Superior Industries International, Inc. 4 th Quarter 2009 Earnings Conference Call February 26, 2010. Forward Looking Statements.
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4th Quarter 2009
Earnings Conference Call
February 26, 2010
Any forward-looking statements made in this web cast or contained in this slide presentation, including those related to conditions in the auto industry, are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially because of issues and uncertainties that need to be considered in evaluating our financial outlook. We assume no obligation to update publicly any forward-looking statements. Issues and uncertainties that are of particular significance at this time relate to global competitive pricing, customer financial stability, customer schedule volatility, potential declines in the production of cars and light trucks, the related impact on demand for our products and the successful completion of our strategic and operating plans. Please refer to the company’s SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, for a complete write-up on forward-looking statements and risk factors.
Unit shipments at 2.4M, 9.8% higher than Q408
Revenue down $6.9M, due principally to decrease in aluminum pass-through pricing
Gross profit of $12.2M, or 8.4% of revenues, up $15.8M from gross loss of $3.6M in Q408
Income before taxes and equity earnings of $7.3M, versus loss of $16.9M in Q408
Joint venture operating losses continued in Q409, including a $14.4M impairment chargeQ4 2009 Highlights
US gas contracts marked down in Q1 are marked up
Certain Mexico gas contracts marked down in Q2 marked up
Severance costs of $149,000
Costs related to plant closures (equipment dismantling and disposition, facility cleanup, etc.) of $4.7M, principally for the California facility
Similar costs as above in Q408 totaled $5.4MQ4 2009 Non-Operating Items
Working capital and current ratio remain strong at $241.4M and 4.6:1 at year-end
Pre-petition accounts receivable from GM and Chrysler have all been collected
Inventories decreased $22.5M from a year agoBalance Sheet–Cash Flow
Balance Sheet Management Remains a Priority
Customer demand continues thus far in the current quarter
Steps taken to reduce and manage costs while right-sizing the organization contributed to overall margin improvement in Q409
We will continue to monitor workforce and production cost increases very closely
Cash and overall balance sheet management continue to be high prioritiesConclusion