EXHIBIT 99.1
TENNECO AUTOMOTIVE INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF INCOME (LOSS)
Unaudited
THREE MONTHS ENDED MARCH 31,
(Millions except share and per share amounts)
<Table>
<Caption>
2004 2003
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Net sales and operating revenues $ 1,034(a) $ 921
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Costs and Expenses
Cost of Sales (exclusive of
depreciation shown below) 830(b) 743(d)
Engineering, Research and Development 17 19
Selling, General and Administrative 109(a)(b)(c) 88
Depreciation and Amortization of
Other Intangibles 45 39
Total Costs and Expenses 1,001 889
========== ==========
Other Income (Loss) -- (1)
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Income (Loss) before Interest Expense,
Income Taxes, and Minority Interest
North America 30(a)(b)(c) 28(d)
Europe (3)(b)(c) (1)(d)
Other 6(c) 4
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33 31
Less:
Interest expense (net of interest
capitalized) 35 31
Income tax expense (benefit) (1) (2)(e)
Minority interest 1 1
---------- ----------
Net income (loss) $ (2) $ 1
========== ==========
Average common shares outstanding:
Basic 40.9 40.1
========== ==========
Diluted 43.5 40.9
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Earnings (loss) per share of common stock:
Basic $ (0.05) $ 0.02
========== ==========
Diluted $ (0.05) $ 0.02
========== ==========
</Table>
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(a) Includes changeover costs for a new aftermarket customer of $6 million
pre-tax, $3 million after-tax or $0.08 per share. Of the adjustment $4
million is recorded in Sales and $2 million is recorded in SG&A.
Geographically all of the charge is recorded in North America.
(b) Includes restructuring and restructuring related charges of $5 million
pre-tax, $3 million after tax or $0.07 per share. Of the adjustment $2
million is recorded in SG&A and the remaining $3 million is in cost of
sales. Geographically, $2 million is recorded in North America and $3
million in Europe.
(c) Consulting fees indexed to stock price of $3 million pre-tax, $2
million after-tax or $0.05 per share. The entire charge is recorded in
SG&A. Geographically $1 million of the charge is recorded in North
America, Europe and Other respectively.
(d) Includes restructuring related charges of $5 million pre-tax, $2
million after-tax or $0.07 per share. The entire charge is recorded in
cost of sales. Geographically, $3 million is recorded in North America
and $2 million in Europe.
(e) Includes a $3 million or $0.08 per share tax benefit related to the
resolution of outstanding tax issues.
TENNECO AUTOMOTIVE INC. AND CONSOLIDATED SUBSIDIARIES
BALANCE SHEET
(Unaudited)
(Millions)
<Table>
<Caption>
MARCH 31, 2004 DECEMBER 31, 2003
------------------ ------------------
Assets
Cash and Cash Equivalents $ 149 $ 145
Receivables, Net 512 442
Inventories 367 343
Other Current Assets 203 175
Investments and Other Assets 602 579
Plant, Property, and Equipment, Net 1,079 1,111
------------------ ------------------
Total Assets $ 2,912 $ 2,795
================== ==================
Liabilities and Shareholders' Equity
Short-Term Debt $ 18 $ 20
Accounts Payable 692 621
Accrued Taxes 25 19
Accrued Interest 39 42
Other Current Liabilities 234 191
Long-Term Debt 1,408 1,410
Deferred Income Taxes 125 119
Deferred Credits and Other Liabilities 297 292
Minority Interest 21 23
Total Shareholders' Equity 53 58
------------------ ------------------
Total Liabilities and Shareholders'
Equity $ 2,912 $ 2,795
================== ==================
</Table>
Tenneco Automotive Inc. and Consolidated Subsidiaries
Statement of Cash Flows
(Unaudited)
(Millions)
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31,
--------------------------
2004 2003
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Operating activities:
Net income (loss) $ (2) $ 1
Adjustments to reconcile income (loss) to net cash provided
(used) by operating activities -
Depreciation and amortization 45 39
Deferred income taxes (9) (7)
Changes in components of working capital -
(Inc.)/dec. in receivables (70) (49)
(Inc.)/dec. in inventories (27) (12)
(Inc.)/dec. in prepayments and other current assets (26) (6)
Inc./(dec.) in payables 79 78
Inc./(dec.) in taxes accrued 5 (4)
Inc./(dec.) in interest accrued (2) 11
Inc./(dec.) in other current liabilities 15 (18)
Other 5 3
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Net cash provided (used) by operating activities 13 36
Investing activities:
Net proceeds from sale of assets 11 1
Expenditures for plant, property & equipment (25) (26)
Investments and other (1) (1)
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Net cash provided (used) by investing activities (15) (26)
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Net cash provided (used) before financing activities (2) 10
Financing activities:
Issuance of common and treasury shares 3 --
Retirement of long-term debt (2) (24)
Net inc./(dec.) in short-term debt excluding current
maturities on long-term debt (2) 21
Other 1 --
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Net cash provided (used) by financing activities -- (3)
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Effect of foreign exchange rate changes on cash and cash
equivalents 6 (3)
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Inc./(dec.) in cash and cash equivalents 4 4
Cash and cash equivalents, January 1 145 54
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Cash and cash equivalents, March 31 $ 149 $ 58
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Cash paid during the period for interest $ 37 $ 20
Cash paid during the period for income taxes $ 3 $ 11
</Table>