Exhibit 99.1

 

LOGO     LOGO
    Allison Transmission, Inc.
    Indianapolis, IN
    For Immediate Release

Allison Transmission Announces Fourth Quarter and Full Year 2012 Results

Fourth Quarter 2012:

 

   

Net Sales $487 million, Adjusted EBITDA $132 million and Adjusted Free Cash Flow $82 million

Full Year 2012:

 

   

Net Sales $2,142 million, Adjusted EBITDA $705 million and Adjusted Free Cash Flow $402 million

Indianapolis, IN, February 19, 2013 – Allison Transmission Holdings, Inc. (NYSE: ALSN)

, the world’s largest manufacturer of fully-automatic transmissions for medium- and heavy-duty commercial vehicles and hybrid-propulsion systems for city buses, today reported net sales for the quarter of $487 million, a 6 percent decrease from the same period in 2011. Net Income for the quarter was $11 million, compared to a net income of $45 million for the same period in 2011, a decrease of $33 million. Adjusted Net Income, a non-GAAP financial measure, for the quarter was $46 million, compared to Adjusted Net Income of $52 million for the same period in 2011, a decrease of $6 million. Diluted earnings per share for the quarter were $0.06.

The decrease in net sales was principally driven by reduced demand for North America Off-Highway transmission products and service parts due to continued weakness in natural gas pricing. Partially offsetting these declines were increased net sales in the Global On-Highway and Outside North America Off-Highway end markets and price increases on certain products. Strength in the Outside North America Off-Highway end market was principally driven by higher demand in the energy and mining sectors.

Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $132 million, or 27.1 percent of net sales, compared to $156 million for the same period in 2011. Adjusted EBITDA for the quarter included $7 million of costs, excluding the contract signing bonus, to conclude a new five-year labor agreement with the United Automotive, Aerospace, and Agricultural Implement Workers of America (UAW) Local 933 and a $9 million product warranty charge for specific product issues. Adjusted EBITDA for the quarter excludes a $9 million charge for the UAW Local 933 contract signing bonus. Adjusted Free Cash Flow, also a non-GAAP financial measure, for the quarter was $82 million compared to $30 million for the same period in 2011.

Lawrence E. Dewey, Chairman, President and Chief Executive Officer of Allison Transmission commented, “Despite significant declines in the North America energy sector’s hydraulic fracturing market, we continued to demonstrate strong operating margins and cash flow while concluding a new five-year labor agreement with the UAW Local 933. The Global On-Highway end markets were stronger than anticipated despite increased seasonal production downtime taken by many of our customers and somewhat elevated commercial vehicle retail inventory levels. Maintaining our prudent approach to capital structure management we refinanced an additional $300 million of our Senior Secured Credit Facility Term B-1 Loan due in 2014, repaid $95 million of debt and paid a quarterly dividend to our shareholders. Given the continued heightened level of uncertainty in our end markets, we are taking a cautious approach to 2013. Consequently we have implemented several initiatives to proactively align costs and programs across our business with the lack of near-term visibility and confidence in certain of our end markets.”

 

1


The following information was filed by Allison Transmission Holdings Inc (ALSN) on Tuesday, February 19, 2013 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.

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