Exhibit 99.1
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amounts in thousands, except share and per share amounts - unaudited)
| Three Months Ended March 31, | ||||||||
| 2016 | 2016 | |||||||
| As Adjusted (1) | As Originally Filed | |||||||
| Revenues | $ | 489,194 | $ | 511,496 | ||||
| Cost of sales | 432,105 | 453,597 | ||||||
| Gross profit | 57,089 | 57,899 | ||||||
| Selling, general, and administrative expenses | 32,852 | 33,908 | ||||||
| Amortization expense | 116 | 116 | ||||||
| Restructuring and asset impairment charges, net | 746 | 823 | ||||||
| Operating income | 23,375 | 23,052 | ||||||
| Interest expense | 7,582 | 7,631 | ||||||
| Interest income | 28 | 242 | ||||||
| Other expense | 3,576 | 3,576 | ||||||
| Income before provision for income taxes and equity in loss of joint venture | 12,245 | 12,087 | ||||||
| Provision for income taxes | 3,516 | 3,703 | ||||||
| Income from continuing operations | 8,729 | 8,384 | ||||||
| Loss from discontinued operations, net of tax | (345 | ) | - | |||||
| Net income | 8,384 | 8,384 | ||||||
| Less: Net income attributable to the noncontrolling interests | 6 | 6 | ||||||
| Net income attributable to Tower International, Inc. | $ | 8,378 | $ | 8,378 | ||||
| Weighted average basic shares outstanding | 21,126,462 | 21,126,462 | ||||||
| Weighted average diluted shares outstanding | 21,444,570 | 21,444,570 | ||||||
| Basic income / (loss) per share attributable to Tower International, Inc.: | ||||||||
| Income per share from continuing operations | $ | 0.41 | $ | 0.40 | ||||
| Loss per share from discontinued operations | (0.02 | ) | - | |||||
| Income per share | 0.40 | 0.40 | ||||||
| Diluted income / (loss) per share attributable to Tower International, Inc.: | ||||||||
| Income per share from continuing operations | $ | 0.41 | $ | 0.39 | ||||
| Loss per share from discontinued operations | (0.02 | ) | - | |||||
| Income per share | 0.39 | 0.39 | ||||||
(1) As adjusted to present the Company's Brazil and China business operations as discontinued operations.
-1-
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amounts in thousands, except share and per share amounts - unaudited)
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2015 | March 31, 2015 | June 30, 2015 | June 30, 2015 | September 30, 2015 | September 30, 2015 | ||||||||||||||||||
| As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | ||||||||||||||||||
| Revenues | $ | 449,463 | $ | 496,628 | $ | 449,528 | $ | 490,268 | $ | 442,190 | $ | 475,249 | |||||||||||
| Cost of sales | 394,099 | 440,138 | 388,594 | 427,948 | 388,989 | 422,436 | |||||||||||||||||
| Gross profit | 55,364 | 56,490 | 60,934 | 62,320 | 53,201 | 52,813 | |||||||||||||||||
| Selling, general, and administrative expenses | 29,432 | 31,532 | 30,301 | 31,796 | 30,869 | 32,232 | |||||||||||||||||
| Amortization expense | - | - | - | - | 249 | 249 | |||||||||||||||||
| Restructuring and asset impairment charges, net | 934 | 1,031 | 5,266 | 5,493 | 784 | 874 | |||||||||||||||||
| Operating income | 24,998 | 23,927 | 25,367 | 25,031 | 21,299 | 19,458 | |||||||||||||||||
| Interest expense | 7,718 | 7,850 | 3,880 | 4,001 | 6,223 | 6,324 | |||||||||||||||||
| Interest income | 7 | 125 | 3 | 101 | 6 | 167 | |||||||||||||||||
| Income before provision for income taxes and equity in loss of joint venture | 17,287 | 16,202 | 21,490 | 21,131 | 15,082 | 13,301 | |||||||||||||||||
| Provision for income taxes | 1,880 | 2,099 | 1,951 | 2,374 | 1,456 | 1,562 | |||||||||||||||||
| Equity in loss of joint venture, net of tax | - | 94 | - | (283 | ) | - | 143 | ||||||||||||||||
| Income from continuing operations | 15,407 | 14,197 | 19,539 | 18,474 | 13,626 | 11,882 | |||||||||||||||||
| Income / (loss) from discontinued operations, net of tax | (1,286 | ) | (76 | ) | (400 | ) | 665 | 3,246 | 4,990 | ||||||||||||||
| Net income | 14,121 | 14,121 | 19,139 | 19,139 | 16,872 | 16,872 | |||||||||||||||||
| Less: Net income attributable to the noncontrolling interests | 80 | 80 | 493 | 493 | 589 | 589 | |||||||||||||||||
| Net income attributable to Tower International, Inc. | $ | 14,041 | $ | 14,041 | $ | 18,646 | $ | 18,646 | $ | 16,283 | $ | 16,283 | |||||||||||
| Weighted average basic shares outstanding | 21,050,230 | 21,050,230 | 21,104,735 | 21,104,735 | 21,107,477 | 21,107,477 | |||||||||||||||||
| Weighted average diluted shares outstanding | 21,360,492 | 21,360,492 | 21,403,354 | 21,403,354 | 21,422,859 | 21,422,859 | |||||||||||||||||
| Basic income / (loss) per share attributable to Tower International, Inc.: | |||||||||||||||||||||||
| Income per share from continuing operations | $ | 0.73 | $ | 0.67 | $ | 0.90 | $ | 0.85 | $ | 0.62 | $ | 0.54 | |||||||||||
| Income / (loss) per share from discontinued operations | (0.06 | ) | - | (0.02 | ) | 0.03 | 0.15 | 0.24 | |||||||||||||||
| Income per share | 0.67 | 0.67 | 0.88 | 0.88 | 0.77 | 0.77 | |||||||||||||||||
| Diluted income / (loss) per share attributable to Tower International, Inc.: | |||||||||||||||||||||||
| Income per share from continuing operations | $ | 0.72 | $ | 0.66 | $ | 0.89 | $ | 0.84 | $ | 0.61 | $ | 0.53 | |||||||||||
| Income / (loss) per share from discontinued operations | (0.06 | ) | - | (0.02 | ) | 0.03 | 0.15 | 0.23 | |||||||||||||||
| Income per share | 0.66 | 0.66 | 0.87 | 0.87 | 0.76 | 0.76 | |||||||||||||||||
(1) As adjusted to present the Company's Brazil and China business operations as discontinued operations.
-2-
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts - unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2015 | December 31, 2015 | December 31, 2015 | December 31, 2015 | |||||||||||||
| As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | |||||||||||||
| Revenues | $ | 454,922 | $ | 493,564 | $ | 1,796,103 | $ | 1,955,709 | ||||||||
| Cost of sales | 406,549 | 446,710 | 1,578,231 | 1,737,232 | ||||||||||||
| Gross profit | 48,373 | 46,854 | 217,872 | 218,477 | ||||||||||||
| Selling, general, and administrative expenses | 33,857 | 35,090 | 124,459 | 130,650 | ||||||||||||
| Amortization expense | - | - | 249 | 249 | ||||||||||||
| Restructuring and asset impairment charges, net | 835 | 1,209 | 7,819 | 8,607 | ||||||||||||
| Operating income | 13,681 | 10,555 | 85,345 | 78,971 | ||||||||||||
| Interest expense | 6,026 | 6,115 | 23,847 | 24,290 | ||||||||||||
| Interest income | 109 | 249 | 125 | 642 | ||||||||||||
| Income before provision for income taxes and equity in loss of joint venture | 7,764 | 4,689 | 61,623 | 55,323 | ||||||||||||
| Benefit for income taxes | (129,131 | ) | (129,036 | ) | (123,844 | ) | (123,001 | ) | ||||||||
| Equity in loss of joint venture, net of tax | - | - | - | (46 | ) | |||||||||||
| Income from continuing operations | 136,895 | 133,725 | 185,467 | 178,278 | ||||||||||||
| Income from discontinued operations, net of tax | 8,764 | 11,934 | 10,324 | 17,513 | ||||||||||||
| Net income | 145,659 | 145,659 | 195,791 | 195,791 | ||||||||||||
| Less: Net income attributable to the noncontrolling interests | 577 | 577 | 1,739 | 1,739 | ||||||||||||
| Net income attributable to Tower International, Inc. | $ | 145,082 | $ | 145,082 | $ | 194,052 | $ | 194,052 | ||||||||
| Weighted average basic shares outstanding | 21,110,291 | 21,110,291 | 21,093,387 | 21,093,387 | ||||||||||||
| Weighted average diluted shares outstanding | 21,449,037 | 21,449,037 | 21,408,301 | 21,408,301 | ||||||||||||
| Basic income per share attributable to Tower International, Inc.: | ||||||||||||||||
| Income per share from continuing operations | $ | 6.46 | $ | 6.31 | $ | 8.71 | $ | 8.37 | ||||||||
| Income per share from discontinued operations | 0.42 | 0.57 | 0.49 | 0.83 | ||||||||||||
| Income per share | 6.87 | 6.87 | 9.20 | 9.20 | ||||||||||||
| Diluted income per share attributable to Tower International, Inc.: | ||||||||||||||||
| Income per share from continuing operations | $ | 6.36 | $ | 6.21 | $ | 8.58 | $ | 8.25 | ||||||||
| Income per share from discontinued operations | 0.41 | 0.56 | 0.48 | 0.81 | ||||||||||||
| Income per share | 6.76 | 6.76 | 9.06 | 9.06 | ||||||||||||
(1) As adjusted to present the Company's Brazil and China business operations as discontinued operations.
-3-
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
Selected Financial information of the Discontinued Operations
(Amounts in thousands - unaudited)
| Three Months Ended | ||||||||||||||||
| March 31, 2015 | March 31, 2015 | June 30, 2015 | June 30, 2015 | |||||||||||||
| As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | |||||||||||||
| Revenues | $ | 74,540 | $ | 27,375 | $ | 67,819 | $ | 27,079 | ||||||||
| Income / (loss) from discontinued operations: | ||||||||||||||||
| Income / (loss) before provision for income taxes | (830 | ) | 161 | 187 | 829 | |||||||||||
| Provision for income taxes | 456 | 237 | 587 | 164 | ||||||||||||
| Income / (loss) from discontinued operations | $ | (1,286 | ) | $ | (76 | ) | $ | (400 | ) | $ | 665 | |||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||
| September 30, 2015 | September 30, 2015 | December 31, 2015 | December 31, 2015 | December 31, 2015 | December 31, 2015 | |||||||||||||||||||
| As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | As Adjusted (1) | As Originally Filed | |||||||||||||||||||
| Revenues | $ | 52,654 | $ | 19,595 | $ | 50,667 | $ | 12,025 | $ | 245,680 | $ | 86,074 | ||||||||||||
| Gain from sale of Xiangtan discontinued operation | 4,071 | 4,071 | 14,735 | 14,735 | 18,806 | 18,806 | ||||||||||||||||||
| Income from discontinued operations: | ||||||||||||||||||||||||
| Income before provision for income taxes | 3,502 | 5,140 | 8,859 | 11,934 | 11,718 | 18,064 | ||||||||||||||||||
| Provision for income taxes | 256 | 150 | 95 | - | 1,394 | 551 | ||||||||||||||||||
| Income from discontinued operations | $ | 3,246 | $ | 4,990 | $ | 8,764 | $ | 11,934 | $ | 10,324 | $ | 17,513 | ||||||||||||
| Three Months Ended | ||||||||
| March 31, 2016 | March 31, 2016 | |||||||
| As Adjusted (1) | As Originally Filed | |||||||
| Revenues | $ | 22,302 | $ | - | ||||
| Loss from discontinued operations: | ||||||||
| Loss before provision for income taxes | (158 | ) | - | |||||
| Provision for income taxes | 187 | - | ||||||
| Loss from discontinued operations | $ | (345 | ) | $ | - | |||
(1) Adjusted to reflect both (I) results of discontinued operations as set forth in the Company's original filings and (II) the results of the Company's remaining Brazil and China business operations included as discontinued operations as a result of the determination by the Company's Board of Directors to sell such remaining business operations in Brazil and China.
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