Exhibit 99.1
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
SELECTED UNAUDITED QUARTERLY CONSOLIDATED CONDENSED FINANCIAL DATA
During the preparation and review of our 2007 income tax provision, we discovered that we had not properly reconciled our tax liabilities related to the differences between the net book basis and the net tax basis of our depreciable property, plant and equipment. As a result of completing the necessary reconciliations for each year since 2002, we identified errors that impacted our previously filed financial statements for the fiscal years 2003 through 2006 and our previously filed interim financial statements for those years related to our tax liabilities and our income tax provisions.
During the fourth quarter of 2007, we determined the cumulative impact of known differences in our accounting for our equity method investment in Suoftec and our summary financial information presented for Suoftec, which we considered to be immaterial to any individual reporting period, required restatement. The errors relate to the quantification and recording of the adjustments to report the Suoftec earnings on the basis of U.S. GAAP versus on the Hungarian accounting rules followed by Suoftec. These differences principally relate to overhead cost capitalization into inventory and deferred income taxes on property, plant and equipment.
In accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 154, “Accounting Changes and Error Corrections” (SFAS No. 154), we have restated, to the earliest period practical, our previously filed financial statements. See Item 6 – Selected Financial Data in Part I of this Annual Report on Form 10-K, for the effect of the restatements on fiscal years 2003 and 2004 and Note 2 – Restatement of Consolidated Financial Statements in Notes to Consolidated Financial Statements in Item 8 – Financial Statements and Supplementary Data of this Annual Report on Form 10-K, for the effect of the restatements on fiscal years 2005 and 2006.
The following table details the net income effect of these corrections for fiscal quarters in 2007 and 2006:
| | | Net | | | | | | | | | | |
| | | Income (Loss) | | | Income Tax | | | Equity | | | Net | |
| | | as Previously | | | (Provision) | | | Earnings of | | | Income (Loss) | |
| Fiscal Quarter | | Reported | | | Benefit | | | Joint Ventures | | | as Restated | |
| (Thousands of dollars) | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| First quarter | | $ | 1,110 | | | $ | (312 | ) | | $ | - | | | $ | 798 | |
| Second quarter | | | 2,107 | | | | (312 | ) | | | - | | | | 1,795 | |
| Third quarter | | | (7,711 | ) | | | (312 | ) | | | - | | | | (8,023 | ) |
| Fourth quarter | | $ | (4,827 | ) | | | (313 | ) | | | 28 | | | | (5,112 | ) |
| | | | | | | | | | | | | | | | | |
| Fiscal Year 2006 | | $ | (9,321 | ) | | $ | (1,249 | ) | | $ | 28 | | | $ | (10,542 | ) |
| | | | | | | | | | | | | | | | | |
| First quarter | | $ | 1,854 | | | $ | 197 | | | $ | - | | | $ | 2,051 | |
| Second quarter | | | 3,035 | | | | 197 | | | | - | | | | 3,232 | |
| Third quarter | | | (644 | ) | | | (95 | ) | | | - | | | | (739 | ) |
| | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2007 | | $ | 4,245 | | | $ | 299 | | | $ | - | | | $ | 4,544 | |
The reconciliations from previously filed interim financial statements to the restated interim financial information included in Note 18 – Quarterly Financial Data in Notes to Consolidated Financial Statements in Item 8 – Financial Statements and Supplementary Data for the quarters and year-to-date periods ended December 31, 2006, September 30, 2007 and 2006, June 30, 2007 and 2006 and March 31, 2007 and 2006, and the related Management’s Discussion and Analysis, for the interim periods in fiscal 2007 and 2006, are included in this Exhibit 99.1 to our Annual Report on Form 10-K. There was no impact to our 2007 or 2006 interim Net Cash provided by Operating Activities due to the correction of the above errors. We have not amended and do not intend to amend any of our previously filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q for the periods affected by these restatements.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended September 30, 2007 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 227,557 | | | $ | - | | | $ | 227,557 | |
| Cost of sales | | | 222,281 | | | | - | | | | 222,281 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 5,276 | | | | - | | | | 5,276 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 7,777 | | | | - | | | | 7,777 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (2,501 | ) | | | - | | | | (2,501 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 820 | | | | - | | | | 820 | |
| Other income (expense), net | | | 581 | | | | - | | | | 581 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | (1,100 | ) | | | - | | | | (1,100 | ) |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (731 | ) | | | (95 | ) | | | (826 | ) |
| Equity in earnings of joint ventures | | | 1,187 | | | | - | | | | 1,187 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (644 | ) | | | (95 | ) | | | (739 | ) |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | (644 | ) | | $ | (95 | ) | | $ | (739 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.02 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | (0.02 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.02 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | (0.02 | ) | | $ | (0.01 | ) | | $ | (0.03 | ) |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Nine Months Ended September 30, 2007 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 727,649 | | | $ | - | | | $ | 727,649 | |
| Cost of sales | | | 706,650 | | | | - | | | | 706,650 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 20,999 | | | | - | | | | 20,999 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 23,729 | | | | - | | | | 23,729 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (2,730 | ) | | | - | | | | (2,730 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 2,708 | | | | - | | | | 2,708 | |
| Other income (expense), net | | | 2,469 | | | | - | | | | 2,469 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 2,447 | | | | - | | | | 2,447 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (938 | ) | | | 299 | | | | (639 | ) |
| Equity in earnings of joint ventures | | | 2,736 | | | | - | | | | 2,736 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 4,245 | | | | 299 | | | | 4,544 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 4,245 | | | $ | 299 | | | $ | 4,544 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.17 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.17 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.17 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.17 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended June 30, 2007 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 255,217 | | | $ | - | | | $ | 255,217 | |
| Cost of sales | | | 241,639 | | | | - | | | | 241,639 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 13,578 | | | | - | | | | 13,578 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 9,037 | | | | - | | | | 9,037 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | 4,541 | | | | - | | | | 4,541 | |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,066 | | | | - | | | | 1,066 | |
| Other income (expense), net | | | (486 | ) | | | - | | | | (486 | ) |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 5,121 | | | | - | | | | 5,121 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (2,817 | ) | | | 197 | | | | (2,620 | ) |
| Equity in earnings of joint ventures | | | 731 | | | | - | | | | 731 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 3,035 | | | | 197 | | | | 3,232 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 3,035 | | | $ | 197 | | | $ | 3,232 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.11 | | | $ | 0.01 | | | $ | 0.12 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.11 | | | $ | 0.01 | | | $ | 0.12 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.11 | | | $ | 0.01 | | | $ | 0.12 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.11 | | | $ | 0.01 | | | $ | 0.12 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Six Months Ended June 30, 2007 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 500,092 | | | $ | - | | | $ | 500,092 | |
| Cost of sales | | | 484,369 | | | | - | | | | 484,369 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 15,723 | | | | - | | | | 15,723 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 15,952 | | | | - | | | | 15,952 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (229 | ) | | | - | | | | (229 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,888 | | | | - | | | | 1,888 | |
| Other income (expense), net | | | 1,888 | | | | - | | | | 1,888 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 3,547 | | | | - | | | | 3,547 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (207 | ) | | | 394 | | | | 187 | |
| Equity in earnings of joint ventures | | | 1,549 | | | | - | | | | 1,549 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 4,889 | | | | 394 | | | | 5,283 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 4,889 | | | $ | 394 | | | $ | 5,283 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.18 | | | $ | 0.02 | | | $ | 0.20 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.18 | | | $ | 0.02 | | | $ | 0.20 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.18 | | | $ | 0.02 | | | $ | 0.20 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.18 | | | $ | 0.02 | | | $ | 0.20 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended March 31, 2007 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 244,875 | | | $ | - | | | $ | 244,875 | |
| Cost of sales | | | 242,730 | | | | - | | | | 242,730 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 2,145 | | | | - | | | | 2,145 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 6,915 | | | | - | | | | 6,915 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (4,770 | ) | | | - | | | | (4,770 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 822 | | | | - | | | | 822 | |
| Other income (expense), net | | | 2,374 | | | | - | | | | 2,374 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | (1,574 | ) | | | - | | | | (1,574 | ) |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | 2,610 | | | | 197 | | | | 2,807 | |
| Equity in earnings of joint ventures | | | 818 | | | | - | | | | 818 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 1,854 | | | | 197 | | | | 2,051 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 1,854 | | | $ | 197 | | | $ | 2,051 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.07 | | | $ | 0.01 | | | $ | 0.08 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.07 | | | $ | 0.01 | | | $ | 0.08 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.07 | | | $ | 0.01 | | | $ | 0.08 | |
| Income (loss) from discontinued operations, net of taxes | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 0.07 | | | $ | 0.01 | | | $ | 0.08 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended December 31, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 212,169 | | | $ | - | | | $ | 212,169 | |
| Cost of sales | | | 213,117 | | | | - | | | | 213,117 | |
| | | | | | | | | | | | | |
| GROSS LOSS | | | (948 | ) | | | - | | | | (948 | ) |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 6,818 | | | | - | | | | 6,818 | |
| Impairments of long-lived assets | | | 117 | | | | - | | | | 117 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (7,883 | ) | | | - | | | | (7,883 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,413 | | | | - | | | | 1,413 | |
| Other income (expense), net | | | 246 | | | | - | | | | 246 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | (6,224 | ) | | | - | | | | (6,224 | ) |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (448 | ) | | | (313 | ) | | | (761 | ) |
| Equity in earnings of joint ventures | | | 2,226 | | | | 28 | | | | 2,254 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (4,446 | ) | | | (285 | ) | | | (4,731 | ) |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | (381 | ) | | | - | | | | (381 | ) |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | (4,827 | ) | | $ | (285 | ) | | $ | (5,112 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.17 | ) | | $ | (0.01 | ) | | $ | (0.18 | ) |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | (0.18 | ) | | $ | (0.01 | ) | | $ | (0.19 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.17 | ) | | $ | (0.01 | ) | | $ | (0.18 | ) |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | (0.18 | ) | | $ | (0.01 | ) | | $ | (0.19 | ) |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended September 30, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 174,288 | | | $ | - | | | $ | 174,288 | |
| Cost of sales | | | 177,999 | | | | - | | | | 177,999 | |
| | | | | | | | | | | | | |
| GROSS LOSS | | | (3,711 | ) | | | - | | | | (3,711 | ) |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 6,011 | | | | - | | | | 6,011 | |
| Impairments of long-lived assets | | | 4,353 | | | | - | | | | 4,353 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (14,075 | ) | | | - | | | | (14,075 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,356 | | | | - | | | | 1,356 | |
| Other income (expense), net | | | 277 | | | | - | | | | 277 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | (12,442 | ) | | | - | | | | (12,442 | ) |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | 2,519 | | | | (312 | ) | | | 2,207 | |
| Equity in earnings of joint ventures | | | 1,127 | | | | - | | | | 1,127 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (8,796 | ) | | | (312 | ) | | | (9,108 | ) |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | 1,085 | | | | - | | | | 1,085 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | (7,711 | ) | | $ | (312 | ) | | $ | (8,023 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.33 | ) | | $ | (0.01 | ) | | $ | (0.34 | ) |
| Income (loss) from discontinued operations, net of taxes | | | 0.04 | | | | - | | | | 0.04 | |
| Net income (loss) | | $ | (0.29 | ) | | $ | (0.01 | ) | | $ | (0.30 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.33 | ) | | $ | (0.01 | ) | | $ | (0.34 | ) |
| Income (loss) from discontinued operations, net of taxes | | | 0.04 | | | | - | | | | 0.04 | |
| Net income (loss) | | $ | (0.29 | ) | | $ | (0.01 | ) | | $ | (0.30 | ) |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Nine Months Ended September 30, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 577,693 | | | $ | - | | | $ | 577,693 | |
| Cost of sales | | | 568,005 | | | | - | | | | 568,005 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 9,688 | | | | - | | | | 9,688 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 18,861 | | | | - | | | | 18,861 | |
| Impairments of long-lived assets | | | 4,353 | | | | - | | | | 4,353 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (13,526 | ) | | | - | | | | (13,526 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 4,176 | | | | - | | | | 4,176 | |
| Other income (expense), net | | | (514 | ) | | | - | | | | (514 | ) |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | (9,864 | ) | | | - | | | | (9,864 | ) |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | 1,982 | | | | (936 | ) | | | 1,046 | |
| Equity in earnings of joint ventures | | | 2,750 | | | | - | | | | 2,750 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (5,132 | ) | | | (936 | ) | | | (6,068 | ) |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | 638 | | | | - | | | | 638 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | (4,494 | ) | | $ | (936 | ) | | $ | (5,430 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.19 | ) | | $ | (0.03 | ) | | $ | (0.22 | ) |
| Income (loss) from discontinued operations, net of taxes | | | 0.02 | | | | - | | | | 0.02 | |
| Net income (loss) | | $ | (0.17 | ) | | $ | (0.03 | ) | | $ | (0.20 | ) |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (0.19 | ) | | $ | (0.03 | ) | | $ | (0.22 | ) |
| Income (loss) from discontinued operations, net of taxes | | | 0.02 | | | | - | | | | 0.02 | |
| Net income (loss) | | $ | (0.17 | ) | | $ | (0.03 | ) | | $ | (0.20 | ) |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended June 30, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 219,880 | | | $ | - | | | $ | 219,880 | |
| Cost of sales | | | 210,704 | | | | - | | | | 210,704 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 9,176 | | | | - | | | | 9,176 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 7,455 | | | | - | | | | 7,455 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | 1,721 | | | | - | | | | 1,721 | |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,332 | | | | - | | | | 1,332 | |
| Other income (expense), net | | | (799 | ) | | | - | | | | (799 | ) |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 2,254 | | | | - | | | | 2,254 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (1,155 | ) | | | (312 | ) | | | (1,467 | ) |
| Equity in earnings of joint ventures | | | 1,129 | | | | - | | | | 1,129 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 2,228 | | | | (312 | ) | | | 1,916 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | (121 | ) | | | - | | | | (121 | ) |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 2,107 | | | $ | (312 | ) | | $ | 1,795 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.08 | | | $ | (0.01 | ) | | $ | 0.07 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | 0.07 | | | $ | (0.01 | ) | | $ | 0.06 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.08 | | | $ | (0.01 | ) | | $ | 0.07 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | 0.07 | | | $ | (0.01 | ) | | $ | 0.06 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Six Months Ended June 30, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 403,405 | | | $ | - | | | $ | 403,405 | |
| Cost of sales | | | 390,006 | | | | - | | | | 390,006 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 13,399 | | | | - | | | | 13,399 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 12,850 | | | | - | | | | 12,850 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | 549 | | | | - | | | | 549 | |
| | | | | | | | | | | | | |
| Interest income, net | | | 2,820 | | | | - | | | | 2,820 | |
| Other income (expense), net | | | (790 | ) | | | - | | | | (790 | ) |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 2,579 | | | | - | | | | 2,579 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | (537 | ) | | | (624 | ) | | | (1,161 | ) |
| Equity in earnings of joint ventures | | | 1,622 | | | | - | | | | 1,622 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 3,664 | | | | (624 | ) | | | 3,040 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | (447 | ) | | | - | | | | (447 | ) |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 3,217 | | | $ | (624 | ) | | $ | 2,593 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.14 | | | $ | (0.02 | ) | | $ | 0.12 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.02 | ) | | | - | | | | (0.02 | ) |
| Net income (loss) | | $ | 0.12 | | | $ | (0.02 | ) | | $ | 0.10 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.14 | | | $ | (0.02 | ) | | $ | 0.12 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.02 | ) | | | - | | | | (0.02 | ) |
| Net income (loss) | | $ | 0.12 | | | $ | (0.02 | ) | | $ | 0.10 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(Thousands of dollars, except per share amounts)
(Unaudited)
| | Three Months Ended March 31, 2006 | |
| | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| NET SALES | | $ | 183,525 | | | $ | - | | | $ | 183,525 | |
| Cost of sales | | | 179,302 | | | | - | | | | 179,302 | |
| | | | | | | | | | | | | |
| GROSS PROFIT | | | 4,223 | | | | - | | | | 4,223 | |
| | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 5,395 | | | | - | | | | 5,395 | |
| Impairments of long-lived assets | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM OPERATIONS | | | (1,172 | ) | | | - | | | | (1,172 | ) |
| | | | | | | | | | | | | |
| Interest income, net | | | 1,488 | | | | - | | | | 1,488 | |
| Other income (expense), net | | | 9 | | | | - | | | | 9 | |
| | | | | | | | | | | | | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | |
| BEFORE INCOME TAXES AND EQUITY EARNINGS | | | 325 | | | | - | | | | 325 | |
| | | | | | | | | | | | | |
| Income tax (provision) benefit | | | 618 | | | | (312 | ) | | | 306 | |
| Equity in earnings of joint ventures | | | 493 | | | | - | | | | 493 | |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 1,436 | | | | (312 | ) | | | 1,124 | |
| | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net of taxes | | | (326 | ) | | | - | | | | (326 | ) |
| | | | | | | | | | | | | |
| NET INCOME (LOSS) | | $ | 1,110 | | | $ | (312 | ) | | $ | 798 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - BASIC: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.05 | | | $ | (0.01 | ) | | $ | 0.04 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | 0.04 | | | $ | (0.01 | ) | | $ | 0.03 | |
| | | | | | | | | | | | | |
| EARNINGS (LOSS) PER SHARE - DILUTED: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) from continuing operations | | $ | 0.05 | | | $ | (0.01 | ) | | $ | 0.04 | |
| Income (loss) from discontinued operations, net of taxes | | | (0.01 | ) | | | - | | | | (0.01 | ) |
| Net income (loss) | | $ | 0.04 | | | $ | (0.01 | ) | | $ | 0.03 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| September 30, 2007 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 68,716 | | | $ | - | | | $ | 68,716 | |
| Short-term investments | | | - | | | | - | | | | - | |
| Accounts receivable, net | | | 169,374 | | | | - | | | | 169,374 | |
| Inventories, net | | | 111,782 | | | | - | | | | 111,782 | |
| Income taxes receivable | | | 13,668 | | | | 1,027 | | | | 14,695 | |
| Deferred income taxes | | | 6,855 | | | | - | | | | 6,855 | |
| Other current assets | | | 5,719 | | | | - | | | | 5,719 | |
| Total current assets | | | 376,114 | | | | 1,027 | | | | 377,141 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 309,316 | | | | - | | | | 309,316 | |
| Investments | | | 47,009 | | | | 528 | | | | 47,537 | |
| Non-current deferred tax asset, net | | | 10,409 | | | | 1,706 | | | | 12,115 | |
| Other assets | | | 7,853 | | | | - | | | | 7,853 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 750,701 | | | $ | 3,261 | | | $ | 753,962 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 79,724 | | | $ | - | | | $ | 79,724 | |
| Accrued expenses | | | 49,070 | | | | - | | | | 49,070 | |
| Total current liabilities | | | 128,794 | | | | - | | | | 128,794 | |
| | | | | | | | | | | | | |
| Non-current tax liabilities | | | 60,920 | | | | - | | | | 60,920 | |
| Executive retirement liabilities | | | 21,883 | | | | - | | | | 21,883 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,628,940 shares | | | 13,314 | | | | - | | | | 13,314 | |
| Additional paid-in capital | | | 38,012 | | | | - | | | | 38,012 | |
| Accumulated other comprehensive loss | | | (35,798 | ) | | | 4 | | | | (35,794 | ) |
| Retained earnings | | | 523,576 | | | | 3,257 | | | | 526,833 | |
| Total shareholders' equity | | | 539,104 | | | | 3,261 | | | | 542,365 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 750,701 | | | $ | 3,261 | | | $ | 753,962 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| June 30, 2007 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 84,183 | | | $ | - | | | $ | 84,183 | |
| Short-term investments | | | - | | | | - | | | | - | |
| Accounts receivable, net | | | 164,507 | | | | - | | | | 164,507 | |
| Inventories, net | | | 117,551 | | | | - | | | | 117,551 | |
| Income taxes receivable | | | 8,387 | | | | 1,027 | | | | 9,414 | |
| Deferred income taxes | | | 6,536 | | | | - | | | | 6,536 | |
| Other current assets | | | 3,880 | | | | - | | | | 3,880 | |
| Total current assets | | | 385,044 | | | | 1,027 | | | | 386,071 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 320,058 | | | | - | | | | 320,058 | |
| Investments | | | 43,974 | | | | 502 | | | | 44,476 | |
| Non-current deferred tax asset, net | | | 11,894 | | | | 1,801 | | | | 13,695 | |
| Other assets | | | 8,028 | | | | - | | | | 8,028 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 768,998 | | | $ | 3,330 | | | $ | 772,328 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 97,081 | | | $ | - | | | $ | 97,081 | |
| Accrued expenses | | | 45,028 | | | | - | | | | 45,028 | |
| Total current liabilities | | | 142,109 | | | | - | | | | 142,109 | |
| | | | | | | | | | | | | |
| Non-current tax liabilities | | | 60,387 | | | | - | | | | 60,387 | |
| Executive retirement liabilities | | | 21,993 | | | | - | | | | 21,993 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,612,191 shares | | | 13,306 | | | | - | | | | 13,306 | |
| Additional paid-in capital | | | 37,159 | | | | - | | | | 37,159 | |
| Accumulated other comprehensive loss | | | (36,371 | ) | | | (22 | ) | | | (36,393 | ) |
| Retained earnings | | | 530,415 | | | | 3,352 | | | | 533,767 | |
| Total shareholders' equity | | | 544,509 | | | | 3,330 | | | | 547,839 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 768,998 | | | $ | 3,330 | | | $ | 772,328 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| March 31, 2007 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 58,629 | | | $ | - | | | $ | 58,629 | |
| Short-term investments | | | - | | | | - | | | | - | |
| Accounts receivable, net | | | 170,912 | | | | - | | | | 170,912 | |
| Inventories, net | | | 116,123 | | | | - | | | | 116,123 | |
| Income taxes receivable | | | 7,386 | | | | 1,027 | | | | 8,413 | |
| Deferred income taxes | | | 6,723 | | | | - | | | | 6,723 | |
| Other current assets | | | 9,152 | | | | - | | | | 9,152 | |
| Total current assets | | | 368,925 | | | | 1,027 | | | | 369,952 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 312,456 | | | | - | | | | 312,456 | |
| Investments | | | 42,826 | | | | 497 | | | | 43,323 | |
| Non-current deferred tax asset, net | | | 11,746 | | | | 1,604 | | | | 13,350 | |
| Other assets | | | 8,807 | | | | - | | | | 8,807 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 744,760 | | | $ | 3,128 | | | $ | 747,888 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 82,133 | | | $ | - | | | $ | 82,133 | |
| Accrued expenses | | | 44,307 | | | | - | | | | 44,307 | |
| Total current liabilities | | | 126,440 | | | | - | | | | 126,440 | |
| | | | | | | | | | | | | |
| Non-current tax liabilities | | | 56,942 | | | | - | | | | 56,942 | |
| Executive retirement liabilities | | | 21,817 | | | | - | | | | 21,817 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,610,191 shares | | | 13,305 | | | | - | | | | 13,305 | |
| Additional paid-in capital | | | 36,018 | | | | - | | | | 36,018 | |
| Accumulated other comprehensive loss | | | (41,400 | ) | | | (27 | ) | | | (41,427 | ) |
| Retained earnings | | | 531,638 | | | | 3,155 | | | | 534,793 | |
| Total shareholders' equity | | | 539,561 | | | | 3,128 | | | | 542,689 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 744,760 | | | $ | 3,128 | | | $ | 747,888 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| September 30, 2006 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 73,343 | | | $ | - | | | $ | 73,343 | |
| Short-term investments | | | 9,750 | | | | - | | | | 9,750 | |
| Accounts receivable, net | | | 132,033 | | | | - | | | | 132,033 | |
| Inventories, net | | | 109,675 | | | | - | | | | 109,675 | |
| Deferred income taxes | | | 7,951 | | | | - | | | | 7,951 | |
| Other current assets | | | 23,976 | | | | - | | | | 23,976 | |
| Total current assets | | | 356,728 | | | | - | | | | 356,728 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 311,601 | | | | - | | | | 311,601 | |
| Investments | | | 47,866 | | | | 451 | | | | 48,317 | |
| Other assets | | | 8,709 | | | | - | | | | 8,709 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 724,904 | | | $ | 451 | | | $ | 725,355 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 69,210 | | | $ | - | | | $ | 69,210 | |
| Accrued expenses | | | 44,408 | | | | - | | | | 44,408 | |
| Income taxes payable | | | 6,665 | | | | (771 | ) | | | 5,894 | |
| Total current liabilities | | | 120,283 | | | | (771 | ) | | | 119,512 | |
| | | | | | | | | | | | | |
| Executive retirement liabilities | | | 19,423 | | | | - | | | | 19,423 | |
| Non-current deferred tax liabilities | | | 21,843 | | | | (1,976 | ) | | | 19,867 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,610,191 shares | | | 13,305 | | | | - | | | | 13,305 | |
| Additional paid-in capital | | | 34,230 | | | | - | | | | 34,230 | |
| Accumulated other comprehensive loss | | | (42,150 | ) | | | (45 | ) | | | (42,195 | ) |
| Retained earnings | | | 557,970 | | | | 3,243 | | | | 561,213 | |
| Total shareholders' equity | | | 563,355 | | | | 3,198 | | | | 566,553 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 724,904 | | | $ | 451 | | | $ | 725,355 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| June 30, 2006 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 78,793 | | | $ | - | | | $ | 78,793 | |
| Short-term investments | | | 9,750 | | | | - | | | | 9,750 | |
| Accounts receivable, net | | | 153,915 | | | | - | | | | 153,915 | |
| Inventories, net | | | 102,826 | | | | - | | | | 102,826 | |
| Income taxes receivable | | | 7,322 | | | | - | | | | 7,322 | |
| Other current assets | | | 5,957 | | | | - | | | | 5,957 | |
| Assets of operations held for sale | | | 13,579 | | | | | | | | 13,579 | |
| Total current assets | | | 372,142 | | | | - | | | | 372,142 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 301,214 | | | | - | | | | 301,214 | |
| Investments | | | 45,856 | | | | 442 | | | | 46,298 | |
| Non-current deferred tax asset, net | | | 6,841 | | | | - | | | | 6,841 | |
| Other assets | | | 7,811 | | | | - | | | | 7,811 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 733,864 | | | $ | 442 | | | $ | 734,306 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 69,601 | | | $ | - | | | $ | 69,601 | |
| Accrued expenses | | | 41,797 | | | | - | | | | 41,797 | |
| Income taxes payable | | | 7,589 | | | | (514 | ) | | | 7,075 | |
| Liabilities of operations held for sale | | | 5,487 | | | | - | | | | 5,487 | |
| Total current liabilities | | | 124,474 | | | | (514 | ) | | | 123,960 | |
| | | | | | | | | | | | | |
| Executive retirement liabilities | | | 19,212 | | | | - | | | | 19,212 | |
| Non-current deferred tax liabilities | | | 22,740 | | | | (2,545 | ) | | | 20,195 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,610,191 shares | | | 13,305 | | | | - | | | | 13,305 | |
| Additional paid-in capital | | | 33,382 | | | | - | | | | 33,382 | |
| Accumulated other comprehensive loss | | | (49,189 | ) | | | (54 | ) | | | (49,243 | ) |
| Retained earnings | | | 569,940 | | | | 3,555 | | | | 573,495 | |
| Total shareholders' equity | | | 567,438 | | | | 3,501 | | | | 570,939 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 733,864 | | | $ | 442 | | | $ | 734,306 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(Thousands of dollars, except per share amounts)
(Unaudited)
| March 31, 2006 | | As reported | | | Adjustments | | | As restated | |
| | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 95,083 | | | $ | - | | | $ | 95,083 | |
| Short-term investments | | | 9,750 | | | | - | | | | 9,750 | |
| Accounts receivable, net | | | 135,652 | | | | - | | | | 135,652 | |
| Inventories, net | | | 109,245 | | | | - | | | | 109,245 | |
| Deferred income taxes | | | 2,824 | | | | - | | | | 2,824 | |
| Other current assets | | | 8,604 | | | | - | | | | 8,604 | |
| Assets of operations held for sale | | | 9,901 | | | | | | | | 9,901 | |
| Total current assets | | | 371,059 | | | | - | | | | 371,059 | |
| | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 299,016 | | | | - | | | | 299,016 | |
| Investments | | | 51,484 | | | | 421 | | | | 51,905 | |
| Other assets | | | 7,565 | | | | | | | | 7,565 | |
| Non-current assets of operations held for sale | | | 7,922 | | | | - | | | | 7,922 | |
| | | | | | | | | | | | | |
| Total assets | | $ | 737,046 | | | $ | 421 | | | $ | 737,467 | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | |
| Accounts payable | | $ | 64,165 | | | $ | - | | | $ | 64,165 | |
| Accrued expenses | | | 39,613 | | | | - | | | | 39,613 | |
| Income taxes payable | | | 16,570 | | | | (257 | ) | | | 16,313 | |
| Liabilities of operations held for sale | | | 11,823 | | | | - | | | | 11,823 | |
| Total current liabilities | | | 132,171 | | | | (257 | ) | | | 131,914 | |
| | | | | | | | | | | | | |
| Executive retirement liabilities | | | 18,875 | | | | - | | | | 18,875 | |
| Non-current deferred tax liabilities | | | 10,623 | | | | (3,114 | ) | | | 7,509 | |
| Commitments and contingent liabilities | | | - | | | | - | | | | - | |
| Shareholders' equity: | | | | | | | | | | | | |
| Preferred stock, $25.00 par value | | | | | | | | | | | | |
| Authorized - 1,000,000 shares | | | | | | | | | | | | |
| Issued - none | | | - | | | | - | | | | - | |
| Common stock, $0.50 par value | | | | | | | | | | | | |
| Authorized - 100,000,000 shares | | | | | | | | | | | | |
| Issued and outstanding - 26,610,191 shares | | | 13,305 | | | | - | | | | 13,305 | |
| Additional paid-in capital | | | 32,712 | | | | - | | | | 32,712 | |
| Accumulated other comprehensive loss | | | (42,725 | ) | | | (75 | ) | | | (42,800 | ) |
| Retained earnings | | | 572,085 | | | | 3,867 | | | | 575,952 | |
| Total shareholders' equity | | | 575,377 | | | | 3,792 | | | | 579,169 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 737,046 | | | $ | 421 | | | $ | 737,467 | |
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Management’s Discussion and Analysis for the First Three Quarters of 2007
Income Tax (Provision) Benefit
(Thousands of dollars)
For the Three Months Ended March 31:
The income tax benefit on income (loss) from continuing operations before income taxes and equity earnings for the three months ended March 31, 2007 was $2.8 million compared to $0.3 million for the same period last year. The current period tax benefit on income (loss) from continuing operations before income taxes and equity earnings included a tax benefit of $0.6 million at the effective annual tax rate of 39.6 percent, compared to a tax provision of $0.3 million at an effective annual tax rate of 36.2 percent last year. Discrete items totaled a tax benefit of $2.2 million for the first three months of 2007 versus a tax benefit of $0.6 million for the same period in 2006. Discrete items for the first three months of 2007 relate to refunds from prior year amended returns of $0.6 million, changes in valuation reserves of $0.3 million and changes in our reserves for uncertain tax positions of $1.0 million, due principally to the expiration of a tax statue of limitation, while the $0.6 million discrete item in the first three months of 2006 relates to a reduction in previously estimated tax reserves, due to the expiration of a tax statute of limitation in that period.
For the Three and Six Months Ended June 30:
The income tax (provision) on income from continuing operations before income taxes and equity earnings for the three months ended June 30, 2007 was $(2.6) million compared to $(1.5) million for the same period last year. The income tax (provision) benefit on income from continuing operations before income taxes and equity earnings for the six months ended June 30, 2007 was a benefit of $0.1 million compared to a provision of $(1.2) million for the same period last year. The effective tax rate for the three months ended June 30, 2007 is 51.5 percent and 65.0 percent for the same period last year. The effective tax rate is higher than the U.S. federal statutory rate of 35.0 percent primarily due to a discrete event of $0.5 million increase for the accrual of reserves for uncertain tax positions and related interest. Other discrete items for the three months ended June 30, 2006 totaled $0.3 million. The resulting effective tax rate for the first six months of 2007 is 5.3 percent and 45.0 percent for the same period last year. The effective tax rate includes the net benefit of $1.7 million from discrete events, including the release of liabilities for uncertain tax positions, partially offset by accruals relating to tax return filings and valuation allowances.
For the Three and Nine Months Ended September 30:
The income tax (provision) benefit on income from continuing operations before income taxes and equity earnings for the three months ended September 30, 2007, was a provision of $(0.8) million compared to benefit of $2.0 million for the same period last year. Discrete items during the current period, which totaled an additional provision of $(1.1) million, represented changes in liabilities for uncertain tax positions, valuation allowance reserves and other permanent items. Discrete items during the prior period, which totaled a benefit of $2.2 million, represented, principally, changes in contingency reserves.
The income tax (provision) benefit on income from continuing operations before income taxes and equity earnings for the nine months ended September 30, 2007, was a provision of $(0.6) million compared to a benefit of $1.0 million for the same period last year. Discrete items in 2007 resulted in an additional tax benefit of $1.4 million, principally due to accrual adjustments relating to tax return filings and changes in liabilities for uncertain tax positions. The 2006 tax benefit of $1.0 million was represented primarily by the discrete items during that period, including changes in valuation allowance reserves.
