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Affinia Group Intermediate Holdings Inc. (AFN) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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

THIRD QUARTER 2015

 

    Reported Third Quarter Net Sales of $238 Million, with Currency Adjusted Sales of $262 Million

GASTONIA, NORTH CAROLINA, November 11, 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 $238 million for the third quarter of 2015 compared to $248 million in the third quarter of 2014, a decrease of $10 million or 4.0%. On a currency adjusted basis, net sales for the third quarter of 2015 improved by 5.6% or $14 million over the same period in 2014. Adjusted EBITDA was $30 million in the third quarter of 2015 compared to $38 million in the same period in the prior year, a decrease of 21.1%.

In the third quarter of 2015, Affinia entered into an agreement and plan of merger with MANN + HUMMEL Holding GmbH (“MANN + HUMMEL”), a German limited liability company, pursuant to which Affinia Group Holdings Inc., Affinia’s parent, will merge with a subsidiary of MANN + HUMMEL. It is currently anticipated that this transaction will close in the first quarter of 2016 or earlier depending on timing of regulatory approvals and satisfaction of other closing conditions. Additionally, Affinia closed during the late third and early fourth quarters of 2015 on the sale of the businesses that comprised its Affinia South America (“ASA”) segment to multiple buyers. All of the results of the ASA segment are presented within discontinued operations.

Keith Wilson, President and Chief Executive Officer, commented, “With the disposition of our ASA segment now complete, our focus will be solely on our Filtration business. Our global Filtration team has continued to show its commitment to serve our customers by delivering a high quality portfolio of products, superior service and enhanced logistics. Additionally, our employees around the world are very excited about Affinia becoming part of the MANN + HUMMEL family and embrace the opportunity to continue to provide significant value to our customers.”

Free cash flow, which is operating cash flow less capital expenditures, was $13 million in the third quarter of 2015, compared to a cash outflow of $9 million in the third quarter of 2014. Trade working capital was $157 million at September 30, 2015, an increase of $22 million from December 31, 2014.

“The proceeds from the sale of ASA reduced debt levels and further strengthened our balance sheet. Our focus remains on executing on our strategic initiatives and closing out the year strong, while positioning our businesses for a successful start to 2016.” stated Steven Klueg, Senior Vice President and Chief Financial Officer.

Net Sales

Net sales, which are comprised solely of Filtration segment sales as a result of the classification of ASA as discontinued operations, were $238 million for the third quarter of 2015 compared with $248 million for the same period last year. The decrease in net sales compared to the prior year is attributable to unfavorable currency and anticipated lower volumes in our North America operations, partially offset by strong local currency sales in Europe and South America. On a currency adjusted basis, net sales for the third quarter of 2015 improved by 5.6% or $14 million over the same period in 2014.

Operating Profit

Operating profit for the third quarter of 2015 was $26 million, a $7 million decrease compared to the prior year. Operating profit in the Filtration segment was $41 million in the third quarter of 2015, a $5 million decrease versus the prior year, primarily due to unfavorable currency and anticipated lower volumes in North America.

Adjusted EBITDA

Adjusted EBITDA was $30 million in the third quarter of 2015, an $8 million decrease compared to the corresponding period in the prior year, with Adjusted EBITDA margins of 12.6% in the third quarter of 2015 compared to 15.3% in the third quarter of 2014. Adjusted EBITDA for the Filtration segment was $41 million in the third quarter of 2015, an $8 million decline versus the same period in the prior year, due to unfavorable currency and lower volumes in North America.


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, November 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-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
Description Of Business - Additional Information (detail)
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 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 Net And Excludes Amounts Included In Current Assets Of Discontinued Operations (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 Filtration Segment, Corporate, Eliminations And Other (detail)
Segment Information - Schedule Of Financial Information Of Filtration Segment, Corporate, Eliminations And Other (parenthetical) (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: 0001564590-15-010558
Submitted to the SEC: Thu Nov 12 2015 3:31:36 PM EST
Accepted by the SEC: Thu Nov 12 2015
Period: Wednesday, September 30, 2015
Industry: Motor Vehicle Parts And Accessories

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