Exhibit 99.1

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Allison Transmission Announces Fourth Quarter and Full Year 2013 Results

Fourth Quarter 2013:

 

  Net Sales $491 million, Adjusted EBITDA $153 million and Adjusted Free Cash Flow $105 million

Full Year 2013:

 

  Net Sales $1,927 million, Adjusted EBITDA excluding technology-related license expenses $633 million and Adjusted Free Cash Flow $385 million

INDIANAPOLIS, February 13, 2014 – Allison Transmission Holdings Inc. (NYSE: ALSN)

, the largest global provider of commercial duty fully-automatic transmissions and hybrid-propulsion systems, today reported net sales for the quarter of $491 million, a 1 percent increase from the same period in 2012. Adjusted Net Income, a non-GAAP financial measure, for the quarter was $78 million, compared to Adjusted Net Income of $46 million for the same period in 2012, an increase of $32 million. Diluted earnings per share for the quarter were $0.23.

The increase in net sales was principally driven by higher demand in the Service Parts, Support Equipment & Other end market, continued recovery in the North America On-Highway end market, our largest, and improved demand conditions in the Outside North America On-Highway end market largely offset by previously contemplated reductions in U.S. defense spending, and weakness in the Outside North America Off-Highway end market. Our North America Off-Highway end market continues to be weak, but experienced some modest sequential improvement.

Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $153 million, or 31.1 percent of net sales, compared to $132 million, or 27.1 percent of net sales, for the same period in 2012. Excluding costs ($7 million) to conclude a new five-year labor agreement and a product warranty charge ($9 million) for specific product issues, Adjusted EBITDA for the fourth quarter of 2012 was $148 million, or 30.4 percent of net sales. Adjusted Free Cash Flow, also a non-GAAP financial measure, for the quarter was $105 million compared to $82 million for the same period in 2012.

Lawrence E. Dewey, Chairman, President and Chief Executive Officer of Allison Transmission commented, “Our fourth quarter 2013 results are within the guidance ranges we provided to the market on October 28. Net sales stabilized in the fourth quarter on a year-over-year basis, an improvement relative to the sales declines experienced through the first three quarters of the year. We are encouraged by growth in the North American On-Highway end market and improved demand conditions in the Outside North America On-Highway end market. Allison continued to demonstrate strong operating margins and cash flow during the fourth quarter by executing initiatives to align costs and programs across our business with end markets demand conditions while investing in growth opportunities. Maintaining our prudent approach to capital allocation we refinanced $650 million of our Senior Secured Credit Facility Term B-2 Loan due in 2017, extended the maturity of our revolving credit facility to 2019, repaid $53 million of debt and paid a quarterly dividend of $0.12 per share.”

Fourth Quarter Net Sales by End Market

 

End Market

   Q4 2013
Net Sales
($M)
     Q4 2012
Net Sales
($M)
     % Variance  

North America On-Highway

     210         188         12

North America Hybrid-Propulsion Systems for Transit Bus

     32         32         0

North America Off-Highway

     14         17         (18 %) 

Defense

     35         74         (53 %) 

Outside North America On-Highway

     86         73         18

Outside North America Off-Highway

     14         30         (53 %) 

Service Parts, Support Equipment & Other

     100         73         37
  

 

 

    

 

 

    

 

 

 

Total Net Sales

     491         487         1
  

 

 

    

 

 

    

 

 

 

 

1


The following information was filed by Allison Transmission Holdings Inc (ALSN) on Thursday, February 13, 2014 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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