SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
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for the quarterly period ended June 30, 2003. |
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OR |
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the transition period from to . |
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Commission file number 333-50239 |
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ACCURIDE CORPORATION |
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(Exact Name of Registrant as Specified in Its Charter) |
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Delaware |
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61-1109077 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer Identification No.) |
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7140
Office Circle |
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47715 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (812) 962-5000
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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No ý
As of July 31, 2003, 24,796 shares of Accuride Corporation common stock, par value $.01 per share, were outstanding.
ACCURIDE CORPORATION
Table of Contents
2
PART I. FINANCIAL INFORMATION
Item I. Financial Statements
ACCURIDE CORPORATION
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
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June 30, |
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December 31, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
40,016 |
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$ |
41,266 |
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Customer receivables, net of allowance for doubtful accounts of $1,251 and $1,364 |
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40,118 |
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29,494 |
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Other receivables |
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6,004 |
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3,466 |
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Inventories, net |
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36,265 |
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26,057 |
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Supplies |
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10,097 |
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9,004 |
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Deferred income taxes |
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4,196 |
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1,523 |
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Income taxes receivable |
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0 |
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7,963 |
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Prepaid expenses and other current assets |
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3,493 |
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1,330 |
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Total current assets |
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140,189 |
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120,103 |
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PROPERTY, PLANT AND EQUIPMENT, NET |
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204,650 |
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210,972 |
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OTHER ASSETS: |
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Goodwill |
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123,197 |
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123,197 |
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Investment in affiliates |
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3,001 |
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3,621 |
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Deferred financing costs, net of accumulated amortization of $6,141 and $8,949 |
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5,027 |
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6,354 |
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Deferred income taxes |
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23,700 |
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24,903 |
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Pension benefit plan asset |
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25,377 |
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20,587 |
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Property, plant and equipment held for sale, net |
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4,824 |
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4,824 |
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Other |
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122 |
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606 |
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TOTAL |
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$ |
530,087 |
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$ |
515,167 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY) |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
32,961 |
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$ |
28,582 |
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Current portion of long-term debt |
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1,900 |
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4,125 |
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Accrued payroll and compensation |
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8,344 |
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12,201 |
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Accrued interest payable |
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8,746 |
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10,796 |
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Accrued and other liabilities |
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6,863 |
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5,546 |
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Total current liabilities |
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58,814 |
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61,250 |
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LONG-TERM DEBT, less current portion |
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488,522 |
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470,030 |
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OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY |
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19,988 |
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17,981 |
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PENSION BENEFIT PLAN LIABILITY |
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20,932 |
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18,697 |
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OTHER LIABILITIES |
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296 |
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458 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY (DEFICIENCY): |
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Preferred stock, $.01 par value; 5,000 shares authorized and unissued Common stock and additional paid in capital, $.01 par value; 45,000 shares authorized, 24,923 shares issued; 24,796 outstanding |
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52,065 |
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52,065 |
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Treasury stock, 127 shares at cost |
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(735 |
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(735 |
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Stock subscriptions receivable |
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(46 |
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(121 |
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Accumulated other comprehensive income (loss) |
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(6,357 |
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(7,597 |
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Retained earnings (deficit) |
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(103,392 |
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(96,861 |
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Total stockholders’ equity (deficiency) |
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(58,465 |
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(53,249 |
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TOTAL |
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$ |
530,087 |
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$ |
515,167 |
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See notes to unaudited consolidated financial statements
3
ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(DOLLARS IN THOUSANDS)
(UNAUDITED)
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Three Months Ended |
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Six Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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NET SALES |
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$ |
94,207 |
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$ |
94,585 |
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$ |
182,455 |
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$ |
172,389 |
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COST OF GOODS SOLD |
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75,690 |
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75,683 |
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