Accuride Corporation Returns To Profitability In Fourth Quarter Of 2011

Earnings Conference Call InformationAccuride will hold a conference call to discuss the financial and operational results of its fourth quarter and full-year fiscal 2011 on Thursday, March 1, 2012, beginning at 9:00 a.m. Central Time. Analysts and investors may participate by dialing [phone] in the United States, or [phone] internationally, and using participant code 50380262. A live webcast of the conference call can be accessed via the Investor Information section of the Company’s website at www.accuridecorp.com. A replay will be available March 1, 2012, at 11:00 a.m. CST until midnight, March 8, 2012, by calling [phone] in the United States, or [phone] internationally, using access code 24701158.

Information covered on the call and financial results for the three-month and full-year period ended December 31, 2011 will be available in the Investor Relations section of the company's website at http://www.accuridecorp.com.

Fresh-Start ReportingUpon Accuride Corporation’s emergence from Chapter 11 bankruptcy proceedings on February 26, 2010, we adopted fresh-start accounting in accordance with the provisions of ASC 852 Reorganizations (ASC 852), pursuant to which the midpoint of the range of our reorganization value was allocated to our assets and liabilities in conformity with the procedures specified by ASC 805, “Business Combinations.” The results for the ten-month period ended December 31, 2010 (references to the Company for such period, the “Successor”) and the results for the two-month period ended February 26, 2010 (references to the Company for such periods, the “Predecessor”) are presented separately. This presentation is required by GAAP, as the Successor is considered to be a new entity for financial reporting purposes, and the results of the Successor reflect the application of fresh-start reporting. Accordingly, the Company’s financial statements after February 26, 2010, are not comparable to its financial statements for any period prior to its emergence from Chapter 11, unless otherwise noted.

About Accuride CorporationWith headquarters in Evansville, Indiana, Accuride Corporation is a leading supplier of components to the commercial vehicle industry. The company’s products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components. The company’s products are marketed under its brand names, which include Accuride ^®, Gunite ^®, Imperial ^TM and Brillion ^TM. Accuride’s common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Company’s website at http://www.accuridecorp.com.

Forward-Looking Statements Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Accuride’s expectations, hopes, beliefs, and intentions with respect to future results. Such statements are subject to the impact on Accuride’s business and prospects generally of, among other factors, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Accuride’s Securities and Exchange Commission filings, including those described in Item 1A of Accuride’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Any forward-looking statement reflects only Accuride’s belief at the time the statement is made. Although Accuride believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee its future results, levels of activity, performance or achievements. Except as required by law, Accuride undertakes no obligation to update any forward-looking statements to reflect events or developments after the date of this news release.

Three Months Operating Results
					Three Months Ended December 31,
(Dollars in thousands)					2011							2010
Net sales:
Wheels					$	106,157			43.8	%		$	75,403			42.9	%
Gunite						61,368			25.3	%			49,600			28.2	%
Brillion Iron Works						36,662			15.1	%			29,595			16.9	%
Imperial Group						38,312			15.8	%			21,122			12.0	%
Total net sales					$	242,499			100.0	%		$	175,720			100.0	%
Gross Profit					$	21,839			9.0	%		$	11,509			6.5	%
Income (loss) from Operations:
Wheels					$	18,832			17.7	%		$	6,591			8.7	%
Gunite						(778	)		(1.3	)%			(1,478	)		(3.0	)%
Brillion Iron Works						512			1.4	%			(1,792	)		(6.1	)%
Imperial Group						(37	)		(0.1	)%			1,501			7.1	%
Corporate / Other						(9,009	)		—	%			(12,588	)		—	%
Consolidated Total					$	9,520			3.9	%		$	(7,766	)		(4.4	)%
Net income (loss)					$	4,073			1.7	%		$	(110,865	)		(63.1	)%
Adjusted EBITDA
Wheels					$	29,782			28.1	%		$	15,654			20.8	%
Gunite						1,190			1.9	%			704			1.4	%
Brillion Iron Works						1,923			5.2	%			2,098			7.1	%
Imperial Group						616			1.6	%			192			0.9	%
Corporate / Other						(9,184	)		—	%			(6,227	)		—	%
Continuing Operations					$	24,327			10.0	%		$	12,421			7.1	%
Bostrom Seating						—			—	%			6			—	%
Fabco Automotive						—			—	%			2,191			—	%
Brillion Farm						—			—	%			503			—	%
Consolidated Total					$	24,327			10.0	%		$	15,121			8.6	%

Fiscal Year Operating Results
					Successor														Predecessor
(Dollars in thousands)					Year Ended December 31, 2011							Period from February 26, 2010 to December 31, 2010							Period from January 1, 2010 to February 26, 2010
Net sales:
Wheels					$	406,587			43.4	%		$	247,673			42.5	%		$	38,379			41.9	%
Gunite						251,113			26.8	%			175,352			30.1	%			29,804			32.5	%
Brillion Iron Works						146,837			15.7	%			90,492			15.6	%			11,442			12.5	%
Imperial Group						131,558			14.1	%			68,790			11.8	%			12,022			13.1	%
Total net sales					$	936,095			100.0	%		$	582,307			100.0	%		$	91,647			100.0	%
Gross Profit					$	80,811			8.6	%		$	40,448			6.9	%		$	2,250			2.5	%
Income (loss) from Operations:
Wheels					$	57,864			14.2	%		$	23,577			9.5	%		$	2,663			6.9	%
Gunite						(1,785	)		(0.7	)%			2,623			1.5	%			277			0.9	%
Brillion Iron Works						2,301			1.6	%			(1,171	)		(1.3	)%			(986	)		(8.6	)%
Imperial Group						3,141			2.4	%			(579	)		(0.8	)%			(1,011	)		(8.4	)%
Corporate / Other						(37,609	)		—	%			(38,149	)		—	%			(5,172	)		—	%
Consolidated Total					$	23,912			2.6	%		$	(13,699	)		(2.4	)%		$	(4,229	)		(4.6	)%
Net income (loss)					$	(17,031	)		(1.8	)%		$	(126,532	)		(21.7	)%		$	50,802			55.4	%
Adjusted EBITDA
Wheels					$	99,037			24.4	%		$	53,944			21.8	%		$	7,052			18.4	%
Gunite						6,571			2.6	%			11,661			6.7	%			1,999			6.7	%
Brillion Iron Works						8,205			5.6	%			5,421			6.0	%			(50	)		(0.4	)%
Imperial Group						5,524			4.2	%			403			0.6	%			(233	)		(1.9	)%
Corporate / Other						(38,402	)		—	%			(24,787	)		—	%			(5,761	)		—	%
Continuing Operations					$	80,935			8.6	%		$	46,642			8.0	%		$	3,007			3.3	%
Bostrom Seating						(22	)		—	%			(155	)		—	%			(230	)		—	%
Fabco Automotive						5,172			—	%			12,638			—	%			1,067			—	%
Brillion Farm						—			—	%			2,430			—	%			839			—	%
Consolidated Total					$	86,085			9.2	%		$	61,555			10.6	%		$	4,683			5.1	%

ACCURIDE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
					Successor								Predecessor
					Year Ended December 31,				Period from February 26 to December 31,				Period from January 1 to February 26,
(In thousands except per share data)					2011				2010				2010
NET SALES					$	936,095			$	582,307			$	91,647
COST OF GOODS SOLD					855,284				541,859				89,397
GROSS PROFIT (LOSS)					80,811				40,448				2,250
OPERATING EXPENSES:
Selling, general and administrative					56,899				54,147				6,479
INCOME (LOSS) FROM OPERATIONS					23,912				(13,699		)		(4,229		)
OTHER INCOME (EXPENSE):
Interest income					46				143				54
Interest expense					(34,143		)		(33,593		)		(7,550		)
Gain on mark to market valuation of convertible debt					—				75,574				—
Inducement expense					—				(166,691		)		—
Other income, net					3,596				2,575				566
LOSS BEFORE REORGANIZATION ITEMS AND INCOME TAXES FROM CONTINUING OPERATIONS					(6,589		)		(135,691		)		(11,159		)
Reorganization expense (income)					—				—				(59,311		)
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS					(6,589		)		(135,691		)		48,152
INCOME TAX PROVISION (BENEFIT)					7,761				(2,207		)		(1,931		)
INCOME (LOSS) FROM CONTINUING OPERATIONS					(14,350		)		(133,484		)		50,083
DISCONTINUED OPERATIONS, NET OF TAX					(2,681		)		6,952				719
NET INCOME (LOSS)					$	(17,031	)		$	(126,532	)		$	50,802
Weighted average common shares outstanding—basic					47,277				15,670				47,572
Basic income (loss) per share – continuing operations					$	(0.30	)		$	(8.52	)		$	1.05
Basic income (loss) per share – discontinued operations						(0.06	)			0.45				0.02
Basic income (loss) per share					$	(0.36	)		$	(8.07	)		$	1.07
Weighted average common shares outstanding—diluted					47,277				15,670				47,572
Diluted income (loss) per share – continuing operations					$	(0.30	)		$	(8.52	)		$	1.05
Diluted income (loss) per share – discontinued operations						(0.06	)			0.45				0.02
Diluted income (loss) per share					$	(0.36	)		$	(8.07	)		$	1.07

ACCURIDE CORPORATION CONSOLIDATED ADJUSTED EBITDA (UNAUDITED)
					Historical Results
					Successor								Predecessor				Combined
					Year Ended December 31,				Period from February 26 to December 31,				Period from January 1 to February 26,				Year Ended December 31,
(In thousands)					2011				2010				2010				2010
Net income (loss)					$	(17,031	)		$	(126,532	)		$	50,802			$	(75,730	)
Income tax expense (benefit)					7,408				1,591				(1,534		)		57
Interest expense, net					34,097				33,450				7,496				40,946
Depreciation and amortization					51,278				43,759				7,532				51,291
Restructuring, severance and other charges 1					4,806				19,091				(59,092		)		(40,001		)
Other items related to our credit agreement 2					5,527				90,196				(521		)		89,675
Adjusted EBITDA					$	86,085			$	61,555			$	4,683			$	66,238

Note:
1)			For the year ended December 31, 2011, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, plus $4.8 million in costs associated with restructuring, acquisition, and divestiture items. For the year ended December 31, 2010, Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, less $40.0 million in benefits associated with restructuring and reorganization items.
2)			Items related to our credit agreement refer to amounts utilized in the calculation of financial covenants in Accuride’s senior credit facility. For the year ended December 31, 2011, items related to our credit agreement consisted of foreign currency income and other net income of $5.5 million. For the year ended December 31, 2010, items related to our credit agreement consisted of foreign currency losses and other income or expenses of $89.7 million.

ACCURIDE CORPORATION SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
					Three Months Ended December 31, 2011
(In thousands)					Income (loss) from Operations				Depreciation and Amortization				Other				Adjusted EBITDA
Wheels					$	18,832			$	9,196			$	1,754			$	29,782
Gunite						(778	)			1,923				45				1,190
Brillion Iron Works						512				1,384				27				1,923
Imperial Group						(37	)			181				472				616
Corporate / Other						(9,009	)			529				(704	)			(9,184	)
Continuing Operations					$	9,520			$	13,213			$	1,594			$	24,327
Bostrom						—				—				—				—
Fabco Automotive						—				—				—				—
Farm						—				—				—				—
Consolidated Total					$	9,520			$	13,213			$	1,594			$	24,327
					Three Months Ended December 31, 2010
(In thousands)					Income (loss) from Operations				Depreciation and Amortization				Other				Adjusted EBITDA
Wheels					$	6,591			$	7,463			$	1,600			$	15,654
Gunite						(1,478	)			1,792				390				704
Brillion Iron Works						(1,792	)			3,666				224				2,098
Imperial Group						1,501				(1,326	)			17				192
Corporate / Other						(12,588	)			283				6,078				(6,227	)
Continuing Operations					$	(7,766	)		$	11,878			$	8,309			$	12,421
Bostrom						(837	)			843				—				6
Fabco Automotive						2,062				129				—				2,191
Farm						416				181				(94	)			503
Consolidated Total					$	(6,125	)		$	13,031			$	8,215			$	15,121
					Year Ended December 31, 2011
(In thousands)					Income (loss) from Operations				Depreciation and Amortization				Other				Adjusted EBITDA
Wheels					$	57,864			$	34,129			$	7,044			$	99,037
Gunite						(1,785	)			7,931				425				6,571
Brillion Iron Works						2,301				5,793				111				8,205
Imperial Group						3,141				360				2,023				5,524
Corporate / Other						(37,609	)			1,607				(2,400	)			(38,402	)
Continuing Operations					$	23,912			$	49,820			$	7,203			$	80,935
Bostrom						(112	)			90				—				(22	)
Fabco Automotive						3,804				1,368				—				5,172
Farm						—				—				—				—
Consolidated Total					$	27,604			$	51,278			$	7,203			$	86,085
					Period from February 26 to December 31, 2010 (Successor)
(In thousands)					Income (loss) from Operations				Depreciation and Amortization				Other				Adjusted EBITDA
Wheels					$	23,577			$	23,916			$	6,451			$	53,944
Gunite						2,623				7,923				1,115				11,661
Brillion Iron Works						(1,171	)			6,065				527				5,421
Imperial Group						(579	)			850				132				403
Corporate / Other						(38,149	)			1,517				11,845				(24,787	)
Continuing Operations					$	(13,699	)		$	40,271			$	20,070			$	46,642
Bostrom						(1,809	)			1,654				—				(155	)
Fabco Automotive						11,145				1,265				228				12,638
Farm						1,506				569				355				2,430
Consolidated Total					$	(2,857	)		$	43,759			$	20,653			$	61,555
					Period from January 1 to February 26, 2010 (Predecessor)
(In thousands)					Income (loss) from Operations				Depreciation and Amortization				Other				Adjusted EBITDA
Wheels					$	2,663			$	3,322			$	1,067			$	7,052
Gunite						277				1,501				221				1,999
Brillion Iron Works						(986	)			890				46				(50	)
Imperial Group						(1,011	)			766				12				(233	)
Corporate / Other						(5,172	)			514				(1,103	)			(5,761	)
Continuing Operations					$	(4,229	)		$	6,993			$	243			$	3,007
Bostrom						(544	)			293				21				(230	)
Fabco Automotive						953				114				—				1,067
Farm						707				132				—				839
Consolidated Total					$	(3,113	)		$	7,532			$	264			$	4,683

We define Adjusted EBITDA as our net income or loss before income tax expense or benefit, interest expense, net, depreciation and amortization, restructuring, severance, and other charges, impairment, and currency losses, net. Adjusted EBITDA has been included because we believe that it is useful for us and our investors to measure our ability to provide cash flows to meet debt service. Adjusted EBITDA should not be considered an alternative to net income (loss) or other traditional indicators of operating performance and cash flows determined in accordance with accounting principles generally accepted in the United States (“GAAP”). We present the table of Adjusted EBITDA because covenants in the agreements governing our material indebtedness contain ratios based on this measure on a quarterly basis. While Adjusted EBITDA is used as a measure of liquidity and the ability to meet debt service requirements, it is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculations.

ACCURIDE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
					December 31,				December 31,
(In thousands)					2011				2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents					$	56,915			$	78,466
Customer and other receivables					98,075				75,702
Inventories, net					72,827				55,818
Other current assets					12,332				18,518
Total current assets					240,149				228,504
PROPERTY, PLANT AND EQUIPMENT, net					271,562				241,052
OTHER ASSETS:
Goodwill and other assets					357,151				404,494
TOTAL					$	868,862			$	874,050
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable					$	80,261			$	55,324
Other current liabilities					48,228				57,196
Total current liabilities					128,489				112,520
LONG-TERM DEBT					323,082				302,031
OTHER LIABILITIES					159,908				161,400
STOCKHOLDERS’ EQUITY:
Total stockholders’ equity					257,383				298,099
TOTAL					$	868,862			$	874,050

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