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Accuride Corp. Reports 32% Sales Rise in 2010

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February 25, 2011 by   Leave a Comment

Accuride Corp., a leading manufacturer and supplier of commercial vehicle components, today announced its financial results for the fourth quarter and fiscal year ended Dec. 31, 2010.

Net sales in 2010 were $764 million, compared with $570.2 million in the prior year. The increase in sales was the result of increased demand from customers in the commercial vehicle industry, according to a news release. The company reported a net loss of $75.7 million, or ($4.83) per diluted share, compared to a net loss of $140.1 million, or ($35.90) per diluted share, in 2009.

On a pretax basis, 2010 results included a mark-to-market gain of $75.6 million on its convertible notes, a $166.7 million inducement expense associated with the early conversion of those same notes to equity, $59.3 million in favorable reorganization items and a $2.3 million charge in the fourth quarter related to a product campaign.

The loss in 2009 included charges of $31.4 million in reorganization items and pre-petition professional fees, $5.4 million for the early extinguishment of debt, $3.3 million in goodwill impairment and $11.4 million in restructuring costs. Adjusted EBITDA in the year was $66.2 million compared to $23.7 million in the prior year. Cash was $78.5 million at year end. Free cash flow was negative $28.1 million for the year, which includes $43.8 million in cash outflows related to our financial restructuring.

In the fourth quarter, net sales were $193.7 million compared to $146.2 million in the fourth quarter of 2009, an increase of 32.5% due to continuing year-over-year improvement in the commercial vehicle industry. On a U.S. GAAP basis, the company reported a net loss of $110.9 million, or ($4.47) per diluted share, compared to a loss of $39.7 million, or ($8.35) per diluted share, in the prior year. On a pretax basis, the loss in 2010 included the above $166.7 million inducement expense, a mark-to-market gain on the convertible notes prior to conversion of $70.0 million and a $2.3 million charge related to a product campaign.

The loss in 2009 included $900,000 in restructuring costs and the above $31.4 million in reorganization items and pre-petition professional fees. Adjusted EBITDA in the quarter was $15.1 million compared to $10.6 million in the prior year. Free cash flow was $17.9 million for the quarter, which includes $9.2 million in cash outflows related to our financial restructuring.

“2010 was a pivotal and successful year for Accuride. Despite the challenging economic and industry conditions, Accuride pursued and implemented strategic initiatives to successfully restructure the Company’s operations and capital structure, strengthen customer relationships and increase market share,” said Rick Dauch, Accuride’s president and CEO. “I am looking forward to building upon the momentum that began in 2010 and am honored to serve as the company’s new president and CEO.”

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