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EVANSVILLE, IN May 12, 2009 – United Components, Inc.("UCI") today announced results for the quarter ended March 31, 2009. Revenue of $219.9 million decreased $9.4 million over the year-ago quarter. Excluding the effects of obtaining new customer business in both quarters, revenue decreased by 3.5% from the year-ago quarter. On this basis, the company reported revenue increases in the retail and traditional channels and declines in the OEM, OES and heavy duty channels.
Net income attributable to UCI for the quarter was $1.6 million, including $2.9 million in special charges, net of tax, including costs related to obtaining new business, reductions in force, defending class action litigation, the establishment of new facilities in China and integration of water pump operations. Excluding these charges, adjusted net income would have been $4.5 million. Net income attributable to UCI for the first quarter of 2008 was $6.8 million, including $1.8 million of special charges, net of tax, related to the establishment of new facilities in China, costs of obtaining new business and integration of water pump operations. Excluding these charges, adjusted net income would have been $8.6 million.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted consistent with the company's historical presentations, was $25.2 million for the first quarter, compared with $32.6 million for the year-ago quarter. The reconciliation of net income to adjusted EBITDA, a non-GAAP measure of financial performance, is set forth in Schedule A.
"In the midst of this serious economic downturn, we are very pleased with our results for the quarter, particularly the significant improvement over the fourth quarter of 2008," said Bruce Zorich, Chief Executive Officer of UCI. "We saw the beginnings of a return in consumer demand, especially in the retail sector, and we are encouraged by a continuing uptick in demand as we head into the second quarter."
"In addition, our aggressive cost structure initiatives resulted in significant savings over last year's first quarter, with additional savings to come in the second quarter," continued Zorich. "We are very well positioned to capitalize on the opportunities that we see as the economy recovers."
As of March 31, 2009, the company's debt stood at $425.1 million. The company ended the quarter with $73.0 million in cash, up from $46.6 million at December 31, 2008. The company had no outstanding balance under its revolving credit facility at March 31, with $20 million outstanding at December 31, 2008.
Conference Call
The company will host a conference call to discuss its results and performance on Wednesday, May 13, 2009, at 11:00 a.m. Eastern Time. Interested parties are invited to listen to the call by telephone. Domestic callers can dial (800) 637-1381. International callers can dial (502) 498-8424.
A replay of the call will be available here from May 13, 2009, for a ninety-day period.
About United Components, Inc
United Components, Inc. is among North America's largest and most diversified companies servicing the vehicle replacement parts market. We supply a broad range of products to the automotive, trucking, marine, mining, construction, agricultural and industrial vehicle markets. Our customer base includes leading aftermarket companies as well as a diverse group of original equipment manufacturers.
Forward Looking Statements
All statements, other than statements of historical facts, included in this press release and the attached report that address activities, events or developments that UCI expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements give UCI's current expectations and projections relating to the financial condition, results of operations, plans, objectives, future performance and business of UCI and its subsidiaries. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They are subject to uncertainties and factors relating to UCI's operations and business environment, all of which are difficult to predict and many of which are beyond UCI's control. UCI cautions investors that these uncertainties and factors, including those discussed in Item 1A of UCI's 2008 Annual Report on Form 10-K and in its other SEC filings, could cause UCI's actual results to differ materially from those stated in the forward-looking statements. UCI cautions that investors should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, UCI undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
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