For Immediate Release
Fourth quarter
sales increase by 22% on a year-over-year basis
Detroit, Michigan, February 8, 2013-- American
Axle & Manufacturing Holdings, Inc. (AAM), which is traded as
AXL on the NYSE, today reported its financial results for the
fourth quarter and full year 2012.
Fourth Quarter 2012
Results
-
Fourth quarter 2012 sales of $736.7 million, up
21.6% on a year-over-year basis
-
Non-GM sales grew by 16.6% on a year-over-year
basis to $204.1 million
-
Gross profit of $84.0 million, or 11.4% of sales
-
Operating income of $18.6 million, or 2.5% of
sales
-
Net income of $319.9 million, or $4.21 per share,
which includes the favorable impact of a $337.5 million benefit
related to the reversal of our valuation allowance against our net
federal deferred tax assets for entities in the United States
-
Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization excluding the impact of curtailments,
asset impairments, restructuring costs and special charges related
to the closure of the Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility, and debt refinancing and redemption costs,
to the extent applicable) of $64.5 million or approximately 9% of
sales
-
AAM's quarterly results reflect the impact of $9.7
million (or $0.13 per share) of debt refinancing and redemption
costs and $6.2 million (or $0.08 per share) of restructuring costs
related to the closure of our Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility
Full Year 2012
Results
-
Full year 2012 sales of $2.93 billion, up 13.4% on
a year-over-year basis
-
Non-GM sales grew 11.6% on a year-over-year basis
to $792.6 million
-
Gross profit of $399.7 million, or 13.6% of sales
-
Operating income of $156.4 million, or 5.3% of
sales
-
Net income of $367.7 million, or $4.87 per
share
-
Adjusted EBITDA of $346.7 million, or
approximately 12% of sales
-
AAM's full year results reflect the impact of
$19.8 million (or $0.26 per share) of debt refinancing and
redemption costs and $40.6 million (or $0.54 per share) of
restructuring costs related to the closure of our Detroit
Manufacturing Complex and Cheektowaga Manufacturing
Facility
AAM's net income in the fourth quarter of 2012 was
$319.9 million, or $4.21 per share, which includes the favorable
impact of a $337.5 million benefit related to the reversal of our
valuation allowance against our net federal deferred tax assets for
entities in the United States. This compares to net income of
$31.1 million, or $0.41 per share, in the fourth quarter of
2011.
In the fourth quarter of 2012, AAM's results
reflect the impact of $9.7 million (or $0.13 per share) of debt
refinancing and redemption costs and $6.2 million (or $0.08 per
share) of restructuring costs related to the closure of our Detroit
Manufacturing Complex and Cheektowaga Manufacturing Facility.
In the fourth quarter of 2011, AAM's results
reflect the impact of $4.8 million (or $0.06 per share) of special
charges and restructuring costs primarily related to the closure of
our Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility.
For the full year 2012, AAM's net income was
$367.7 million, or $4.87 per share. This compares to net
income of $142.8 million, or $1.89 per share in
2011.
On a full year basis in 2012, AAM incurred $19.8
million (or $0.26 per share) of debt refinancing and redemption
costs and $40.6 million (or $0.54 per share) of restructuring costs
related to the closure of our Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility.
On a full year basis in 2011, AAM incurred $15.0
million (or $0.20 per share) of special charges, asset impairments
and restructuring costs primarily related to the planned
closure of our Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility. Also included in 2011 were special
charges of $3.1 million related to debt redemption and refinancing
costs and a $1.6 million asset impairment recorded by our e-AAM
joint venture related to the long-term supply agreement with Saab
Automobile AB.
"2012 was an eventful year for AAM, characterized
by substantial growth and diversification due to a high level of
global launch activity. We made great strides in executing
our diversification initiatives while strengthening our global
footprint through our expanding customer and product base," said
AAM's President and Chief Executive Officer, David C. Dauch.
"Financial performance in 2012 was characterized by both
successes and challenges. In the second half of 2012, we
experienced operational challenges and lower profitability,
principally associated with an increased level of launch activity.
We are taking necessary actions to correct these performance
issues. As we move forward we do so with a disciplined and
forward-looking approach, reaffirming our commitment to delivering
quality, technology leadership and operational excellence."
Net sales in the fourth quarter of 2012 increased
approximately 21.6% to $736.7 million as compared to $605.6 million
in the fourth quarter of 2011. Non-GM sales grew 16.6% on a
year-over-year basis to $204.1 million in the fourth quarter of
2012 as compared to $175.0 million in the fourth quarter of
2011.
AAM's content-per-vehicle is measured by the
dollar value of its product sales supporting our customers' North
American light truck and SUV programs. In the fourth quarter of
2012, AAM's content-per-vehicle was $1,514 as compared to $1,498 in
the fourth quarter of 2011. For the full year 2012, AAM's
content-per-vehicle was $1,473 as compared to $1,487 in 2011.
Net sales for the full year 2012 increased by
13.4% to $2.9 billion as compared to $2.6 billion in 2011.
Non-GM sales grew 11.6% on a year-over-year basis to $792.6
million in 2012 as compared to $710.0 million in 2011.
AAM's gross profit in the fourth quarter of 2012
was $84.0 million or 11.4% of sales. For the full year 2012,
AAM's gross profit was $399.7 million, or 13.6% of sales.
AAM defines Adjusted EBITDA to be earnings before
interest, taxes, depreciation and amortization excluding the impact
of curtailments, asset impairments, restructuring costs and special
charges related to the closure of the Detroit Manufacturing Complex
and Cheektowaga Manufacturing Facility, and debt refinancing and
redemption costs, to the extent applicable. In the fourth
quarter of 2012, AAM's Adjusted EBITDA was $64.5 million or 8.8% of
sales. For the full year 2012, AAM's Adjusted EBITDA was $346.7
million or 11.8% of sales.
AAM's SG&A spending in the fourth quarter of
2012 was $65.4 million, or 8.9% of sales, as compared to $57.2
million, or 9.4% of sales, in the fourth quarter of 2011.
AAM's R&D spending in the fourth quarter of 2012 was
$33.1 million as compared to $28.2 million in the fourth quarter of
2011.
AAM's SG&A spending for the full year 2012 was
$243.3 million, or 8.3% of sales, as compared to $231.7 million, or
9.0% of sales, for the full year 2011. AAM's R&D spending
for the full year 2012 was $123.4 million as compared to $113.6
million in 2011.
In the fourth quarter of 2012, AAM's operating
income was $18.6 million or 2.5% of sales. For the full year 2012,
AAM's operating income was $156.4 million, or 5.3% of sales.
In the fourth quarter of 2012, AAM's net income
was $319.9 million or 43.4% of sales. Diluted earnings per
share (EPS) were $4.21 per share in the fourth quarter of 2012.
For the full year 2012, AAM's net income was $367.7 million
or 12.5% of sales. Diluted earnings per share (EPS) were
$4.87 per share for the full year 2012. These results include
the favorable impact of a $337.5 million benefit related to the
reversal of our valuation allowance against our net federal
deferred tax assets for entities in the United States.
AAM defines free cash flow to be net cash provided
by (or used in) operating activities less capital expenditures net
of proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment.
Net cash used in operating activities for the full
year 2012 was $175.5 million. Capital spending, net of
proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment, for the full year 2012 was $185.4
million. Reflecting the impact of this activity, AAM's free
cash flow was a use of $360.9 million for the full year 2012.
AAM's free cash flow for the full year 2012
reflects the impact of $225.4 million of contributions to our
defined benefit pension plans. On September 27, 2012, AAM and the
Pension Benefit Guaranty Corporation entered into an agreement in
connection with the closures of the Detroit
Manufacturing Complex and Cheektowaga Manufacturing Facility.
As part of this agreement, in September 2012, we contributed $114.7
million in excess of our statutory minimums to our U.S. hourly
pension plan which is included in the contributions described
above. AAM's free cash flow for the full year 2012 also
reflects cash used for restructuring activities of $37.9 million.
A conference call to review AAM's fourth quarter
and full year 2012 results is scheduled today at 10:00 AM ET.
Interested participants may listen to the live conference
call by logging onto AAM's investor web site at
http://investor.aam.com or calling (877) 278-1452 from the United
States or (973) 200-3383 from outside the United States. A
replay will be available from 5:00 p.m. ET on February 8, 2013
until 5:00 p.m. ET February 15, 2013 by dialing (855) 859-2056 from
the United States or (404) 537-3406 from outside the United States.
When prompted, callers should enter conference reservation
number 86568260.
Non-GAAP Financial
Information
In addition to the results reported in accordance with accounting
principles generally accepted in the United States of America
(GAAP) included within this press release, AAM has provided certain
information, which includes non-GAAP financial measures. Such
information is reconciled to its closest GAAP measure in accordance
with Securities and Exchange Commission rules and is included in
the attached supplemental data.
Management believes that these non-GAAP financial
measures are useful to both management and its stockholders in
their analysis of the Company's business and operating performance.
Management also uses this information for operational planning and
decision-making purposes.
Non-GAAP financial measures are not and should not
be considered a substitute for any GAAP measure.
Additionally, non-GAAP financial measures as presented by AAM
may not be comparable to similarly titled measures reported by
other companies.
AAM is a world leader in the manufacture,
engineering, design and validation of driveline and drivetrain
systems and related components and modules, chassis systems and
metal-formed products for light trucks, sport utility vehicles,
passenger cars, crossover vehicles and commercial vehicles.
In addition to locations in the United States (Michigan,
Ohio, Pennsylvania and Indiana), AAM also has offices or facilities
in Brazil, China, Germany, India, Japan, Luxembourg, Mexico,
Poland, Scotland, South Korea, Sweden and Thailand.
In this earnings release, we
make statements concerning our expectations, beliefs, plans,
objectives, goals, strategies, and future events or performance.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
information available at the time those statements are made and/or
management's good faith belief as of that time with respect to
future events and are subject to risks and may differ materially
from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences
include, but are not limited to: global economic conditions,
including the impact of the debt crisis in the Euro-zone; reduced
purchases of our products by GM, Chrysler or other customers;
reduced demand for our customers' products (particularly light
trucks and SUVs produced by GM and Chrysler); our ability or our
customers' and suppliers' ability to successfully launch new
product programs on a timely basis; our ability to realize the
expected revenues from our new and incremental business backlog;
our ability to respond to changes in technology, increased
competition or pricing pressures; supply shortages or price
increases in raw materials, utilities or other operating supplies
for us or our customers as a result of natural disasters or
otherwise; liabilities arising from warranty claims, product recall
or field actions, product liability and legal proceedings to which
we are or may become a party; our ability to
achieve the level of cost reductions required to sustain global
cost competitiveness; our ability to attract new customers and
programs for new products; price volatility in, or reduced
availability of, fuel; our ability to develop and produce new
products that reflect market demand; lower-than-anticipated market
acceptance of new or existing products; our ability to maintain
satisfactory labor relations and avoid work stoppages; our
suppliers', our customers' and their suppliers' ability to maintain
satisfactory labor relations and avoid work stoppages; risks
inherent in our international operations (including adverse changes
in political stability, taxes and other law changes, potential
disruptions of production and supply, and currency rate
fluctuations); availability of financing for working capital,
capital expenditures, R&D or other general corporate purposes,
including our ability to comply with financial covenants; our
customers' and suppliers' availability of financing for working
capital, capital expenditures, R&D or other general corporate
purposes; adverse changes in laws, government regulations or
market conditions affecting our products or our
customers' products (such as the Corporate Average Fuel Economy
("CAFE") regulations); changes in liabilities arising from pension
and other postretirement benefit obligations; our ability to
attract and retain key associates; risks of noncompliance with
environmental laws and regulations or risks of environmental issues
that could result in unforeseen costs at our facilities; our
ability or our customers' and suppliers' ability to comply with the
Dodd-Frank Act and other regulatory requirements and the potential
costs of such compliance; our ability to consummate and integrate
acquisitions and joint ventures; other unanticipated events and
conditions that may hinder our ability to compete. It is not
possible to foresee or identify all such factors and we make no
commitment to update any forward-looking statement or to disclose
any facts, events or circumstances after the date hereof that may
affect the accuracy of any forward-looking statement.
# # #
For more
information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications and Marketing
(313) 758-4814
chris.son@aam.com
David Tworek
Manager, Communications
(313) 758-4883
david.tworek@aam.com
Or visit the AAM website at www.aam.com.
AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Twelve
months ended |
|
December 31, |
|
December 31, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
(In
millions, except per share data) |
|
(In
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 736.7 |
|
$ 605.6 |
|
$ 2,930.9 |
|
$ 2,585.0 |
|
|
|
|
|
|
|
|
Cost of goods sold |
652.7 |
|
499.9 |
|
2,531.2 |
|
2,129.9 |
|
|
|
|
|
|
|
|
Gross profit |
84.0 |
|
105.7 |
|
399.7 |
|
455.1 |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
65.4 |
|
57.2 |
|
243.3 |
|
231.7 |
|
|
|
|
|
|
|
|
Operating income |
18.6 |
|
48.5 |
|
156.4 |
|
223.4 |
|
|
|
|
|
|
|
|
Interest expense |
(28.9) |
|
(22.4) |
|
(101.6) |
|
(83.9) |
Investment income |
- |
|
0.3 |
|
0.6 |
|
1.2 |
Debt refinancing and redemption costs |
(9.7) |
|
- |
|
(19.8) |
|
(3.1) |
Other income (expense), net |
(0.1) |
|
0.4 |
|
(4.1) |
|
0.5 |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
(20.1) |
|
26.8 |
|
31.5 |
|
138.1 |
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
(340.0) |
|
(3.2) |
|
(335.2) |
|
1.0 |
|
|
|
|
|
|
|
|
Net income |
319.9 |
|
30.0 |
|
366.7 |
|
137.1 |
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interests |
- |
|
1.1 |
|
1.0 |
|
5.7 |
|
|
|
|
|
|
|
|
Net income attributable to AAM |
$ 319.9 |
|
$ 31.1 |
|
$ 367.7 |
|
$ 142.8 |
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 4.21 |
|
$ 0.41 |
|
$ 4.87 |
|
$ 1.89 |
|
|
|
|
|
|
|
|
Diluted shares outstanding |
76.0 |
|
75.3 |
|
75.4 |
|
75.4 |
AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Twelve
months ended |
|
December 31, |
|
December 31, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
(In
millions) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 319.9 |
|
$ 30.0 |
|
$ 366.7 |
|
$ 137.1 |
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
Defined benefit plans |
58.3 |
|
(67.4) |
|
(58.9) |
|
(63.5) |
Foreign currency translation
adjustments |
(2.3) |
|
(10.6) |
|
(9.4) |
|
(27.3) |
Change in derivatives |
0.2 |
|
1.1 |
|
7.8 |
|
(6.8) |
Other comprehensive income (loss) |
56.2 |
|
(76.9) |
|
(60.5) |
|
(97.6) |
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
376.1 |
|
(46.9) |
|
306.2 |
|
39.5 |
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling
interests |
- |
|
1.1 |
|
1.0 |
|
5.7 |
Foreign currency
translation adjustments
attributable to noncontrolling interests |
0.1 |
|
0.1 |
|
0.3 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to AAM |
$ 376.0 |
|
$ (45.9) |
|
$ 306.9 |
|
$ 45.0 |
AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2012 |
|
2011 |
|
(In
millions) |
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$
62.4 |
|
$ 169.2 |
Accounts receivable, net |
463.4 |
|
333.3 |
Inventories, net |
224.3 |
|
177.2 |
Deferred income taxes |
34.9 |
|
11.3 |
Prepaid expenses and other |
87.1 |
|
72.1 |
Total current assets |
872.1 |
|
763.1 |
|
|
|
|
Property, plant and equipment, net |
1,009.7 |
|
971.2 |
Deferred income taxes |
366.1 |
|
20.1 |
Goodwill |
156.4 |
|
155.9 |
GM postretirement cost sharing asset |
259.7 |
|
260.2 |
Other assets and deferred charges |
202.0 |
|
158.2 |
Total assets |
$
2,866.0 |
|
$ 2,328.7 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$
396.1 |
|
$ 337.1 |
Accrued compensation and benefits |
84.9 |
|
110.6 |
Deferred revenue |
17.2 |
|
32.9 |
Deferred income taxes |
1.4 |
|
9.9 |
Other accrued expenses |
101.2 |
|
85.6 |
Total current liabilities |
600.8 |
|
576.1 |
|
|
|
|
Long-term debt |
1,454.1 |
|
1,180.2 |
Deferred income taxes |
9.5 |
|
7.7 |
Deferred revenue |
82.2 |
|
88.2 |
Postretirement benefits and other long-term
liabilities |
840.2 |
|
896.1 |
Total liabilities |
2,986.8 |
|
2,748.3 |
|
|
|
|
Stockholders' deficit |
(120.8) |
|
(419.6) |
Total liabilities and stockholders' deficit |
$
2,866.0 |
|
$ 2,328.7 |
AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Twelve
months ended |
|
|
December 31, |
|
December 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
(In
millions) |
|
(In
millions) |
Operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ 319.9 |
|
$ 30.0 |
|
$ 366.7 |
|
$137.1 |
Adjustments to reconcile net income to net cash provided
by (used in) operating activities |
|
|
|
|
|
|
|
|
Asset impairments and related
indirect
inventory obsolescence |
|
5.8 |
|
- |
|
5.8 |
|
8.7 |
Depreciation and amortization |
|
39.8 |
|
35.6 |
|
152.2 |
|
139.4 |
Other |
|
(344.4) |
|
(56.5) |
|
(700.2) |
|
(341.5) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in)
operating activities |
|
21.1 |
|
9.1 |
|
(175.5) |
|
(56.3) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment |
|
(63.9) |
|
(52.1) |
|
(207.6) |
|
(163.1) |
Proceeds from sale of property, plant &
equipment |
|
7.9 |
|
1.0 |
|
10.1 |
|
8.9 |
Proceeds from sale-leaseback of equipment |
|
12.1 |
|
- |
|
12.1 |
|
- |
Purchase buyouts of leased equipment |
|
- |
|
(13.4) |
|
- |
|
(13.4) |
Acquisition, net |
|
- |
|
(16.5) |
|
- |
|
(16.5) |
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities |
|
(43.9) |
|
(81.0) |
|
(185.4) |
|
(184.1) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Net increase (decrease) in long-term debt |
|
(123.1) |
|
133.0 |
|
273.9 |
|
173.6 |
Debt issuance costs |
|
(0.5) |
|
(5.2) |
|
(10.6) |
|
(10.9) |
Purchase of noncontrolling interest |
|
- |
|
- |
|
(4.0) |
|
- |
Employee stock option exercises |
|
- |
|
- |
|
0.1 |
|
4.6 |
Purchase of treasury stock |
|
- |
|
- |
|
(5.9) |
|
(0.1) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in)
financing activities |
|
(123.6) |
|
127.8 |
|
253.5 |
|
167.2 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
(0.2) |
|
(1.1) |
|
0.6 |
|
(2.2) |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and
cash equivalents |
|
(146.6) |
|
54.8 |
|
(106.8) |
|
(75.4) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
209.0 |
|
114.4 |
|
169.2 |
|
244.6 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of
period |
|
$ 62.4 |
|
$ 169.2 |
|
$ 62.4 |
|
$ 169.2 |
AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. |
SUPPLEMENTAL DATA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The supplemental data
presented below is a reconciliation of certain financial measures
which is intended |
to facilitate analysis of
American Axle & Manufacturing Holdings, Inc. business and
operating performance. |
|
|
|
|
|
|
|
|
Earnings
before interest expense, income taxes and depreciation and
amortization (EBITDA) and adjusted EBITDA(a) |
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Twelve
months ended |
|
December 31, |
|
December 31, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
(In
millions) |
|
(In
millions) |
|
|
|
|
|
|
|
|
Net income attributable to AAM |
$ 319.9 |
|
$ 31.1 |
|
$ 367.7 |
|
$142.8 |
Interest expense |
28.9 |
|
22.4 |
|
101.6 |
|
83.9 |
Income tax expense (benefit) |
(340.0) |
|
(3.2) |
|
(335.2) |
|
1.0 |
Depreciation and amortization |
39.8 |
|
35.6 |
|
152.2 |
|
139.4 |
|
|
|
|
|
|
|
|
EBITDA |
$ 48.6 |
|
$ 85.9 |
|
$ 286.3 |
|
$ 367.1 |
|
|
|
|
|
|
|
|
Debt refinancing and redemption costs |
9.7 |
|
- |
|
19.8 |
|
3.1 |
Other special charges, asset impairments, curtailments and
restructuring costs(e) |
6.2 |
|
4.8 |
|
40.6 |
|
16.1 |
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ 64.5 |
|
$ 90.7 |
|
$ 346.7 |
|
$ 386.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
debt(b) to
capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2012 |
|
2011 |
|
|
|
|
|
(In
millions, except percentages) |
|
|
|
|
|
|
|
|
Total debt |
|
|
|
|
$ 1,454.1 |
|
$ 1,180.2 |
Less: cash and cash equivalents |
|
|
|
|
62.4 |
|
169.2 |
|
|
|
|
|
|
|
|
Net debt at end of period |
|
|
|
|
1,391.7 |
|
1,011.0 |
|
|
|
|
|
|
|
|
Stockholders' deficit |
|
|
|
|
(120.8) |
|
(419.6) |
|
|
|
|
|
|
|
|
Total invested capital at end of period |
|
|
|
|
$ 1,270.9 |
|
$ 591.4 |
|
|
|
|
|
|
|
|
Net debt to
capital(c) |
|
|
|
|
109.5% |
|
171.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
Cash Flow(d) |
|
Three
months ended |
|
Twelve
months ended |
|
December 31, |
|
December 31, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
(In
millions) |
|
(In
millions) |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ 21.1 |
|
$ 9.1 |
|
$ (175.5) |
|
$ (56.3) |
Add: Portion of lease buyouts included in Net cash
provided by (used in) operating activities |
- |
|
5.2 |
|
- |
|
5.2 |
Adjusted Net cash provided by (used in) operating
activities |
$ 21.1 |
|
$ 14.3 |
|
$ (175.5) |
|
$ (51.1) |
|
|
|
|
|
|
|
|
Less: Purchases of property, plant & equipment, net of
proceeds from sale of property, plant & equipment and
sale-leaseback of equipment |
(43.9) |
|
(51.1) |
|
(185.4) |
|
(154.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
$ (22.8) |
|
$ (36.8) |
|
$ (360.9) |
|
$ (205.3) |
|
|
|
|
|
|
|
|
Notes to Supplemental
Data
-
We define EBITDA to be earnings before interest,
taxes, depreciation and amortization. Adjusted EBITDA is
defined as EBITDA excluding the impact of curtailments, asset
impairments, restructuring costs and special charges related to the
closure of the Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility, and debt refinancing and redemption costs,
to the extent applicable. We believe that EBITDA and adjusted
EBITDA are meaningful measures of performance as they are commonly
utilized by management and investors to analyze operating
performance and entity valuation. Our management, the
investment community and the banking institutions routinely use
EBITDA, together with other measures, to measure our operating
performance relative to other Tier 1 automotive suppliers.
EBITDA and adjusted EBITDA should not be construed as income
from operations, net income or cash flow from operating activities
as determined under GAAP. Other companies may calculate EBITDA and
adjusted EBITDA differently.
-
Net debt is equal to total debt less cash and cash
equivalents.
-
Net debt to capital is equal to net debt divided
by the sum of stockholders' deficit and net debt. We believe
that net debt to capital is a meaningful measure of financial
condition as it is commonly utilized by management, investors and
creditors to assess relative capital structure risk. Other
companies may calculate net debt to capital differently.
-
We define free cash flow to be net cash provided
by (or used in) operating activities less capital expenditures net
of proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment. For purposes of calculating free
cash flow, AAM excludes the impact of purchase buyouts of leased
equipment, if any. We believe free cash flow is a meaningful
measure as it is commonly utilized by management and investors to
assess our ability to generate cash flow from business operations
to repay debt and return capital to our stockholders. Free
cash flow is also a key metric used in our calculation of incentive
compensation. Other companies may calculate free cash flow
differently.
-
Special charges and restructuring costs of $6.2
million for three months ended December 31, 2012 and $40.6 million
for the twelve months ended December 31, 2012 primarily relate to
the closure of our Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility. This special charge activity includes
$28.7 million of expense related to pension and postretirement
benefits to be provided to certain eligible UAW associates as a
result of the Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility plant closures, $33.7 million of expense
primarily related to asset impairments, asset redeployment and
other restructuring costs associated with the closures of Detroit
Manufacturing Complex and Cheektowaga Manufacturing Facility and a
$21.8 million postretirement benefit curtailment gain recorded in
the first quarter of 2012.
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announcement is distributed by Thomson Reuters on behalf of Thomson
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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
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(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via Thomson
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