Exhibit 99.1
FOR IMMEDIATE RELEASE
Tower International Reports
Good Second Quarter and Favorable Outlook
LIVONIA, Mich., July 26, 2016 – Tower International, Inc. [NYSE: TOWR], a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced second quarter 2016 results and updated its business outlook through 2017. (Unless otherwise noted, all information refers to Tower’s continuing operations in North America and Europe.)
| · | Revenue for the second quarter was $505 million, up from $450 million in the second quarter of 2015, primarily reflecting organic new-business growth in North America. |
| · | Net loss from continuing and discontinued operations was $4.8 million or a loss of 23 cents per share, compared with net income of $18.6 million or 87 cents per share in the second quarter last year. As detailed below, this year’s second quarter included certain items that adversely impacted results by $22.2 million, mainly reflecting the non-cash impairment related to the accumulated foreign-currency translation adjustments in our discontinued Brazil operation. Excluding these items and comparable items in the second quarter of 2015, diluted adjusted earnings were 81 cents per share, compared with $1.10 a year ago. The decline mainly reflected the resumption this year of accrued U.S. income taxes. |
| · | Adjusted EBITDA for the quarter was $50.3 million, compared with $51.5 million a year ago. The decline was more than explained by the planned and anticipated up-front costs associated with the major new business. |
| · | The Company is re-affirming its outlook for full year earnings and free cash flow. The outlook for full year revenue is down slightly for vehicle and Company-specific reasons; to date, there has been no evidence experienced by the Company of a meaningful industry production downturn in North America or adverse fall-out in Europe from Brexit. |
| · | Tower believes it is entering a period of very favorable earnings comparisons and strong free cash flow. For example: |
| - | Second half 2016 adjusted EBITDA is projected to be up more than 20% from second half 2015; |
| - | Free cash flow in the second half of 2016 through 2017 is projected at $130 million; and |
| - | Depending on the pace of the Company’s previously announced stock buyback program, diluted adjusted earnings per share could exceed $4.00 in 2017. |
“Following 24 consecutive quarters of meeting or beating the earnings consensus and a series of important and successful new-business launches, Tower is poised to deliver record results,” concluded President and CEO Mark Malcolm.
Tower to Host Conference Call Today at 10 a.m. EDT
Tower will discuss its second quarter 2016 results and other related matters in a conference call at 10 a.m. EDT today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company’s website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower’s websitewww.towerinternational.com.To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #52641232. A webcast replay will also be available and may be accessed via Tower’s website.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measures: “adjusted EBITDA”, “adjusted earnings per share”, and “free cash flow”. We define adjusted EBITDA as net income/(loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this press release. Adjusted earnings per share exclude certain income and expense items described in the reconciliation provided in this press release. Free cash flow is defined as cash provided by operating activities less cash disbursed for purchases of property, plant and equipment. We use adjusted EBITDA, adjusted earnings per share, and free cash flow as supplements to information provided in accordance with generally accepted accounting principles (“GAAP”) in evaluating our business and they are included in this press release because they are principal factors upon which our management assesses performance and in certain instances in measuring performance for compensation purposes. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP are set forth below. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, potential gain or loss on our Discontinued Operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.
Forward-Looking Statements and Risk Factors
This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company’s projected full year earnings, cash flow and revenues, second half 2016 Adjusted EBITDA and free cash flow, 2017 adjusted earnings per share and statements regarding the Company’s future business outlook. The forward-looking statements can be identified by words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” “target,” and other similar expressions. Forward-looking statements are made as of the date of this press release and are based upon management’s current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:
| · | global automobile production volumes; |
| · | the financial condition of our customers and suppliers; |
| · | our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness; |
| · | our ability to refinance our indebtedness; |
| · | risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions; |
| · | any increase in the expense and funding requirements of our pension and other postretirement benefits; |
| · | our customers’ ability to obtain equity and debt financing for their businesses; |
| · | our dependence on our largest customers; |
| · | pricing pressure from our customers; |
| · | work stoppages or other labor issues affecting us or our customers or suppliers; |
| · | our ability to integrate acquired businesses; |
| · | risks associated with business divestitures; and |
| · | costs or liabilities relating to environmental and safety regulations. |
We do not assume any obligation to update or revise the forward-looking statements contained in this press release.
Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts - unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenues | $ | 505,131 | $ | 449,528 | $ | 994,325 | $ | 898,991 | ||||||||
| Cost of sales | 442,989 | 388,594 | 875,094 | 782,693 | ||||||||||||
| Gross profit | 62,142 | 60,934 | 119,231 | 116,298 | ||||||||||||
| Selling, general, and administrative expenses | 32,050 | 30,301 | 64,902 | 59,733 | ||||||||||||
| Amortization expense | 116 | - | 232 | - | ||||||||||||
| Restructuring and asset impairment charges, net | 840 | 5,266 | 1,586 | 6,200 | ||||||||||||
| Operating income | 29,136 | 25,367 | 52,511 | 50,365 | ||||||||||||
| Interest expense | 4,987 | 3,880 | 12,569 | 11,598 | ||||||||||||
| Interest income | 40 | 3 | 68 | 10 | ||||||||||||
| Other expense | 2,905 | - | 6,481 | - | ||||||||||||
| Income before provision for income taxes, equity in profit of joint venture, and loss from discontinued operations | 21,284 | 21,490 | 33,529 | 38,777 | ||||||||||||
| Provision for income taxes | 6,015 | 1,951 | 9,531 | 3,831 | ||||||||||||
| Income from continuing operations | 15,269 | 19,539 | 23,998 | 34,946 | ||||||||||||
| Loss from discontinued operations, net of tax | (20,021 | ) | (400 | ) | (20,366 | ) | (1,686 | ) | ||||||||
| Net income / (loss) | (4,752 | ) | 19,139 | 3,632 | 33,260 | |||||||||||
| Less: Net income attributable to the noncontrolling interests | 89 | 493 | 95 | 573 | ||||||||||||
| Net income / (loss) attributable to Tower International, Inc. | $ | (4,841 | ) | $ | 18,646 | $ | 3,537 | $ | 32,687 | |||||||
| Weighted average basic shares outstanding | 21,164,505 | 21,104,735 | 21,145,588 | 21,077,633 | ||||||||||||
| Weighted average diluted shares outstanding | 21,489,161 | 21,403,354 | 21,469,818 | 21,382,041 | ||||||||||||
| Basic income per share attributable to Tower International, Inc.: | ||||||||||||||||
| Income per share from continuing operations | $ | 0.72 | $ | 0.90 | $ | 1.13 | $ | 1.63 | ||||||||
| Loss per share from discontinued operations | (0.95 | ) | (0.02 | ) | (0.96 | ) | (0.08 | ) | ||||||||
| Income / (loss) per share | (0.23 | ) | 0.88 | 0.17 | 1.55 | |||||||||||
| Diluted income per share attributable to Tower International, Inc.: | ||||||||||||||||
| Income per share from continuing operations | $ | 0.71 | $ | 0.89 | $ | 1.11 | $ | 1.61 | ||||||||
| Loss per share from discontinued operations | (0.93 | ) | (0.02 | ) | (0.95 | ) | (0.08 | ) | ||||||||
| Income / (loss) per share | (0.23 | ) | 0.87 | 0.16 | 1.53 | |||||||||||
| Dividends declared per share | $ | 0.10 | - | $ | 0.20 | - | ||||||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data - unaudited)
| June 30, | December 31, | |||||||
| 2016 | 2015 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 51,777 | $ | 121,594 | ||||
| Accounts receivable, net of allowance of $887 and $1,277 | 256,684 | 223,735 | ||||||
| Inventories | 70,632 | 66,648 | ||||||
| Assets held for sale | 102,378 | 113,664 | ||||||
| Prepaid tooling, notes receivable, and other | 93,031 | 68,242 | ||||||
| Total current assets | 574,502 | 593,883 | ||||||
| Property, plant, and equipment, net | 461,488 | 427,887 | ||||||
| Goodwill | 59,944 | 59,340 | ||||||
| Deferred tax asset | 119,559 | 127,207 | ||||||
| Other assets, net | 7,545 | 7,180 | ||||||
| Total assets | $ | 1,223,038 | $ | 1,215,497 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Short-term debt and current maturities of capital lease obligations | $ | 32,634 | $ | 29,492 | ||||
| Accounts payable | 296,735 | 268,008 | ||||||
| Accrued liabilities | 103,009 | 100,529 | ||||||
| Liabilities held for sale | 49,100 | 44,157 | ||||||
| Total current liabilities | 481,478 | 442,186 | ||||||
| Long-term debt, net of current maturities | 382,823 | 409,116 | ||||||
| Obligations under capital leases, net of current maturities | 5,627 | 5,984 | ||||||
| Deferred tax liability | 6,600 | 6,167 | ||||||
| Pension liability | 61,157 | 65,621 | ||||||
| Other non-current liabilities | 74,512 | 79,704 | ||||||
| Total non-current liabilities | 530,719 | 566,592 | ||||||
| Total liabilities | 1,012,197 | 1,008,778 | ||||||
| Stockholders' equity: | ||||||||
| Tower International, Inc.'s stockholders' equity | ||||||||
| Common stock | $ | 221 | $ | 220 | ||||
| Additional paid in capital | 338,923 | 337,864 | ||||||
| Treasury stock | (16,688 | ) | (16,067 | ) | ||||
| Accumulated deficit | (44,722 | ) | (44,030 | ) | ||||
| Accumulated other comprehensive loss | (73,855 | ) | (80,492 | ) | ||||
| Total Tower International, Inc.'s stockholders' equity | 203,879 | 197,495 | ||||||
| Noncontrolling interests in subsidiaries | 6,962 | 9,224 | ||||||
| Total stockholders' equity | 210,841 | 206,719 | ||||||
| Total liabilities and stockholders' equity | $ | 1,223,038 | $ | 1,215,497 | ||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands - unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| OPERATING ACTIVITIES: | ||||||||||||||||
| Net income / (loss) | $ | (4,752 | ) | $ | 19,139 | $ | 3,632 | $ | 33,260 | |||||||
| Less: Loss from discontinued operations, net of tax | (20,021 | ) | (400 | ) | (20,366 | ) | (1,686 | ) | ||||||||
| Income from continuing operations | 15,269 | 19,539 | 23,998 | 34,946 | ||||||||||||
| Adjustments required to reconcile income from continuing operations to net cash provided by continuing operating activities: | ||||||||||||||||
| Deferred income tax provision | $ | 5,120 | $ | (60 | ) | $ | 8,116 | $ | 107 | |||||||
| Depreciation and amortization | 18,207 | 17,873 | 35,483 | 35,846 | ||||||||||||
| Non-cash share-based compensation | 505 | 343 | 1,034 | 1,302 | ||||||||||||
| Pension income, net of contributions | (2,320 | ) | (2,478 | ) | (4,467 | ) | (6,228 | ) | ||||||||
| Change in working capital and other operating items | (24,650 | ) | (21,297 | ) | (41,769 | ) | (54,056 | ) | ||||||||
| Net cash provided /(used) by continuing operating activities | $ | 12,131 | $ | 13,920 | $ | 22,395 | $ | 11,917 | ||||||||
| INVESTING ACTIVITIES: | ||||||||||||||||
| Cash disbursed for purchases of property, plant, and equipment, net | $ | (35,230 | ) | $ | (19,085 | ) | $ | (60,926 | ) | $ | (28,233 | ) | ||||
| Net cash used in continuing investing activities | $ | (35,230 | ) | $ | (19,085 | ) | $ | (60,926 | ) | $ | (28,233 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||||||||||
| Proceeds from borrowings | $ | 149,577 | $ | 34,534 | $ | 295,904 | $ | 63,372 | ||||||||
| Repayments of borrowings | (134,239 | ) | (5,804 | ) | (272,437 | ) | (62,420 | ) | ||||||||
| Repayments on Term Loan Credit Facility | - | (25,000 | ) | (50,000 | ) | (25,000 | ) | |||||||||
| Proceeds from termination of cross currency swaps | - | - | - | 32,377 | ||||||||||||
| Dividend payment to Tower shareholders | (2,118 | ) | - | (4,229 | ) | - | ||||||||||
| Proceeds from stock options exercised | 25 | 34 | 25 | 148 | ||||||||||||
| Purchase of treasury stock | - | (19 | ) | (621 | ) | (6,549 | ) | |||||||||
| Net cash provided / (used) in continuing financing activities | $ | 13,245 | $ | 3,745 | $ | (31,358 | ) | $ | 1,928 | |||||||
| Discontinued operations: | ||||||||||||||||
| Net cash from discontinued operating activities | $ | 227 | $ | (1,497 | ) | $ | 3,074 | $ | 7,406 | |||||||
| Net cash from discontinued investing activities | (1,489 | ) | 2,096 | (1,907 | ) | (2,802 | ) | |||||||||
| Net cash from discontinued financing activities | 474 | (1,592 | ) | (2,635 | ) | (2,995 | ) | |||||||||
| Net cash from discontinued operations | $ | (788 | ) | $ | (993 | ) | $ | (1,468 | ) | $ | 1,609 | |||||
| Effect of exchange rate changes on continuing cash and cash equivalents | $ | (399 | ) | $ | 702 | $ | 1,540 | $ | (2,499 | ) | ||||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | (11,041 | ) | $ | (1,711 | ) | $ | (69,817 | ) | $ | (15,278 | ) | ||||
| CASH AND CASH EQUIVALENTS: | ||||||||||||||||
| Beginning of period | $ | 62,818 | $ | 119,117 | $ | 121,594 | $ | 132,684 | ||||||||
| End of period | $ | 51,777 | $ | 117,406 | $ | 51,777 | $ | 117,406 | ||||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
SEGMENT DATA AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(Amounts in thousands - unaudited)
| Segment Data | Three Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | |||||||||||||||
| Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||
| Europe | $ | 175,044 | $ | 13,708 | $ | 170,331 | $ | 14,763 | ||||||||
| North America | 330,087 | 36,550 | 279,197 | 36,749 | ||||||||||||
| Consolidated | $ | 505,131 | $ | 50,258 | $ | 449,528 | $ | 51,512 | ||||||||
| Six Months Ended June 30, | ||||||||||||||||
| 2016 | 2015 | |||||||||||||||
| Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||
| Europe | $ | 336,142 | $ | 25,202 | $ | 341,101 | $ | 28,164 | ||||||||
| North America | 658,183 | 70,151 | 557,890 | 70,449 | ||||||||||||
| Consolidated | $ | 994,325 | $ | 95,353 | $ | 898,991 | $ | 98,613 | ||||||||
| Adjusted EBITDA Reconciliation | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Adjusted EBITDA | $ | 50,258 | $ | 51,512 | $ | 95,353 | 98,613 | |||||||||
| Restructuring and asset impairment charges, net | (840 | ) | (5,266 | ) | (1,586 | ) | (6,200 | ) | ||||||||
| Depreciation and amortization | (18,207 | ) | (17,878 | ) | (35,483 | ) | (35,846 | ) | ||||||||
| Acquisition costs and other | (154 | ) | (117 | ) | (178 | ) | (203 | ) | ||||||||
| Long-term compensation expense | (1,921 | ) | (2,884 | ) | (5,595 | ) | (5,999 | ) | ||||||||
| Interest expense, net | (4,947 | ) | (3,877 | ) | (12,501 | ) | (11,588 | ) | ||||||||
| Other expense | (2,905 | ) | - | (6,481 | ) | - | ||||||||||
| Provision for income taxes | (6,015 | ) | (1,951 | ) | (9,531 | ) | (3,831 | ) | ||||||||
| Loss from discontinued operations, net of tax | (20,021 | ) | (400 | ) | (20,366 | ) | (1,686 | ) | ||||||||
| Net income attributable to noncontrolling interests | (89 | ) | (493 | ) | (95 | ) | (573 | ) | ||||||||
| Net income / (loss) attributable to Tower International, Inc. | $ | (4,841 | ) | $ | 18,646 | $ | 3,537 | $ | 32,687 | |||||||
| Adjusted Free Cash Flow Reconciliation |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net cash provided by continuing operating activities | $ | 12,131 | $ | 13,920 | $ | 22,395 | $ | 11,917 | ||||||||
| Cash disbursed for purchases of PP&E | (35,230 | ) | (19,085 | ) | (60,926 | ) | (28,233 | ) | ||||||||
| Free cash flow | (23,099 | ) | (5,165 | ) | (38,531 | ) | (16,316 | ) | ||||||||
| Less: Cash received / (disbursed) for customer-owned tooling | (10,810 | ) | (12,271 | ) | (20,751 | ) | (20,493 | ) | ||||||||
| Adjusted free cash flow | $ | (12,289 | ) | $ | 7,106 | $ | (17,780 | ) | $ | 4,177 | ||||||
| Net Debt Reconciliation | June 30, | December 31, | ||||||||||||||
| 2016 | 2015 | |||||||||||||||
| Short-term debt and current maturities of capital lease obligations | $ | 32,634 | $ | 29,492 | ||||||||||||
| Long-term debt, net of current maturities | 390,057 | 418,078 | ||||||||||||||
| Debt issue costs | (7,234 | ) | (8,962 | ) | ||||||||||||
| Obligations under capital leases, net of current maturities | 5,627 | 5,984 | ||||||||||||||
| Total debt | 421,084 | 444,592 | ||||||||||||||
| Less: Cash and cash equivalents | (51,777 | ) | (121,594 | ) | ||||||||||||
| Add: Cash attributable to discontinued operations | - | 8,720 | ||||||||||||||
| Net debt | $ | 369,307 | $ | 331,718 |
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| After tax | Before tax | |||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Income / (expense) items included in net income, net of tax: | ||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||
| One-time CEO compensation awards | $ | 203 | $ | (933 | ) | $ | 299 | $ | (933 | ) | ||||||
| Restructuring and asset impairment charges, net | ||||||||||||||||
| Change in estimated future rent | - | (4,760 | ) | - | (4,760 | ) | ||||||||||
| Interest expense | ||||||||||||||||
| Mark-to-market gain / (loss) on derivative financial instruments | (242 | ) | 1,630 | (356 | ) | 1,630 | ||||||||||
| Other expense | ||||||||||||||||
| European divestiture expenses | (2,112 | ) | - | (2,905 | ) | - | ||||||||||
| Discontinued operations | ||||||||||||||||
| Income / (loss) from discontinued operations | (20,021 | ) | (400 | ) | (20,021 | ) | (400 | ) | ||||||||
| Noncontrolling interests | ||||||||||||||||
| Net income attributable to noncontrolling interests* | (89 | ) | (493 | ) | (89 | ) | (493 | ) | ||||||||
| Total items included in net income, net of tax | $ | (22,261 | ) | $ | (4,956 | ) | ||||||||||
| Net income / (loss) attributable to Tower International, Inc. | $ | (4,841 | ) | $ | 18,646 | |||||||||||
| Memo: Average shares outstanding (in thousands) | ||||||||||||||||
| Basic | 21,165 | 21,105 | ||||||||||||||
| Diluted | 21,489 | 21,403 | ||||||||||||||
| Income / (loss) per common share (GAAP) | ||||||||||||||||
| Basic | $ | (0.23 | ) | $ | 0.88 | |||||||||||
| Diluted | (0.23 | ) | 0.87 | |||||||||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 0.81 | $ | 1.10 | ||||||||||||
* Amounts attributable to noncontrolling interests of discontinued operations
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| After tax | Before tax | |||||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Income / (expense) items included in net income, net of tax: | ||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||
| One-time CEO compensation awards | $ | (444 | ) | $ | (1,866 | ) | $ | (653 | ) | $ | (1,866 | ) | ||||
| Restructuring and asset impairment charges, net | ||||||||||||||||
| Change in estimated future rent | - | (4,760 | ) | - | (4,760 | ) | ||||||||||
| Interest expense | ||||||||||||||||
| Mark-to-market gain / (loss) on derivative financial instruments | (1,892 | ) | (274 | ) | (2,782 | ) | (274 | ) | ||||||||
| Acceleration of the amortization of debt issue costs and OID | (503 | ) | (440 | ) | (740 | ) | (440 | ) | ||||||||
| Other expense | ||||||||||||||||
| European divestiture expenses | (4,544 | ) | - | (6,481 | ) | - | ||||||||||
| Discontinued operations | ||||||||||||||||
| Income / (loss) from discontinued operations | (20,366 | ) | (1,686 | ) | (20,366 | ) | (1,686 | ) | ||||||||
| Noncontrolling interests | ||||||||||||||||
| Net income attributable to noncontrolling interests* | (95 | ) | (573 | ) | (95 | ) | (573 | ) | ||||||||
| Total items included in net income, net of tax | $ | (27,844 | ) | $ | (9,599 | ) | ||||||||||
| Net income / (loss) attributable to Tower International, Inc. | $ | 3,537 | $ | 32,687 | ||||||||||||
| Memo: Average shares outstanding (in thousands) | ||||||||||||||||
| Basic | 21,146 | 21,078 | ||||||||||||||
| Diluted | 21,470 | 21,382 | ||||||||||||||
| Income / (loss) per common share (GAAP) | ||||||||||||||||
| Basic | $ | 0.17 | $ | 1.55 | ||||||||||||
| Diluted | 0.16 | 1.53 | ||||||||||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 1.46 | $ | 1.97 | ||||||||||||
* Amounts attributable to noncontrolling interests of discontinued operations