Hayes Lemmerz International, Inc. Reports Strong Operating Performance in Third Quarter
10 December 2003 - 11:35PM
PR Newswire (US)
Hayes Lemmerz International, Inc. Reports Strong Operating
Performance in Third Quarter NORTHVILLE, Mich., Dec. 10
/PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc. today
reported financial results for the three months ended October 31,
2003. The Company said that earnings from operations totaled $13.9
million for the quarter, with gross profits remaining consistent in
the three months ended October 31, 2003, as compared to the same
period in 2002, despite the impact of increased depreciation
expense and lower OEM production requirements. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO ) "Our
significant ongoing cost-cutting measures, along with improved
productivity and plant rationalization programs, have produced
improvements in operating efficiencies that have positioned us well
in the marketplace," said James Yost, Vice President of Finance and
Chief Financial Officer. Net sales for the three month period
totaled $530.9 million, compared to $535.4 million for the
comparable period in 2002. The Company reported a net loss of $10.0
million, or $0.33 per share, compared to net income of $3.7 million
for the comparable three months in 2002. The net loss for the
quarter includes asset impairment losses of $19.6 million related
to the write-down of certain building, machinery and equipment and
production tooling at the Company's facilities in La Mirada,
California, Gainesville, Georgia, and Wabash, Indiana. Mr. Yost
noted that liquidity continues to be strong with cash of $109.0
million, along with $77.5 million available on the Company's
revolving credit agreement. "We remain focused on pursuing the
Company's goal of satisfying our customers and becoming the
low-cost producer, with the best people in our industry," Mr. Yost
concluded. Hayes Lemmerz will host a telephone conference call to
discuss the Company's 2003 second quarter financial results today,
Wednesday, December 10, 2003, at 9:30 a.m. (ET). To participate by
phone, please dial 10 minutes prior to the call: (800) 399.3882
from the United States and Canada; or (706) 634.4552 from outside
the United States. Callers should ask to be connected to Hayes
Lemmerz earnings conference call, Conference ID#3959172. The
conference call will be accompanied by a slide presentation, which
can be accessed through the Company's web site in the Investor Kit/
presentations section at
http://www.hayes-lemmerz.com/investor_kit/html/presentations.html.
Hayes Lemmerz International, Inc. is a leading global supplier of
automotive and commercial highway wheels, brakes, powertrain,
suspension, structural and other lightweight components. The
Company has 43 plants, 2 joint venture facilities and approximately
11,000 employees worldwide. More information about Hayes Lemmerz
International, Inc. is available at our website which is
http://www.hayes-lemmerz.com/. This press release includes forward
looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended, which represent the Company's expectations
and beliefs concerning future events that involve risks and
uncertainties which could cause actual results to differ materially
from those currently anticipated. All statements other than
statements of historical facts included in this release are forward
looking statements. Factors that could cause actual results to
differ materially from those expressed or implied in such forward
looking statements include the factors set forth in our periodic
reports filed with the SEC. Consequently, all of the forward
looking statements made in this press release are qualified by
these and other factors, risks, and uncertainties. HAYES LEMMERZ
INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Millions of dollars, except share
amounts) (Unaudited) Successor Pre- Successor decessor Predecessor
Three Three Five Nine Months Months Months Four Months Ended Ended
Ended Months Ended October October October Ended October 31, 31,
31, May 31, 31, 2003 2002 2003 2003 2002 Net sales $530.9 $535.4
$859.2 $689.8 $1,526.1 Cost of goods sold 461.6 464.7 760.5 611.3
1,372.1 Gross profit 69.3 70.7 98.7 78.5 154.0 Marketing, general
and administration 26.9 23.5 47.6 33.5 74.1 Engineering and product
development 6.2 5.1 10.4 8.1 15.6 Asset impairments and other
restructuring charges 19.6 10.0 19.6 6.4 35.3 Other (income)
expense, net 2.7 (1.8) 4.8 (1.9) (5.5) Reorganization items - 7.0 -
45.0 34.9 Fresh start accounting adjustments - - - (63.1) -
Earnings (loss) from operations 13.9 26.9 16.3 50.5 (0.4) Interest
expense, net 16.6 19.0 24.7 22.7 53.7 Subsidiary preferred stock
dividends 0.2 - 0.3 - - Income tax provision 6.1 3.0 8.7 60.3 0.6
Minority interest 1.0 1.2 1.8 1.2 2.7 Cumulative effect of change
in accounting principle, net of tax of $0 - - - - (554.4)
Extraordinary gain on debt discharge, net of tax $0 - - - 1,076.7 -
Net income (loss) $(10.0) $3.7 $(19.2) $1,043.0 $(611.8) Basic and
diluted net loss per share $(0.33) $(0.64) HAYES LEMMERZ
INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (Millions of dollars, except share amounts) Successor
Predecessor October January 31, 31, 2003 2003 (Unaudited) ASSETS
Current assets: Cash and cash equivalents $109.0 $66.1 Receivables
329.0 276.6 Inventories 180.5 176.6 Prepaid expenses and other 16.5
32.5 Total current assets 635.0 551.8 Property, plant and
equipment, net 900.9 951.2 Goodwill 388.8 191.3 Intangible assets,
net 226.5 102.6 Other assets 74.3 49.7 Total assets $2,225.5
$1,846.6 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current
liabilities: DIP Facility $ - $49.9 Bank borrowings and other notes
1.6 15.8 Current portion of long-term debt 11.6 40.1 Accounts
payable and accrued liabilities 356.6 268.7 Total current
liabilities 369.8 374.5 Long-term debt, net of current portion
748.8 61.9 Pension and other long-term liabilities 529.5 334.4
Series A Warrants and Series B Warrants 6.7 - Redeemable preferred
stock of subsidiary 10.3 - Minority interest 14.5 16.4 Liabilities
subject to compromise - 2,133.8 Commitments and contingencies Total
stockholders' equity (deficit) 545.9 (1,074.4) Total liabilities
and stockholders' equity (deficit) $2,225.5 $1,846.6 HAYES LEMMERZ
INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Millions of dollars) (Unaudited)
Successor Predecessor Five Nine Months Months Ended Four Months
Ended October Ended October 31, May 31, 31, 2003 2003 2002 Cash
provided by operating activities $54.5 $31.1 $43.9 Cash flows from
investing activities: Purchase of property, plant, equipment and
tooling (41.1) (26.3) (69.9) Purchase of equipment previously
leased - (23.6) - Proceeds from sale of assets and businesses 0.8
0.8 9.1 Purchase of businesses - - (7.2) Cash used for investing
activities (40.3) (49.1) (68.0) Cash flows from financing
activities: Change in borrowings under DIP Facility - (49.9) 41.1
Repayment of note payable - (2.0) - Changes in bank borrowings
(11.9) (9.8) (20.1) Proceeds from New Senior Notes, net of discount
and related fees - 242.8 - Proceeds from New Term Loan, net of
related fees - 436.1 - Prepetition Lenders' Payment amount -
(477.3) - Payment to holders of Old Senior Notes - (13.0) -
Repayment of long-term debt (74.0) - - Repayment of New Term Loan
(1.1) - - Cash provided by (used for) financing activities (87.0)
126.9 21.0 Effect of exchange rate changes on cash and cash
equivalents 2.7 4.1 3.3 Increase (decrease) in cash and cash
equivalents (70.1) 113.0 0.2 Cash and cash equivalents at beginning
of period 179.1 66.1 45.2 Cash and cash equivalents at end of
period $109.0 $179.1 $45.4 Supplemental data: Cash paid for
interest 10.3 5.8 $12.7 Cash paid for income taxes 15.5 2.9 $6.1
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Marika P. Diamond,
+1-734-737-5162, Investors - Gary Findling, +1-734-737-5102, both
of Hayes Lemmerz International, Inc. Web site:
http://www.hayes-lemmerz.com/
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