Exhibit 99.1
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
Three Months Ended | Year Ended | |||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | December 31, 2014 | ||||||||||||||||
Revenues | $ | 519,263 | $ | 548,467 | $ | 497,722 | $ | 502,319 | $ | 2,067,771 | ||||||||||
Cost of sales | 458,474 | 486,118 | 444,785 | 449,201 | 1,838,578 | |||||||||||||||
Gross profit | 60,789 | 62,349 | 52,937 | 53,118 | 229,193 | |||||||||||||||
Selling, general, and administrative expenses | 34,105 | 31,606 | 34,223 | 32,701 | 132,635 | |||||||||||||||
Amortization expense | 657 | 667 | 220 | - | 1,544 | |||||||||||||||
Restructuring and asset impairment charges, net | 1,389 | 4,716 | 1,392 | 6,751 | 14,248 | |||||||||||||||
Operating income | 24,638 | 25,360 | 17,102 | 13,666 | 80,766 | |||||||||||||||
Interest expense | 7,168 | 7,337 | 7,325 | 12,937 | 34,767 | |||||||||||||||
Interest income | 132 | 133 | 131 | 138 | 534 | |||||||||||||||
Other expense | 87 | - | - | - | 87 | |||||||||||||||
Income before provision for income taxes and equity in loss of joint venture | 17,515 | 18,156 | 9,908 | 867 | 46,446 | |||||||||||||||
Provision for income taxes | 2,834 | 2,661 | 1,634 | 2,143 | 9,272 | |||||||||||||||
Equity in loss of joint venture, net of tax | (159 | ) | (222 | ) | (245 | ) | (25 | ) | (651 | ) | ||||||||||
Income / (loss) from continuing operations | 14,522 | 15,273 | 8,029 | (1,301 | ) | 36,523 | ||||||||||||||
Income / (loss) from discontinued operations, net of tax | 756 | 1,677 | 4,873 | (16,742 | ) | (9,436 | ) | |||||||||||||
Net income / (loss) | 15,278 | 16,950 | 12,902 | (18,043 | ) | 27,087 | ||||||||||||||
Less: Net income attributable to the noncontrolling interests | 423 | 854 | 1,741 | 2,553 | 5,571 | |||||||||||||||
Net income / (loss) attributable to Tower International, Inc. | $ | 14,855 | $ | 16,096 | $ | 11,161 | $ | (20,596 | ) | $ | 21,516 | |||||||||
Weighted average basic shares outstanding | 20,513,183 | 20,651,097 | 20,733,785 | 20,751,634 | 20,662,425 | |||||||||||||||
Weighted average diluted shares outstanding | 21,263,163 | 21,373,867 | 21,457,369 | 20,751,634 | 21,391,000 | |||||||||||||||
Basic income / (loss) per share attributable to Tower International, Inc.: | ||||||||||||||||||||
Income / (loss) per share from continuing operations | $ | 0.69 | $ | 0.70 | $ | 0.30 | $ | (0.19 | ) | $ | 1.50 | |||||||||
Income / (loss) per share from discontinued operations | 0.04 | 0.08 | 0.24 | (0.81 | ) | (0.46 | ) | |||||||||||||
Income / (loss) per share | 0.72 | 0.78 | 0.54 | (0.99 | ) | 1.04 | ||||||||||||||
Diluted income / (loss) per share attributable to Tower International, Inc.: | ||||||||||||||||||||
Income / (loss) per share from continuing operations | $ | 0.66 | $ | 0.67 | $ | 0.29 | $ | (0.19 | ) | $ | 1.45 | |||||||||
Income / (loss) per share from discontinued operations | 0.04 | 0.08 | 0.23 | (0.81 | ) | (0.44 | ) | |||||||||||||
Income / (loss) per share | 0.70 | 0.75 | 0.52 | (0.99 | ) | 1.01 |
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
8-K
(Amounts in thousands, except per share amounts - unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | December 31, 2014 | ||||||||||||||||
Income / (expense) items included in net income / (loss), net of tax: | ||||||||||||||||||||
Cost of sales | ||||||||||||||||||||
Commercial settlement related to 2010-13 scrap | $ | - | $ | - | $ | (6,009 | ) | $ | - | $ | (6,009 | ) | ||||||||
Pension actuarial loss | - | - | - | (4,160 | ) | (4,160 | ) | |||||||||||||
Selling, general, and administrative expenses | ||||||||||||||||||||
One-time CEO compensation awards | - | - | (884 | ) | (671 | ) | (1,555 | ) | ||||||||||||
Restructuring and asset impairment charges, net | ||||||||||||||||||||
One-time restructuring actions | (240 | ) | (373 | ) | (349 | ) | (1,140 | ) | (2,102 | ) | ||||||||||
Severance costs in Europe* | (126 | ) | (67 | ) | (103 | ) | (136 | ) | (432 | ) | ||||||||||
Lease buyout of previously closed facility | - | (3,448 | ) | - | - | (3,448 | ) | |||||||||||||
Loss on sale of None, Italy facility | - | - | - | (2,266 | ) | (2,266 | ) | |||||||||||||
Goodwill impairment charge in Brazil | - | - | - | (2,292 | ) | (2,292 | ) | |||||||||||||
Interest expense | ||||||||||||||||||||
Mark-to-market loss on derivative financial instruments | - | - | - | (5,753 | ) | (5,753 | ) | |||||||||||||
Debt issue costs | - | - | - | (969 | ) | (969 | ) | |||||||||||||
Other expense | ||||||||||||||||||||
Premium and other fees for re-pricing of Term Loan | (87 | ) | - | - | - | (87 | ) | |||||||||||||
Discontinued operations | ||||||||||||||||||||
Income / (loss) from discontinued operations | 756 | 1,677 | 4,873 | (16,742 | ) | (9,436 | ) | |||||||||||||
Noncontrolling interests | ||||||||||||||||||||
Net income attributable to noncontrolling interests** | (200 | ) | (576 | ) | (1,489 | ) | (2,290 | ) | (4,555 | ) | ||||||||||
Total items included in net income / (loss), net of tax | $ | 103 | $ | (2,787 | ) | $ | (3,961 | ) | $ | (36,419 | ) | $ | (43,064 | ) | ||||||
Net income / (loss) attributable to Tower International, Inc. | $ | 14,855 | $ | 16,096 | $ | 11,161 | $ | (20,596 | ) | $ | 21,516 | |||||||||
Memo: Average shares outstanding (in thousands) | ||||||||||||||||||||
Basic | 20,513 | 20,651 | 20,734 | 20,752 | 20,662 | |||||||||||||||
Diluted | 21,263 | 21,374 | 21,457 | 20,752 | 21,391 | |||||||||||||||
Income / (loss) per common share (GAAP) | ||||||||||||||||||||
Basic | $ | 0.72 | $ | 0.78 | $ | 0.54 | $ | (0.99 | ) | $ | 1.04 | |||||||||
Diluted | 0.70 | 0.75 | 0.52 | (0.99 | ) | 1.01 | ||||||||||||||
Diluted adjusted earnings per share (non-GAAP)*** | 0.69 | 0.88 | 0.70 | 0.74 | 3.02 |
* | Amounts are net of tax of $54K, $29K, $44K, $30K, and $157K, respectively. |
** | Amounts attributable to noncontrolling interests of discontinued operations. |
*** | Excludes the certain items shown above. For the three months ended December 31, 2014, a diluted share count of 21.5 million was used to calculate diluted adjusted earnings per share. |