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Affinia Group Intermediate Holdings Inc. (AFN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2015

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 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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Financial Statements, Disclosures and Schedules

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 - Schedule Of Reconciliation Of Changes In Return Reserves (detail)
Debt
Debt (tables)
Debt - Additional Information - New Abl Revolver (detail)
Debt - Schedule Of Fair Value Of Debt, Net Of Discount (detail)
Derivatives And Hedging
Derivatives And Hedging (tables)
Derivatives And Hedging - Schedule Of Fair Value Of Interest Rate Derivatives And Line Items In Condensed Consolidated Balance Sheets (detail)
Derivatives And Hedging - Schedule Of Gains And Losses Recognized On Cash Flow Hedges And Line Items On Condensed Consolidated Statements Of Operations (detail)
Derivatives And Hedging - Schedule Of Notional Amounts Associated With Currency Forward Contracts And Interest Rate Swaps (detail)
Derivatives And Hedging - Schedule Of Pretax Gains And Losses Recognized On De-designated Derivatives And Line Items On Condensed Consolidated Statements Of Operations (detail)
Description Of Business
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 Components Included Within Income (loss) From Discontinued Operations (detail)
Discontinued Operations - Summary Of Components Included Within Income (loss) From Discontinued Operations (parenthetical) (detail)
Discontinued Operations - Summary Of Depreciation, Amortization And Capital Expenditure (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)
New Accounting Pronouncements - 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)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Schedule Of Financial Information Of Reportable Segments, Corporate, Eliminations And Other (detail)
Stock Incentive Plan
Stock Incentive Plan (tables)
Stock Incentive Plan - Additional Information (detail)
Stock Incentive Plan - Schedule Of Restricted Stock Units (detail)
Venezuelan Operations
Venezuelan Operations - Additional Information (detail)

Material Contracts, Statements, Certifications & more

Affinia Group Intermediate Holdings Inc. provided additional information to their SEC Filing as exhibits

Ticker: AFN
CIK: 1328655
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-15-006797
Submitted to the SEC: Mon Aug 10 2015 3:07:55 PM EST
Accepted by the SEC: Mon Aug 10 2015
Period: Tuesday, June 30, 2015
Industry: Motor Vehicle Parts And Accessories

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