Exhibit 99.1
Hexcel Reports 2003 Third Quarter Results
STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 20, 2003--Hexcel
Corporation (NYSE/PCX:HXL)
Highlights:
-- Net sales for quarter were $212.8 million, up 5.9% from Q3
last year.
-- Net Loss for quarter $3.0 million compared to $3.6 million
last year.
-- Total debt, net of cash, reduced by $38.5 million to $458.4
million.
-- Cash flow used to repurchase $11.7 million of long-term debt
and retire $25.6 million of capital lease obligations.
Unaudited Unaudited
----------------------------
Quarter Ended Nine Months
Ended
September September
30, 30,
----------------------------
(In millions, except per share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------
Net sales $212.8 $201.0 $675.5 $644.3
Gross margin % 18.6% 18.6% 19.7% 18.9%
Operating income $11.1 $15.1 $47.1 $47.9
Operating income % 5.2% 7.5% 7.0% 7.4%
Other income (expense), net $0.4 $0.5 $(0.4) $10.3
Provision for income taxes (a) $0.7 $3.2 $5.9 $8.8
Equity in losses of and write-down of
an investment in affiliated companies $(0.3) $(0.5) $(1.1) $(8.5)
Net loss $(3.0) $(3.6) $(1.4) $(7.5)
Deemed preferred dividends and accretion $(3.1) $- $(6.6) $-
Net loss available to common shareholders $(6.1) $(3.6) $(8.0) $(7.5)
Diluted net loss per common share $(0.16)$(0.09)$(0.21)$(0.19)
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(a) The Company's tax provision primarily reflects taxes on
foreign income. The Company will continue to adjust its tax provision
rate through the establishment, or release, of a non-cash valuation
allowance attributable to currently generated U.S. net operating
income (losses) until such time as the U.S. operations generate income
in future years to utilize the net operating losses in full.
October 20, 2003 - Hexcel Corporation (NYSE/PCX: HXL) today
reported net sales for the third quarter, 2003 of $212.8 million as
compared to $201.0 million for the 2002 third quarter. Had the same
U.S. dollar, British pound and Euro exchange rates applied in the
third quarter of 2003 as in the third quarter of 2002, revenues for
the third quarter of 2003 would have been $6.7 million lower at $206.1
million.
Gross margin for the third quarter of 2003 was $39.6 million
compared with $37.3 million for the same period last year. In both
periods, gross margin as a percentage of sales was 18.6%. Operating
income for the third quarter of 2003 was $11.1 million as compared to
$15.1 million for the same quarter last year. SG&A expenses of $22.9
million for the quarter were $0.9 million lower than the $23.8 million
reported in each of the last three quarters, but $4.4 million higher
($3.6 million on a constant currency basis) than the abnormally low
third quarter, 2002. Included in SG&A were $0.5 million in incremental
expenses related to a work stoppage at our Kent, Washington facility
during the quarter. R&T spending was $0.8 million higher in support of
new products and new commercial aircraft qualification activities.
Business consolidation and restructuring expenses for the quarter
were $1.0 million compared to a net reversal of $0.1 million in the
third quarter of 2002. Depreciation expense for the quarter at $12.3
million was $0.7 million higher than the third quarter of 2002 expense
of $11.6 million, due to the changes in exchange rates and increased
depreciation associated with certain of the Company's restructuring
actions.
During the 2003 third quarter, the Company recognized a $0.4
million gain on a real estate sale. In the third quarter 2002,
reported results included a $0.5 million gain on early retirement of
debt. These items are reported as other income (see Table D).
Excluding these nonrecurring items and business consolidation and
restructuring expenses, the Company's pretax loss for the third
quarter of 2003 was $1.4 million, compared to a pretax loss of $0.5
million in the comparable 2002 quarter. The provision for income taxes
was $0.7 million in the quarter compared to $3.2 million in the third
quarter of 2002.
Net loss for the quarter was $3.0 million compared to a net loss
of $3.6 million for the same quarter of 2002. After reflecting deemed
preferred dividends and accretion associated with our issuance in
March 2003 of mandatorily redeemable convertible preferred stock, net
loss attributable to common shareholders for the third quarter of 2003
was $6.1 million, or $0.16 per diluted common share, compared to a net
loss of $3.6 million, or $0.09 per diluted common share, for the third
quarter of 2002.
Chief Executive Officer Comments
Commenting on Hexcel's third quarter results, Mr. David E. Berges,
Chairman, President and Chief Executive Officer, said, "In the
quarter, we continued our success in generating cash and reducing
debt. Total debt, net of cash, is down $38.5 million for the quarter
to $458.4 million. We generated cash during the quarter through $25.7
million of asset sales and by delivering $16.8 million from
operations. With this cash generated, we were able to retire $37.3
million of our term debt."
Mr. Berges continued, "After adjusting for changes in foreign
exchange rates, our revenues this quarter were approximately $5
million higher than last year which contributed to a $2.3 million
increase in gross margin. While SG&A expenses and R&T spending are
higher than the lows of the third quarter last year, they are in good
control after considering the impact of the strengthening Euro, some
increased spending in support of growth opportunities, and
non-recurring costs associated with the work stoppage at our Kent
facility. The Kent operation is now back in full operation with a new
three year contract that provides significant productivity
improvements. Our headcount as of September 30, 2003 is down to 4,095
employees, 2% lower than June 30, 2003 and 7.9% lower than a year ago
helping to offset the cost pressures we have seen all year in such
areas as energy, insurance and pension expense."
Mr. Berges concluded, "We have now seen a number of quarters of
relative stability in our commercial aerospace business and are
pleased at the public indications from both Boeing and Airbus that
suggest build rates in 2004 will be at a comparable level to this
year. Hexcel's focus is now on building our positions on the next
generation of commercial and military aircraft while seeking to
exploit the growing applications for our products. While the fourth
quarter can often reflect a period of customer inventory balancing, we
are encouraged by the numerous external indications of an economic
recovery, even in the electronics market."
Revenue Trends
The third quarter showed the usual seasonal reduction in revenues
compared to the second quarter due to the European summer vacation
period, which makes sequential trend comparisons less informative.
Consolidated revenues for the quarter were 5.9% higher than the third
quarter of 2002. Commercial aerospace and Industrial revenues were
approximately the same as last year at equivalent foreign exchange
rates. Space and Defense revenues increased $8.7 million year-on-year,
reflecting higher aircraft production as well as non-recurring
revenues associated with aircraft in development. Revenues from the
Electronics market remained depressed.
Debt and Convertible Preferred Stock
Total debt, net of cash, decreased in the quarter by $38.5 million
to $458.4 million as of September 30, 2003 (see Table E for details of
the components of net debt). The cash inflow in the quarter resulted
from exercising our previously disclosed option to sell the remaining
interest in our Japanese electronics joint venture for $23.0 million,
selling real estate for $2.7 million, and delivering $16.8 million
from operations. Inventories at the end of the quarter were $5.0
million lower than June 30, 2003 and $5.9 million lower ($14.3 million
lower at constant exchange rates) than September 30, 2002. Accounts
receivable measured as days sales outstanding as of September 30, 2003
were comparable to the same quarter last year. The cash generated was
used to repurchase $10.0 million principal amount of the Company's 9
3/4% Senior Subordinated Notes, due 2009, through open market
transactions and $1.7 million principal amount of the Company's 7%
Convertible Subordinated Notes, due 2011, meeting an annual sinking
fund requirement. In addition, the Company retired a $25.6 million
capital lease obligation. No material net gain or loss was recognized
from these transactions. The retirement of the capital lease
obligation reduces Hexcel's scheduled principal amortization of debt
to about $2 million annually until 2008.
Interest expense during the quarter was $13.5 million compared to
$15.5 million in the third quarter of 2002, reflecting lower debt
balances resulting from refinancing the Company's capital structure,
asset sales, cash flow from operations and lower interest rates (see
Table C for details of the components of interest expense).
Deemed preferred dividends and accretion relating to the
mandatorily redeemable convertible preferred stock were $3.1 million
in the third quarter of 2003. A description of the accounting for
these securities can be found in the Company's Form 8-K filed on April
7, 2003.
Hexcel will host a conference call at 11:00 A.M. EDT, Tuesday,
October 21, 2003 to discuss the third quarter results and respond to
questions. The telephone number for the conference call is (913)
981-4900 and the confirmation code is 785559. The call will be
simultaneously hosted on Hexcel's web site at
www.hexcel.com/investors/index.html. Replays of the call will be
available on the web site for approximately three days.
Hexcel Corporation is the leading advanced structural materials
company. It develops, manufactures and markets lightweight,
high-performance reinforcement products, composite materials and
composite structures for use in commercial aerospace, space and
defense, electronics, and industrial applications.
Disclaimer on Forward Looking Statements
This press release contains statements that are forward looking,
including statements relating to anticipated 2003 full year
consolidated revenues and the seasonality in quarterly revenues; cost
reductions from business consolidation, restructuring and productivity
programs together with their associated improvements; and the
Company's focus on generating cash and reducing total debt. Actual
results may differ materially from the results anticipated in the
forward looking statements due to a variety of factors, including but
not limited to changing market conditions, increased competition,
product mix, inability to achieve planned manufacturing improvements
and cost reductions, conditions in the financial markets and changes
in currency exchange rates. Additional risk factors are described in
the Company's filings with the SEC. The Company does not undertake an
obligation to update its forward-looking statements to reflect future
events.
Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
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Unaudited
----------------------------
Nine
Quarter Months
Ended Ended
September September
30, 30,
(In millions, except per share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------
Net sales $212.8 $201.0 $675.5 $644.3
Cost of sales 173.2 163.7 542.3 522.6
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Gross margin 39.6 37.3 133.2 121.7
Selling, general and administrative
expenses 22.9 18.5 70.5 62.1
Research and technology expenses 4.6 3.8 13.2 11.0
Business consolidation and restructuring
expenses 1.0 (0.1) 2.4 0.7
- ----------------------------------------------------------------------
Operating income 11.1 15.1 47.1 47.9
Interest expense (13.5) (15.5) (41.1) (48.4)
Other income (expense), net 0.4 0.5 (0.4) 10.3
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Income (loss) before income taxes (2.0) 0.1 5.6 9.8
Provision for income taxes 0.7 3.2 5.9 8.8
- ----------------------------------------------------------------------
Income (loss) before equity in losses (2.7) (3.1) (0.3) 1.0
Equity in losses of and write-down of an
investment in affiliated companies (0.3) (0.5) (1.1) (8.5)
- ----------------------------------------------------------------------
Net loss (3.0) (3.6) (1.4) (7.5)
Deemed preferred dividends and accretion (3.1) - (6.6) -
- ----------------------------------------------------------------------
Net loss available to common shareholders $ (6.1)$ (3.6)$ (8.0)$ (7.5)
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Net loss per common share:
Basic $(0.16)$(0.09)$(0.21)$(0.19)
Diluted $(0.16)$(0.09)$(0.21)$(0.19)
Weighted-average common shares
outstanding(a):
Basic 38.7 38.4 38.6 38.4
Diluted 38.7 38.4 38.6 38.4
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(a) The Company's convertible subordinated notes, due 2003 and
convertible subordinated debentures, due 2011, and all stock options
were excluded from the computations of diluted net loss per common
share for the quarters and nine months ended September 30, 2003 and
2002, as they were antidilutive. The convertible subordinated notes,
due 2003, were repaid in full in March 2003. In addition, the
Company's mandatorily redeemable convertible preferred stock issued on
March 19, 2003 was excluded from the quarter and nine months ended
September 30, 2003 computations of diluted net loss per common share,
as it was antidilutive.
Hexcel Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
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Unaudited
-------------------------
September June December
(In millions, except per share data) 30, 30, 31,
2003 2003 2002
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Assets
Current assets:
Cash and cash equivalents $ 28.9 $ 29.9 $ 8.2
Accounts receivable, net 132.4 146.3 117.3
Inventories, net 121.2 126.2 113.6
Prepaid expenses and other assets 13.9 14.2 9.2
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Total current assets 296.4 316.6 248.3
Property, plant and equipment 662.7 658.2 642.8
Less accumulated depreciation (370.8) (359.6) (333.4)
- ----------------------------------------------------------------------
Net property, plant and equipment 291.9 298.6 309.4
Goodwill, net 75.5 75.4 74.4
Investments in affiliated companies 8.7 32.0 34.0
Other assets 43.3 45.1 42.0
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Total assets $ 715.8 $ 767.7 $ 708.1
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Liabilities and Stockholders' Equity
(Deficit)
Current liabilities:
Notes payable and current maturities of
capital lease obligations $ 2.7 $ 9.0 $ 621.7
Accounts payable 65.7 72.6 54.9
Accrued liabilities 96.0 100.0 102.5
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Total current liabilities 164.4 181.6 779.1
Long-term notes payable and capital lease
obligations 484.6 517.8 -
Other non-current liabilities 59.2 59.8 56.4
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Total liabilities 708.2 759.2 835.5
Mandatorily redeemable convertible preferred
stock, 0.125 shares
of series A and 0.125 shares of series B
authorized, issued and
outstanding at September 30, 2003 and June
30, 2003 103.0 99.9 -
Stockholders' equity (deficit):
Preferred stock, no par value, 20.0 shares of
stock authorized,
no shares issued or outstanding - - -
Common stock, $0.01 par value, 200.0 shares
of stock authorized,
and 40.0 shares issued and outstanding at
September 30, 2003 and
39.9 share issued and outstanding at June
30, 2003; and 100.0 shares
of stock authorized, and 39.8 shares
issued and outstanding at
December 31, 2002 0.4 0.4 0.4
Additional paid-in capital 306.3 309.0 288.2
Accumulated deficit (382.9) (379.9) (381.5)
Accumulated other comprehensive loss (5.7) (7.4) (21.2)
- ----------------------------------------------------------------------
(81.9) (77.9) (114.1)
Less - Treasury stock, at cost, 1.3 shares at
September 30, 2003
and at December 31, 2002 (13.5) (13.5) (13.3)
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Total stockholders' equity (deficit) (95.4) (91.4) (127.4)
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Total liabilities and stockholders' equity
(deficit) $ 715.8 $ 767.7 $ 708.1
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Total debt, net of cash $ 458.4 $ 496.9 $ 613.5
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Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
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Unaudited
-------------------------------
Nine Months
Quarter Ended Ended
September 30, September 30,
(In millions) 2003 2002 2003 2002
- ----------------------------------------------------------------------
Cash flows from operating activities
Net loss $ (3.0)$ (3.6) $ (1.4)$ (7.5)
Reconciliation to net cash provided
by operating activities:
Depreciation 12.3 11.6 37.7 35.1
Amortization of debt discount and
deferred financing costs 0.8 0.9 2.6 2.9
Deferred income taxes (1.7) 1.2 (0.5) 1.3
Business consolidation and
restructuring expenses 1.0 (0.1) 2.4 0.7
Business consolidation and
restructuring payments (1.8) (4.7) (7.3) (19.5)
Equity in losses of and write-down
of an investment in affiliated
companies 0.3 0.5 1.1 8.5
Working capital changes and other 8.9 3.9 (7.4) 13.9
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Net cash provided by operating
activities 16.8 9.7 27.2 35.4
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Cash flows from investing activities
Capital expenditures (5.5) (3.3) (12.5) (8.5)
Proceeds from sale of an ownership
interest in an affiliated company 23.0 10.0 23.0 10.0
Proceeds from sale of other assets 2.7 0.3 5.7 1.2
Dividends from affiliated companies - 0.4 1.0 0.8
Other - - - (0.5)
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Net cash provided by investing
activities 20.2 7.4 17.2 3.0
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Cash flows from financing activities
Proceeds from (repayments of) senior
secured credit facilities, net (1.1) - 7.1 -
Repayments of capital lease
obligations and other debt, net (38.1) (2.4) (38.5) (6.8)
Proceeds from issuance of 9-7/8%
senior secured notes,
net of discount - - 123.7 -
Repayments of senior credit facility,
net - (2.6) (179.7) (28.6)
Redemption of 7% convertible
subordinated notes - - (46.9) -
Proceeds from issuance of mandatorily
redeemable
convertible preferred stock - - 125.0 -
Issuance costs related to debt and
equity offerings - - (14.1) -
Activity under stock plans 0.1 0.1 0.2 0.2
- ----------------------------------------------------------------------
Net cash used for financing activities (39.1) (4.9) (23.2) (35.2)
-------------------------------
Effect of exchange rate changes on cash
and cash equivalents 1.1 0.1 (0.5) 1.4
- ----------------------------------------------------------------------
Net increase (decrease) in cash and
cash equivalents (1.0) 12.3 20.7 4.6
Cash and cash equivalents at beginning
of period 29.9 3.9 8.2 11.6
- ----------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 28.9 $ 16.2 $ 28.9 $ 16.2
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Supplemental Data:
Cash interest paid $ 18.6 $ 24.4 $ 44.4 $ 54.9
Cash taxes paid, net of refunds $ 2.7 $ 3.8 $ 8.3 $ 3.3
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Hexcel Corporation and Subsidiaries Table A
Net Sales to Third-Party Customers by Product Group and Market Segment
- ----------------------------------------------------------------------
Unaudited
--------------------------------------------
Commercial Space &
(In millions) Aerospace Industrial Defense Electronics Total
- ----------------------------------------------------------------------
Third Quarter 2003
Net Sales
Reinforcements $ 11.8 $29.5 $ - $12.3 $ 53.6
Composites 63.1 34.4 42.0 - 139.5
Structures 16.7 - 3.0 - 19.7
- ----------------------------------------------------------------------
Total $ 91.6 $63.9 $45.0 $12.3 $212.8
43% 30% 21% 6% 100%
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Second Quarter 2003
Net Sales
Reinforcements $ 13.3 $34.4 $ - $13.5 $ 61.2
Composites 72.3 37.0 44.9 - 154.2
Structures 15.8 - 2.9 - 18.7
- ----------------------------------------------------------------------
Total $101.4 $71.4 $47.8 $13.5 $234.1
43% 31% 20% 6% 100%
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Third Quarter 2002
Net Sales
Reinforcements $ 11.5 $23.8 $ - $14.2 $ 49.5
Composites 58.5 37.7 32.3 - 128.5
Structures 19.0 - 4.0 - 23.0
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Total $ 89.0 $61.5 $36.3 $14.2 $201.0
44% 31% 18% 7% 100%
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Hexcel Corporation and Subsidiaries Table B
Segment Data
- ----------------------------------------------------------------------
Unaudited
------------------------------------------------
Corporate
(In millions) Reinforcements Composites Structures & Other Total
(a)
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Third Quarter 2003
- ----------------------------------------------------------------------
Net sales to
external
customers $ 53.6 $139.5 $19.7 $ - $212.8
Intersegment
sales 19.2 2.3 - - 21.5
- ----------------------------------------------------------------------
Total sales 72.8 141.8 19.7 - 234.3
Operating income
(loss) 2.6 14.0 0.4 (5.9) 11.1
Depreciation 3.6 8.2 0.5 - 12.3
Business
consolidation and
restructuring
expenses 0.8 0.2 - - 1.0
Capital
expenditures 1.7 3.8 - - 5.5
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Second Quarter
2003
- ----------------------------------------------------------------------
Net sales to
external
customers $ 61.2 $154.2 $18.7 $ - $234.1
Intersegment
sales 21.2 4.0 - - 25.2
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Total sales 82.4 158.2 18.7 - 259.3
Operating income
(loss) 5.7 20.2 (0.2) (6.9) 18.8
Depreciation 4.1 8.3 0.5 - 12.9
Business
consolidation and
restructuring
expenses 0.1 0.5 0.1 - 0.7
Capital
expenditures 1.4 3.2 0.1 - 4.7
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Third Quarter 2002
- ----------------------------------------------------------------------
Net sales to
external
customers $ 49.5 $128.5 $23.0 $ - $201.0
Intersegment
sales 16.6 4.2 - - 20.8
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Total sales 66.1 132.7 23.0 - 221.8
Operating income
(loss) 5.1 16.0 (0.8) (5.2) 15.1
Depreciation 3.7 7.2 0.6 0.1 11.6
Business
consolidation and
restructuring
expenses (0.5) 0.2 0.2 - (0.1)
Capital
expenditures 0.8 2.4 0.1 - 3.3
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(a) The Company does not allocate corporate expenses to its
business segments.
Hexcel Corporation and Subsidiaries Table C
Schedule of Interest Expense
- ----------------------------------------------------------------------
Unaudited
-------------------------
Nine Months
Quarter Ended
Ended September
September 30, 30,
(In millions) 2003 2002 2003 2002
- ----------------------------------------------------------------------
Interest on debt instruments $12.3 $14.0 $37.2 $42.2
Banking, commitment and other
fees 0.4 0.5 1.3 3.2
Amortization of financing costs
and discounts (non-cash) 0.8 1.0 2.6 3.0
- ----------------------------------------------------------------------
Interest Expense $13.5 $15.5 $41.1 $48.4
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Hexcel Corporation and Subsidiaries Table D
Schedule of Other Income (Expense)
- ----------------------------------------------------------------------
Unaudited
-----------------------
Quarter Nine Months
Ended Ended
September September
30, 30,
(In millions) 2003 2002 2003 2002
- ----------------------------------------------------------------------
Gain on sale of assets $0.4 $ - $ 2.2 $ -
Gain on expiration of contingent liability - - 1.4 -
Gain (loss) on early retirement of debt, net - 0.5 (4.0) 0.5
Litigation gain - - - 9.8
- ----------------------------------------------------------------------
Other Income (Expense), net $0.4 $0.5 $(0.4)$10.3
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Hexcel Corporation and Subsidiaries Table E
Schedule of Net Debt
- ----------------------------------------------------------------------
Unaudited
-------------------------
September June December
(In millions) 30, 30, 31,
2003 2003 2002
- ----------------------------------------------------------------------
Senior Secured Credit Facility,
due 2008 $ 7.1 $ 8.2 $ -
Senior Credit Facility, due 2005 - - 179.7
European credit and overdraft
facilities 2.4 2.6 0.2
9.875% Senior secured notes, due
2008, net of unamortized
discount of $1.2 as of
September 30, and June 30,
2003 123.8 123.8 -
9.75% Senior subordinated notes,
due 2009, net of unamortized
discount of $1.0 as of
September 30, 2003, $1.1 as
of June 30, 2003, and $1.2
as of December 31, 2002 329.0 338.9 338.8
7.0% Convertible subordinated
notes, due 2003 - - 46.9
7.0% Convertible subordinated
debentures, due 2011 21.0 22.7 22.7
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Total notes payable 483.3 496.2 588.3
Capital lease obligations 4.0 30.6 33.4
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Total notes payable and capital
lease obligations $ 487.3 $ 526.8 $ 621.7
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Cash and cash equivalents 28.9 29.9 8.2
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Net Debt $ 458.4 $ 496.9 $ 613.5
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CONTACT: Hexcel Corporation
Investors:
Stephen C. Forsyth, 203-969-0666 ext. 425
stephen.forsyth@hexcel.com
Media:
Michael Bacal, 203-969-0666 ext. 426
michael.bacal@hexcel.com