Hayes Lemmerz Announces Estimated Fiscal Year 2007 First Quarter Results and Issues Updated Guidance for Full Fiscal Year 2007
May 15 2007 - 6:02AM
PR Newswire (US)
NORTHVILLE, Mich., May 15 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced estimated results
for the fiscal year 2007 first quarter and issued updated guidance
for the full fiscal year of 2007. The estimated results are
unaudited, have not been reviewed by the Company's independent
auditors, and are subject to adjustment during the course of the
Company's preparation and review of its quarterly financial
statements. For the fiscal year first quarter 2007, the Company
expects to achieve sales of approximately $560 to $565 million,
Adjusted EBITDA of approximately $54 to $58 million, slightly
negative free cash flow and capital expenditures of approximately
$16 million. The Company also announced today that it is updating
its earnings guidance for the full fiscal year 2007 issued on April
4, 2007. The Company expects revenue of approximately $2.2 billion
for the full fiscal year ending January 31, 2008, slightly higher
than previous guidance of $2.1 billion. Adjusted EBITDA is expected
to be between $200 to $210 million, up from the previous guidance
of $195 to $205 million. In line with previous guidance, the
Company expects positive free cash flow (excluding securitization
impact). Capital expenditures for the year are expected to be
approximately $90 to $95 million, slightly higher than previous
guidance of $85 to $90 million. Conference Call Hayes Lemmerz
International, Inc. will host a telephone conference call to
discuss the Company's fiscal year 2007 first quarter financial
results on Thursday, June 7, 2007, at 10:00 a.m. (ET). To
participate by phone, please dial 10 minutes prior to the call:
(888) 295-5935 from the United States and Canada or (706) 758-0212
from outside the United States. Callers should ask to be connected
to Hayes Lemmerz earnings conference call, Conference ID# 8999477.
The conference call will be accompanied by a slide presentation,
which can be accessed that morning through the Company's web site,
in the Investor Kit presentations section at
http://www.hayes-lemmerz.com/Investor_Kit/Overview/Presentations/www-
presentations.html. (Due to the length of this URL, it may be
necessary to copy and paste this hyperlink into your Internet
browser's URL address field. Remove the space if one exists.) Hayes
Lemmerz International, Inc. is a world leading global supplier of
automotive and commercial highway wheels, brakes and powertrain
components. The Company has 30 facilities and approximately 8,500
employees worldwide. Use of Non-GAAP Financial Information EBITDA,
a measure used by management to measure operating performance, is
defined as earnings from operations plus depreciation and
amortization. Adjusted EBITDA is defined as EBITDA further adjusted
to exclude asset impairment losses and other restructuring charges,
reorganization items and other items. Management references these
non-GAAP financial measures frequently in its decision making
because they provide supplemental information that facilitates
internal comparisons to historical operating performance of prior
periods and external comparisons to competitors' historical
operating performance. Institutional investors generally look to
Adjusted EBITDA in measuring performance, among other things. The
Company uses Adjusted EBITDA to facilitate quantification of
planned business activities and enhance subsequent follow-up with
comparisons of actual to planned Adjusted EBITDA. Free cash flow is
defined as cash from operating activities minus capital
expenditures plus cash from discontinued operations and the sale of
assets. Management uses free cash flow to identify the amount of
cash available to meet debt amortization requirements, pay
dividends to stockholders or make corporate investments. This press
release contains forward-looking statements with respect to our
financial condition and business. All statements other than
statements of historical fact made in this press release are
forward-looking. Such forward- looking statements include, among
others, those statements including the words "expect,"
"anticipate," "intend," believe," and similar language. These
forward-looking statements involve certain risks and uncertainties.
Our actual results may differ significantly from those projected in
the forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others: (1) competitive
pressure in our industry; (2) fluctuations in the price of steel,
aluminum, and other raw materials; (3) changes in general economic
conditions; (4) our dependence on the automotive industry (which
has historically been cyclical) and on a small number of major
customers for the majority of our sales; (5) pricing pressure from
automotive industry customers and the potential for re-sourcing of
business to lower-cost providers; (6) changes in the financial
markets or our debt ratings affecting our financial structure and
our cost of capital and borrowed money; (7) the uncertainties
inherent in international operations and foreign currency
fluctuations; (8) our ability to divest non-core assets and
businesses; and (9) the risks described in our most recent Annual
Report on Form 10-K and our periodic statements filed with the
Securities and Exchange Commission. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only
as of the date of this press release. DATASOURCE: Hayes Lemmerz
International, Inc. CONTACT: Marika P. Diamond for Hayes Lemmerz
International, Inc., +1-734-737-5162 Web site:
http://www.hayes-lemmerz.com/
Copyright
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Hayes Lemmerz International (MM) (NASDAQ): 0 recent articles
More Hayes Lemmerz International (MM) News Articles