J.L. French Automotive Castings Announces Fourth Quarter and Year-End Results - aftermarketNews

J.L. French Automotive Castings Announces Fourth Quarter and Year-End Results

J.L. French Automotive Castings has reported fourth-quarter revenues of $130.3 million for the period which ended December 31, 2003, compared to $136.7 million in the 2002 period.

MINNEAPOLIS — J.L. French Automotive Castings has reported fourth-quarter revenues of $130.3 million for the period which ended December 31, 2003, compared to $136.7 million in the 2002 period.

Operating income before the impact of restructuring and impairment charges, loss on sale of business and loss on early retirement of debt was $15.5 million versus $14.7 million in the prior-year quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) before restructuring and impairment charges, loss on sale of business assets, loss on early retirement of debt and loss contract reserve reversals was $26.5 million, or 20.4 percent of sales, in the fourth quarter of 2003 compared to $25.4 million, or 18.6 percent of sales, in the 2002 period. Cash interest expense was $16.1 million, up from $12.7 million in the fourth quarter of 2002 as a result of higher weighted average interest rates and debt levels in the 2003 period.

During the fourth quarter of 2003, the company recorded restructuring and impairment charges of $1.8 million, which primarily represents expenses associated with the Grandville, MI., facility, which was closed in the second quarter of 2003 and certain charges of $0.8 million related to the restructuring of its United Kingdom operations. In the fourth quarter of 2002, the company recorded a restructuring charge of $21.3 million related to the closure of the Grandville, MI, facility.

For the year ended December 31, 2003, revenues were $521.1 million, a decrease of $29.4 million compared to 2002. EBITDA before the impact of restructuring and impairment charges, loss on sale of business assets, loss on early retirement of debt and loss contract reserve reversals decreased to $93.6 million, or 18.0 percent of sales, in 2003 compared to $95.0 million, or 17.3 percent of sales, in 2002. As a result of the higher weighted average interest rates and debt levels in 2003, cash interest expense increased to $60.2 million versus $48.9 million for 2002. During 2003, the company recorded non-cash income of $0.6 million related to exchange rate fluctuations on debt denominated in foreign currencies.

Restructuring and impairment charges for the year ended December 31, 2003 totaled $106.4 million and consisted of $96.0 million write-off of goodwill related to the Sheboygan and Spain reporting units in the third quarter, $4.9 million write-down of assets at the Saltillo, Mexico facility, $2.2 million write-down of assets of the UK operations, and $3.3 million in restructuring costs.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Mullen’s Bollinger Motors, Announces Sale B4 EV Trucks

Bollinger has sold 70 all-electric Class 4 B4 commercial trucks to fleet management company Doering Fleet Management.

Mullens-Bollinger-Motors-Announces-Sale-B4-EV-Trucks

Electric vehicle manufacturer Mullen Automotive, Inc. announced its subsidiary, Bollinger Motors, has reached an agreement to sell 70 all-electric Class 4 Bollinger B4 commercial trucks to fleet management company Doering Fleet Management.

The Bollinger B4 will be the first Class 4 medium duty, all-electric truck offered by Doering.

The vehicle order is valued at approximately $11.5 million with first vehicle deliveries in late 2024, according to the latest press information.

Women in Auto Care Hits Record Scholarship Distribution

The group has distributed a total of 81 awards, combining cash scholarships and toolkits, with an unprecedented value of $425,000, according to the Association.

ASE Education Foundation Partners on 10 Training Scholarships
Council of Remanufacturing Excellence Donates 100 Trees

The donation honors the environmental stewardship integral to remanufacturing and the mission of CoRE.

Environmental-Sustainability-generic
SKF, Duracar Partner on Sustainable EV Technology

The collaboration marks a step forward in both companies’ commitment to sustainability and the advancement of environmentally friendly transportation solutions.

SKF-Duracar-Partner-on-Sustainable-EV-Technology
DENSO Hosts In-Vehicle Software Strategy Briefing

DENSO explained its software strategy and how the company is approaching in-vehicle software development based on its vision.

DENSO
Other Posts
NexaMotion Group Launches New Branding for Transend

NexaMotion Group recently revealed a new logo and re-designed look with improved navigation for its e-commerce platform Transend.

Transend Auto Tech
Bollinger Motors Names Former GM Executive Taylor as CEO

James Taylor will take over for company founder Robert Bollinger, who will remain on the company’s Board of Directors and a major shareholder.

Bollinger Motors
Women at the Wheel: Brittany Zurbrugg

Zurbrugg is branch manager at Transtar Industries.

WATW_Brittany_Zurbrugg
Auto Care Association Launches Video Series on REPAIR Act

The video series features four lawmakers advocating for the REPAIR Act.

Right to repair 2