Exhibit 99.1
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts - unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
| 2018 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||||
| Revenues | $ | 407,233 | $ | 395,929 | $ | 391,421 | $ | 377,270 | $ | 1,571,853 | ||||||||||
| Cost of sales | 359,049 | 345,107 | 339,255 | 334,544 | 1,377,955 | |||||||||||||||
| Gross profit | 48,184 | 50,822 | 52,166 | 42,726 | 193,898 | |||||||||||||||
| Selling, general, and administrative expenses | 23,345 | 22,927 | 22,395 | 20,860 | 89,527 | |||||||||||||||
| Amortization expense | 112 | 108 | 110 | 105 | 435 | |||||||||||||||
| Restructuring and asset impairment charges, net | 1,243 | (199 | ) | 123 | 2,213 | 3,380 | ||||||||||||||
| Operating income | 23,484 | 27,986 | 29,538 | 19,548 | 100,556 | |||||||||||||||
| Interest expense | 4,676 | 4,907 | 5,844 | 4,428 | 19,856 | |||||||||||||||
| Interest income | 325 | 233 | 214 | 286 | 1,058 | |||||||||||||||
| Net periodic benefit income / (expense) | 558 | 559 | 558 | (4,078 | ) | (2,403 | ) | |||||||||||||
| Other expense | - | 977 | - | - | 977 | |||||||||||||||
| Income before provision for income taxes and income / (loss) from discontinued operations | 19,691 | 22,894 | 24,466 | 11,328 | 78,378 | |||||||||||||||
| Provision / (benefit) for income taxes | 3,236 | 4,616 | 3,475 | (10,068 | ) | 1,259 | ||||||||||||||
| Income from continuing operations | 16,455 | 18,278 | 20,991 | 21,396 | 77,119 | |||||||||||||||
| Income / (loss) from discontinued operations, net of tax | 845 | 4,098 | 1,589 | (34,752 | ) | (28,219 | ) | |||||||||||||
| Net income / (loss) | $ | 17,300 | $ | 22,376 | $ | 22,580 | $ | (13,356 | ) | $ | 48,900 | |||||||||
| Weighted average basic shares outstanding | 20,556,613 | 20,597,482 | 20,605,168 | 20,606,735 | 20,591,674 | |||||||||||||||
| Weighted average diluted shares outstanding | 20,951,973 | 20,986,122 | 21,035,802 | 20,606,735 | 20,996,068 | |||||||||||||||
| Basic income / (loss) per share attributable to Tower International, Inc.: | ||||||||||||||||||||
| Income / (loss) per share from continuing operations | $ | 0.80 | $ | 0.89 | $ | 1.02 | $ | 1.04 | $ | 3.75 | ||||||||||
| Income / (loss) per share from discontinued operations | 0.04 | 0.20 | 0.08 | (1.69 | ) | (1.38 | ) | |||||||||||||
| Income / (loss) per share | 0.84 | 1.09 | 1.10 | (0.65 | ) | 2.37 | ||||||||||||||
| Diluted income / (loss) per share attributable to Tower International, Inc.: | ||||||||||||||||||||
| Income / (loss) per share from continuing operations | $ | 0.79 | $ | 0.87 | $ | 1.00 | $ | 1.04 | $ | 3.67 | ||||||||||
| Income / (loss) per share from discontinued operations | 0.04 | 0.20 | 0.07 | (1.69 | ) | (1.34 | ) | |||||||||||||
| Income / (loss) per share | 0.83 | 1.07 | 1.07 | (0.65 | ) | 2.33 | ||||||||||||||