Attached files
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8-K - STONERIDGE INC | v224258_8k.htm |
Exhibit 99.1
Consolidated Balance Sheets, as Adjusted
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(Unaudited)
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As of December 31 (in thousands)
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2010
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2009
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 71,974 | $ | 91,907 | ||||
Accounts receivable, less reserves of $2,013 and $2,350, respectively
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102,600 | 81,272 | ||||||
Inventories, net
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54,959 | 42,654 | ||||||
Prepaid expenses and other current assets
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20,443 | 19,320 | ||||||
Total current assets
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249,976 | 235,153 | ||||||
Long-term assets:
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Property, plant and equipment, net
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76,576 | 76,991 | ||||||
Investments and other long-term assets, net
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60,184 | 54,864 | ||||||
Total long-term assets
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136,760 | 131,855 | ||||||
Total assets
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$ | 386,736 | $ | 367,008 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 68,341 | $ | 50,947 | ||||
Accrued expenses and other current liabilities
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44,442 | 38,900 | ||||||
Total current liabilities
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112,783 | 89,847 | ||||||
Long-term liabilities:
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Long-term debt
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167,903 | 183,431 | ||||||
Other long-term liabilities
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14,831 | 17,263 | ||||||
Total long-term liabilities
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182,734 | 200,694 | ||||||
Shareholders' equity
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Preferred shares, without par value, authorized 5,000 shares, none issued
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- | - | ||||||
Common shares, without par value, authorized 60,000 shares, issued 25,994 and
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25,301 shares and outstanding 25,393 and 25,000 shares, respectively,
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with no stated value
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- | - | ||||||
Additional paid-in capital
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161,587 | 158,748 | ||||||
Common shares held in treasury, 601 and 301 shares, respectively, at cost
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(1,118 | ) | (292 | ) | ||||
Accumulated deficit
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(77,620 | ) | (89,150 | ) | ||||
Accumulated other comprehensive income
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4,062 | 2,669 | ||||||
Total Stoneridge Inc. and subsidiaries shareholders' equity
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86,911 | 71,975 | ||||||
Noncontrolling interest
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4,308 | 4,492 | ||||||
Total shareholders' equity
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91,219 | 76,467 | ||||||
Total liabilities and shareholders' equity
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$ | 386,736 | $ | 367,008 |
1
Consolidated Statements of Operations, as Adjusted
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(Unaudited)
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Years ended December 31 (in thousands, except per share data)
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2010
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2009
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2008
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Net Sales
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$ | 635,226 | $ | 475,152 | $ | 752,698 | ||||||
Costs and Expenses:
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Cost of goods sold
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489,670 | 387,420 | 585,799 | |||||||||
Selling, general and administrative
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122,032 | 106,228 | 144,383 | |||||||||
Goodwill impairment charge
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- | - | 65,175 | |||||||||
Operating income (loss)
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23,524 | (18,496 | ) | (42,659 | ) | |||||||
Interest expense, net
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21,780 | 21,965 | 20,575 | |||||||||
Equity in earnings of investees
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(10,346 | ) | (7,775 | ) | (13,490 | ) | ||||||
Loss on extinguishment of debt
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1,346 | - | 770 | |||||||||
Other expense (income), net
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(1,280 | ) | 893 | (351 | ) | |||||||
Income (loss) before income taxes
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12,024 | (33,579 | ) | (50,163 | ) | |||||||
Provision (benefit) for income taxes
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678 | (1,003 | ) | 46,034 | ||||||||
Net income (loss)
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11,346 | (32,576 | ) | (96,197 | ) | |||||||
Net income (loss) attributable to noncontrolling interest
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(184 | ) | 82 | - | ||||||||
Net income (loss) attributable to Stoneridge, Inc. and subsidiaries
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$ | 11,530 | $ | (32,658 | ) | $ | (96,197 | ) | ||||
Basic net income (loss) per share
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$ | 0.48 | $ | (1.38 | ) | $ | (4.12 | ) | ||||
Basic weighted average shares outstanding
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23,946 | 23,626 | 23,367 | |||||||||
Diluted net income (loss) per share
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$ | 0.47 | $ | (1.38 | ) | $ | (4.12 | ) | ||||
Diluted weighted average shares outstanding
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24,333 | 23,626 | 23,367 |
2
Consolidated Statements of Cash Flow, as Adjusted
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(Unaudited)
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Years ended December 31 (in thousands)
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2010
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2009
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2008
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OPERATING ACTIVITIES:
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Net income (loss)
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$ | 11,346 | $ | (32,576 | ) | $ | (96,197 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by
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operating activities -
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Depreciation
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19,070 | 19,875 | 26,196 | |||||||||
Amortization, including accretion of debt discount
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1,129 | 1,053 | 1,320 | |||||||||
Deferred income taxes
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(778 | ) | (3,200 | ) | 45,521 | |||||||
Earnings of equity method investees, less dividends
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(4,889 | ) | (474 | ) | (9,277 | ) | ||||||
Loss (gain) on sale of fixed assets
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(42 | ) | 219 | (571 | ) | |||||||
Share-based compensation expense, net
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2,266 | 1,252 | 2,103 | |||||||||
Loss on early extinguishment of debt
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1,346 | - | 770 | |||||||||
Goodwill impairment charge
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- | - | 65,175 | |||||||||
Changes in operating assets and liabilities -
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Accounts receivable, net
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(21,012 | ) | 16,619 | 20,087 | ||||||||
Inventories, net
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(12,307 | ) | 17,508 | (2,398 | ) | |||||||
Prepaid expenses and other
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(1,624 | ) | (3,133 | ) | 2,656 | |||||||
Accounts payable
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16,705 | (2,111 | ) | (14,769 | ) | |||||||
Accrued expenses and other
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2,641 | (1,208 | ) | 1,840 | ||||||||
Net cash provided by operating activities
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13,851 | 13,824 | 42,456 | |||||||||
INVESTING ACTIVITIES:
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Capital expenditures
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(18,574 | ) | (11,998 | ) | (24,573 | ) | ||||||
Proceeds from sale of fixed assets
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56 | 201 | 1,652 | |||||||||
Business acquisitions and other
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- | (5,967 | ) | (980 | ) | |||||||
Net cash used for investing activities
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(18,518 | ) | (17,764 | ) | (23,901 | ) | ||||||
FINANCING ACTIVITIES:
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Extinguishment of senior notes
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(183,000 | ) | - | (17,000 | ) | |||||||
Proceeds from issuance of senior secured notes
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170,625 | - | - | |||||||||
Proceeds from issuance of other debt
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690 | - | - | |||||||||
Repayments of other debt
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(278 | ) | (55 | ) | - | |||||||
Revolving credit facility borrowings
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8,389 | 1,274 | - | |||||||||
Revolving credit facility payments
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(8,335 | ) | (883 | ) | - | |||||||
Other financing costs
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(1,365 | ) | - | - | ||||||||
Repurchase of shares to satisfy employee tax withholding
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(826 | ) | - | - | ||||||||
Excess tax benefits from share-based compensation expense
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395 | - | 1,322 | |||||||||
Premiums related to early extinguishment of debt
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(324 | ) | - | (553 | ) | |||||||
Net cash provided by (used for) financing activities
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(14,029 | ) | 336 | (16,231 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents
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(1,237 | ) | 2,819 | (5,556 | ) | |||||||
Net change in cash and cash equivalents
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(19,933 | ) | (785 | ) | (3,232 | ) | ||||||
Cash and cash equivalents at beginning of period
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91,907 | 92,692 | 95,924 | |||||||||
Cash and cash equivalents at end of period
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$ | 71,974 | $ | 91,907 | $ | 92,692 | ||||||
Supplemental disclosure of cash flow information:
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Cash paid for interest, net
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$ | 20,755 | $ | 21,969 | $ | 20,985 | ||||||
Cash paid for income taxes, net
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$ | 1,213 | $ | 2,319 | $ | 4,466 | ||||||
Supplemental disclosure of non-cash financing activities:
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Fair value of interest rate swap
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$ | (3,017 | ) | $ | - | $ | - |
3