WARREN, Ohio, Aug. 1, 2013 /PRNewswire/ --
Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2013.
Second-quarter 2013 net sales were $242.8 million, an increase of $8.5 million, or 3.6%, compared with $234.3 million for the second quarter of 2012. The increase in the current quarter's net sales was primarily due to higher sales in the Company's PST, Electronics and Control Devices business segments.
Net income for the second quarter of 2013 was $5.8 million, or $0.21 per diluted share, compared with a net loss of $3.6 million, or $(0.13) per diluted share, in the second quarter of 2012. The increase in net income was primarily due to higher sales in the second quarter of 2013 compared with the same period in 2012 and continued improvement in PST's markets and operations in Brazil.
As of June 30, 2013, Stoneridge's consolidated cash position was $37.0 million, a decrease of $7.5 million from December 31, 2012, due primarily to increased receivables and inventories at PST resulting from the Brazilian market recovery.
John Corey, President and Chief Executive Officer, commented, "Year-over-year sales comparisons were higher in the second quarter and continued the sequential sales increases we have seen since the fourth quarter of 2012. The higher sales are mostly the result of improved PST sales which continue to increase over the trough level experienced in the second quarter of 2012."
Corey further noted Company-wide cost reductions and other initiatives implemented during 2012 continued to improve operating margins. PST margins improved as a result of previous cost actions and an improving sales mix driven largely by alarm systems in the aftermarket.
Corey continued, "While the commercial vehicle market demand remains less than robust, Stoneridge's participation in diversified markets has reduced this impact and improved our ability to generate operating profits with lower volumes. In addition, even though the U.S. dollar has gained strength versus the Brazilian Real (BRL), we have been able to better manage our global foreign exchange exposure and have reduced PST's U.S. dollar denominated debt by $10.3 million since the start of 2013. We have recorded a relatively minor currency impact in the second quarter of 2013 compared with the significant impact experienced in the second quarter of 2012."
Regarding the remaining quarters of 2013, Corey added, "We expect to see further financial improvement, continuing a trend that started in the third quarter of 2012. We reaffirm our 2013 guidance of $0.75 to $0.95 per share as published on February 7, 2013, based on our expectation of continued market improvement and benefits from cost initiatives."
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2013 second-quarter results can be accessed at 11 a.m. Eastern time on Thursday, August 1, 2013, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural, motorcycle and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Statements in this release that are not historical fact are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant volume change in commercial vehicle, automotive, agricultural, motorcycle and off-highway vehicle production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company's facilities or at any of the Company's significant customers or suppliers; the ability of the Company's suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
(in thousands, except per share data)
Costs and expenses:
Cost of goods sold
Selling, general and administrative
Interest expense, net
Equity in earnings of investees
Other expense (income), net
Income (loss) before income taxes
Provision (benefit) for income taxes
Net income (loss)
Net income (loss) attributable to noncontrolling interest
Net income (loss) attributable to Stoneridge, Inc.
Earnings per share attributable to Stoneridge, Inc.:
Weighted average shares outstanding
CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents
Accounts receivable, less reserves of $3,411 and $3,394, respectively
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Intangible assets, net
Investments and other long-term assets, net
Total long-term assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of debt
Revolving credit facilities
Accrued expenses and other current liabilities
Total current liabilities
Long-term debt, net
Deferred income taxes
Other long-term liabilities
Total long-term liabilities
Preferred Shares, without par value, authorized 5,000 shares, none issued
Common Shares, without par value, authorized 60,000 shares, issued 28,803 and 28,433
Additional paid-in capital
Common Shares held in treasury, 316 and 520 shares at June 30, 2013 and December 31,
Accumulated other comprehensive loss
Total Stoneridge Inc. shareholders' equity
Total shareholders' equity
Total liabilities and shareholders' equity
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three months ended
Six months ended
Net income (loss)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
Unrealized gain (loss) on derivatives
Other comprehensive loss
Consolidated comprehensive loss
Income (loss) attributable to noncontrolling interest
Comprehensive loss attributable to Stoneridge, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30 (in thousands)
Net cash provided by operating activities
Proceeds from sale of fixed assets
Payment for additional interest in PST
Net cash used for investing activities
Revolving credit facility borrowings
Revolving credit facility payments
Proceeds from issuance of other debt
Repayments of other debt
Other financing costs
Repurchase of Common Shares to satisfy employee tax withholding
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental disclosure of non-cash financing activities:
Change in fair value of interest rate swap
Issuance of Common Shares for acquisition of additional PST interest
SOURCE Stoneridge, Inc.
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