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Cooper Tire & Rubber Company Reports Record Fourth Quarter And Full Year 2012 Results

Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected.

The company makes no commitment to update any forward-looking statement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.

Further information covering issues that could materially affect financial performance is contained in the company's periodic filings with the U.S. Securities and Exchange Commission.

About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company (NYSE: CTB) is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.

 
Cooper Tire & Rubber Company
Consolidated Statements of Income
       
 
(Dollar amounts in thousands except per share amounts)
 
Quarter Ended Year Ended
December 31 December 31
2011 2012 2011 2012
(Unaudited)
 
Net sales $ 1,038,686 $ 1,062,470 $ 3,907,820 $ 4,200,836
Cost of products sold   931,997     870,693     3,562,813     3,546,568  
Gross profit 106,689 191,777 345,007 654,268
 
Selling, general and administrative   47,036     67,542     181,706     257,306  
Operating profit 59,653 124,235 163,301 396,962
 
Interest expense 8,588 5,573 36,191 29,546
Interest income 791 646 3,190 2,560
Other income (expense)   (1,678 )   (1,859 )   3,846     (1,526 )
Income before income taxes 50,178 117,449 134,146 368,450
 
Income tax expense   (164,540 )   34,374     (135,457 )   116,024  
 
Net income 214,718 83,075 269,603 252,426
 
Net income attributable to noncontrolling shareholders' interests   5,693     10,131     16,100     32,055  
 
Net income attributable to Cooper Tire & Rubber Company $ 209,025   $ 72,944   $ 253,503   $ 220,371  
 
Basic earnings per share:
 
Net income attributable to Cooper Tire & Rubber Company common stockholders $ 3.36 $ 1.16 $ 4.08 $ 3.52
 
Diluted earnings per share:
 
Net income attributable to Cooper Tire & Rubber Company common stockholders $ 3.33 $ 1.15 $ 4.02 $ 3.49
 
Weighted average shares outstanding (000s):
Basic 62,283 63,029 62,150 62,561
Diluted 62,820 63,764 63,012 63,224
Depreciation and amortization $ 30,185 $ 32,722 $ 122,899 $ 128,916
Capital expenditures $ 34,120 $ 63,859 $ 155,406 $ 187,336
 
Segment information
Net sales
North American Tire $ 770,684 $ 810,995 $ 2,837,588 $ 3,095,558
International Tire 376,191 341,645 1,557,080 1,575,998
Eliminations (108,190 ) (90,170 ) (486,848 ) (470,720 )
 
Segment profit (loss)
North American Tire $ 34,888 $ 103,183 $ 77,432 $ 295,900
International Tire 28,906 32,208 102,720 143,589
Eliminations 949 1,355 (1,428 ) (5,654 )
Unallocated corporate charges (5,090 ) (12,511 ) (15,423 ) (36,873 )
 
 
******************************
 
   
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
December 31
2011 2012
 

Assets

Current assets:
Cash and cash equivalents $ 233,710 $ 351,817
Notes receivable 71,661 47,646
Accounts receivable 427,782 415,460
Inventories 465,393 561,868
Other current assets   65,434   72,904
Total current assets 1,263,980 1,449,695
 
Net property, plant and equipment 899,044 929,255
Goodwill 18,851 18,851
Restricted cash 2,475 7,741
Deferred income tax assets 206,493 228,849
Intangibles and other assets   119,075   166,769
$ 2,509,918 $ 2,801,160
 
 

Liabilities and Equity

Current liabilities:
Notes payable $ 131,651 $ 32,836
Trade payables and accrued liabilities 491,521 601,689
Income taxes 6,646 18,297
Current portion of long-term debt   21,199   2,319
Total current liabilities 651,017 655,141
 
Long-term debt 329,496 336,142
Postretirement benefits other than pensions 293,267 291,546
Pension benefits 360,632 432,922
Other long-term liabilities 168,703 168,967
Deferred income tax liabilities 8,913 8,026
Equity   697,890   908,416
$ 2,509,918 $ 2,801,160
 
 
 
 
Certain amounts from 2011 have been reclassed to conform to 2012 presentation.




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