Accuride Corp. reports net income in fourth quarter
Accuride Corp. reported a net loss of $8.7 million on net sales of $364.3 million for the 12 months ended Dec. 31, 2003. That compares to a net loss of $10.9 million on net sales of $345.5 million in 2002.
The 2003 results included $11.3 million of refinancing costs in connection with the amendment of the company's credit agreement in June 2003.
For the fourth quarter, the company posted net income of $600,000 on net sales of $94.4 million. That compares to a net loss of $9 million on net sales of $80.2 million for the fourth quarter of 2002.
The company's adjusted EBITDA for the fourth quarter was $19 million, up 16% from $16.4 million during the same period in 2002.
"The fourth quarter results reflect the early stages of recovery underway in the commercial vehicle market," said CEO and President Terry Keating. "Recent strength in net orders provides a strong indication for continued momentum into 2004."
The company's liquidity position remained strong at year's end, with $42.7 million in cash and $41 million in revolver availability.