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Stoneridge Inc (SRI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Stoneridge Inc

CIK: 1043337 Ticker: SRI

 

Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

STONERIDGE REPORTS STRONG FOURTH-QUARTER AND FULL-YEAR 2016 RESULTS

 

2016 Results

·Reports full-year 2016 earnings per diluted share from continuing operations attributable to Stoneridge, Inc. (“EPS”) of $2.74
·Full-year 2016 adjusted EPS of $1.42, increased by $0.60, or 73%, compared with 2015. Adjusted EPS excludes (i) benefit from the release of the valuation allowance on U.S. Federal, certain state and foreign deferred tax assets in the fourth quarter resulting in non-cash tax benefit of $1.37 in 2016, and (ii) ($0.05) related to business realignment expenses over the course of the year.
·Full-year sales of $696.0 million increased by $51.2 million, or 8%, compared with 2015
·Gross profit of $195.4 million (28.1% of sales) improved approximately 65 basis points in 2016 resulting in an increase of $18.5 million, or 10%, compared with 2015
·Operating income of $44.1 million (6.3% of sales) improved approximately 200 basis points in 2016 resulting in an increase of $16.3 million, or 58%, compared with 2015
·EBITDA of $68.7 million (9.9% of sales) improved approximately 230 basis points in 2016 resulting in an increase of $19.9 million, or 41%, compared with 2015

 

2017 Guidance (Excluding Orlaco Acquisition)

·Sales of $705 – $730 million compared with 2016 sales of $696.0 million (midpoint growth of 3.1%)
·Gross margin of 28% – 30% (midpoint improvement of 90 basis points)
·Operating margin of 6.5% – 7.5% (midpoint improvement of 70 basis points)
·EBITDA margin of 10.0% – 11.5% (midpoint improvement of 85 basis points)
·EPS of $1.00 – $1.15, including the impact of the release of the valuation allowance, which is expected to increase the Company’s effective tax rate to 30% to 35% and is estimated to have a non-cash EPS impact of $0.35 – $0.40 in 2017
·Adjusted EPS (excluding the release of the valuation allowance) of $1.40 – $1.50 compared with $1.42 in 2016

 

NOVI, Michigan – March 2, 2017 – Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter and full-year ended December 31, 2016, with full-year sales of $696.0 million and EPS of $2.74. Adjusted EPS was $1.42 for 2016, an increase of $0.60 per share, or 73%, compared with 2015. Sales in 2016 increased $51.2 million, or 8%, compared with 2015.

 

Fourth quarter 2016 sales were $172.6 million, an increase of 12% over fourth quarter 2015, with EPS of $1.70. Adjusted EPS was $0.34, an increase of $0.12, or 56%, over fourth quarter 2015.

 

For the full-year 2016 Stoneridge reported gross profit of $195.4 million (28.1% of sales), an improvement of approximately 65 basis points and $18.5 million, or 10%, over 2015. Operating income was $44.1 million (6.3% of sales), an improvement of approximately 200 basis points and $16.3 million, or 58%, over 2015. EBITDA was $68.7 million, (9.9% of net sales), an improvement of approximately 230 basis points, or 41%, over 2015.

 

Stoneridge released the valuation allowance on U.S. Federal, certain state and foreign deferred tax assets in the fourth quarter of 2016 based on strong recent financial performance, a high level of booked awarded business and the anticipation of continued strong performance. The impact of the release of the valuation allowance in the fourth quarter of 2016 resulted in a non-cash tax benefit of $38.8 million for the full-year (additional EPS of $1.37 for the full-year based on weighted average shares outstanding and $1.36 for the fourth quarter of 2016). The release of the valuation allowance will not have an impact on historical or near-term forecasted cash taxes to be paid.

 


The following information was filed by Stoneridge Inc (SRI) on Thursday, March 2, 2017 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
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
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 (tables)
Headquarter Relocation
Headquarter Relocation (narrative) (details)
Income Taxes
Income Taxes (classification Of Net Deferred Tax Asset) (details)
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 And Business Realignment
Restructuring And Business Realignment (narrative) (details)
Restructuring And Business Realignment (schedule Of Business Realignment Charges Classified By Statement Of Operations) (details)
Restructuring And Business Realignment (schedule Of Restructuring And Related Costs) (details)
Restructuring And Business Realignment (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Segment Reporting
Segment Reporting (narrative) (details)
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 The Allocation Of Performance Shares Between Total Shareholder Return And Earnings Per Share) (details)
Share-based Compensation Plans (tables)
Subsequent Events
Subsequent Events (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (accrued Expenses And Other Current Liabilities) (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 (estimated Useful Lives Of Property, Plant And Equipment) (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 (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: 0001144204-17-012328
Submitted to the SEC: Thu Mar 02 2017 8:27:29 AM EST
Accepted by the SEC: Thu Mar 02 2017
Period: Saturday, December 31, 2016
Industry: Motor Vehicle Parts And Accessories

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