1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM
_________ TO _________
COMMISSION FILE NUMBER 1-6615
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA 95-2594729
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
7800 WOODLEY AVENUE
VAN NUYS, CALIFORNIA 91406
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(818) 781-4973
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DURING THE PRECEDING 12 MONTHS AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.
YES [X] NO [ ]
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LAST PRACTICABLE DATE.
CLASS OF COMMON STOCK OUTSTANDING AT APRIL 30, 2001
--------------------- -----------------------------
$.50 PAR VALUE 25,908,234
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2001
TABLE OF CONTENTS
Page
----
Part I - Financial Information
Item 1 - Financial Statements
Consolidated Condensed Statements of Income ......................... 1
Consolidated Condensed Balance Sheets ............................... 2
Consolidated Condensed Statements of Cash Flows ..................... 3
Consolidated Condensed Statements of Shareholders' Equity ........... 4
Notes to Consolidated Condensed Financial Statements ................ 5
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations ......................................... 10
Part II - Other Information
Item 6 - Exhibits and Reports on Form 8-K .............................. 14
Signatures ............................................................. 14
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended March 31
2001 2000
--------- ---------
Net Sales .................................. $ 166,093 $ 155,390
Cost of Sales .............................. 136,204 122,555
--------- ---------
Gross Profit ............................... 29,889 32,835
Selling, General and Administrative Expenses 4,867 5,078
--------- ---------
Income From Operations ..................... 25,022 27,757
Non-Operating Income / Expense:
Interest income, net .................... 1,307 1,840
Miscellaneous expense, net .............. 2,057 1,313
--------- ---------
(750) 527
Income Before Provision for Income Taxes ... 24,272 28,284
Provision for Income Taxes ................. 8,315 9,829
--------- ---------
Net Income ................................. $ 15,957 $ 18,455
========= =========
Earnings Per Share - Basic ................. $ 0.62 $ 0.70
========= =========
Earnings Per Share - Diluted ............... $ 0.61 $ 0.70
========= =========
Dividends Declared Per Share ............... $ 0.10 $ 0.09
========= =========
See accompanying Notes to Consolidated Condensed Financial Statements
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except par value and share data)
March 31 December 31
ASSETS 2001 2000
------------ -----------
(Unaudited)
Current Assets:
Cash and cash equivalents ............................................... $ 99,055 $ 93,503
Accounts receivable, net ................................................ 103,718 88,722
Inventories ............................................................. 55,514 56,340
Deferred income tax ..................................................... 4,416 4,416
Other current assets .................................................... 6,787 2,598
--------- ---------
Total current assets .............................................. 269,490 245,579
Property, Plant and Equipment, net ......................................... 224,515 218,713
Other Long-term Assets ..................................................... 27,753 27,372
--------- ---------
Total Assets ............................................................... $ 521,758 $ 491,664
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable ........................................................ $ 42,995 $ 42,775
Accrued liabilities ..................................................... 47,915 31,907
Current portion capitalized leases ...................................... 255 340
--------- ---------
Total current liabilities ......................................... 91,165 75,022
Deferred Income Taxes ...................................................... 5,164 4,768
Other Long-term Liabilities ................................................ 12,464 12,555
Shareholders' Equity
Preferred stock, par value $25.00,
1,000,000 shares authorized, none issued ............................. -- --
Common stock, par value $.50,
100,000,000 shares authorized ........................................ 12,942 12,920
Additional paid-in capital .............................................. 769 --
Accumulated other comprehensive income (loss) ........................... (21,827) (21,310)
Retained earnings ....................................................... 421,081 407,709
--------- ---------
Total shareholders' equity ........................................ 412,965 399,319
Total Liabilities and Shareholders' Equity ................................. $ 521,758 $ 491,664
========= =========
See accompanying Notes to Consolidated Condensed Financial Statements
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in thousands)
Three Months Ended March 31
2001 2000
------------- -------------
Net Cash Provided by Operating Activities ...................................... $ 19,979 $ 11,090
Cash Flows from Financing Activities:
Repurchases of common stock ................................................. (209) (9,041)
Cash dividends paid ......................................................... (2,584) (2,383)
Payments of capitalized leases .............................................. -- (82)
Stock options exercised ..................................................... 1,000 79
--------- ---------
Net Cash Used in Financing Activities .................................... (1,793) (11,427)
--------- ---------
Cash Flows from Investing Activities:
Additions to property, plant and equipment .................................. (12,634) (9,623)
Proceeds from sale of property, plant and equipment ......................... -- 18
--------- ---------
Net Cash Used in Investing Activities .................................... (12,634) (9,605)
--------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents ........................... 5,552 (9,942)
Cash and Cash Equivalents at Beginning of Period ............................... 93,503 108,081
--------- ---------
Cash and Cash Equivalents at End of Period ..................................... $ 99,055 $ 98,139
========= =========
See accompanying Notes to Consolidated Condensed Financial Statements
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
(Dollars in thousand, except share data)
Common Stock Accumulated
----------------------------- Additional Other
Number of Paid-In Retained Comprehensive
Shares Amount Capital Earnings Income (Loss) Total
------------ ------------- ----------- ------------ ------------- -----------
Balances at
December 31, 2000 25,840,114 $ 12,920 $ 0 $ 407,709 $ (21,310) $ 399,319
Comprehensive income:
Net income -- -- -- 15,957 -- 15,957
Other comprehensive income:
Foreign currency
hedging activities -- -- -- -- (1,001) (1,001)
Foreign currency
translation adjustments -- -- -- -- 743 743
Unrealized loss on
marketable securities -- -- -- -- (259) (259)
Comprehensive income -- -- -- -- -- 15,440
Cash dividends declared
($.10/share) -- -- -- (2,585) -- (2,585)
Repurchases of
common stock (6,305) (3) (206) -- -- (209)
Stock options exercised,
including related
tax benefit 50,175 25 975 -- -- 1,000
----------- ----------- ----------- ----------- ----------- -----------
Balances at
March 31, 2001 25,883,984 $ 12,942 $ 769 $ 421,081 $ (21,827) $ 412,965
=========== =========== =========== =========== =========== ===========
See accompanying Notes to Consolidated Condensed Financial Statements
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2001
(UNAUDITED)
1. Nature of Operations
Headquartered in Van Nuys, California, our principal business is the design
and manufacture of motor vehicle parts and accessories for sale to original
equipment manufacture (OEM) and the automotive aftermarket, on an
integrated one-segment basis. We are one of the largest suppliers of cast
and forged aluminum wheels to the world's leading automobile and light
truck manufacturers, with wheel manufacturing operations in the United
States, Mexico and Hungary. Customers in North America represent the
principal market for our products, with approximately 6.5% of our products
being exported to international customers or delivered to their assembly
operations in the United States.
We are also making steady progress in building our position in the rapidly
growing market for aluminum suspension and related underbody components to
compliment our OEM aluminum wheel business. We acquired a dedicated
manufacturing facility in Heber Springs, Arkansas, to accommodate our
aluminum components manufacturing operations, which we expanded to
accommodate the projected sales volume of the components business. We have
won contracts to manufacture numerous suspension and underbody components
for certain 2002, 2003 and 2004 model year vehicles, including upper and
lower control arm bracket assemblies, suspension brackets and knuckles.
Senior manufacturing, engineering and marketing personnel have been hired
and we are entering the manufacturing testing stage of the pre-production
process and expect to be operational and shipping product during 2001.
General Motors and Ford represented approximately 90% of our annual sales
in 2000. Although the loss of all or a substantial portion of our sales to
either or both of these two customers would have a significant adverse
impact on our financial results (unless the lost volume could be
replaced), we do not believe this represents a material risk due to
excellent long-term relationships with both, including multi-year
contractual arrangements. We also manufacture aluminum wheels for
DaimlerChrysler, BMW, Volkswagen, Audi, Land Rover, MG Rover, Toyota,
Mazda, Mitsubishi, Nissan and Isuzu.
The availability and demand for aluminum wheels are subject to
unpredictable factors, such as changes in the general economy, the
automobile industry, the price of gasoline and consumer interest rates. The
raw materials used in producing our products are readily available and are
obtained through numerous suppliers with whom we have established trade
relations.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2001
(UNAUDITED)
2. Presentation of Consolidated Condensed Financial Statements
During interim periods, Superior Industries International, Inc. and its
subsidiaries follow the accounting policies set forth in its Annual Report
to Shareholders and apply appropriate interim financial reporting
standards, as indicated below. Users of financial information produced for
interim periods are encouraged to refer to the notes contained in the 2000
Annual Report to Shareholders when reviewing interim financial results.
Interim financial reporting standards require us to make estimates that are
based on assumptions regarding the outcome of future events and
circumstances not known at that time, including the use of estimated
effective tax rates. Inevitably, some assumptions may not materialize and
unanticipated events and circumstances may occur which vary from those
estimates and such variations may significantly affect our future results.
In our opinion, the accompanying unaudited consolidated condensed financial
statements have been prepared in accordance with the Securities and
Exchange Commission's requirements of Form 10-Q and contain all
adjustments, of a normal and recurring nature, which are necessary for a
fair presentation of i) the consolidated condensed statements of income for
the three months ended March 31, 2001 and 2000, ii) the consolidated
condensed balance sheets at March 31, 2001 and December 31, 2000, iii) the
consolidated condensed statements of cash flows for the three months ended
March 31, 2001 and 2000, and iv) the consolidated condensed statements of
shareholders' equity at March 31, 2001 and December 31, 2000.
3. Earnings Per Share
Basic earnings per share is computed by dividing net income for the period
by the weighted average number of common shares outstanding for the period,
or 25,863,000 and 26,259,000 for the three months ended March 31, 2001 and
2000, respectively. For purposes of calculating "diluted" earnings per
share, net income is divided by the total of the weighted averaged shares
outstanding plus the dilutive effect of our outstanding stock options
("common stock equivalents"), or 26,257,000 and 26,364,000 for the three
months ended March 31, 2001 and 2000, respectively.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2001
4. Hedging Activities
Effective January 1, 2001, we adopted the Financial Accounting Standards
Board issued Statements of Financial Accounting Standard No. 133,
"Accounting for Derivative Instruments and Hedging Activities" ("FAS 133").
This FAS establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts and for hedging activities. All derivatives, whether designed in
hedging relationships or not, are required to be recorded on the balance
sheet at fair value. If the derivative is designed as a fair value hedge,
the changes in the fair value of the derivative and of the hedge item
attributable to the hedge risk are recognized in earnings. If the
derivative is designed as a cash flow hedge, the effective portions of
change in the fair value of the derivative are recorded in other
comprehensive income and are recognized in the income statement when the
hedge item affects earnings.
We have foreign operations in Mexico and Hungary, which on occasion require
the transfer of funds denominated in their respective functional currencies
- the Mexican peso and the German deutsche mark. Our primary risk exposure
relating to derivative financial instruments results from the use of
foreign currency forward contracts, which expire within one year, to offset
the impact of currency rate fluctuations with regard to foreign denominated
receivables, payables or purchase obligations.
5. Accounts Receivable
The components of accounts receivable are as follows:
(Thousands of Dollars)
March 31, December 31,
2001 2000
------------ ------------
(Unaudited)
Accounts Receivable:
Trade $ 79,424 $ 63,528
Other 25,584 26,480
--------- ---------
105,008 90,008
Allowance for Doubtful Accounts (1,290) (1,286)
--------- ---------
$ 103,718 $ 88,722
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2001
6. Inventories
The components of inventories are as follows:
(Thousands of Dollars)
March 31, December 31,
2001 2000
------------ ------------
(Unaudited)
Raw materials $ 13,711 $ 17,971
Work in process 14,135 12,746
Finished goods 27,668 25,623
-------- --------
$ 55,514 $ 56,340
7. Property, Plant and Equipment
The components of property, plant and equipment are as follows:
(Thousands of Dollars)
March 31, December 31,
2001 2000
----------- -----------
(Unaudited)
Land and buildings $ 53,928 $ 53,792
Machinery and equipment 331,872 328,477
Leasehold improvements and others 6,281 6,223
Construction in progress 85,310 76,272
---------- ----------
477,391 464,764
Accumulated depreciation (252,876) (246,051)
---------- ----------
$ 224,515 $ 218,713
Depreciation expense was $6.9 million for the three month periods ended
March 31, 2001 and 2000.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2001
(UNAUDITED)
8. Contingencies
We are party to various legal and environmental proceedings incidental to
our business. Certain claims, suits and complaints arising in the ordinary
course of business have been filed or are pending against us. Based on
facts now known, we believe all such matters are adequately provided for,
covered by insurance or, if not so covered or provided for, are without
merit, or involve such amounts that would not materially adversely affect
our consolidated results of operations and cash flows or financial
position.
When market conditions warrant, we will enter into contracts to purchase
certain commodities used in the manufacture of our products. Any such
commodities are expected to be purchased and used over a reasonable period
of time, in the normal course of business.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
For the first quarter of 2001, we set new first quarter records for unit
shipments and net sales. Our consolidated net sales increased $10.7 million, or
6.9%, to $166.1 million from $155.4 million in the first quarter a year ago. OEM
net sales increased $12.7 million, or 8.4%, to $164.9 million compared to $152.2
million in the 2000 period, while OEM unit shipments for the same period
increased 4.3% over the prior year to 3,119,000. Sales dollars in the current
period increased at a greater rate than unit shipments due principally to an
increase in average selling price related to a shift in mix to larger wheel
sizes by the automobile manufacturers.
The increase in OEM unit shipments of 4.3% compares favorably to a decrease of
14% in North American vehicle production of light trucks and passenger cars
during the same period, indicating further gains in market share. For the model
year 1999, industry-wide aluminum wheel installation rates were reported by
Ward's Automotive Year 2000 to have increased to 54%, continuing a long-term
upward trend. Shipments to international customers were approximately 6.5% of
total OEM unit shipments for the quarter.
Gross profit for the quarter decreased to $29.9 million, or 18.0% of net sales,
compared to $32.8 million, or 21.1% of net sales, for the same period a year
ago. The decreased gross profit in the first quarter of 2001 was due principally
to energy costs, which were higher in the current period by approximately $3.8
million, and to decreased demand for chrome plated and polished wheels.
Selling, general and administrative expenses for the first quarter of 2001 were
$4.9 million, or 2.9% of net sales in 2001 compared to $5.1 million, or 3.3% of
net sales in 2000, which indicates a consistent selling, general and
administrative expense trend.
Operating income for the first quarter decreased $2.7 million, or 9.9%, to $25.0
million from $27.7 million in the same period a year ago. Accordingly, the
operating income margin for the first quarter of 2001 was 15.1% of net sales
compared to 17.9% of net sales in the same period in 2000.
Interest income for the first quarter decreased to $1.3 million from $1.8
million a year ago, with the decline attributed primarily to a reduction of
$30.5 million in cash invested during the period. Miscellaneous expense for the
first quarter 2001 included approximately $3.0 million, related to
pre-production losses of our second wheel manufacturing plant in Chihuahua,
Mexico and start-up costs related to our aluminum automotive component business.
Partially offsetting these expenses, was our share of the equity earnings of our
50 percent owned joint venture in Hungary, or $0.9 million. For the same period
a year ago, miscellaneous expenses included an equity loss of $0.9 million from
this joint venture and start-up expenses of approximately $0.3 million for our
aluminum component business.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
As a result of the above, net income for the quarter decreased $2.5 million, or
13.5%, to $16.0 million, or 9.6% of net sales, from $18.5 million, or 11.9% of
net sales last year. Diluted earnings per share for the first quarter of 2001
was $0.61, a decrease of 12.9% from the $0.70 per diluted share in the same
period a year ago.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities was $20.0 million for the three months
ended March 31, 2001, compared to $11.1 million for the same period a year ago.
The $2.5 million decrease in 2001 net income was offset by a lower funding
requirement for working capital, due principally to a more favorable net change
in inventories, accounts payable and the current income tax liability versus the
same period a year ago.
Our principal financing activities during the three months ended March 31, 2001
were to repurchase 6,300 shares of our common stock for $0.2 million, pursuant
to a 4.0 million share repurchase plan authorized in the first quarter of 2000,
and to pay cash dividends on our common stock totaling $2.6 million. Similar
financing activities during the same period a year ago were for $9.0 million to
repurchase common stock and $2.4 million to pay cash dividends.
The principal investing activity during the three month period ended March 31,
2001 was funding $12.6 million of capital expenditures principally for the new
components business located in Heber Springs, Arkansas and the new Chihuahua,
Mexico wheel plant. Similar investment activities during the same period a year
ago included $9.6 million of capital expenditures.
Working capital and the current ratio were $178.3 million and 3.0:1 versus
$170.6 million and 3.3:1 at March 31, 2001 and December 31, 2000, respectively,
and $183.9 million and 2.9:1, respectively, at March 31, 2000. Cash and
short-term investments as of March 31, 2001 were $99.1 million compared to $93.5
million at December 31, 2000 and $98.1 million at March 31, 2000. Our cash
position is forecasted to be more than sufficient to fund our working capital
and capital investment requirements for the remainder of the year.
RISK MANAGEMENT
We are subject to various risks and uncertainties in the ordinary course of
business due, in part, to the competitive nature of the industry in which we
operate, to changing commodity prices for the materials used in the manufacture
of our products, and to development of new products, such as our aluminum
suspension and related underbody components. Where practicable, we attempt to
reduce risks and uncertainties, such as through the use of certain derivative
financial instruments.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
We have foreign operations in Mexico and Hungary, which on occasion require the
transfer of funds denominated in their respective functional currencies - the
Mexican peso and the German deutsche mark. Our primary risk exposure relating to
derivative financial instruments results from the use of foreign currency
forward contracts to offset the impact of currency rate fluctuations with regard
to foreign denominated receivables, payables or purchase obligations.
When market conditions warrant, we will also enter into contracts to purchase
certain commodities used in the manufacture of our products, such as aluminum,
natural gas, electricity and environmental emission credits. Any such commodity
commitments are expected to be purchased and used over a reasonable period of
time, in the normal course of business.
HEDGING ACTIVITIES
At March 31, 2001, we held open foreign currency German deutsche mark forward
contracts totaling $19.2 million. The adoption of FAS 133 on January 1, 2001
resulted in a cumulative unrealized loss for the first quarter of 2001 of $1.0
million included in other comprehensive income and accrued expenses.
EURO CURRENCY
On January 1, 1999, certain member countries of the European Union established
fixed conversion rates between their existing currencies and the European
Union's common currency, ("the euro"). The former currencies of the
participating countries are scheduled to remain legal tender as denominations of
the euro until January 1, 2002 when the euro will be adopted as the sole legal
currency.
We have evaluated the potential impact of the euro on our joint venture in
Hungary, with the functional currency the German deutsche mark, and the impact
on exchange costs and currency exchange rate risks. The conversion to the euro
is not expected to have a material impact on our operations or financial
position.
INFLATION
Inflation did not have a material impact on our results of operations or
financial condition for the first quarter of 2001. We believe that purchase
commitments and the majority of our customer contracts are structured to
minimize the impact of changes caused by inflation.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
NEW ACCOUNTING STANDARDS
In 1998, the Financial Accounting Standards Board issued Statements of Financial
Accounting Standard No. 132, "Employers Disclosures about Pensions and Other
Postretirement Benefits" ("FAS 132"), No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("FAS 133"), and No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of the Effective Date
of FASB Statement No. 133" ("FAS 137"), which delays implementation of FAS No.
133 until periods beginning after December 31, 2000. Implementation of the
disclosure requirements of FAS 132 and adoption of FAS 133 in the first quarter
of fiscal year 2001 did not have a material effect on our consolidated financial
statements.
FORWARD LOOKING STATEMENTS
Our disclosures and analysis in this report, which are not historical in
nature, are forward looking statements. Forward looking statements give our
current expectations or forecasts of future events. In particular, these include
statements relating to future actions, future performance of our products,
expenses, the outcome of any legal proceedings, and financial results. Although
we believe that our expectations and beliefs are based on reasonable assumptions
within the bounds of our knowledge of our business and operations, there can be
no assurance that our actual results will not differ materially from our
expectations or beliefs. Forward looking statements regarding our future
performance and financial results are subject to certain risks and uncertainties
that could cause actual results to differ materially from those included in the
forward looking statements, due to a variety of factors. Factors that may impact
such forward looking statements include, among others, changes in the condition
of the industry, a general downturn in the economy, increased energy cost,
changes in government policy or regulation, the success of our strategic and
operating plans, our ability to attract or retain key employees, unforeseen
costs and other effects related to legal proceedings. These statements are
provided as permitted by the Private Securities Legislation Act of 1995. We
undertake no obligation to update publicly any forward looking statement,
whether as a result of new information, future events or otherwise.
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits: There are no exhibits being filed with this report.
b) Reports on Form 8-K - There were no reports on Form 8-K filed during the
three months ended March 31, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
(Registrant)
Date 5/11/01 /s/ Louis L. Borick
-------- -----------------------------------
Louis L. Borick
President and Chairman of the Board
Date 5/11/01 /s/ R. Jeffrey Ornstein
------- -----------------------------------
R. Jeffrey Ornstein
Vice President and CFO
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