Consolidated income from operations for the 2013 second quarter increased to $9.1 million, or 5 percent of net sales, from $8.2 million, or 4 percent of net sales, last year.
Income taxes for the second quarter amounted to $3.5 million, or 36 percent of pretax income, compared with $2.0 million, or 24 percent of pretax income, for the same period in 2012. The 2013 effective tax rate was impacted primarily by certain non-deductible expenses incurred during the quarter.
At June 30, 2013, working capital was $347.6 million, including cash, cash equivalents and short-term investments of $206.5 million. At December 31, 2012, working capital was $338.3 million, including cash, cash equivalents and short-term investments of $207.3 million. Superior has no bank or other interest bearing debt.
Year-to-Date ResultsConsolidated net sales for the first half of 2013 were $405.4 million, compared with $417.5 million for the comparable period a year ago, primarily reflecting a decrease in the number of wheels shipped. Unit shipments for the first six months of 2013 were 6.0 million versus 6.4 million a year ago. The negative impact of lower unit sales volume was partially offset by a 2 percent increase in the average selling price for the first half of 2013, attributable to an improved mix of wheel sizes and finishes offset partially by a decline in the value of the aluminum component of sales. Consolidated gross profit for the first half of 2013 decreased to $29.8 million and was 7 percent of net sales, compared with $32.8 million, or 8 percent of net sales, for the comparable period a year ago. The gross profit and margin percentage declines in the first half of 2013 were largely the result of lower volumes. Despite the second quarter improvement, the year-to-date declines primarily reflect lower cost efficiency in the first quarter of this year.
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