accuride mergent report

8/3/2019 Accuride Mergent Report

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Accuride Corp

General Company Information

Address

7140 Office Circle

Evansville, IN 47715 United States

Phone: 812 962-5000

Country

United States

Ticker

ACW

Date of Incorporation

November 1986 , DE, United States

Number of Employees

2,927 (Approximate Full-Time as of 12/31/2010)

Number of Shareholders

9 (approx. record) (as of 03/25/2011)

Company Website

www.accuridecorp.com

Mergent Dividend Achiever

No

Closing Price

As of 12/08/2011 : 6.28

Business Description

Industry

Construction Services


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NAICS

Primary NAICS:

336399 - All Other Motor Vehicle Parts Manufacturing

Secondary NAICS:

336340 - Motor Vehicle Brake System Manufacturing

SIC

Primary SIC:3714 - Motor vehicle parts and accessories

Business Description

Accuride is a manufacturer and supplier of commercial vehicle components in North America. Co.'s products include

commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle

components. Co. markets its products under the Accuride, Gunite, Imperial, Fabco, Brillion, and Highway Original brand

names. Co. serves the original equipment manufacturers and their related aftermarket channels in the commercial vehicle

market, including heavy- and medium-duty trucks, commercial trailers, light trucks, buses, as well as specialty and military

vehicles.

Co. has three segments: the Wheels, which primarily consists of wheels for heavy- and medium-duty trucks and commercial

trailers; the Components, which consists primarily of truck body and chassis parts, wheel-end components and assemblies, and

seats; and the Other, which primarily consists of other commercial vehicle components, including steerable drive axles and

gearboxes.

Geographic Analysis

Revenues

Report Date 12/31/2010Currency USDScale ThousandsUnited States 605,411Canada 3,016Mexico 51,502Total 659,929

Report Date 02/26/2010Currency USDScale Thousands


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Report Date 02/26/2010Currency USDScale ThousandsUnited States 94,516Canada 376Mexico 9,167Total 104,059

Report Date 12/31/2009

Currency USDScale ThousandsUnited States 514,717Canada 3,621Mexico 51,855Total 570,193

Business Summary

Accuride is a manufacturer and supplier of commercial vehicle components in North America. Co.'s products include

commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle

components. Co. has three segments: the wheels, which consists of wheels for heavy- and medium-duty trucks and commercialtrailers; the components, which consists primarily of truck body and chassis parts, wheel-end components and assemblies, and

seats; and the other, which consists of other commercial vehicle components. Co. markets its products under the Accuride,

Gunite, Imperial, Fabco, Brillion, and Highway Original brand names.

Executives

Top 5 ExecutivesOfficers


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William M. Lasky

Title : Chairman

Compensation History

Year Values in USD 2010 2009 2008Salary 800,000 800,000 231,873Other Annual Compensation/Fees 71,250 N/A 49,484

Stock Awards 1,593,110 N/A 246,250Option Awards N/A N/A 33,333Non-Equity Incentive Plan 869,146 N/A N/ACompensationAll Other Compensation 262,274 112,204 32,026Total Compensation as reported by N/A N/A 493,694Co.Total Compensation 3,595,780 912,204 592,966

Summary Biography

William M. Lasky, was appointed as Chairman of the Board of Accuride Corp. on January 20, 2009. He previously served as

Accuride Corp.'s Interim President and Chief Executive Officer. Mr. Lasky has been also a Director of Accuride Corp. sinceOctober 2007. He has served as the Chairman of the Board for Stoneridge, Inc., a manufacturer of electronic components,

modules and systems for various vehicles, since July 2006 and has been a Director of Stoneridge since January 2004.

Previously, Mr. Lasky served as the Chairman and President and Chief Executive Officer of JLG Industries, Inc., a

manufacturer of aerial work platforms, telescopic material handlers and related accessories, from 1999 through late 2006. Prior

to joining JLG Industries, Mr. Lasky served in various senior capacities at Dana Corporation from 1977 to 1999. Mr. Lasky

holds a B.S. from Norwich University.

Richard F. Dauch

Title : President

Summary Biography

Richard F. Dauch, was appointed as Accuride Corp's President and Chief Executive Officer and as a member of the Board of

Directors on February 1, 2011. Mr. Dauch has been President and Chief Executive Officer of Acument Global Technologies,

Inc. since June 2, 2008.

Prior to that he served as Executive Vice President of Worldwide Manufacturing of American Axle & Manufacturing, Inc.

(AAM). He was the Executive Vice President - Worldwide Manufacturing of AAM since October 2005. Prior to that, he served

as President - Metal Formed Products Division (since January 2005); Vice President, Metal Formed Products Division (since

May 2004); Vice President, Investor Relations (since September 2003); Vice President, Financial Planning (since September

2002); Vice President, Sales and Marketing (since January 2002); Vice President, Sales (since January 2001); Vice President,

Manufacturing - Driveline Division (since July 1999); Vice President, Manufacturing (since August 1998); Director, Strategicand Capacity Planning (since February 1998) and Plant Manager, Detroit Gear & Axle Plant (since May 1996). Mr. Dauch

joined American Axle & Manufacturing Holdings Inc. in May 1995 as Corporate Manager, Labor Relations, and served in that

position until May 1996. Prior to joining American Axle & Manufacturing Holdings Inc., Mr. Dauch served as a Senior

Business Manager and Business Unit Manager with United Technologies Corporation from July 1992.

Prior to his automotive career, Mr. Dauch served in the U.S. Army for eleven years, with assignments including Platoon Leader

and Company Commander. Richard F. Dauch is a son of Richard E. Dauch.


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Leigh A. Wright

Title : Senior Vice President

Summary Biography

Leigh A. Wright, has served as Accuride Corp.'s Senior Vice President of Accuride Wheels since December 2007. Mr. Wright

served as Vice President of Steel Wheels from May 2006 to December 2007 and as Director Operations- London from March

2004 to May 2006. Prior to joining Accuride Corporation, Mr. Wright served as President of Office Specialty, a Toronto-based

manufacturer of premium storage and seating products, from 2001 to 2003 and as Vice President and General Manager of

ArvinMeritor Ride Control Products from 1996 to 2001. Mr. Wright holds an M.B.A. from the Richard Ivey School ofBusiness at the University of Western Ontario, a C.I.M. from McMaster University, and a Manufacturing Engineering

Technologist diploma from Fanshawe College in London, Ontario.

James J. Maniatis



Year Values in USD 2010 2009

Salary 235,000 235,000Bonus 359,748 13,861Stock Awards 200,000 11,620Option Awards N/A 20,929Non-Equity Incentive Plan 359,315 N/ACompensationAll Other Compensation 55,704 23,994Total Compensation 1,209,767 305,404

Summary Biography

James J. Maniatis, has served as Vice President/Human Resources of Accuride Corp. since February 2008. Prior to joining

Accuride, Mr. Maniatis served as Vice President Human Resources for Cooper Lighting from 1997 to March 2007 and servedin various other capacities for Cooper Industries from April 2007 through January 2008. Prior to that, he served as Vice

President Human Resources for Varity Kelsey-Hayes from 1992 to 1997 and has also held senior Human Resource positions

with RJR Nabisco. Mr. Maniatis received a B.B.A. from Loyola University.

Stephen Albert Martin


Summary Biography

Stephen Albert Martin, is the Senior Vice President and General Counsel of Accuride Corp.

Directors

William M. Lasky

Title : Chairman


Year Values in USD 2010 2009 2008Salary 800,000 800,000 231,873


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Year Values in USD 2010 2009 2008Other Annual Compensation/Fees 71,250 N/A 49,484Stock Awards 1,593,110 N/A 246,250Option Awards N/A N/A 33,333Non-Equity Incentive Plan 869,146 N/A N/ACompensationAll Other Compensation 262,274 112,204 32,026Total Compensation as reported by N/A N/A 493,694

Co.Total Compensation 3,595,780 912,204 592,966

Summary Biography

William M. Lasky, was appointed as Chairman of the Board of Accuride Corp. on January 20, 2009. He previously served as

Accuride Corp.'s Interim President and Chief Executive Officer. Mr. Lasky has been also a Director of Accuride Corp. since

October 2007. He has served as the Chairman of the Board for Stoneridge, Inc., a manufacturer of electronic components,

modules and systems for various vehicles, since July 2006 and has been a Director of Stoneridge since January 2004.

Previously, Mr. Lasky served as the Chairman and President and Chief Executive Officer of JLG Industries, Inc., a

manufacturer of aerial work platforms, telescopic material handlers and related accessories, from 1999 through late 2006. Prior

to joining JLG Industries, Mr. Lasky served in various senior capacities at Dana Corporation from 1977 to 1999. Mr. Lasky

holds a B.S. from Norwich University.

Stephen S. Ledoux


Year Values in USD 2010Other Annual Compensation/Fees 50,000Stock Awards 103,610Total Compensation 153,610

Summary Biography

Stephen S. Ledoux, was appointed as the Director of Accuride Corporation on February 26, 2010. Mr. Ledoux has served as

Managing Director, Rothschild, Inc. since 2001. Prior to joining Rothschild, Mr. Ledoux held the position of Portfolio Manager

of Morgens Waterfall and Vintiadas, an investment advisory firm focused on equity and distressed debt investing from 1999 to

2001, as well as various positions at Lehman Brothers, The Blackstone Group and Salomon Brothers. Mr. Ledoux holds a B.S.

in Finance, Investments and Economics from Babson College.

Michael E. Alger


Year Values in USD 2010 2009Other Annual Compensation/Fees 22,000 34,818Stock Awards 4,500 N/ATotal Compensation 26,500 34,818

Summary Biography

Michael E. Alger, was appointed as a Director of Accuride Corp. on August 13, 2009. Mr. Alger, a Vice President at Sun

Capital Partners, has over twenty-eight years of experience in senior finance and operations management roles. Prior to joining

Sun Capital Partners in 2007, Mr. Alger served as the Chief Financial Officer of Indalex Aluminum Solutions from 2000 to


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2007. Before serving as Chief Financial Officer of Indalex, Mr. Alger served as Vice President of Finance for Favorite Brands

and as Chief Financial Officer for Jel Sert and Olds Products. Prior to that, Mr. Alger held a number of senior finance positions

with Kraft General Foods and Baxter International and he started his career as an auditor with Price Waterhouse. Mr. Alger

received a Bachelor of Science degree in Accounting from the University of Illinois, a Masters in Management in Finance from

Northwestern University and is also a certified public accountant.

John D. Durrett


Year Values in USD 2010 2009 2008Other Annual Compensation/Fees 23,625 109,000 65,217Stock Awards 4,500 3,700 N/AOption Awards N/A N/A 33,333Total Compensation 28,125 112,700 98,550

Summary Biography

John D. Durrett, Jr., serves as Advisor to Serent Capital and was appointed to the Board of Directors of Ally Financial Inc.

(formerly GMAC LLC/Inc.) on February 28, 2011, and a to the Board of Directors of Accuride Corp. in October 2007.

Mr. Durrett has also held numerous senior positions during his 26-year career with McKinsey & Company, Inc., including

Managing Director, West Coast U.S. Offices from 2001 to 2006; Chairman, Finance Committee from 2003 to 2006; and

Managing Director, Southeast U.S. Office from 1993 to 1998. While at McKinsey, he served clients in a variety of industries,

including basic materials, distribution and financial services, and primarily on matters involving business unit strategy,

organization and turnarounds.

Mr. Durrett holds a B.A. from Millsaps College, a Juris Doctor from Emory University and an M.B.A. from the University of

Pennsylvania.

Mark D. Dalton


Year Values in USD 2010 2009 2008Other Annual Compensation/Fees 67,000 149,250 60,500Stock Awards 4,500 3,700 N/AOption Awards N/A N/A 33,333Total Compensation 71,500 152,950 93,833

Summary BiographyMark D. Dalton, has been a Director of Accuride Corp. since February 2005. From March 2000 to January 2005, Mr. Dalton

served as a Director of Transportation Technologies Industries, Inc. (TTI). Mr. Dalton has served as a Managing Director of

Trimaran Fund Management, L.L.C since August 2001. From December 1996 to August 2001, Mr. Dalton served as a

Managing Director in the Leveraged Finance Group of CIBC World Markets Corp.

History

On Jan. 31, 2005, Co. acquired Transportation Technologies Industries, Inc. (TTI). Upon consummation of the TTI merger, the

stockholders of Co. prior to consummation of the TTI merger owned 66.88% of the common stock of the combined company


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and the former stockholders of TTI owned 33.12% of the common stock of the combined company, with up to a maximum of

1,933.17 additional shares of the common stock of the combined company issuable to the former stockholders of TTI upon the

completion of Co.'s stock offering, such amount to be determined by the initial public offering price, together with TTI's

achievement of certain performance goals during the first quarter of 2005.

On Oct. 31, 2006, Co. acquired the remaining 50% interest in AOT, Inc. (AOT) from The Goodyear Tire & Rubber Company,

making AOT its wholly-owned subsidiary.

On Oct. 8, 2009, Co. and its domestic subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Codewith the United States Bankruptcy Court for the District of Delaware.

On Feb. 26, 2010, Co. emerged from Chapter 11 bankruptcy proceedings.

On Jan. 28, 2011, Co. sold substantially all of the assets and business related to its seat product line to a subsidiary of

Commercial Vehicle Group, Inc.

On Sept. 26, 2011, Fabco Holdings, Inc. acquired all of the outstanding stock of Fabco Automotive Corporation, a subsidiary of

Co. for $35,000,000 in cash.

Institutional Holdings

Total Institutions: 147 (UP) 129

Total Shares Held: 43,039,125

% of Shares Held: 86.11%

Changes In:

New/Increased vs Old/Decreased Positions: (DOWN) -28

Amount of Shares Held: 7,130,603

% of shares held change: 99.08%

86.11% Held By Institutions


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99.08% Shares Held Change

New Positions Increased Positions Closed Positions Decreased Positions Unchanged Positions

Institutions: 2 Institutions: 60 Institutions: 21 Institutions: 69 Institutions: 16

Shares: 26,078 Shares: 24,054,422 Shares: 6,835,791 Shares: 10,114,106 Shares: 8,844,519

% Change: 0.00% % Change: 92.55% % Change: 81.34% % Change: 95.30% % Change: 100.00%

Institutional Ownership Summary for each of the top 5-10 Institutional Holders

VALINOR MANAGEMENT LLCTotal Shares Owned by Institution

3,750,277

Percentage of Shares Outstanding

N/A

Number of Institutions

43

Shares Purchased by Institution in the Last 3 Months

0

Shares Sold by Institution in the Last 3 Months

0

3 Months Net Transactions (Purchases-Sales)

N/A

Quarterly Stock Price Range

N/A

Buyers/Sellers Summary

3 Months 6 MonthsNumber of Inside Buyers 0 0Number of Inside Sellers 0 0

APOLLO MANAGEMENT HOLDINGS, L.P.Total Shares Owned by Institution

3,255,611


N/A


12


0


0


N/A


N/A


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TINICUM LANTERN II LLCTotal Shares Owned by Institution

2,604,730

Percentage of Shares OutstandingN/A


16


0


0


N/A


N/A



SANKATY ADVISORS LLCTotal Shares Owned by Institution

2,433,370


N/ANumber of Institutions

11


0


0


N/A


N/A



WHIPPOORWILL ASSOCIATES INCTotal Shares Owned by Institution

2,232,910


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N/A


24


0


0

3 Months Net Transactions (Purchases-Sales)N/A


N/A



MOODY ALDRICH PARTNERS LLC

Total Shares Owned by Institution2,047,230


N/A


137


0


0


N/AQuarterly Stock Price Range

N/A



SHEFFIELD ASSET MANAGEMENTTotal Shares Owned by Institution

1,805,099Percentage of Shares Outstanding

N/A


14


0


0


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N/A


N/A


3 Months 6 MonthsNumber of Inside Buyers 0 0

Number of Inside Sellers 0 0

FRESHFORD CAPITAL MANAGEMENT, LLCTotal Shares Owned by Institution

1,779,818


N/A


20


0

Shares Sold by Institution in the Last 3 Months0


N/A


N/A



BAMCO INC /NY/Total Shares Owned by Institution

1,750,000


N/A


198


0



N/A


N/A




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VANGUARD GROUP INCTotal Shares Owned by Institution

1,602,178


N/A


3305


0Shares Sold by Institution in the Last 3 Months

0


N/A


N/A


3 Months 6 MonthsNumber of Inside Buyers 0 0

Number of Inside Sellers 0 0

Insider Holdings/Trades

Ownership Summary for each of the top 5-10 Insiders

There is no Insider Holdings / Trades information for this company at present.

Dividends

Abbreviation Description Structure Type Exchange Ticker

Com (New) Com (New) Common NYS ACWWarrant 02/26/2012 Warrant 02/26/2012 Warrant OTC ACUZ W

Abbreviation Market CapCom (New) 296,962,360Warrant 02/26/2012 0

Com (New) (NYS: ACW)Ticker Listed Outstanding Date Outstanding Par AmountACW New York 11/02/2011 47,286,768 0.01 USD

Issue Shares Outstanding

Shares Outstanding Date Shares OutstandingFile Date Report Date11/02/2011 47,286,76811/08/2011 09/30/201108/01/2011 47,286,76808/05/2011 06/30/201105/05/2011 47,251,36205/06/2011 03/31/201103/25/2011 47,260,05603/28/2011 12/31/201011/19/2010 12,629,50211/19/2010 11/19/2010

Issue Ticker History


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Previous Exchange Previous Issue Ticker Action Effective DateOTC - Over-the-Counter ACUZ D Ticker Change 11/19/2010OTC - Over-the-Counter ACUZ Exchange Change 12/20/2010

Warrant 02/26/2012 (OTC: ACUZ W)Ticker ListedACUZ W Over-the-Counter

Long Term Debt

Dec. 31, 2010, $302,031,000 (excluding current portion) 9.5% senior secured notes, due Aug. 1, 2018.


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Line of Credit: On July 29, 2010, Co. entered into the ABL Credit Agreement (the ABL facility). The ABL facility is a

senior secured asset based revolving credit facility in an aggregate principal amount of up to $75,000,000, with the right,

subject to certain conditions, to increase the availability under the facility by up to $25,000,000 in the aggregate (for a total

aggregate availability of $100,000,000). The four-year ABL facility matures on July 29, 2014 and provides for loans and letters

of credit in an aggregate amount up to the amount of the facility, subject to meeting certain borrowing base conditions, with

sub-limits of up to $10,000,000 for swingline loans and $25,000,000 to be available for the issuance of letters of credit. Loans

under the ABL facility initially bears interest at an annual rate equal to, at Co.'s option, either LIBOR plus 3.75% or Base Rate

plus 2.75% subject to changes based on its leverage ratio as defined in the ABL facility.

The obligations under the ABL facility are secured by (i) first-priority liens on substantially all of Co.'s accounts receivable and

inventories, subject to certain exceptions and permitted liens (the ABL Priority Collateral) and (ii) second-priority liens on

substantially all of Co.'s owned real property and tangible and intangible assets other than the ABL Priority Collateral,

including all of the outstanding capital stock of its domestic subsidiaries, subject to certain exceptions and permitted liens.

Co.'s credit documents contain operating covenants that limit the discretion of management with respect to certain business

matters. These covenants place significant restrictions on, among other things, the ability to incur additional debt, to pay

dividends, to create liens, to make certain payments and investments and to sell or otherwise dispose of assets and merge or

consolidate with other entities. In addition, the ABL facility contains a financial covenant which requires Co. to maintain a

fixed charge coverage ratio during any compliance period, which is anytime when the excess availability is less than or equal to

the greater of $10,000,000 or 15% of the total commitment under the ABL facility. Due to the amount of Co.'s excessavailability (as calculated under the ABL facility), as of Dec. 31, 2010, Co. was not in a compliance period and, it does not

have to maintain a fixed charge coverage ratio, although this is subject to change.

As of Dec. 31, 2010, the ABL facility was undrawn.

Expanded Long Term Debt

CUSIP Issuer Name Issue Description Ticker Coupon Maturity004398AA1 ACCURIDE CORP SR SUB NT RULE 144A ACW -02/01/2008004398AC7 ACCURIDE CORP SR SUB NT SER B ACW -02/01/2008004398AE3 ACCURIDE CORP SR SUB NT ACW -02/01/2015

004398AD5 ACCURIDE CORP SR SUB NT RULE 144A ACW -02/01/2015

CUSIP Active004398AA1 No004398AC7 No004398AE3 No004398AD5 No

Subsidiaries

SUBSIDIARY NAME PERCENT OWNED COUNTRYSubsidiariesSubsidiariesAccuride Canada, Inc. 100% CanadaAccuride Cuyahoga Falls, Inc. 100% United StatesAccuride de Mexico, S.A. de C.V. 100% MexicoAccuride Monterrey, S. de R.L de 100% MexicoC.V.Rims y Ruedas, S.A. de C.V. 100% MexicoServicios AISA, S.A. de C.V. 100% Mexico


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SUBSIDIARY NAME PERCENT OWNED COUNTRYAccuride del Norte, S.A. de C.V. 100% MexicoAccuride Distributing, LLC 100% United StatesAccuride Erie, L.P. 100% United StatesAccuride Henderson Limited 100% United StatesLiability CompanyAccuride EMI, LLC 100% United StatesAKW General Partner, L.L.C. 100% United States

AOT, Inc. 100% United StatesErie Land Holding, Inc 100% United StatesTransportation Technologies 100% United StatesIndustries, Inc.Truck Components Inc. 100% United StatesGunite Corporation 100% United StatesBrillion Iron Works, Inc. 100% United StatesFabco Automotive Corporation 100% United StatesBostrom Holdings, Inc. 100% United StatesBostrom Seating, Inc. 100% United StatesBostrom Specialty Seating, Inc. 100% United States

Imperial Group Holdings Corp - 1 100% United StatesImperial Group Holdings Corp - 2 100% United StatesJAII Management Company 100% United StatesImperial Group, L.P. 100% United StatesBostrom Mexico, S.A. de C.V. 100% United States

Property

Co. leases its principal executive offices in Evansville, IN, in 37,229 sq. ft. of space.

The following table sets forth information regarding Co.'s principal material properties as of Dec. 31, 2010:

Location Owned/Leased Sq. Ft.

London, Ontario, Canada Owned 536,259

Henderson, KY Owned 364,365

Monterrey, Mexico Owned 262,000

Erie, PA Leased 421,229

Springfield, OH Owned 136,036

Whitestown, IN Leased 364,000

Rockford, IL Owned 619,000

Elkhart, IN Owned 258,000

Brillion, WI Owned 593,200Portland, TN Leased 200,000

Portland, TN Owned 86,000

Decatur, TX Owned 122,000

Denton, TX Leased 60,000

Dublin, VA Owned 122,000

Chehalis, WA Owned 90,000

Livermore, CA Leased 56,800


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Principal Executive Offices

7140 Office Circle

Evansville, IN 47715

United States

Competitors (USA)

Company Name Revenues Gross Margin Net Income

Illinois Tool Works, Inc. 15,870,376,000 35.47 1,527,193,000Eaton Corp. 13,715,000,000 29.76 929,000,000PACCAR Inc. 10,292,900,000 20.35 457,600,000Autoliv Inc. 7,170,600,000 22.20 590,600,000Federal-Mogul Corp. 6,219,000,000 16.19 161,000,000Dana Holding Corp 6,109,000,000 10.79 10,000,000Tenneco Inc 5,937,000,000 17.47 39,000,000Donaldson Co. Inc. 2,294,029,000 35.47 225,291,000Dura Automotive Systems Inc 1,894,696,000 3.53 (472,802,000)Visteon Corp. 1,887,000,000 12.93 86,000,000Sauer-Danfoss Inc. 1,640,583,000 30.36 213,399,000

Modine Manufacturing Co 1,448,235,000 15.98 6,180,000Clarcor Inc. 1,011,429,000 33.46 96,081,000Titan International, Inc. (IL) 881,591,000 12.92 358,000Gentex Corp. 816,263,414 36.22 137,733,969Standard Motor Products, Inc. 810,910,000 25.60 21,960,000Superior Industries 719,500,000 12.40 51,643,000International, Inc.Accuride Corp 659,929,000 8.62 (126,532,000)Stoneridge Inc. 635,226,000 22.80 10,809,000Drew Industries, Inc. 572,755,000 22.03 28,034,000Dorman Products Inc 455,716,000 37.93 46,138,000

Fuel Systems Solutions Inc 430,632,000 30.74 39,702,000Proliance International Inc 350,067,000 18.68 (4,062,000)Twin Disc Incorporated 310,393,000 34.69 18,830,000JPS Automotive L.P. 262,847,000 9.28 (3,751,000)

Company Name EBITDA Total Assets Total Liabilities PE RatioIllinois Tool Works, Inc. 2,913,307,000 16,250,273,000 6,879,997,000 11.6382Eaton Corp. 1,541,000,000 17,252,000,000 9,890,000,000 11.873PACCAR Inc. 1,324,900,000 14,234,100,000 8,876,300,000 16.0747Autoliv Inc. 1,132,600,000 5,664,500,000 2,737,200,000 7.7529Federal-Mogul Corp. 560,000,000 7,296,000,000 6,019,000,000 7.3763

Dana Holding Corp 408,000,000 5,099,000,000 3,414,000,000 -Tenneco Inc 497,000,000 3,167,000,000 3,171,000,000 16.4253Donaldson Co. Inc. 379,288,000 1,726,093,000 791,382,000 21.8252Dura Automotive Systems Inc (302,727,000) 1,049,494,000 1,969,539,000 -Visteon Corp. 157,000,000 5,208,000,000 3,948,000,000 -Sauer-Danfoss Inc. 340,035,000 1,128,204,000 834,077,000 5.7434Modine Manufacturing Co 101,067,000 916,939,000 553,987,000 15.2381Clarcor Inc. 169,800,000 1,042,411,000 285,941,000 20.9251Titan International, Inc. (IL) 62,122,000 787,470,000 509,155,000 38.4546Gentex Corp. 242,060,688 1,002,690,639 109,159,813 26.7054


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Company Name EBITDA Total Assets Total Liabilities PE RatioStandard Motor Products, Inc. 59,225,000 492,801,000 282,918,000 12.3865Superior Industries 84,972,000 572,442,000 158,960,000 8.8785International, Inc.Accuride Corp (47,735,000) 874,050,000 575,951,000 -Stoneridge Inc. 41,807,000 383,605,000 299,825,000 13.1936Drew Industries, Inc. 55,945,000 306,781,000 63,322,000 17.1Dorman Products Inc 82,894,000 323,159,000 60,006,000 13.948

Fuel Systems Solutions Inc 74,143,000 454,563,000 119,757,000 113.1333Proliance International Inc 23,516,000 187,205,000 145,016,000 -Twin Disc Incorporated 42,760,000 309,120,000 172,035,000 22.9268JPS Automotive L.P. 13,848,000 227,700,000 112,147,000 -

Company Name Market Cap Employees Share PriceIllinois Tool Works, Inc. 22,381 M 61,000 46.32Eaton Corp. 14,681 M 70,000 43.93PACCAR Inc. 13,877 M 17,700 38.74Autoliv Inc. 4,734 M 43,300 53.03Federal-Mogul Corp. 1,415 M 42,700 14.31

Dana Holding Corp 1,758 M 22,500 11.95Tenneco Inc 1,723 M 22,000 28.58Donaldson Co. Inc. 4,998 M 13,000 67.44Dura Automotive Systems Inc 5,671 13,580 0.00Visteon Corp. 2,820 M 26,500 54.75Sauer-Danfoss Inc. 1,886 M 6,000 38.94Modine Manufacturing Co 449 M 6,497 9.60Clarcor Inc. 2,386 M 5,136 47.50Titan International, Inc. (IL) 893 M 2,400 21.15Gentex Corp. 4,291 M 2,908 29.91Standard Motor Products, Inc. 457 M 3,200 20.19

Superior Industries 436 M 3,500 16.07International, Inc.Accuride Corp 297 M 2,927 6.28Stoneridge Inc. 209 M 6,800 8.18Drew Industries, Inc. 491 M 3,016 22.23Dorman Products Inc 677 M 1,170 37.52Fuel Systems Solutions Inc 340 M 1,600 16.97Proliance International Inc 158 T 1,546 0.01Twin Disc Incorporated 430 M 941 37.60JPS Automotive L.P. - 1,200

Financial Highlights

Financial Highlights as of 12/31/2010 in USD

Income Statement (In Thousands)Total Revenue 659,929EBITDA (47,735)Operating Income (2,857)Net Income (126,532)Revenue per Share 42.11


19/20

Accuride

/09/2011 19 Mergen

EPS from Continuing Operations (8.07)EPS - Net Income - Diluted (8.07)Share Outstanding 47,230Weighted Average Shares Outstanding - Diluted 15,670Weighted Average Shares Outstanding - Basic 15,670Earnings per Share - Basic (8.07)Balance Sheet (In Thousands)Total Assets 874,050

Current Assets 228,504Total Liabilities 575,951Long Term Debt 302,031Stockholders' Equity 298,099Total Assets per Share 18.51Current Liabilities 112,520Net Assets per Share 6.31Cash Flow Statement (In Thousands)Cash from Operations 10,410Cash from Investing 6,085Cash from Financing (18,376)

Capital Expenditures 16,328Cash Flow per Share 0.66Cash & Cash Equivalents, Beginning of Year 80,347Cash & Cash Equivalents, End of Year 78,466Stock Price and Valuation (Data as of 12/08/2011)Market Cap(mil) 297Share Outstanding(000's) 47,287Last Closing Price 6.28Previous Trading Day Range 6.26 - 6.4652 Week Range 4.53 - 16.077 Day Average Closing Price 6.22

30 Day Average Closing Price 6.26200 Day Average Closing Price 8.93Beta 0.00High Price Last 3 Mos. 9.11Low Price Last 3 Mos. 4.53Avg Daily Volume Last 3 Mos. 650,019.80

Management EffectivenessRevenue per Employee 225,463Net Income per Employee (43,229)ROA % (Net) (16.37)

ROE % (Net) (362.38)ROI % (Operating) (0.74)Profitability RatiosGross Margin 8.62Operating Margin (0.43)EBITDA Margin % (7.23)Calculated Tax Rate % EBT


20/20

Accuride

Price/Cash Flow(TTM) 23.90Asset ManagementTotal Asset Turnover 0.85Receivables Turnover 9.29Inventory Turnover 9.79Property Plant & Equip Turnover 2.80Cash & Equivalents Turnover 9.78Debt Management

Long Term Debt/Equity 1.01Long Term Debt as % of Invested Capital 50.33Total Debt/Equity 1.01Accounts Payable Turnover 15.24Accrued Expenses Turnover 21.31Liquidity IndicatorsQuick Ratio 1.30Current Ratio 2.03Net Current Assets as % of Total Assets 13.27Free Cash Flow per Share 0.20Revenue to Assets 0.76

Consensus Estimates 2011Ae 2011Q4e 2012Q1eEarnings Per Share -0.13 0.11 0.06Revenue 961.18 232.52 257.34EBITDA 101.10 31.25 33.15

accuride mergent report

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