LAKE FOREST, Ill. – UCI Holdings Limited, the parent company of UCI International Inc. (UCI), has announced UCI’s results for the fourth quarter ended Dec. 31, 2014. Net sales of $255.4 million increased 4 percent from the $245.6 million reported for the fourth quarter of 2013. The company, a leading manufacturer of vehicle replacement parts, reported that net sales increased in its cooling systems, vehicle electronics and filtration product lines, and declined in the fuel delivery systems product line.
Net loss for the quarter was $0.7 million, including $5 million, net of tax, in special items, consisting primarily of restructuring costs, costs of obtaining new business, costs of a corporate strategic review, business optimization costs, and costs related to implementation of our cost sharing and manufacturing arrangements with FRAM Group. Excluding these items, adjusted net income would have been $4.3 million for the quarter.
For the year ended December 31, 2014, net sales increased to $1,009.8 million, compared to $995.9 million in 2013.
“We finished the year with good fourth quarter sales volume, led by our OE cooling system programs and new product introductions in our vehicle electronics line,” said Bruce Zorich, CEO of UCI. “The increased volume, along with the continued benefits of our cost savings initiatives and reduced costs from our OE rollout, helped us to overcome lower customer pricing and unfavorable product mix, to post a year-over-year and sequential improvement in our fourth quarter adjusted EBITDA.”
As of Dec. 31, 2014, the company’s cash on hand was $44.5 million and total debt was $708.2 million.
