015 declined by 1.5% or $4 million over the same period in 2014. The Filtration segment had second quarter net sales of $230 million in 2015, an 8.4% decrease compared to the prior year, primarily attributable to unfavorable currency and anticipated lower volumes in our North America operations. On a currency adjusted basis, Filtration segment net sales for the second quarter of 2015 declined $2 million or 0.8% compared to the prior year. Net sales in the Affinia South America segment were $12 million in the second quarter of 2015, a 20% decrease compared to the same period in the prior year, due primarily to the shutdown of the Venezuela operations in the second quarter of 2014, as well as the decline in value of the Argentine Peso. On a currency adjusted basis and adjusted for the pro-forma shut down of the Venezuela operations in the second quarter of 2014, net sales for the second quarter of 2015 improved by $5 million or 57.9% over the same period in 2014 as a result of higher pricing and improved sales in Argentina.


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, August 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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