Pre-tax income for the fourth quarter of 2013 was
Net sales for full year 2013 were
Pre-tax income for the full year of 2013 was
As a percentage of net sales, cost of products sold for the fourth quarter of 2013 decreased to 79.8% from 81.9% for the prior year's fourth quarter. Cost of products sold for full year 2013 was 79.1% as compared to 79.7% for the same period last year. The decrease in the cost of products sold as a percentage of sales reflects the continuing operational performance improvement in our divisions.
Debt, net of cash, was
"During 2013, we continued to strengthen our balance sheet having reduced net debt by
"While we are sensitive to the prolonged general economic uncertainty hanging over the markets as well as the weakness in European automotive markets and in particular European industrial markets, we are positive regarding NN's opportunities in 2014. We are forecasting 2014 sales to be in the range of
Mr. Holder concluded, "On
Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of
Financial Tables Follow
NN, Inc. Condensed Statements of Income (In Thousands, except per share amounts) (Unaudited) |
||||||||
Three Months Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2013 |
2012 |
2013 |
2012 |
|||||
Net sales |
$ 90,081 |
$ 80,155 |
$ 373,206 |
$ 370,084 |
||||
Cost of products sold (exclusive of depreciation and amortization shown separately below) |
71,848 |
65,615 |
295,136 |
294,859 |
||||
Selling, general and administrative |
7,737 |
7,296 |
33,281 |
31,561 |
||||
Depreciation and amortization |
4,022 |
4,440 |
16,957 |
17,643 |
||||
(Gain) loss on disposal of assets |
-- |
(9) |
5 |
(17) |
||||
Restructuring and impairment charges |
-- |
967 |
-- |
967 |
||||
Income from operations |
6,474 |
1,846 |
27,827 |
25,071 |
||||
Interest expense |
225 |
490 |
2,374 |
3,878 |
||||
Other expense (income), net |
191 |
888 |
275 |
852 |
||||
Income before provision (benefit) for income taxes |
6,058 |
468 |
25,178 |
20,341 |
||||
Provision(benefit) for income taxes |
1,573 |
(7,738) |
8,000 |
(3,927) |
||||
Net income |
$ 4,485 |
$ 8,206 |
$ 17,178 |
$ 24,268 |
||||
Diluted income per share |
$ 0.25 |
$ 0.48 |
$ 1.00 |
$ 1.42 |
||||
Weighted average diluted shares outstanding |
17,817 |
17,150 |
17,260 |
17,114 |
NN, Inc. Condensed Balance Sheets (In thousands) (Unaudited) |
||||
December 31, 2013 |
December 31, 2012 |
|||
Assets |
||||
Current Assets: |
||||
Cash |
$ 3,039 |
$ 18,990 |
||
Accounts receivable, net |
58,929 |
51,628 |
||
Inventories |
54,530 |
46,150 |
||
Other current assets |
9,176 |
10,528 |
||
Total current assets |
125,674 |
127,296 |
||
Property, plant and equipment, net |
121,089 |
119,687 |
||
Goodwill, net |
8,624 |
8,254 |
||
Intangible assets, net |
900 |
900 |
||
Other non-current assets |
6,115 |
9,206 |
||
Total assets |
$ 262,402 |
$ 265,343 |
||
Liabilities and Stockholders' Equity |
||||
Current liabilities: |
||||
Accounts payable |
$ 40,687 |
$ 37,000 |
||
Accrued salaries, wages and benefits |
11,761 |
10,174 |
||
Current maturities of long-term debt |
10,477 |
5,801 |
||
Income taxes payable |
1,340 |
543 |
||
Other current liabilities |
5,119 |
5,240 |
||
Total current liabilities |
69,384 |
58,758 |
||
Non-current deferred tax liabilities |
3,844 |
3,850 |
||
Long-term debt, net of current portion |
26,000 |
63,715 |
||
Other non-current liabilities |
10,414 |
10,460 |
||
Total liabilities |
109,642 |
136,783 |
||
Total stockholders' equity |
152,760 |
128,560 |
||
Total liabilities and stockholders' equity |
$ 262,402 |
$ 265,343 |
Three Months Ended December 31, 2013 |
Year Ended December 31, 2013 |
||||||
In Thousands |
Diluted Earnings Per Share |
In Thousands |
Diluted Earnings Per Share |
||||
Net Income |
$ 4,485 |
$ 0.25 |
$ 17,178 |
$ 1.00 |
|||
After tax restructuring and other non-recurring items |
-- |
-- |
483 |
0.02 |
|||
Foreign exchange loss on intercompany |
-- |
-- |
84 |
0.01 |
|||
Net Income from normal operations |
$ 4,485 |
$ 0.25 |
$ 17,745 |
$ 1.03 |
Three Months Ended December 31, 2012 |
Year Ended December 31, 2012 |
||||||
In Thousands |
Diluted Earnings Per Share |
In Thousands |
Diluted Earnings Per Share |
||||
Net Income |
$ 8,206 |
$ 0.48 |
$ 24,268 |
$ 1.42 |
|||
Benefits from reversing deferred tax asset valuation allowances, net of offsetting tax charges |
(7,257) |
(0.43) |
(7,257) |
(0.43) |
|||
Impairment of non-operating assets |
1,008 |
0.06 |
1,008 |
0.06 |
|||
Foreign exchange loss on intercompany |
827 |
0.05 |
1,110 |
0.07 |
|||
Net income from normal operations |
$ 2,784 |
$ 0.16 |
$ 19,129 |
$ 1.12 |
The Company's management evaluates operating performance excluding unusual and/or nonrecurring items. The Company believes excluding such items provides a more effective and comparable measure of performance and a clearer view of underlying trends. Since net income excluding these items is not a measure calculated in accordance with GAAP, this should not be considered as a substitute for other GAAP measures, including net income, as an indicator of performance. Accordingly, net income/loss excluding the above items is reconciled to net income/loss on a GAAP basis.
SOURCE
AT THE COMPANY, Will Kelly, Vice President and Chief Administrative Officer, (423) 743-9151; AT FINANCIAL RELATIONS BOARD, Marilynn Meek (General info), (212) 827-3773