INTERMET CORPORATION
5445 Corporate Drive
Troy, MI 48098-2683
Tel: 248-952-2500
Fax: 248-952-2501
[INTERMET LOGO]
Exhibit 99.1
NEWS RELEASE
For IMMEDIATE Release
Contact: Bytha Mills
INTERMET Corporation
248-952-2500
INTERMET REVISES 2003 FOURTH-QUARTER AND YEAR-END RESULTS
REVISION DOES NOT AFFECT REVENUE OR NET CASH FLOW
TROY, Mich., March 9, 2004 -- INTERMET Corporation (Nasdaq: INMT) today reported
revised 2003 fourth-quarter and full-year financial results. Changes from the
unaudited results announced on February 5, 2004, reflect an additional charge of
$2.6 million and relate to the completion of the company's end-of-year financial
audit. The charge is primarily the result of a revision to the company's
provision for income taxes. The revision does not affect the revenue or net
cash-flow as reported on February 5, 2004.
The revised net loss for the quarter ended December 31, 2003, is $95.4 million,
or $3.73 per diluted share, instead of the previously unaudited report of $92.8
million, or $3.63 per diluted share. For the twelve-month period ended December
31, 2003, the revised net loss is $98.9 million, or $3.87 per diluted share,
instead of the previously unaudited report of $96.3 million, or $3.76 per
diluted share.
Revised financial statements are attached below.
With headquarters in Troy, Michigan, INTERMET Corporation is a manufacturer of
powertrain, chassis/suspension and structural components for the automotive
industry. INTERMET's strategy is to be the world's leading supplier of
cast-metal automotive components. The company has approximately 6,000 employees
at facilities in North America and Europe. More information is available on the
Internet at www.intermet.com.
This news release may include forecasts and other forward-looking statements
about INTERMET, its industry and the markets in which it operates. The
achievement of forecasts, projections and strategic goals are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed. Some of these risks and uncertainties are
detailed as a preface to the Management's Discussion and Analysis of Financial
Condition in the company's 2002 Annual Report for the year ended December 31,
2002.
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INTERMET Corporation
March 9, 2004
Page 2
INTERMET CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Twelve Months Ended
(Unaudited) (Audited)
DECEMBER 31, December 31, DECEMBER 31, December 31,
2003 2002 2003 2002
--------------- --------------- --------------- ---------------
Net sales $ 183,309 $ 180,478 $ 731,167 $ 755,737
Cost of sales 173,362 165,172 667,327 683,234
--------------- --------------- --------------- ---------------
Gross profit 9,947 15,306 63,840 72,503
Selling, general and administrative 13,780 7,852 39,406 32,826
Goodwill impairment charge 51,083 - 51,083 -
Restructuring and impairment charges 9,968 - 9,968 -
--------------- --------------- --------------- ---------------
Operating (loss) profit (64,884) 7,454 (36,617) 39,677
Interest expense, net 7,249 7,421 29,895 28,270
Other (income) expense, net (645) 149 (1,959) (161)
--------------- --------------- --------------- ---------------
(Loss) income from continuing operations before
income taxes and equity interest in a joint
venture (71,488) (116) (64,553) 11,568
Income tax (expense) benefit (15,539) 7 (18,536) (2,665)
Equity interest in a joint venture - 881 752 1,573
--------------- --------------- --------------- ---------------
(Loss) income from continuing operations (87,027) 772 (82,337) 10,476
Loss from discontinued operations, net of tax:
Loss from operations (8,399) (342) (16,535) (1,954)
Loss on sale - - (41) -
--------------- --------------- --------------- ---------------
(Loss) income before cumulative effect of change
in accounting (95,426) 430 (98,913) 8,522
Cumulative effect of change in accounting, net of
tax - - - 481
--------------- --------------- --------------- ---------------
Net (loss) income $ (95,426) $ 430 $ (98,913) $ 9,003
=============== =============== =============== ===============
(Loss) earnings per common share:
Basic
(Loss) earnings from continuing operations $ (3.40) $ 0.03 $ (3.22) $ 0.41
Loss from discontinued operations, net of tax (0.33) (0.01) (0.65) (0.08)
Cumulative effect of change in accounting, net of
tax - - - 0.02
--------------- --------------- --------------- ---------------
(Loss) earnings per common share - basic $ (3.73) $ 0.02 $ (3.87) $ 0.35
=============== =============== =============== ===============
Diluted
(Loss) earnings from continuing operations $ (3.40) $ 0.03 $ (3.22) $ 0.40
Loss from discontinued operations, net of tax (0.33) (0.01) (0.65) (0.07)
Cumulative effect of change in accounting, net of
tax - - - 0.02
--------------- --------------- --------------- ---------------
(Loss) earnings per common share - diluted $ (3.73) $ 0.02 $ (3.87) $ 0.35
=============== =============== =============== ===============
Weighted average shares outstanding:
Basic 25,593 25,473 25,581 25,441
Diluted 25,593 25,783 25,581 25,878
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INTERMET Corporation
March 9, 2004
Page 3
INTERMET CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31, December 31,
2003 2002
--------------- ---------------
(Audited)
Assets:
Current assets:
Cash and cash equivalents $ 1,035 $ 3,298
Accounts receivable 86,773 86,779
Inventory 77,411 65,456
Other current assets 10,748 24,875
--------------- ---------------
Total current assets 175,967 180,408
Property, plant and equipment, net 324,080 332,034
Goodwill 165,933 217,016
Other non-current assets 20,704 34,640
--------------- ---------------
Total assets $ 686,684 $ 764,098
=============== ===============
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable $ 80,737 $ 70,933
Accrued liabilities 59,542 65,205
Short-term line of credit 9,992 -
Long term debt due within one year 4,303 1,567
--------------- ---------------
Total current liabilities 154,574 137,705
Non-current liabilities:
Long term debt due after one year 279,248 278,536
Other non-current liabilities 90,725 90,288
--------------- ---------------
Total non-current liabilities 369,973 368,824
Shareholders' equity 162,137 257,569
--------------- ---------------
Total liabilities and shareholders' equity $ 686,684 $ 764,098
=============== ===============