<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM
_________ TO _________
COMMISSION FILE NUMBER 1-6615
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA 95-2594729
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
7800 WOODLEY AVENUE
VAN NUYS, CALIFORNIA 91406
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(818) 781-4973
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.
YES X NO
--- ---
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES
OF COMMON STOCK, AS OF THE LAST PRACTICABLE DATE.
CLASS OF COMMON STOCK OUTSTANDING AT OCTOBER 29, 1999
- -------------------------- -------------------------------
$.50 PAR VALUE 26,650,619
<PAGE> 2
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Part I - Financial Information
Item 1 - Financial Statements
Consolidated Condensed Statements of Income ......................... 1
Consolidated Condensed Balance Sheets ............................... 2
Consolidated Condensed Statements of Cash Flows ..................... 3
Consolidated Condensed Statements of Shareholders' Equity ........... 4
Notes to Consolidated Condensed Financial Statements ................ 5
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations ......................................... 9
Part II - Other Information
Item 6 - Exhibits and Reports on Form 8-K .............................. 12
Signatures ................................................................ 12
Exhibit 27 - Financial Data Schedule
</TABLE>
<PAGE> 3
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
PART I - FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net Sales .................................................. $ 131,430 $ 112,245 $ 423,368 $ 386,746
Cost of Sales .............................................. 104,476 95,694 333,786 321,937
--------- --------- --------- ---------
Gross Profit ............................................... 26,954 16,551 89,582 64,809
Selling, General and Administrative Expenses ............... 5,172 4,268 15,539 14,937
--------- --------- --------- ---------
Income From Operations ..................................... 21,782 12,283 74,043 49,872
Non-Operating Income/Expense:
Interest income, net .................................... 1,406 1,062 3,892 3,009
Miscellaneous expense, net .............................. 811 1,489 1,960 2,268
--------- --------- --------- ---------
Income Before Provision for Income Taxes ................... 22,377 11,856 75,975 50,613
Provision for Income Taxes ................................. 7,888 4,179 26,781 17,841
--------- --------- --------- ---------
Net Income ................................................. $ 14,489 $ 7,677 $ 49,194 $ 32,772
========= ========= ========= =========
Earnings Per Share - Basic ................................. $ 0.54 $ 0.28 $ 1.82 $ 1.18
========= ========= ========= =========
Earnings Per Share - Diluted ............................... $ 0.54 $ 0.28 $ 1.81 $ 1.17
========= ========= ========= =========
Dividends Declared Per Share ............................... $ 0.09 $ 0.08 $ 0.26 $ 0.23
========= ========= ========= =========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements
1
<PAGE> 4
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except par value and share data)
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1999 1998
------------ ------------
(Unaudited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents ................. $ 107,147 $ 86,566
Accounts receivable, net .................. 106,956 100,754
Inventories ............................... 41,693 41,433
Other current assets ...................... 7,935 7,133
--------- ---------
Total current assets ................ 263,731 235,886
Property, Plant and Equipment, net ........... 157,076 158,194
Other Long-term Assets ....................... 33,612 33,350
--------- ---------
Total Assets ................................. $ 454,419 $ 427,430
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable .......................... $ 48,224 $ 57,707
Accrued liabilities ....................... 40,950 32,756
Current portion of capitalized leases ..... 653 648
--------- ---------
Total current liabilities ........... 89,827 91,111
Capitalized Leases ........................... 451 673
Other Long-term Liabilities .................. 14,245 14,862
Deferred Income Taxes ........................ 9,449 8,750
Shareholders' Equity
Preferred stock, par value $25.00,
1,000,000 shares authorized, none issued -- --
Common stock, par value $.50,
100,000,000 shares authorized .......... 13,372 13,656
Foreign currency translation adjustments .. (15,980) (17,233)
Retained earnings ......................... 343,055 315,611
--------- ---------
Total shareholders' equity .......... 340,447 312,034
Total Liabilities and Shareholders' Equity ... $ 454,419 $ 427,430
========= =========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements
2
<PAGE> 5
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
------------------------
1999 1998
--------- ---------
<S> <C> <C>
Net Cash Provided by Operating Activities ............ $ 65,532 $ 47,942
Cash Flows from Financing Activities:
Repurchases of common stock ....................... (15,240) (17,154)
Cash dividends paid ............................... (6,773) (6,132)
Payments of capitalized leases..................... (222) (215)
Stock options exercised ........................... 474 3,081
--------- ---------
Net Cash Used in Financing Activities .......... (21,761) (20,420)
--------- ---------
Cash Flows from Investing Activities:
Additions to property, plant and equipment ........ (20,595) (19,666)
Investment in and advances to joint ventures ...... (2,652) (4,705)
Proceeds from sale of property, plant and equipment 57 119
--------- ---------
Net Cash Used in Investing Activities .......... (23,190) (24,252)
--------- ---------
Net Increase in Cash and Cash Equivalents ............ 20,581 3,270
Cash and Cash Equivalents at Beginning of Period ..... 86,566 73,693
--------- ---------
Cash and Cash Equivalents at End of Period ........... $ 107,147 $ 76,963
========= =========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements
3
<PAGE> 6
SUPERIOR INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
(Dollars in thousand, except share data)
<TABLE>
<CAPTION>
Common Stock Accumulated
-------------------------- Additional Other
Number of Paid-In Comprehensive Retained
Shares Amount Capital Income Earnings Total
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balances at
December 31, 1998 .... 27,312,086 $ 13,656 $ 0 $ (17,233) $ 315,611 $ 312,034
Comprehensive income:
Net income .................. -- -- -- -- 49,194 49,194
Foreign currency
translation adjustment -- -- -- 1,253 -- 1,253
Comprehensive income ........ -- -- -- -- -- 50,447
Cash dividends declared
($.26/share) ......... -- -- -- -- (7,268) (7,268)
Repurchases of
common stock ......... (592,600) (296) (462) -- (14,482) (15,240)
Stock options exercised,
including related
tax benefit .......... 23,883 12 462 -- -- 474
----------- ----------- ----------- ----------- ----------- -----------
Balances at
September 30, 1999 ... 26,743,369 $ 13,372 $ 0 $ (15,980) $ 343,055 $ 340,447
=========== =========== =========== =========== =========== ===========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements
4
<PAGE> 7
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
1. Presentation of Consolidated Condensed Financial Statements
During interim periods, Superior Industries International, Inc. and its
subsidiaries follow the accounting policies set forth in its Annual Report
to Shareholders and apply appropriate interim financial reporting
standards, as indicated below. Users of financial information produced for
interim periods are encouraged to refer to the notes contained in the 1998
Annual Report to Shareholders when reviewing interim financial results.
Interim financial reporting standards require us to make estimates that are
based on assumptions regarding the outcome of future events and
circumstances not known at that time, including the use of estimated
effective tax rates. Inevitably, some assumptions may not materialize and
unanticipated events and circumstances may occur which vary from those
estimates and such variations may significantly affect our future results.
In our opinion, the accompanying unaudited consolidated condensed financial
statements have been prepared in accordance with the Securities and
Exchange Commission's requirements of Form 10-Q and contain all
adjustments, of a normal and recurring nature, which are necessary for a
fair presentation of i) the consolidated condensed statements of income for
the three and nine months ended September 30, 1999 and 1998, ii) the
consolidated condensed balance sheets at September 30, 1999 and December
31, 1998, iii) the consolidated condensed statements of cash flows for the
nine months ended September 30, 1999 and 1998, and iv) the consolidated
condensed statements of shareholders' equity at September 30, 1999 and
December 31, 1998.
2. Earnings Per Share
Basic earnings per share is computed by dividing net income for the period
by the weighted average number of common shares outstanding for the period,
or 26,832,000 and 27,598,000 for the three months ended September 30, 1999
and 1998, respectively, and 27,022,000 and 27,775,000 for the nine months
ended September 30, 1999 and 1998, respectively. For purposes of
calculating "diluted" earnings per share, net income is divided by the
total of the weighted averaged shares outstanding plus the dilutive effect
of our outstanding stock options ("common stock equivalents"), or
26,998,000 and 27,670,000 for the three months ended September 30, 1999 and
1998, respectively, and 27,144,000 and 27,933,000 for the nine months ended
September 30, 1999 and 1998, respectively.
5
<PAGE> 8
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 1999
(UNAUDITED)
3. Accounting Matters
Segment Reporting - We manufacture motor vehicle parts and accessories for
sale on normal, generally unsecured trade terms to original equipment
manufacturers (OEM) and the automotive aftermarket, primarily in North
America, on an integrated one-segment basis.
New Accounting Standards - In 1998, the Financial Accounting Standards
Board ("FASB") issued Statement of Financial Accounting Standards ("FAS")
No. 133, "Accounting for Derivative Instruments and Hedging Activities"
("FAS No. 133") which provides a comprehensive and consistent standard for
the recognition and measurement of derivatives and hedging activities. In
June 1999, the FASB issued FAS No. 137, "Accounting for Derivative
Instruments and Hedging Activities - Deferral of the Effective Date of FASB
Statement No. 133," which delays implementation of FAS No. 133 until years
beginning after June 15, 2000. We do not expect this statement to have a
material impact on our financial position or results of operations upon
adoption.
4. Accounts Receivable
The following is a summary of our consolidated accounts receivable:
(Thousands of dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
-------------- -------------
<S> <C> <C>
Accounts Receivable:
Trade $ 92,097 $ 91,629
Other 16,211 10,498
--------- ---------
108,308 102,127
Allowance for Doubtful Accounts (1,352) (1,373)
--------- ---------
$ 106,956 $ 100,754
</TABLE>
6
<PAGE> 9
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 1999
(UNAUDITED)
5. Inventories
The following is a summary of our consolidated inventories:
(Thousands of dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
------------- -----------
<S> <C> <C>
Raw materials $10,802 $12,987
Work in process 10,486 10,998
Finished goods 20,405 17,448
------- -------
$41,693 $41,433
</TABLE>
6. Property, Plant and Equipment
Property, plant and equipment, net consists of the following:
(Thousands of dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
------------ -----------
<S> <C> <C>
Land and buildings $ 50,780 $ 47,944
Machinery and equipment 303,868 285,899
Leasehold improvements and other 4,615 5,283
Construction in progress 24,176 26,083
--------- ---------
383,439 365,209
Accumulated depreciation (226,363) (207,015)
--------- ---------
$ 157,076 $ 158,194
</TABLE>
Depreciation expense was $7.4 million and $5.8 million for the three month
periods ended September 30, 1999 and 1998, respectively, and $21.6 million
and $18.6 million for the nine month periods ended September 30, 1999 and
1998, respectively.
7
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 1999
(UNAUDITED)
7. Contingencies
We are subject to various legal actions arising out of the conduct of our
business, including action related to product liability and environmental
proceedings incidental to our business. Certain claims, suits and
complaints arising in the ordinary course of business have been filed or
are pending against us.
Based on a review of the current facts and circumstances, we believe all
such matters are adequately provided for, covered by insurance or, if not
so covered or provided for, are without merit, or involve such amounts that
would not materially adversely affect our consolidated financial position,
results of operation, or cash flows.
8. Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements, or statements which are not
historical in nature. Certain information included in this report contains
statements that are forward-looking statements regarding our future
performance and financial results. Such forward-looking information
involves certain risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward looking statements
due to a variety of factors. Factors that may impact such forward looking
statements include, among others, changes in the condition of the industry,
changes in general economic conditions and the success of our strategic and
operating plans.
8
<PAGE> 11
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The operating results for the September quarter of 1999 were the best for a
third quarter in our history, as new records were set in unit shipments, net
sales, net income and diluted earnings per share. Compared to the previous
records, all of which had been set in the third quarter of 1997, unit shipments
and net sales increased 9% and 1%, respectively. The lesser percentage increase
in net sales was due principally to the pass through of lower aluminum prices in
the 1999 period and, to a lesser extent, reduced sales of automotive aftermarket
products. Net income and diluted earnings per share increased 10% and 15%,
respectively, compared to the previous records. The higher percentage increase
in diluted earnings per share was due to our common stock repurchase plans,
which have reduced the average shares outstanding by 1.2 million, or 4.2%, since
the third quarter of 1997.
Our consolidated net sales for the third quarter of 1999 increased $19.2
million, or 17.1%, to $131.4 million from $112.2 million in the third quarter a
year ago, which was affected by the United Auto Workers' (UAW) strike against
General Motors (GM). OEM net sales increased $23.0 million, or 22.1%, to $127.0
million compared to $104.0 in the 1998 period, while OEM unit shipments for the
same period increased 23.6% over the prior year. The lesser percentage increase
in OEM net sales was due principally to the pass through of lower aluminum
prices in the current period.
The increase in OEM unit shipments of 23.6% compares to an increase of 22.2% in
North American vehicle production during the same period. However, production of
vehicle models for which we supply aluminum wheels increased by 17.1%,
indicating further gains in market share. For the model year 1998, industry-wide
aluminum wheel installation rates increased to 53%, continuing a long-term
trend. Unit shipment increases were experienced in both passenger car and light
truck styles, while shipments to international customers approximated 9% of
total OEM unit shipments for the quarter.
Consolidated net sales for the nine months ended September 30, 1999 increased
$36.6 million, or 9.5%, to $423.4 million from $386.7 million a year ago. OEM
net sales increased $45.9 million, or 12.8%, to $405.3 million from $359.4
million in 1998, as unit shipments increased 16.9%. The increased unit shipments
translate to lower increases in sales dollars due to the pass through of lower
aluminum prices.
Gross profit for the quarter increased to $27.0 million, or 20.5% of net sales,
compared to $16.6 million, or 14.7% of net sales, for the same period a year
ago. For the nine-month period ended September 30, 1999, the gross profit
increased to $89.6 million, or 21.2% of net sales from $64.8 million, or 16.8%
of net sales in 1998. The increased gross margin in both the three and nine
month periods of 1999, was due principally to higher utilization rates at our
OEM wheel plants and the improved profitability of the chrome plating facility.
Selling, general and administrative expenses for the third quarter of 1999 were
$5.2 million, or 3.9% of net sales in 1999 compared to $4.3 million, or 3.8% of
net sales in 1998, which indicates a consistent selling, general and
administrative expense trend. For the nine months ended September 30, 1999,
these expenses were $15.5 million or 3.7% of net sales compared to $14.9 million
or 3.9% of net sales in the same period a year ago.
9
<PAGE> 12
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Operating income for the third quarter increased $9.5 million, or 77.2%, to
$21.8 million from $12.3 million in the same period a year ago, due principally
to the UAW strike against GM in 1998 and improved gross margin explained above.
Accordingly, the operating income margin for the third quarter of 1999 was 16.6%
of net sales compared to 10.9% of net sales in the same period in 1998. On a
year-to-date basis, operating income was up $24.1 million, or 48.3%, to $74.0
million or 17.5% of net sales, from $49.9 million or 12.9% of net sales a year
ago.
Interest income for the third quarter increased to $1.4 million from $1.1
million a year ago, as cash available for investing during the period increased
by approximately $23 million. For the nine months ended September 30, 1999,
interest income was $3.9 million compared to $3.0 million a year ago.
Miscellaneous expense for the third quarter includes pre-tax equity losses
related to our fifty percent owned joint ventures of $0.7 million in 1999 and
$1.6 million in 1998. Year-to-date equity losses were $2.0 million in 1999 and
$2.4 million in 1998.
As a result of the above, net income for the quarter increased $6.8 million, or
88.7%, to $14.5 million, or 11.0% of net sales, from $7.7 million, or 6.8% of
net sales last year. For the nine months ended September 30, 1999, net income
was $49.2 million compared to $32.8 million in 1998. Diluted earnings per share
for the third quarter of 1999 was $0.54, an increase of 92.9% over the strike
impacted $0.28 per diluted share in the same period a year ago. On a
year-to-date basis, diluted earnings per share was $1.81, an increase of 54.7%
over the $1.17 per diluted share in 1998.
READINESS FOR YEAR 2000
We have long recognized the importance of early preparation and planning for the
upcoming millennium change. Our Year 2000 Project began in 1997 and is presently
being managed by a project manager reporting directly to the Vice President of
Operations & Quality. This organization will remain in place until all critical
millennium dates have been passed and the corporate Year 2000 objectives have
been met leading to business continuity and undisturbed customer service.
To date, we have spent less than $500,000 on the Year 2000 Project and costs are
not anticipated to increase significantly over the balance of 1999. Minimal cost
was incurred during the third quarter of 1999.
In early 1997, we started phase one of the Year 2000 Project to have all
integrated manufacturing and accounting business software in our U.S. operations
Year 2000 compliant. This phase of the Year 2000 Project was completed in
January of 1998.
Assessments, remediation and testing efforts have been conducted at all of our
manufacturing locations on critical applications including manufacturing,
inventory and financial systems at our locations around the world. These efforts
have been completed at most sites. We have certified that all North American
facilities are now Year 2000 compliant. A checklist of remediation tasks has
been assembled for the few remaining locations.
10
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
We have communicated and will continue to communicate with our suppliers,
financial institutions, customers and other key business partners on their Year
2000 efforts. All systems that link to us electronically have passed all related
testing. There can be no assurance that these business partners will be fully
compliant or that problems they may encounter will have no adverse effect on
their ongoing operations. No company can provide complete assurance that it has
been able to identify all Year 2000 issues prior to actual problems manifesting
themselves. It is the opinion of our management that we are taking adequate and
appropriate action to address Year 2000 issues.
We currently anticipate that the mission critical systems that we control in our
domestic and international operations will be Year 2000 compliant by January 1,
2000. However, no assurance can be given that unforeseen circumstances will not
arise during the completion of this program, which would adversely affect the
Year 2000 compliance of our systems. As a result, we are unable to determine the
impact that any system interruption, especially those externally generated,
would have on our results of operation, financial position or cash flows.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities was $65.5 million for the nine months
ended September 30, 1999, compared to $47.9 million for the same period a year
ago. The increase in 1999 net income and non-cash items was partially offset by
a higher funding requirement for working capital, due principally to a
significant payment of accounts receivable not being received until the day
after closing the quarter.
Our principal financing activities during the nine months ended September 30,
1999 were to repurchase 592,600 shares of our common stock for $15.2 million,
pursuant to a 2.0 million share repurchase plan authorized in the fourth quarter
of 1997, and to pay cash dividends on our common stock totaling $6.8 million.
Similar financing activities during the same period a year ago were for $17.2
million to repurchase common stock and $6.1 million to pay cash dividends.
The principal investing activity during the nine month period ended September
30, 1999 was funding $20.6 million of capital expenditures for the Chihuahua,
Mexico facility expansion and for modernization of our other plants and $2.7
million for advances to joint ventures. Similar investment activities during the
same period a year ago were for $20.0 million of capital expenditures and $4.7
million for investment in and advances to joint ventures.
Working capital and the current ratio were $173.9 million and 2.9:1 versus
$144.8 million and 2.6:1 at September 30, 1999 and December 31, 1998,
respectively, and $139.0 million and 3.0:1, respectively, at September 30, 1998.
Cash and short-term investments as of September 30, 1999 were $107.1 million
compared to $86.6 million at December 31, 1998 and $77.0 million at September
30, 1998. Our cash position is forecasted to be substantially more than
sufficient to fund working capital and capital investment requirements for the
balance of the year.
11
<PAGE> 14
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
PART II - OTHER INFORMATION (CONTINUED)
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27 - Financial Data Schedule
b) Reports on Form 8-K - There were no reports on Form 8-K filed during
the three months ended September 30, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
(Registrant)
Date 11/10/99 /s/ Louis L. Borick
-----------------------------------
Louis L. Borick
President and Chairman of the Board
Date 11/10/99 /s/ R. Jeffrey Ornstein
-----------------------------------
R. Jeffrey Ornstein
Vice President and CFO
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED, CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 107,147
<SECURITIES> 0
<RECEIVABLES> 108,308 <F1>
<ALLOWANCES> (1,352)<F1>
<INVENTORY> 41,693
<CURRENT-ASSETS> 263,731
<PP&E> 383,439
<DEPRECIATION> (226,363)
<TOTAL-ASSETS> 454,419
<CURRENT-LIABILITIES> 89,827
<BONDS> 0
0
0
<COMMON> 13,372 <F2>
<OTHER-SE> 327,075
<TOTAL-LIABILITY-AND-EQUITY> 454,419
<SALES> 423,368
<TOTAL-REVENUES> 423,368
<CGS> 333,786
<TOTAL-COSTS> 349,325
<OTHER-EXPENSES> 1,960
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (3,892)
<INCOME-PRETAX> 75,975
<INCOME-TAX> 26,781
<INCOME-CONTINUING> 49,194
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 49,194
<EPS-BASIC> 1.82
<EPS-DILUTED> 1.81
<FN>
<F1>Notes and Accounts Receivable - Trade are reported net of Allowances for
Doubtful Accounts in the Consolidated Condensed Balance Sheet.
<F2>Common Stock and Additional Paid-in-Capital are combined in the Consolidated
Condensed Balance Sheet.
</FN>
</TABLE>
