Exhibit 99.1
ACCURIDE CORPORATION
(DOLLARS IN THOUSANDS)
(UNAUDITED)
CONSOLIDATED STATEMENT OF CASH FLOWS | | 2003
FORECAST | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income (loss) | | $ | (1,168 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
Depreciation | | 28,436 | |
Amortization | | 2,335 | |
Equity in earnings of affiliates | | (70 | ) |
| | | |
Changes in certain assets and liabilities: | | | |
Receivables | | (5,602 | ) |
Inventories and supplies | | (5,677 | ) |
Accounts payable | | 2,053 | |
Other | | 2,532 | |
Net cash provided by (used in) operating activities | | 22,839 | |
| | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Purchases of property, plant and equipment | | (22,775 | ) |
Net cash used in investing activities | | (22,775 | ) |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Payments on long-term debt | | (4,125 | ) |
Net cash provided by (used in) financing activities | | (4,125 | ) |
| | | |
Increase (decrease) in cash and cash equivalents | | (4,061 | ) |
Cash and cash equivalents, beginning of period | | 41,266 | |
Cash and cash equivalents, end of period | | $ | 37,205 | |
CONSOLIDATED ADJUSTED EBITDA | | 2003
FORECAST | |
NET INCOME (LOSS) | | $ | (1,168 | ) |
Plus: Income tax provision—current | | 1,000 | |
Plus: Income tax provision—deferred | | 1,186 | |
Plus: Cash interest (net) | | 37,499 | |
Plus: Other interest | | 2,335 | |
Plus: Other income (expense), net | | 399 | |
Less: Equity in earnings of affiliates | | (70 | ) |
INCOME (LOSS) FROM OPERATIONS | | 41,181 | |
Plus: Equity in earnings of affiliates | | 70 | |
Plus: Depreciation | | 28,476 | |
EBITDA | | 69,727 | |
Plus: Adjustments | | 239 | |
ADJUSTED EBITDA | | $ | 69,966 | |
Adjusted EBITDA is not intended to represent cash flows as defined by generally accepted accounting principles (“GAAP”) and should not be considered as an alternative to net income as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. We have included information concerning Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in our industry. Additionally, Adjusted EBITDA is a basis upon which the Company assesses its financial performance, incentive compensation, and certain covenants in the Company’s borrowing arrangements are tied to similar measures.
Adjusted EBITDA for 2003 represents income from operations plus depreciation plus equity in earnings of affiliates, plus $0.2 million of costs related to the consolidation of light wheel production.
