TriMas Corporation (NASDAQ: TRS) today announced financial results for the year and quarter ended December 31, 2012. For the year, the Company reported record net sales from continuing operations of $1.273 billion, an increase of 17.4% compared to 2011. The Company reported full year income from continuing operations attributable to TriMas Corporation of $33.9 million, or $0.89 per diluted share, compared to income from continuing operations of $50.8 million, or $1.46 per diluted share, in 2011. Excluding Special Items (1), full year 2012 income from continuing operations would have been $69.7 million, or $1.84 per diluted share, an increase of 16.5% as compared to full year 2011.
The Company reported record fourth quarter net sales from continuing operations of $301.0 million, an increase of 15.9% compared to fourth quarter 2011. Fourth quarter 2012 diluted loss per share from continuing operations attributable to TriMas Corporation was $0.35, as compared to earnings per share of $0.20 during fourth quarter 2011. Excluding Special Items (1), fourth quarter 2012 diluted earnings per share from continuing operations would have been $0.33, a 32.0% improvement from fourth quarter 2011.
TriMas 2012 Highlights
- Achieved record net sales of $1.273 billion in 2012, an increase of 17.4%, due to the successful execution of numerous growth initiatives and results from bolt-on acquisitions.
- Improved 2012 income from continuing operations (1) by 27.1%, compared to 2011. Improved diluted earnings per share (1) by 16.5%, while absorbing incremental costs related to several acquisitions and 9.1% higher weighted average shares outstanding for 2012 as compared to 2011.
- Enhanced capital structure by issuing 4 million shares of common stock for net proceeds of approximately $79.0 million.
- Retired 9¾% senior notes and amended credit facilities to reduce borrowing rates, extend maturities and enhance liquidity and capital structure flexibility.
- Reduced total indebtedness from $469.9 million as of December 31, 2011 to $422.4 million as of December 31, 2012.
- Continued to invest in a flexible manufacturing footprint and productivity projects to optimize manufacturing costs long-term, increase capacity, respond to customer needs and drive future growth.
- Expanded geographic reach and related sales into China, Thailand, Singapore, Brazil, South Africa and New Zealand.
- Invested approximately $89.9 million in seven bolt-on acquisitions during 2012, providing opportunities to expand existing product offerings, gain access to new customers and end markets, expand the geographic footprint and capitalize on scale and cost efficiencies.
"We are proud of our many accomplishments in 2012," said David Wathen, TriMas President and Chief Executive Officer. "Our record sales of approximately $1.3 billion, a 17.4% sales growth as compared to 2011, demonstrates we are successfully executing on our growth strategies, including bolt-on acquisitions, product innovation, market share gains and geographic expansion. In the midst of an uncertain global economic environment, we continued to identify the bright spots where we can capture growth for our businesses. We made careful decisions to accelerate growth programs that are working, as we capitalized on opportunities to drive long-term stakeholder value."