Hayes Lemmerz International Posts First Quarter 2004 Results, With 15% Sales Growth, Reduced Debt and a Stronger Balance Sheet
09 June 2004 - 10:54PM
PR Newswire (US)
Hayes Lemmerz International Posts First Quarter 2004 Results, With
15% Sales Growth, Reduced Debt and a Stronger Balance Sheet
NORTHVILLE, Mich., June 9 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) reported that sales for the
fiscal first quarter, ended April 30, 2004, rose 15 percent to
$594.1 million from $515.3 million a year earlier. Earnings from
operations for the first quarter rose sharply to $26.2 million,
compared with $14.4 million a year earlier, excluding fresh start
accounting adjustments and reorganization items. (Photo:
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO ) "Our intense
focus on operational excellence and financial discipline is bearing
fruit," said Curtis Clawson, President, Chief Executive Officer and
Chairman of the Board. "This is by far our best quarter, both
operationally and financially, since Hayes Lemmerz emerged from
Chapter 11 reorganization in June 2003. Our sales were up strongly
across all segments of the business and our operational efficiency
continued to improve, with gross margins increasing to 12.5 percent
from 10.0 percent a year ago." The Company reported a net loss of
$2.7 million for the first quarter of fiscal 2004, after taking a
charge of $12.2 million for early extinguishment of debt. This
compares with a year earlier loss of $22.6 million. Cash generated
from operations rose strongly in the quarter to $71.9 million, from
$17.1 million in the year-earlier quarter. Capital expenditures
were $29.3 million in the recent quarter, compared with $20.0
million a year earlier. During the first quarter, Hayes Lemmerz
redeemed $87.5 million of its 10-1/2 percent Senior Notes and
prepaid $16.0 million of its Term Loan B, following completion of a
$125.5 million follow-on equity offering on February 11. First
quarter results reflected a $12.2 million charge for early debt
extinguishment. With those debt reductions, net debt at the end of
first quarter was $578.6 million, a reduction of $150 million from
year-end fiscal 2003. The Company has not borrowed under its $100
million revolving credit facility since its emergence from Chapter
11. "Our balance sheet is healthy, and we have ample financial
resources to continue improving efficiency and expanding into new
markets as opportunities arise," added Mr. Clawson. Because Hayes
Lemmerz emerged from Chapter 11 reorganization in June 2003,
financial results for the current year and prior year are not fully
comparable, the Company noted. Hayes Lemmerz will host a telephone
conference call to discuss the Company's 2004 first quarter
financial results today, June 9, 2004, at 9:30 a.m., Eastern Time.
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#7581680. 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 in 14 countries 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 Three
Months Ended April 30, 2004 2003 (Millions of dollars, except share
amounts) Net sales $594.1 $515.3 Cost of goods sold 520.0 463.6
Gross profit 74.1 51.7 Marketing, general and administration 43.9
33.7 Asset impairments and other restructuring charges 2.4 4.1
Other expense (income), net 1.6 (0.5) Reorganization items -- 13.1
Earnings from operations 26.2 1.3 Interest expense, net 9.2 17.0
Other non-operating income (0.1) -- Loss on early extinguishment of
debt 12.2 -- Earnings (loss) before taxes on income and minority
interest 4.9 (15.7) Income tax provision 5.0 5.9 Minority interest
2.6 1.0 Net loss $(2.7) $(22.6) Basic and diluted loss per share
$(0.07) HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Successor April
January 30, 31, 2004 2004 (Millions of dollars, except share
amounts) ASSETS Current assets: Cash and cash equivalents $85.3
$48.5 Receivables 333.8 324.4 Inventories 200.3 189.3 Prepaid
expenses and other 27.2 29.0 Total current assets 646.6 591.2
Property, plant and equipment, net 964.9 966.5 Goodwill 411.6 416.2
Intangible assets, net 229.9 237.2 Other assets 63.6 85.5 Total
assets $2,316.6 $2,296.6 LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities: Bank borrowings and other notes $6.9 $14.2
Current portion of long-term debt 10.7 11.3 Accounts payable and
accrued liabilities 389.1 354.4 Total current liabilities 406.7
379.9 Long-term debt, net of current portion 646.3 752.4 Pension
and other long-term liabilities 527.9 526.5 Series A Warrants and
Series B Warrants 4.3 8.2 Redeemable preferred stock of subsidiary
10.7 10.5 Minority interest 28.8 23.2 Commitments and contingencies
Total stockholders' equity 691.9 595.9 Total liabilities and stock
holders' equity $2,316.6 $2,296.6 HAYES LEMMERZ INTERNATIONAL, INC.
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Successor Predecessor Three Months Ended April 30, 2004
2003 (Millions of dollars, except share amounts) Cash provided by
operating activities $71.9 $17.1 Cash flows from investing
activities: Purchase of property, plant, equipment and tooling
(29.3) (20.0) Proceeds from sale of assets 0.1 0.7 Cash used for
investing activities (29.2) (19.3) Cash flows from financing
activities: Net proceeds from issuance of common stock 117.0 --
Redemption of New Senior Notes with proceeds from issuance of
common stock (96.7) -- Prepayment of New Term Loan with proceeds
from issuance of common stock (16.0) -- Repayment of long-term debt
(2.3) -- Changes in borrowings under DIP facility -- 11.5 Repayment
of notes payable issued in connection with purchases of businesses
(7.1) (2.0) Changes in bank borrowings and revolving facility --
(5.6) Cash provided by (used for) financing activities (5.1) 3.9
Effect of exchange rate changes on cash and cash equivalents (0.8)
2.0 Increase in cash and cash equivalents 36.8 3.7 Cash and cash
equivalents at beginning of period 48.5 66.1 Cash and cash
equivalents at end of period $85.3 $69.8 Press: Marika P. Diamond
734.737.5162 Investor: Gary Findling 734.737.5102
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Press: Marika P.
Diamond, +1-734-737-5162, or Investor: Gary Findling,
+1-734-737-5102, both of Hayes Lemmerz International Web site:
http://www.hayes-lemmerz.com/
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