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Stoneridge Inc (SRI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Stoneridge Inc

CIK: 1043337 Ticker: SRI

   

Exhibit 99.1

 

STONERIDGE REPORTS FOURTH-QUARTER 2014 RESULTS

 

·Adjusted EPS from Continuing Operations (excludes unusual items) of $0.25 on Continuing Positive Sales Performance by Control Devices and Electronics
·Company Recognizes Non-Cash Goodwill Impairment for All Remaining PST Goodwill Resulting in a $21.8 Million Expense or $0.81 Per Share Loss, and Non-Recurring Debt Refinancing Charges of $9.7Million or $0.36 Per Share Loss
·Loss Attributable to Stoneridge from Continuing Operations of ($0.92) Includes Goodwill Impairment and Non-Recurring Debt Refinancing Charges
·Wiring Transaction Proceeds of $71.4 Million Used to Deleverage the Company; Remaining $157.5 Million of 9.5% Senior Secured Notes Redeemed on October 15, 2014

 

WARREN, Ohio – February 27, 2015 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the quarter and year ended December 31, 2014.

 

Fourth-quarter 2014 net sales were $166.8 million, a decrease of $2.4 million, or 1.4%, compared with $169.2 million for the fourth quarter of 2013. The Company’s PST business segment experienced a sales decrease of $9.8 million, or 21.5%, compared with the fourth quarter of 2013 as a result of deteriorating economic conditions in Brazil. PST sales were also adversely affected by unfavorable foreign exchange translation. The Brazilian Real depreciated 11.7% to the U.S. dollar, which reduced U.S. dollar reported sales for PST by approximately $4.2 million of the $9.8 million decrease. On a local currency basis, PST sales decreased by 12.3%.

 

The Company’s Control Devices segment recorded an increase in sales of $2.8 million, or 3.8%, and the Electronics segment recorded a $4.6 million, or 8.9%, increase compared with the fourth quarter of 2013. Electronics sales in the fourth quarter of 2014 included $6.3 million of post disposition sales to the Company’s former Wiring business acquired by Motherson. These sales were previously accounted for as intercompany transactions. The increases reflect continued strength in these segments.

 

The adjusted earnings per share from continuing operations attributable to Stoneridge, Inc. was $0.25 for the fourth quarter of 2014 (see Exhibit 1 for reconciliation of this non-GAAP measure). The fourth-quarter 2014 loss from continuing operations attributable to Stoneridge, Inc. of ($24.9) million, or ($0.92) per diluted share, included non-cash expense for PST goodwill impairment of $21.8 million, or $0.81 per diluted share, which was the result of the Company’s annual goodwill valuation testing. In addition, the Company recorded $9.7 million, or $0.36 per diluted share, for the note redemption premium and write-off of deferred financing fees from the redemption on October 15, 2014 of the remaining $157.5 million of the outstanding 9.5% Senior Secured Notes.

 

Fourth-quarter 2014 net loss attributable to Stoneridge, Inc. was ($26.6) million, or ($0.99) per diluted share, composed of loss from continuing operations of ($24.9) million, or ($0.92) per share, and loss on discontinued operations related to the former Wiring business of ($1.7) million, or ($0.07) per share.

 

As of December 31, 2014, Stoneridge’s consolidated cash position was $43.0 million, a decrease of $19.8 million from December 31, 2013. Cash decreased due to payments made to extinguish the 9.5% Senior Secured Notes. In addition, PST’s inventories were reduced by $9.0 million in the fourth quarter compared to the third quarter, with plans in place to reduce inventory further in the first half of 2015.

 

John Corey, President and Chief Executive Officer, commented, “Our Electronics and Control Devices segments continued to perform well and PST’s sales performed as we expected in the fourth quarter. Consummating the sale of the Wiring business, executing our new Credit Facility on September 12, 2014, and extinguishing the Notes were important transformational steps for Stoneridge. As we begin 2015, we will focus our efforts on our organic growth which is mostly in the North America region. We will also remain active in pursuing attractive acquisition opportunities to augment our growth strategies in Control Devices and Electronics.”

 


The following information was filed by Stoneridge Inc (SRI) on Friday, February 27, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Debt
Debt (future Maturities Of Long-term Debt) (details)
Debt (narrative) (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (narrative) (details)
Financial Instruments And Fair Value Measurements (schedule Of Cash Flow Hedges Included In Accumulated Other Comprehensive Income (loss)) (details)
Financial Instruments And Fair Value Measurements (schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (details)
Financial Instruments And Fair Value Measurements (schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Financial Instruments And Fair Value Measurements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Components Of Income Tax Expense (benefit)) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Tax Years Open For Examination) (details)
Income Taxes (summary Of Income Tax Contingencies) (details)
Income Taxes (tables)
Investments
Investments (narrative) (details)
Operating Lease Commitments
Operating Lease Commitments (narrative) (details)
Operating Lease Commitments (schedule Of Future Minimum Rental Payments For Operating Leases) (details)
Operating Lease Commitments (tables)
Organization And Nature Of Business
Restructuring
Restructuring (narrative) (details)
Restructuring (schedule Of Restructuring And Related Costs) (details)
Restructuring (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Segment Reporting
Segment Reporting (schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas) (details)
Segment Reporting (schedule Of Segment Reporting Information, By Segment) (details)
Segment Reporting (tables)
Share-based Compensation Plans
Share-based Compensation Plans (disclosure Of Share-based Compensation Arrangements By Share-based Payment Award) (details)
Share-based Compensation Plans (narrative) (details)
Share-based Compensation Plans (schedule Of Share-based Compensation, Stock Options, Activity) (details)
Share-based Compensation Plans (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (accrued Expenses And Other Current Liabilities) (details)
Summary Of Significant Accounting Policies (assets And Liabilities Held For Sale) (details)
Summary Of Significant Accounting Policies (changes In Accumulated Other Comprehensive Loss By Component) (details)
Summary Of Significant Accounting Policies (depreciation, Amortization, And Capital Expenditures Of Discontinued Operations) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property Plant And Equipment Net) (details)
Summary Of Significant Accounting Policies (property, Plant And Equipment) (details)
Summary Of Significant Accounting Policies (schedule Of Accounts Receivable And Concentration Of Credit Risk) (details)
Summary Of Significant Accounting Policies (schedule Of Acquired Finite-lived Intangible Assets By Major Class) (details)
Summary Of Significant Accounting Policies (schedule Of Goodwill) (details)
Summary Of Significant Accounting Policies (schedule Of Inventory, Current) (details)
Summary Of Significant Accounting Policies (schedule Of Product Warranty Liability) (details)
Summary Of Significant Accounting Policies (schedule Of Weighted Average Number Of Shares) (details)
Summary Of Significant Accounting Policies (statements Of Operations For Discontinued Operations) (details)
Summary Of Significant Accounting Policies (tables)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (schedule Of Quarterly Financial Information) (details)
Unaudited Quarterly Financial Data (tables)
Ticker: SRI
CIK: 1043337
Form Type: 10-K Annual Report
Accession Number: 0001144204-15-015961
Submitted to the SEC: Fri Mar 13 2015 4:14:23 PM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: Motor Vehicle Parts And Accessories

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