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Remy International, Inc. Announces Fourth Quarter and Full Year 2012 Results

PENDLETON, Ind., Feb. 18, 2013 /PRNewswire/ -- Remy International, Inc. (NASDAQ: REMY), a leading worldwide manufacturer, remanufacturer, and distributor of starters and alternators for light vehicle and commercial vehicle applications, locomotive products and hybrid electric motors, today announced its financial results for the fourth quarter and full year ended December 31, 2012.  

Fourth Quarter Highlights

  • Net sales of $268.3 million for the fourth quarter of 2012, a decline of 6% compared to $284.7 million for the fourth quarter of 2011
  • Adjusted EBITDA of $39.7 million for the fourth quarter of 2012, an improvement of 13% compared to $35.2 million for the fourth quarter of 2011
  • Net earnings attributable to common shareholders were $15.9 million for the fourth quarter of 2012 compared to $11.9 million for fourth quarter of 2011
  • Became a public reporting company in November and filed our first 10-Q
  • Listed on NASDAQ Stock Exchange on December 13, 2012
  • New business awarded during the quarter
    • Dongfeng Peugeot Citroen and Shanghai GM alternator awards in China
    • Hyundai starter award in North America
    • Perkins motor award in China
    • Renault OES award in Europe
    • Mekonomen aftermarket business in Europe

Full Year Highlights

  • Net sales of $1,133.5 million for 2012, a decline of 5% compared to $1,195.0 million for 2011
  • Adjusted EBITDA of $153.5 million (13.5% of revenue), a decline of 11% compared to $172.4 million (14.4% of revenue) for 2011
    • 2011 results included one-time commercial settlements of $7.3 million
  • Net earnings attributable to common shareholders were $138.6 million for full year 2012 compared to $62.2 million for full year 2011
    • 2012 results included the reversal of a valuation allowance on certain deferred tax assets resulting in an income tax benefit of $89.4 million as well as
    • approximately $10.3 million of charges related to restructuring activities
  • Cash flow from operations of $65.8 million in 2012 compared to $69.5 million for 2011
  • Reduced net debt outstanding by $34.2 million from 2011 year-end net outstanding debt of $219.5 million to 2012 year-end net outstanding debt of $185.3 million
  • Secured new customer wins in the Original Equipment, Aftermarket and the Hybrid business
  • Completed construction and began installing equipment at the Wuhan, China plant and engineering center to meet the demand of newly awarded business
  • Completed plant closure of light duty aftermarket plant in Matehuala, Mexico
  • Made significant progress closing original equipment plant in Mezokovesd, Hungary
  • During the year, the Board commenced a quarterly dividend of $0.10 per share to common shareholders.  For the full year, dividends of $0.30 per share were paid to common shareholders.

 

Financial Results

Three Months Ended

Three Months Ended


Dec. 31, 2012

Dec. 31, 2011

Net sales

$  268.3 million

$  284.7 million

Net earnings attributable to common shareholders

$    15.9 million

$    11.9 million

Diluted earnings per share

$    0.51

$    0.39

Net cash provided by operating activities

$    26.8 million

$    15.2 million

Adjusted EBITDA

$    39.7 million

$    35.2 million





Twelve Months Ended

Twelve Months Ended


Dec. 31, 2012

Dec. 31, 2011

Net sales

$ 1,133.5 million

$ 1,195.0 million

Net earnings attributable to common shareholders

$    138.6 million

$      62.2 million

Diluted earnings per share

$      4.47

$      2.10

Net cash provided by operating activities

$      65.8 million

$      69.5 million

Adjusted EBITDA

$    153.5 million

$    172.4 million

 

"In spite of challenges in many of our markets, 2012 was a successful year for Remy.  We delivered $1.1 billion in revenue and adjusted EBITDA of $153.5 million.  We grew with key customers across the globe and built our backlog of new business.  During the year, we signed significant contracts.  We continued our growth with Asian customers and completed construction of a new facility in Wuhan, China that will be integral to our growth in the Chinese market.  We also secured new business with wholesale distributor customers. While the hybrid market did not develop as anticipated, we are well positioned with all the major North American suppliers, and will be prepared as the market develops.  We also accomplished a major milestone by becoming a publicly listed company on the NASDAQ stock market and initiated quarterly dividends for the first time in many years," stated John Weber, Remy International, Inc. President and Chief Executive Officer.

Fred Knechtel, Remy International, Inc. Chief Financial Officer, added, "Full year financial performance for the company was solid in spite of recession in Europe, slower than anticipated North American commercial vehicle market and currency headwinds.  Our balance sheet continued to improve and is at its strongest point in over 10 years.  The operational restructuring efforts improved our cost structure at the end of 2012."

Weber continued, "I recently announced my decision to transition from day-to-day management responsibilities as CEO.  As I complete my seven year tenure at Remy, I'd like to thank the employees of Remy for accomplishing what we set out to do.  Remy is a stable, profitably growing, industry leading global company whose best days are ahead.  I'd also like to affirm the Board's choice of Jay Pittas to be President and CEO of Remy effective March 1, 2013.  His Remy experience, industry knowledge, astute insight and unwavering integrity make him the right leader at this time for Remy.  I will continue to serve on Remy's Board of Directors.  As Remy's fourth largest shareholder, I will continue to help the company any way I can."

Jay Pittas added, "I believe I speak for everyone at Remy when I say that we could not have completed this remarkable turnaround without the passion and energy of John Weber.  I am glad he will stay on the board at Remy.  I am excited to help continue the success of Remy.  I'm very proud of our Company.  I believe we can grow our business globally and we can continue to take advantage of the changes and expansion of the transportation industry.  We have the people, global resources, and the reputation to lead that change."

About Remy

Founded by the Remy Brothers in 1896, Remy International, Inc. is a leading global manufacturer and remanufacturer of alternators, starter motors and electric traction motors.  Headquartered in Pendleton, IN, with global operations across five continents and 10 countries, Remy International markets products under the Delco Remy® and Remy® brands.  Known for innovation, efficiency, quality, and best-in-class customer service and support, Remy International's products are integrated by leading industrial, specialty, automotive and heavy-duty OEMs, and aftermarket providers worldwide.  We Start the World & Keep It RunningTM.

Conference Call

Remy will host a call with investors and analysts to discuss fourth quarter and full year 2012 results on Tuesday, February 19, 2013, beginning at 9 a.m. Eastern Time.  A live webcast of the conference call will be available on the Remy Investor Relations website at www.remyinc.com.  The conference call replay will also be available via webcast through the Remy Investor Relations website at www.remyinc.com

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, Remy has provided Adjusted EBITDA, a non-GAAP financial measure, which is frequently used by management, analysts, investors and other interested parties.  Management believes that the non-GAAP financial measure presented provides a useful measure of Remy's financial performance since it excludes certain items which do not reflect ongoing operations including costs associated with restructuring costs, impairment of assets related to capital investments, interest on our debt and non-cash stock based compensation charges.  Adjusted EBITDA is defined by the Company as net earnings before (i) interest expense, (ii) tax expense, (iii) depreciation and amortization expense, (iv) stock-based compensation expense, (v) net income attributable to noncontrolling interest, (vi) restructuring, other charges and other impairment charges, (vii) loss on extinguishment of debt, (viii) preferred stock dividends, (ix) loss on extinquishment of preferred stock, (x) and other adjustments.   Adjusted EBITDA as defined by the Company may differ from non-GAAP measures used by other companies and is not a measurement under GAAP.  Net debt is defined as short-term debt plus long-term debt less cash and cash equivalents.  There are limitations inherent in non-GAAP financial measures in that they exclude a variety of charges and credits that are required to be included in a GAAP presentation, and therefore do not present the full measure of the Company's recorded costs against its revenue.  Accordingly, in analyzing Remy's future financial performance, non-GAAP results presented should be considered together with GAAP results, rather than as an alternative to GAAP basis financial measures. Reconciliations of non-GAAP measures to related GAAP measures are presented below. 

Forward Looking Statements

This press release contains forward-looking statements.  Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts.  Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from anticipated results.  We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events to reflect the new information, future events, or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, future financial results and liquidity, development of new products and services, the effect of competitive products or pricing, the effect of commodity and raw material prices, the impact of supply chain cost management initiatives, restructuring risks, customs duty claims, litigation uncertainties and warranty claims, conditions in the automotive industry, foreign currency fluctuations, costs related to re-sourcing and outsourcing products, the effect of economic conditions, and other risks identified in the "Special note regarding forward-looking statements", "Risk Factors" and other sections of the Company S-1/A and other filings with the Securities and Exchange Commission.

A copy of the fourth quarter and full year 2012 Financial Report will be available on the Remy International Website at http://www.remyinc.com under Investor Relations.

Investor Contact:  Eric Struik, Vice President of Finance
[email protected] 
(765) 778-6749


Remy International, Inc.

Index of consolidated financial information



Consolidated statement of operations (unaudited) for the three months ended December 31, 2012 and December 31, 2011

A-2



Consolidated statement of operations for the years ended December 31, 2012 (unaudited) and December 31, 2011

A-3



Reconciliation of non-GAAP financial measures (unaudited) for the three months and years ended December 31, 2012 and December 31, 2011

A-4

 

Table A-2

Remy International, Inc.

Consolidated statements of operations

(Unaudited)



Three months ended December 31,

(In thousands of dollars, except per share amounts)

2012


2011


Net sales

$

268,265


$

284,678


Cost of goods sold

208,900


224,833


Gross profit

59,365


59,845


Selling, general, and administrative expenses

31,629


36,589


Restructuring and other charges

1,307


2,208


Operating income

26,429


21,048


Interest expense

6,710


7,263


Income before income taxes

19,719


13,785


Income tax expense

3,181


1,164


Net income

16,538


12,621


Less net income attributable to noncontrolling interest

610


715


Net income attributable to common stockholders

$

15,928


$

11,906





Basic earnings per share:



Earnings per share

$

0.52


$

0.40


Weighted average shares outstanding

30,676


30,090


Diluted earnings per share:



Earnings per share

$

0.51


$

0.39


Weighted average shares outstanding

30,996


30,688


 

Table A-3

Remy International, Inc.

Consolidated statements of operations

(unaudited)



Years ended December 31,

(In thousands of dollars, except per share amounts)

2012


2011


Net sales

$

1,133,547


$

1,194,953


Cost of goods sold

895,843


925,052


Gross profit

237,704


269,901


Selling, general, and administrative expenses

129,520


139,685


Intangible asset impairment charges


5,600


Restructuring and other charges

10,271


3,572


Operating income

97,913


121,044


Interest expense

27,757


30,900


Income before income taxes

70,156


90,144


Income tax (benefit) expense

(71,229)


14,813


Net income

141,385


75,331


Less net income attributable to noncontrolling interest

2,774


3,445


Net income attributable to Remy International, Inc.

138,611


71,886


Preferred stock dividends


(2,114)


Loss on extinguishment of preferred stock


(7,572)


Net income attributable to common stockholders

$

138,611


$

62,200





Basic earnings per share:



Earnings per share

$

4.53


$

2.14


Weighted average shares outstanding

30,616


29,096


Diluted earnings per share:



Earnings per share

$

4.47


$

2.10


Weighted average shares outstanding

30,990


29,674


 

Table A-4
Remy International, Inc.
Reconciliation of non-GAAP financial measures
(Unaudited)

Adjusted EBITDA and net debt are not a measure of performance defined in accordance with accounting principles generally accepted in the United States (U.S. GAAP).  We use adjusted EBITDA and net debt as a supplement to our U.S. GAAP results in evaluating our business.  Other companies in our industry define adjusted EBITDA differently from us and, as a result, our measure is not comparable to similarly titled measures used by other companies in our industry.

Adjusted EBITDA
We define adjusted EBITDA as net income attributable to common stockholders before interest expense, tax expense, depreciation and amortization, stock-based compensation expense, net income attributable to noncontrolling interest, restructuring, other charges and other impairment charges, loss on extinguishment of debt, preferred stock dividends, loss on extinguishment of preferred stock and other adjustments as set forth in the reconciliations provided below.

Adjusted EBITDA is one of the key factors upon which we assess performance. As an analytical tool, adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it excludes items that we do not believe reflect our ongoing operating performance.

Adjusted EBITDA should not be considered as an alternative to net income as an indicator of our performance, as an alternative to net cash provided by operating activities as a measure of liquidity, or as an alternative to any other measure prescribed by U.S. GAAP. There are limitations to using non-U.S. GAAP measures such as adjusted EBITDA. Although we believe that adjusted EBITDA may make an evaluation of our operating performance more consistent because it removes items that do not reflect our ongoing operations, adjusted EBITDA excludes certain financial information that some may consider important in evaluating our performance.

The following table sets forth a reconciliation of adjusted EBITDA to its most directly comparable U.S. GAAP measure, net income attributable to common stockholders.


Three months ended

December 31,


Years ended  

December 31,

(in thousands)

2012

2011


2012

2011

Net income attributable to common stockholders

$

15,928


$

11,906



$

138,611


$

62,200


Adjustments:






Interest expense

6,710


7,263



27,757


30,900


Income tax expense (benefit)

3,181


1,164



(71,229)


14,813


Depreciation and amortization

10,050


9,126



38,060


35,252


Stock-based compensation expense

1,842


2,846



7,261


6,884


Net income attributable to noncontrolling interest

610


715



2,774


3,445


Restructuring and other charges

1,307


2,208



10,271


3,572


Intangible asset impairment charges





5,600


Preferred stock dividends





2,114


Loss on extinguishment of preferred stock





7,572


Other

99




24


24


Total adjustments

23,799


23,322



14,918


110,176


Adjusted EBITDA

$

39,727


$

35,228



$

153,529


$

172,376


 

Net Debt
We define net debt as short-term debt plus long-term debt less our cash and cash equivalents. Net debt is one of the key factors upon which we analyze how much debt we have in relation to our cash reserves and assessing our leverage.

The following table shows the reconciliation of net debt outstanding to our U.S. GAAP balance sheet.


As of December 31, 

(in thousands)

2012

2011

Short-term debt

$

9,098


$

14,243


Current maturities of long-term debt

3,470


10,268


Long-term debt, net of current maturities

284,475


286,680


Less:



Cash and cash equivalents

111,733


91,684


Net debt

$

185,310


$

219,507


 

SOURCE Remy International, Inc.

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