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

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.

View differences made from one quarter 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-Q Quarterly 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