QuickLinks -- Click here to rapidly navigate through this documentExhibit 99.1
Contact: Deepak Chaudhry
Phone: (812) 962-5095
FOR IMMEDIATE RELEASE
Accuride Corporation Reports Third Quarter Results for 2004
EVANSVILLE, Ind.—November 9, 2004—Accuride Corporation today announced net sales of $123.5 million for the third quarter ended September 30, 2004. This compares to net sales of $87.4 million for the third quarter of 2003, an increase of 41.3%. The improvement is primarily driven by an increase in Class 5-8 builds of 35.3% from a year ago and greater industry penetration of aluminum versus steel wheels. For the nine months ended September 30, 2004, net sales were $355.5 million compared to net sales of $269.9 million for the same nine-month period in 2003, an increase of 31.7%.
Adjusted EBITDA of $27.3 million for the third quarter ended September 30, 2004, is up from $16.9 million for the third quarter of 2003, an increase of 61.5%. The resulting EBITDA margin has increased to 22.1% of net sales from 19.3% of net sales in last year's third quarter, primarily due to increased volume. For the first nine months of 2004, Adjusted EBITDA increased by $22.9 million, or 43.1%, to reach $76.0 million. The purpose and reconciliation of Adjusted EBITDA for the Company to the most directly comparable GAAP measure is set forth on pages 4-5 of this press release.
"We are pleased with our results for the quarter as revenue and EBITDA continue to grow driven by improving industry fundamentals," said Terry Keating, Accuride's President and CEO. "However, higher raw material prices continue to impact margins and are expected to remain challenging into 2005."
The Company's liquidity position remained strong at September 30, 2004, with $40.2 million in cash and revolver availability of $41.0 million.
Accuride had net income of $7.0 million, or 5.7% of net sales, for the third quarter ended September 30, 2004, compared to a net loss of $2.8 million, or a negative 3.2% of net sales, for the third quarter of 2003. For the nine months ended September 30, 2004, Accuride had net income of $16.5 million, or 4.6% of net sales, compared to a net loss of $9.3 million, or a negative 3.4% of net sales, for the same nine-month period in 2003.
The Company will conduct a conference call to review and discuss its third quarter results on Wednesday, November 10, 2004, at 1:30 p.m. (CDT). The phone number to access the conference call is (800) 450-0785 in the United States, or (612) 332-0634 internationally. A replay will be available beginning November 10, 2004, at 5 p.m. (CDT), through November 17, 2004, by calling (800) 475-6701 in the United States, or (320) 365-3844 internationally, access code 751809. The financial results for the three-month and nine-month period ended September 30, 2004, will also be archived at http://www.accuridecorp.com.
Accuride Corporation is North America's largest manufacturer and supplier of wheels for heavy/medium trucks and trailers. The Company offers the broadest product line in the North American heavy/medium wheel industry and is the only North American manufacturer and supplier of both steel and forged aluminum heavy/medium wheels. Accuride Corporation also produces wheels for buses, commercial light trucks, pick-up trucks, sport utility vehicles, and vans. Accuride Corporation has steel wheel operations in Henderson, Kentucky; London, Ontario, Canada; and Monterrey, Mexico. Accuride has aluminum wheel operations in Erie, Pennsylvania, and Cuyahoga Falls, Ohio. Accuride is also involved in a commercial tire and wheel assembly joint venture in Springfield, Ohio. For more information, visit Accuride's website at http://www.accuridecorp.com.
Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the Company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Accuride assumes no obligation to update the information included in this release.
ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS)
(UNAUDITED)
| | Three Months Ended September 30,
| |
|---|
| | 2004
| | 2003
| |
|---|
| NET SALES | | $ | 123,463 | | $ | 87,439 | |
| COST OF GOODS SOLD | | | 97,282 | | | 74,291 | |
| | |
| |
| |
| GROSS PROFIT | | $ | 26,181 | | $ | 13,148 | |
| OPERATING EXPENSES: | | | | | | | |
| | Selling, General & Administrative | | | 5,758 | | | 5,499 | |
| | |
| |
| |
| INCOME FROM OPERATIONS | | | 20,423 | | | 7,649 | |
| OTHER INCOME (EXPENSE): | | | | | | | |
| | Interest Income | | | 55 | | | 49 | |
| | Interest (Expense) | | | (9,214 | ) | | (10,256 | ) |
| | Refinancing Costs | | | — | | | (7 | ) |
| | Equity in Earnings of Affiliates | | | 148 | | | 81 | |
| | Other Income (Expense), Net | | | 595 | | | (77 | ) |
| | |
| |
| |
| INCOME (LOSS) BEFORE INCOME TAXES | | | 12,007 | | | (2,561 | ) |
| INCOME TAX PROVISION (BENEFIT) | | | 5,018 | | | 232 | |
| | |
| |
| |
| NET INCOME (LOSS) | | $ | 6,989 | | $ | (2,793 | ) |
| | |
| |
| |
|
|
Nine Months Ended September 30,
|
|
|---|
| | 2004
| | 2003
| |
|---|
| NET SALES | | $ | 355,495 | | $ | 269,894 | |
| COST OF GOODS SOLD | | | 282,207 | | | 222,608 | |
| | |
| |
| |
| GROSS PROFIT | | $ | 73,288 | | $ | 47,286 | |
| OPERATING: | | | | | | | |
| | Selling, General & Administrative | | | 18,547 | | | 17,693 | |
| | |
| |
| |
| INCOME FROM OPERATIONS | | | 54,741 | | | 29,593 | |
| OTHER INCOME (EXPENSE): | | | | | | | |
| | Interest Income | | | 110 | | | 180 | |
| | Interest (Expense) | | | (27,490 | ) | | (28,641 | ) |
| | Refinancing Costs | | | — | | | (11,264 | ) |
| | Equity in Earnings of Affiliates | | | 441 | | | 461 | |
| | Other (Expense), Net | | | (942 | ) | | (581 | ) |
| | |
| |
| |
| INCOME (LOSS) BEFORE INCOME TAXES | | | 26,860 | | | (10,252 | ) |
| INCOME TAX PROVISION (BENEFIT) | | | 10,326 | | | (928 | ) |
| | |
| |
| |
| NET INCOME (LOSS) | | $ | 16,534 | | $ | (9,324 | ) |
| | |
| |
| |
ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
| | Three Months Ended September 30,
| |
|---|
| | 2004
| | 2003
| |
|---|
| NET INCOME (LOSS) | | | 6,989 | | | (2,793 | ) |
| Net Interest Expense | | | 9,159 | | | 10,207 | |
| Income Taxes | | | 5,018 | | | 232 | |
| Refinancing Costs | | | — | | | 7 | |
| Equity in Earnings of Affiliates | | | (148 | ) | | (81 | ) |
| Other Expense (Income), Net | | | (595 | ) | | 77 | |
| | |
| |
| |
| INCOME FROM OPERATIONS | | | 20,423 | | | 7,649 | |
| Depreciation | | | 6,164 | | | 7,190 | |
| Equity in Earnings of Affiliates | | | 148 | | | 81 | |
| Restructuring, severance and other charges | | | 593 | | | 1,969 | |
| | |
| |
| |
| ADJUSTED EBITDA | | $ | 27,328 | | $ | 16,889 | |
| | |
| |
| |
|
|
Nine Months Ended September 30,
|
|
|---|
| | 2004
| | 2003
| |
|---|
| NET INCOME (LOSS) | | | 16,534 | | | (9,324 | ) |
| Net Interest Expense | | | 27,380 | | | 28,461 | |
| Income Taxes | | | 10,326 | | | (928 | ) |
| Refinancing Costs | | | — | | | 11,264 | |
| Equity in Earnings of Affiliates | | | (441 | ) | | (461 | ) |
| Other Expense, Net | | | 942 | | | 581 | |
| | |
| |
| |
| INCOME FROM OPERATIONS | | | 54,741 | | | 29,593 | |
| Depreciation | | | 19,936 | | | 21,065 | |
| Equity in Earnings of Affiliates | | | 441 | | | 461 | |
| Restructuring, severance and other charges | | | 833 | | | 1,969 | |
| | |
| |
| |
| ADJUSTED EBITDA | | $ | 75,951 | | $ | 53,088 | |
| | |
| |
| |
- a)
- For the three months ending September 30, 2004, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.1 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio in August 2003, and (ii) $0.5 for costs associated with roof damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio. Items (i) and (ii) affected gross profit in 2004. For the three months ending September 30, 2003, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.4 million for strike contingency costs associated with recent renewal of our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3 million for pension related costs at our facility in London, Ontario, and (iii) $1.2 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio in August 2003. Items (i), (ii) and (iii) affected gross profit in 2003.
- For the nine months ending September 30, 2004, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.3 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio in August 2003, and (ii) $0.5 for costs associated with roof damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio. Items (i) and (ii) affected gross profit in 2004. For the nine��months ending September 30, 2003, Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates, plus (i) $0.4 million for strike contingency costs associated with recent renewal of our labor contract at our facility in Erie, Pennsylvania, (ii) $0.3 million for pension related costs at our facility in London, Ontario, and (iii) $1.2 million for costs associated with the fire damage and resulting business interruption sustained at our facility in Cuyahoga Falls, Ohio, in August 2003. Items (i), (ii) and (iii) affected gross profit in 2003.
- b)
- Adjusted EBITDA is not intended to represent cash flow as defined by generally accepted accounting principles ("GAAP") and should not be considered as an indicator of cash flow from operations. Adjusted EBITDA represents income from operations plus depreciation plus equity in earnings of affiliates plus non-recurring items. However, other companies may calculate Adjusted EBITDA differently. Accuride has included information concerning Adjusted EBITDA in this press release because Accuride's management and our board of directors use it as measure of our performance to internal business plans to which a significant portion of management incentive programs are based. In addition, future investment and capital allocation decisions are based on Adjusted EBITDA. Investors and industry analysts use Adjusted EBITDA to measure the Company's performance to historic results and to the Company's peer group. The Company has historically provided the measure in previous press releases and believes it provides transparency and continuity to investors for comparable purposes. Certain financial covenants in our borrowing arrangements are tied to similar measures. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.
###
QuickLinks
Accuride Corporation Reports Third Quarter Results for 2004
