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FOR IMMEDIATE RELEASE
Tower International Reports Improved Results
LIVONIA, Mich., Feb. 18, 2011 Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer of engineered structural metal components and assemblies, today announced its fourth quarter and full year 2010 results.
Revenue for the quarter was $541.6 million, up 8 percent from $501 million in the fourth quarter 2009.
Adjusted EBITDA of $48.7 million for the quarter was up 28 percent compared with $38.1 million in the fourth quarter of 2009. The improvement was driven by higher volume, the absence of non-recurring items from 2009, and higher efficiencies.
Net loss in the fourth quarter of 2010 was $21.3 million or $1.18 per common share, compared with a loss of $19 million or $1.86 per common share in the fourth quarter of 2009. As detailed below, certain items adversely impacted results by $17 million in the fourth quarter of 2010 and $3.8 million in the fourth quarter of 2009.
For full year 2010, revenue was $2 billion, up 22 percent from 2009. Adjusted EBITDA was $190.2 million, up 52 percent. Adjusted EBITDA margin improved from 7.6 percent to 9.5 percent.
Net loss for full year 2010 was $36.9 million or $3.43 per common share, compared with a net loss of $67.9 million or $6.74 per common share in 2009. As detailed below, certain items adversely impacted full year results by $24.4 million in 2010 and improved full year results by $36.2 million in 2009.
Free cash flow was positive $44.4 million in the fourth quarter and positive $19.9 million for the full year of 2010. Net debt at December 31, 2010 totaled $407.8 million, down from $519.8 million as of December 31, 2009.
Consistent with our ongoing game plan, Tower continued to do a good job converting increased volume into higher Adjusted EBITDA and higher margin, said Tower President and CEO Mark Malcolm. We believe our financial results in 2010 were right on track for this important first year of an anticipated multi-year auto recovery cycle. Looking forward, we remain intensely focused on satisfying customers, delivering solid and predictable results, profitably growing our business over time, and further strengthening our balance sheet.
Towers preliminary financial outlook for full year 2011 includes revenues increasing to a range of $2.05 billion to $2.1 billion, Adjusted EBITDA increasing to a range of $200 million to $210 million, and Adjusted EBITDA margin improving to about 10 percent.
The following information was filed by Tower International, Inc. (TOWR) on Friday, February 18, 2011 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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