Hayes Lemmerz International Reports Strong Operating Profit for Fiscal Year Ended January 31
06 April 2004 - 11:00PM
PR Newswire (US)
Hayes Lemmerz International Reports Strong Operating Profit for
Fiscal Year Ended January 31 NORTHVILLE, Mich., April 6
/PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc. today
reported an operating profit of $62.0 million for the fiscal year
ended January 31, 2004, compared with an operating loss of $0.3
million in the year earlier period. Earnings from operations
excluding the impact of certain gains and expenses related to the
emergence from Chapter 11 was $43.9 million for 2003, compared to
$44.2 million in 2002. Gross profit margin increased to 10.7% in
2003 from 10.4% in 2002, despite an increase in depreciation and
amortization expense of $25.5 million in 2003 versus 2002. (Logo:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO )
Fiscal 2003 sales were $2.1 billion, an increase of approximately
3% over 2002 sales of $2.0 billion. Sales were favorably impacted
by foreign exchange rate fluctuations which more than offset
decreased unit pricing and lower customer production requirements.
Hayes Lemmerz' balance sheet was significantly strengthened in
fiscal 2003 through the Chapter 11 emergence process and continued
improvement in operations. Total liabilities were reduced to $1.7
billion as of January 31, 2004 from $2.9 billion a year earlier.
The Company's new $550 million credit facility, including a $100
million revolving credit facility, put in place as part of the
emergence process provides ample borrowing capability to meet
operational requirements. Cash on hand at January 31, 2004 was
$48.5 million, compared with $66.1 million a year earlier. "Our
continuing financial progress reflects the soundness of our
business plan and operational improvements," said Curtis Clawson,
Chairman and CEO. "We are strengthening the business by expanding
in our strongest segments and geographical regions while
rationalizing some less efficient operations." As part of its
focused investment strategy, Hayes Lemmerz is expanding its low
pressure aluminum wheel casting capabilities in Thailand and in the
Czech Republic to serve customers in Asia and Europe, and plans to
refurbish and expand the cast aluminum wheel plant in Chihuahua,
Mexico, utilizing low pressure casting technology. Mr. Clawson
said, "These investments in state- of-the-art manufacturing
technology around the globe will enhance our global geographic
advantage with advanced, low-cost production facilities." Hayes
Lemmerz will host a telephone conference call to discuss
theCompany's 2003 year-end financial results today, Tuesday, April
6, 2004, 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 the Hayes Lemmerz earnings
conference call, Conference ID#6015620. 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 44 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
(Unaudited) Successor Predecessor Eight Months Four Months Year
Ended Ended Ended January31, May 31, January 31, 2004 2003 2003
(Millions of dollars, except per share amounts) Net sales $1,366.6
$689.8 $2,001.6 Cost of goods sold 1,225.8 611.3 1,793.9 Gross
profit 140.8 78.5 207.7 Marketing, general and administration 96.2
41.6 123.5 Amortization of intangible assets 8.5 1.6 3.3 Equity in
losses of joint ventures - - - Asset impairments and other
restructuring charges 28.9 6.4 43.5 Loss on investment in joint
venture - - - Other income, net (4.3) (3.5) (6.8) Reorganization
items - 45.0 44.5 Fresh start accounting adjustments - (63.1) -
Earnings (loss) from operations 11.5 50.5 (0.3) Interest expense,
net 42.1 22.7 72.7 Other non-operating expense 1.1 - - Earnings
(loss) before taxes on income, minority interest, cumulative effect
of change in accounting principle and extraordinary gain (31.7)
27.8 (73.0) Income tax expense 10.9 60.3 3.6 Minority interest 3.9
1.2 3.5 Cumulative effect of change in accounting principle - -
(554.4) Extraordinary gain on debt discharge - 1,076.7 - Net income
(loss) (46.5) $1,043.0 $(634.5) Basic and diluted net loss per
share $(1.55) HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Successor
Predecessor January 31, January 31, 2004 2003 (Millions of dollars,
except share amounts) ASSETS Current assets: Cash and cash
equivalents $48.5 $66.1 Receivables, net of allowance 324.4 276.6
Inventories 189.3 176.6 Deferred tax assets 2.7 7.2 Prepaid
expenses and other 13.9 18.4 Assets held for sale 12.4 6.9 Total
current assets 591.2 551.8 Property, plant and equipment, net 966.5
951.2 Deferred tax assets 7.9 7.7 Goodwill 416.2 191.3 Intangible
assets, net 237.2 102.6 Other assets 77.6 42.0 Total assets
$2,296.6 $1,846.6 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities: DIP facility $- $49.9 Bank borrowings and
other notes 14.2 15.8 Current portion of long-term debt 11.3 40.1
Accounts payable and accrued liabilities 354.4 268.7 Total current
liabilities 379.9 374.5 Long-term debt, net of current portion
752.4 61.9 Deferred tax liabilities 98.5 53.2 Pension and other
long-term liabilities 428.0 281.2 Series A Warrants and Series B
Warrants 8.2 - Redeemable preferred stock ofsubsidiary 10.5 -
Minority interest 23.2 16.4 Liabilities subject to compromise -
2,133.8 Commitments and contingencies Total stockholders' equity
(deficit) 595.9 (1,074.4) Total liabilities and stockholders'
equity (deficit) $2,296.6 $1,846.6 HAYES LEMMERZ INTERNATIONAL,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) Successor Successor Eight Four Months Months Year
Ended Ended Ended January 31, May 31, January 31, 2004 2003 2003
(Millions of dollars) Cash provided by operating activities $83.9
$31.1 $105.7 Cash flows from investing activities: Purchase of
property, plant, equipment and tooling (106.7) (26.3) (106.8)
Purchase of equipment previously leased - (23.6) - Purchase of
businesses, net of cash acquired (19.8) - (7.2) Proceeds from
disposal of assets and businesses 4.7 0.8 9.6 Cash used for
investing activities (121.8) (49.1) (104.4) Cash flows from
financing activities: Changes in bank borrowings and credit
facilities (16.0) (59.7) 14.5 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 (83.9) - - Repayment of note payable -
(2.0) - Cash provided by (used for) financing activities (99.9)
126.9 14.5 Effect of exchange rate changes on cash and cash
equivalents 7.2 4.1 5.1 Increase (decrease) in cash and cash
equivalents (130.6) 113.020.9 Cash and cash equivalents at
beginning of period 179.1 66.1 45.2 Cash and cash equivalents at
end of period $48.5 $179.1 $66.1
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Media: Marika Diamond,
+1-734-737-5162, or Investors: Gary Findling, +1-734-737-5102, both
of Hayes Lemmerz International, Inc. Web site:
http://www.hayes-lemmerz.com/
Copyright
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jul 2023 to Jul 2024