By Business Wirevia The Motley Fool
Filed under: Investing
UCI Holdings Limited Reports Results of Operations for Fourth Quarter 2012
LAKE FOREST, Ill.–(BUSINESS WIRE)– UCI Holdings Limited, the parent company of UCI International, Inc. (“UCI“), today announced UCI‘s results for the fourth quarter ended December 31, 2012. Net sales of $238.5 million increased slightly from the $237.3 million reported for the fourth quarter of 2011. The company, a leading manufacturer of vehicle replacement parts, reported that net sales increased in the OES (new car dealer service) and OEM (original equipment manufacturer) channels, and declined in the retail and heavy duty channels, while the traditional channel was essentially flat. Net sales for the fourth quarter of 2012, also included $16.2 million in related party sales to FRAM Group, which offset lower co-manufacturer sales compared to the fourth quarter of 2011.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, was $39.8 million for the fourth quarter of 2012, up 5.3% from $37.8 million in 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.
Net income for the fourth quarter of 2012 was $7.4 million, including $3.6 million, net of tax, in special items, consisting of business optimization costs, restructuring costs, costs related to implementation of our cost sharing and manufacturing arrangements with FRAM Group, adjustment of an environmental accrual and corporate transactional costs. Net loss for the fourth quarter of 2011 was $6.3 million, including $11.4 million, net of tax, in special items, consisting primarily of class action litigation costs, a trademark impairment loss, costs related to implementation of our cost sharing and manufacturing arrangements with FRAM Group, costs of obtaining new business, restructuring and severance costs and adjustment of an environmental accrual.
For the year ended December 31, 2012, net sales were $984.5 million, compared to $989.0 million in 2011, which includes the Predecessor period from January 1, 2011 through January 25, 2011. Adjusted EBITDA for 2012 was $159.2 million, an increase of 1.3% over the $157.1 million reported for 2011. Net income for the year ended December 31, 2012 was $14.6 million compared to a net loss of $46.5 million for the year ended December 31, 2011, including the Predecessor period January 1, 2011 through January 25, 2011.
“While general economic and industry-specific issues have kept revenue somewhat depressed for the fourth quarter and the entire year of 2012, we are pleased by our 5.3% improvement in Adjusted EBITDA performance for this year’s fourth quarter,” said Bruce Zorich, Chief Executive Officer of UCI. “We’re encouraged by our overall cost improvement activities, including procurement savings, …read more
Source: FULL ARTICLE at DailyFinance

