This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Superior Industries Reports 2011 Financial Results For Full Year, Fourth Quarter

The company had an income tax benefit of $28.2 million in the fourth quarter of 2011, as compared with income tax expense of $300,000 in the fourth quarter of 2010. The fourth quarter of 2011 includes the income tax benefit resulting from the release of valuation allowances established in prior years against deferred tax assets. This benefit was partially offset by the net expense for income taxes on U.S. and foreign income.

Balance Sheet

At December 31, 2011, working capital was $335.7 million, including cash, cash equivalents and short-term investments of $192.9 million. At December 26, 2010, working capital was $311.1 million, including cash, cash equivalents and short-term investments of $151.6 million. Superior has no bank or other interest bearing debt.

Conference Call

Superior will host a conference call beginning at 10 a.m. PT (1 p.m. ET) on Monday, March 5, 2012 that will be broadcast on the company's website, www.supind.com. Interested parties are invited to listen to the webcast. In addition, a PowerPoint presentation will be posted on the company's website and referred to during the conference call. The webcast replay will be available at the same Internet address approximately one hour after the conclusion of the conference call and will be archived for approximately one year.

During the conference call, the company's management plans to review operating results and discuss other financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.

About Superior Industries

Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its five plants in both the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen. For more information, visit www.supind.com.

Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including those relating to the company’s ability to improve operating performance and implementing improvements that will contribute to the longer-term health of the business, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors and risks discussed from time to time in the company's Securities and Exchange Commission filings and reports, including the company's Annual Report on Form 10-K for 2010. These factors and risks relate to items including, but not limited to, general automotive industry and market conditions and growth rates, general domestic and international economic conditions, as well as the company’s ability to improve operating performance. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
             
 
Three Months Ended Twelve Months Ended
          December 31     December 31
          2011     2010     2011     2010
Net Sales $ 216,847 $ 191,030 $ 822,172 $ 719,500
 
Cost of Sales         198,786       162,031         755,112       630,263  
Gross Profit 18,061 28,999 67,060 89,237
 
Selling and Administrative Expenses 6,235 6,549 25,888 28,285
Impairment of Long-Live Assets and Other Charges     997       1,003         1,337       1,153  
Income From Operations 10,829 21,447 39,835 59,799
 
Loss on Sale of Unconsolidated Affiliate - - - (4,110 )
Interest Income, net 206 196 1,101 1,604
Other Income (Expense), net       955       903         990       190  
Income Before Income Taxes
and Equity Earnings 11,990 22,546 41,926 57,483
 
Benefit (Provision) for Income Taxes 28,197 (288 ) 25,243 (2,993 )
Equity Losses of Unconsolidated Affiliates     -       -         -       (2,847 )
Net Income         $ 40,187     $ 22,258       $ 67,169     $ 51,643  
 
 
Income Per Share:
Basic $ 1.48 $ 0.83 $ 2.48 $ 1.93
Diluted $ 1.48 $ 0.82 $ 2.46 $ 1.93
 
Weighted Average and Equivalent Shares
Outstanding for Income Per Share:
Basic 27,161,000 26,753,000 27,052,000 26,704,000
Diluted           27,231,000       27,025,000         27,330,000       26,789,000  
 
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands)
           
December 31, December 31,
2011     2010
Current Assets $ 404,283 $ 381,612
Property, Plant and Equipment, net 145,747 167,207
Investments and Other Assets   43,201       23,623
$ 593,231     $ 572,442
 
Current Liabilities $ 68,550 $ 70,538
Long-Term Liabilities 64,166 88,422
Shareholders' Equity   460,515       413,482
$ 593,231     $ 572,442




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs