Martinrea International Inc. Releases 2011 Annual Results: Record Fourth Quarter Revenues and Profits
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/20/12 -- Martinrea International Inc. (TSX: MRE), a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, announced today the release of its financial results for the year and fourth quarter ended December 31, 2011.
Martinrea currently employs over 10,000 skilled and motivated people in 37 plants in Canada, the United States, Mexico, Brazil and Europe. All amounts in this press release are in Canadian dollars, unless otherwise stated; and all tabular amounts are in thousands of Canadian dollars, except earnings per share and number of shares.
Additional information about the Company, including the Company's Management Discussion and Analysis of Operating Results and Financial Position for the year and quarter ended December 31, 2011 ("MD&A") dated as of March 20, 2012, the Company's audited consolidated financial statements for the year ended December 31, 2011 (the "audited consolidated financial statements") and the Company's Annual Information Form for the financial year ended December 31, 2011, can be found at .
Non-GAAP Measures
The Company now reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, the Company has included certain non-GAAP financial measures and ratios in this Press Release that the Company believes will provide useful information in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to the other financial measures determined in accordance with IFRS. Non-GAAP measures referred to in the analysis include "adjusted net earnings", and "adjusted earnings per share on a basic and diluted basis" and are defined in the Tables A, B and C under "Adjustments to Net Income" of this Press Release.
Results of Operations
The comparative amounts in the analysis below have been adjusted to reflect the impact from the Company's transition to IFRS effective January 1, 2010.
Fourth Quarter 2011 to Fourth Quarter 2010 comparison
The Company's revenues for the fourth quarter of 2011 increased by $220.4 million or 44.6% to $714.8 million as compared to $494.4 million for the fourth quarter of 2010. The increase was partially due to $196.4 million in incremental revenue resulting from the inclusion of Martinrea Honsel in the consolidated financial results of the Company effective July 29, 2011, which led sales in both the Company's Europe and Rest of World operating segments to increase significantly year-over-year. Included in the $48.6 million increase in revenue generated in North America was $25.5 million related to the operations of the Company's plant in Querataro, Mexico which formed part of the Honsel acquisition. The remainder of the increase in revenue in North America was due to improved production volumes in North American light vehicle platforms and the launch of new programs during 2011, offset by a significant decrease in tooling revenue relating to upcoming new programs which is typically dependent on the timing of tooling construction and final inspection and acceptance by the customer.
Overall tooling revenue decreased by $42.8 million from $72.7 million for the fourth quarter of 2010 to $29.9 million for the fourth quarter of 2011, $6.8 million of which was generated by the acquired assets of Honsel.
The overall increase in revenue in the fourth quarter of 2011 as compared to the fourth quarter of 2010 would have been higher by $3.9 million had it not been negatively impacted by a reduction in the translation of U.S. dollar denominated revenue.
Fourth Quarter 2011 to Third Quarter 2011 comparison
The Company's revenues for the fourth quarter of 2011 increased by $142.5 million or 24.9% to $714.8 million as compared to $572.3 million for the third quarter of 2011. The increase was partially due to $49.8 million in incremental revenue generated by Martinrea Honsel during the fourth quarter of 2011, which included three full months of revenue as compared to only two months during the third quarter of 2011. The increase in revenue from Martinrea Honsel led sales in the Company's Europe and Rest of World operating segments to increase significantly quarter-over-quarter. Included in the $101.5 million increase in revenue generated in North America was a $10.0 million quarter-over-quarter increase in revenue at the Company's plant in Querataro, Mexico which formed part of the Honsel acquisition. The remainder of the increase in revenue in North America was due to improved production volumes in North American light vehicle platforms and the translation of U.S. dollar denominated revenue, which had a positive impact on revenue for the fourth quarter of 2011 of $15.9 million as compared to the third quarter of 2011.
Overall tooling revenue decreased by $6.4 million from $36.3 million for the third quarter of 2011 to $29.9 million for the fourth quarter of 2011, $6.8 million of which was generated by the acquired assets of Honsel.
2011 to 2010 comparison
The Company's revenues for the year ended December 31, 2011 increased by $503.6 million or 29.8% to $2,193.0 million as compared to $1,689.4 million for the year ended December 31, 2010. The increase was partially due to $343.0 million in incremental revenue resulting from the inclusion of Martinrea Honsel in the consolidated financial results of the Company effective July 29, 2011, which led sales in both the Company's Europe and Rest of World operating segments to increase significantly year-over-year. Included in the $200.5 million increase in revenue generated in North America was $41.5 million related to the operations of the Company's plant in Querataro, Mexico which formed part of the Honsel acquisition. The remainder of the increase in revenue in North America was due to improved production volumes in North American light vehicle platforms and the launch of new programs during 2010 and 2011, offset by the translation of U.S. dollar denominated revenue, which negatively impacted revenue for 2011 by $62.8 million, and a decrease in tooling revenue relating to upcoming new programs which is typically dependent on the timing of tooling construction and final inspection and acceptance by the customer.
Overall tooling revenue decreased by $2.2 million from $119.5 million for the year ended December 31, 2010 to $117.3 million for the year ended December 31, 2011, $13.5 million of which was generated by the acquired assets of Honsel.
Fourth Quarter 2011 to Fourth Quarter 2010 comparison
The gross margin percentage for the fourth quarter of 2011 of 11.0% increased by 0.7% as compared to the gross margin percentage for the fourth quarter of 2010 of 10.3%. Excluding the unusual and other items recorded as cost of sales in the fourth quarter of 2010 as explained in Table A under "Adjustments to Net Income", the gross margin percentage for the fourth quarter of 2011 increased to 11.0% from 9.8% for the fourth quarter of 2010. The Company's gross margin for the fourth quarter of 2011 was positively impacted by the addition of the acquired operations of Honsel. Excluding the operations of Martinrea Honsel, Martinrea's gross margin percentage for the fourth quarter of 2011 would have been 9.9%, a slight increase over the fourth quarter of 2010, excluding unusual and other items. Martinrea's gross margin for the fourth quarter of 2011, excluding the operations of Martinrea Honsel, would have been higher if not for $0.9 million of pre-operating costs at the Company's new facility in Silao, Mexico and an increase in launch activity during the quarter predominantly at the Company's Shelbyville, Kentucky facility which negatively impacted the quarter by approximately $1.4 million.
The Company's Shelbyville facility, approximating one million square feet, represents about 20% of the Company's square footage in North America and presently has a revenue run rate of about $50 million per year. A total of approximately $200 million in anticipated annualized business related to Ford's C520 program is expected to launch at this facility in the Spring of 2012. The new work, when launched, will greatly expand throughput and capacity utilization at Shelbyville, and is expected to turn a very large plant with negative gross margin and earnings and current ramp up costs into a positive gross margin and earnings contributor starting in the Spring of 2012. This Ford C520 business consists of approximately $100 million in value added internally produced components and $100 million in components purchased from other suppliers that will be integrated with internally produced components to produce finished welded assemblies. The gross margins on components purchased from other suppliers are typically lower than for value added work, although return on capital is higher. After the launch of the Ford C520 program in Shelbyville, approximately 25% of Martinrea's business excluding Martinrea Honsel will involve integrator or assembly work.
Fourth Quarter 2011 to Third Quarter 2011 comparison
Gross margin percentage for the fourth quarter of 2011 of 11.0% increased by 0.1% as compared to the gross margin percentage for the third quarter of 2011 of 10.9%. Consistent with the third quarter of 2011, Martinrea Honsel had a positive impact on the gross margin for the fourth quarter. Excluding the operations of Martinrea Honsel, Martinrea's gross margin percentage for the fourth quarter of 2011 would have been 9.9%, an increase over the gross margin for the third quarter of 2011, excluding Martinrea Honsel, of 9.5%. The gross margin percentage for both the third and fourth quarters of 2011 was negatively impacted by pre-operating costs at the Company's new facility in Silao, Mexico which increased by $0.2 million quarter-over-quarter, and launch activity at the Company's Shelbyville, Kentucky facility, where the Company is currently ramping up for a significant program launch in the spring of 2012 for Ford's C520 program, which decreased by $0.4 million quarter-over-quarter.
2011 to 2010 comparison
The gross margin percentage for the year ended December 31, 2011 of 10.6% increased by 0.5% as compared to the gross margin percentage for the year ended December 31, 2010 of 10.1%. Excluding the unusual and other items recorded as cost of sales during the year ended December 31, 2010 as explained in Table C under "Adjustments to Net Income", the gross margin percentage for the year ended December 31, 2011 increased to 10.6% from 10.0% for the year ended December 31, 2010. The Company's gross margin for the year ended December 31, 2011 was positively impacted by the addition of the acquired operations of Honsel. Excluding the operations of Martinrea Honsel, Martinrea's gross margin percentage for the year ended December 31, 2011 would have been 9.9%, relatively consistent with the gross margin percentage for the year ended December 31, 2010 of 10.0%, after unusual items. Martinrea's gross margin, excluding the operations of Martinrea Honsel, would have been higher if not for $1.8 million of pre-operating costs at the Company's new facility in Silao, Mexico and an increase in launch activity during the year predominantly at the Company's Shelbyville, Kentucky and Mexico City, Mexico facilities which negatively impacted 2011 by approximately $5.0 million.
Adjusted net earnings excludes certain unusual and other items, as set out in the following tables and described in the notes thereto. Management uses adjusted earnings as a measurement of operating performance of the Company and believes that, in conjunction with GAAP measures, it provides useful information about the financial performance and condition of the Company.
(1) Impairment (reversal) of Property, Plant and Equipment ("PP&E") and Intangible Assets
Annual impairment tests were conducted on PP&E and intangible assets at December 31, 2011 and December 31, 2010. In addition, as required by IFRS, the Company evaluated all previously recorded impairment charges for potential reversal. Based on this analysis, incremental impairment charges were recorded which were offset by the reversal of certain previously recorded impairment charges resulting in a net impairment charge of $0.4 million during the year ended December 31, 2011 as compared to a net impairment reversal of $1.1 million for the year ended December 31, 2010. The reversal of previously recorded impairment charges under the requirements of IFRS in 2010 and 2011 was primarily due to the significant improvements in North American vehicle production from 2009 and the benefits from the restructuring activities conducted during 2009 and 2010 which included the relocation of plant and equipment and the corresponding customer business to cost competitive facilities.
(2) Employee Related Severance Costs
As part of the acquisition of Honsel, a certain level of restructuring was planned at the Company's German facility in Meschede. The restructuring efforts commenced immediately after the closing of the acquisition and, as a result, $11.4 million of employee related severance was recognized during the year ended December 31, 2011 of which $1.4 million was recognized during the fourth quarter of 2011. The majority of the restructuring costs expected to be incurred at this German facility will be in the nature of employee related severance as the Company rationalizes the overhead cost structure of the facility and improves the efficiency of the operations. The Company anticipates that additional employee related severance will be incurred at the facility over the course of the next twelve months.
In addition, during the fourth quarter of 2011, the Company began the process of closing one of its small operating facilities in Mexico. The existing business and equipment of this facility will be moved to other Company facilities in Mexico including a new facility the Company opened in Silao, Mexico in 2011. Restructuring costs relating to this closure for 2011 totaled $2.4 million consisting primarily of employee related severance ($1.5 million) and the dismantling and transporting of PP&E between Company facilities ($0.9 million).
During the year ended December 31, 2010, the Company incurred employee related severance costs of $6.3 million relating primarily to the closure of the Company's facilities in Mississauga, Ontario and Windsor, Ontario. The restructuring activities undertaken during 2010 formed part of the Company's overall cost cutting program aimed at realigning and increasing the efficiency of the Company's operations.
(3) Other Restructuring Costs
During the fourth quarter of 2011, the Company began the process of closing one of its small operating facilities in Mexico. The existing business and equipment of this facility will be moved to other Company facilities in Mexico including a new facility the Company opened in Silao, Mexico in 2011. Restructuring costs relating to this closure for 2011 totalled $2.4 million consisting primarily of employee related severance ($1.5 million) and the dismantling and transporting of PP&E between Company facilities ($0.9 million).
Other restructuring costs of 2010 relate primarily to the cessation of manufacturing operations at the Company's Windsor, Ontario and Mississauga, Ontario facilities on June 30, 2010 and December 13, 2010, respectively, the right-sizing of operating facilities in southwestern Ontario and period costs associated with the closure of the Kitchener Frame facility prior to its disposal in the second quarter of 2010. Other restructuring costs include directly attributable facility and right-sizing costs and costs relating to the dismantling and transportation of PP&E between Company's facilities.
At this time, the Company does not expect to incur any further significant restructuring costs with the exception of the funding of the Windsor pension and OPEB plans which the Company will continue to fund over next two years, the windup of the Martinrea Fabco Hot Stampings pension plan, the completion of the closure of the small operating facility in Mexico and any restructuring required relating to the acquired assets of Honsel (as discussed above), which, at this point in time, the Company believes will be limited to employee related severance as the Company rationalizes the overhead cost structure and improves the efficiency of the operations in Meschede, Germany.
(4) Transaction and Integration Costs Associated with the Acquisition of Honsel
On July 29, 2011, the Company closed the purchase of the assets of Honsel to form the Martinrea Honsel Group. Martinrea joined with Anchorage in the transaction and, consequently, owns 55% of the Martinrea Honsel Group with Anchorage owning the remaining 45%. The Company expensed $9.7 million in transaction and integration costs related to the acquisition during the year ended December 31, 2011 of which $1.6 million was expensed during the fourth quarter of 2011 and $6.7 million during the third quarter of 2011.
(5) Valuation Allowance on Deferred Tax Assets
The concept of a separately disclosed valuation allowance on deferred tax assets no longer exists under IFRS since deferred tax assets are recorded on a net basis to reflect the amount that is probable of realization. As such, the change in valuation allowance as previously reported under Canadian GAAP has been reclassified for comparative purposes to be included in the tax impact of the unusual and other items noted in the tables above.
(6) Write-down of excess service inventory at the Company's Windsor, Ontario facility
Certain excess service inventory costs of approximately $1.2 million associated with discontinued platforms were expensed during the second quarter of 2010 in connection with the closure of the Company's facility in Windsor, Ontario.
(7) Gain on sale of Kitchener facility
On June 25, 2010, the Company sold the land and building located in Kitchener Ontario ("Kitchener Real Property") on an "as is" basis resulting in a gain on sale of $10.7 million in the second quarter of 2010. The fair value of the proceeds on disposition of the property amounted to $13.7 million of which $1.1 million was paid in cash and the remainder in the form of a promissory note with a face value of $13.9 million. The promissory note is secured by the Kitchener Real Property and is scheduled to be fully repaid by December 2013.
(8) Pension Settlement and Other Post Employment Benefits Curtailment
The Company recognized curtailment and settlement gains of $1.9 million and $3.2 million in second and fourth quarter of 2010 as a result of the post employment benefits of the employees at its Shelbyville, Kentucky facility.
(9) Development costs
Development costs in the nature of employee training and other operational inefficiencies during the product launch period are expensed in accordance with IFRS and the Company's accounting policies. The Company expensed approximately $1.3 million in the first quarter of 2010 in relation to development costs for takeover business from SKD.
Fourth Quarter 2011 to Fourth Quarter 2010 comparison
Net earnings for the fourth quarter of 2011 of $18.5 million increased by $2.9 million from $15.6 million for the fourth quarter of 2010. Excluding unusual and other items incurred during these two quarters as explained in Table A under "Adjustments to Net Income", the net earnings for the fourth quarter of 2011 improved to $19.9 million or $0.24 per share, on a basic and diluted basis, in comparison to adjusted net earnings of $14.7 million or $0.17 per share, on a diluted basis, for the fourth quarter of 2010.
The adjusted net earnings for the fourth quarter of 2011 were positively impacted by the addition of Martinrea Honsel to the consolidated financial results of the Company and an increase in customer production volumes in North America. The positive impact was offset by an increase in launch activity costs during the quarter predominantly at the Company's Shelbyville, Kentucky facility, pre-operating costs at the Company's new facility in Silao, Mexico and an increase in selling, general and administration ("SG&A") expense as discussed in the Company's MD&A.
Fourth Quarter 2011 to Third Quarter 2011 comparison
Net earnings for the fourth quarter of 2011 of $18.5 million increased by $12.0 million from net earnings of $6.5 million for the third quarter of 2011. Excluding unusual and other items incurred during these two quarters as explained in Table B under "Adjustments to Net Income", the net earnings for the fourth quarter of 2011 improved to $19.9 million or $0.24 per share, on a basic and diluted basis, as compared to adjusted net earnings of $16.3 million or $0.20 per share, on a basic and diluted basis, for the third quarter of 2011. The adjusted net earnings for the fourth quarter of 2011 were positively impacted mainly by incremental earnings from Martinrea Honsel during the fourth quarter of 2011, which included three full months of activity compared to only two months in the third quarter of 2011, and an increase in customer production volumes in North America offset by an increase in SG&A expense.
2011 to 2010 comparison
Net earnings for the year ended December 31, 2011 of $54.5 million increased by $1.8 million from $52.8 million for the year ended December 31, 2010. Excluding unusual and other items incurred during the two years as explained in Table C under "Adjustments to Net Income", the net earnings for the year ended December 31, 2011 significantly improved to $66.8 million or $0.79 per share, on a diluted basis, as compared to adjusted net earnings of $51.7 million or $0.61 per share, on a diluted basis, for the year ended December 31, 2010.
The adjusted net earnings for the year ended December 31, 2011 were positively impacted by the addition of Martinrea Honsel to the consolidated financial results of the Company and an increase in customer production volumes in North America. The positive impact was offset by an increase in launch activity costs during the quarter predominantly at the Company's Shelbyville, Kentucky and Mexico City, Mexico facilities, pre-operating costs at the Company's new facility in Silao, Mexico and an increase in SG&A expense.
Fourth Quarter 2011 to Fourth Quarter 2010 comparison
Capital expenditures increased by $12.5 million to $47.5 million in the fourth quarter of 2011 from $35.0 million in the fourth quarter of 2010. The increase can be partially attributed to incremental capital expenditures relating to Martinrea Honsel. Capital expenditures incurred in the fourth quarter of 2011 are primarily related to the purchase of new program equipment in response to newly awarded business scheduled to launch over the next two years and capital for a new plant the Company has opened in Silao, Mexico during 2011.
Fourth Quarter 2011 to Third Quarter 2011 comparison
Capital expenditures for the fourth quarter of 2011 of $47.5 million is comparable to $47.9 million of capital expended during the third quarter of 2011. Capital expenditures incurred in both the quarters of 2011 are primarily related to the purchase of new program equipment in response to newly awarded business scheduled to launch over the next two years and capital for a new plant the Company has recently opened in Silao, Mexico. Capital expenditures for Martinrea Honsel remained relatively consistent quarter-over-quarter.
2011 to 2010 comparison
Capital expenditures increased by $58.5 million to $149.5 million for the year ended December 31, 2011 from $90.9 million during the year ended December 31, 2010. The increase in capital expenditures incurred in 2011 can be attributed to the purchase of new program equipment in response to newly awarded business scheduled to launch over the next two years, incremental capital expenditures relating to Martinrea Honsel and capital for a new plant opened in Silao, Mexico in 2011.
Nick Orlando, Martinrea's Chief Executive Officer, stated: "The year 2011 was a great year for us. Martinrea grew its business, organically and by an accretive acquisition of Honsel assets; we saw record revenues; we made more money, after unusual items, than in any other year previously; we have more plants and employ more good people than we ever have before; we expanded our product offerings to our customers; and we produced more great product for our customer base than we ever have before. The year 2011 again reflected our commitment to prudent, profitable growth, as we strive to meet our continuing objective: to develop a state of the art international fluid systems and metal forming business. We aim to be the best automotive parts supplier in the world in what we do - supporting our customers to become a leading supplier of choice. We attract talented people, develop them well and encourage them to perform great things. In our view, our people did many great things in 2011, and will do so again in 2012, which is already off to a very good start. Our fourth quarter was also a strong quarter for our company, the strongest quarter of the year and indeed the strongest fourth quarter performance in our history. We continued to work on operational improvements at Martinrea Honsel and that business contributed to our performance, and we continued to improve our operations at our Martinrea plants. Our preparation for launches at Shelbyville and elsewhere is going well, and we will be launching a significant volume of business in 2012. We are pleased to announce that we have won incremental business awards totaling $70 million annualized. This business consists of $12 million of new metal forming business for Chrysler on the next generation Liberty (launching in 2013), $10 million of fuel filler business on Ford's Transit vehicle (launching in 2013), $5.0 million of fuel filler business on GM's medium duty truck platform (launching in 2014), $8.0 million of suspension assembly business on GM's Impala platform (launching later this year), $10 million of aluminum transmission business for Volvo for our plant in Brazil (launching in 2013) and an aluminum engine cradle for GM's new full size vehicle platform which will generate $25 million of annualized sales starting in 2015."
Fred Di Tosto, Martinrea's Chief Financial Officer, stated: "Revenues for the fourth quarter, excluding $30 million in tooling revenues, were $685 million, which was within our quarterly sales guidance as previously provided. Our record fourth quarter revenues included approximately $196.4 million from the Martinrea Honsel assets, which also contributed to our adjusted earnings. In the fourth quarter of 2011 our adjusted earnings per share was $0.24, after factoring out employee related severance provisions and Honsel related transaction and integration costs, up from $0.20 in the third quarter of 2011 and $0.17 in the fourth quarter of 2010, after adjustments and on a diluted basis. We did experience some launch costs at the Shelbyville facility and pre-operating costs in Silao which negatively impacted earnings in the quarter but these should disappear over time. Our fourth quarter results from the Martinrea Honsel assets were accretive to earnings, after factoring out unusual and other items, and amounted to approximately $0.07 of earnings per share for the quarter. We are very pleased with the performance of Martinrea Honsel and will continue to work with our people to turn Martinrea Honsel into a global leader for aluminum automotive parts."
Mr. Di Tosto added: "In addition, we saw gross margin for the quarter increase to 11% which was higher than both the third quarter of 2011 and comparative quarter of the previous year. In our first quarter of 2012, we anticipate revenues (excluding tooling revenues) will range from $690 million to $710 million, and we believe our earnings per share after adjustments, which includes the Martinrea Honsel results, will range from $0.28-$0.32 per share, a significant increase quarter-over-quarter based on an expected expansion of gross margin on slightly higher revenue and a decrease in SG&A expense. We expect gross margin to improve further as we launch a significant amount of business in Shelbyville starting in mid-April, and as we start to fill our Silao facility. The new work at Shelbyville will greatly expand the capacity utilization and throughput of the plant, which represents over 20% of our factory space in North America."
Rob Wildeboer, Martinrea's Executive Chairman, stated: "While 2011 was in our view a great building year for us in many ways, we are very positive about our prospects for 2012 and beyond, where we anticipate our earnings to increase consistent with previous guidance. We repeat our statements that we believe, based on where we sit today, that 2012 will be our best year to date by far from a financial point of view, subject to market conditions. Based on our assumptions of volumes, interest rates and our outlook, we are budgeting for consolidated revenues approaching $3 billion in 2012, and earnings, including our interest in Martinrea Honsel, should range somewhere between $1.05 and $1.25 per share, absent unusual items in each case. In 2013, we anticipate higher production sales; as well as improved gross margins and EBITDA margins across the board as the impact of higher throughput and efficiencies are felt, and we are anticipating in our budgets that our earnings per share for the year will grow to the $1.30 to $1.50 range, based on current assumptions. Underlying our optimism to some extent is the fact we have much product to launch, and the macroeconomic outlook involving automotive in North America in particular is positive. In sum, there remains pent up demand for light cars and trucks in North America. We believe the North American auto industry is in a growth phase, and certainly sales volumes in the U.S. this year to date have been much more robust than a year ago. There is still room to grow. Also much of the Martinrea Honsel business is in the form of product put in vehicles which have a healthy export market, like Jaguar. Europe is a little more troubling in terms of volumes, but our customers there, companies like Daimler, VW, BMW, Jaguar for example, are doing well. In terms of our financial position at Martinrea, we continue to have a strong balance sheet, with the capability, we believe, to take advantage of opportunities, whether in terms of expanding and taking on new work, or making complementary acquisitions".
Mr. Wildeboer added: "At year end we also reflect on the support we have received in the past year, and we thank all of our shareholders, lenders, customers and of course our employees for their continued and valued support."
Forward-Looking Information
Special Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of applicable Canadian securities laws including related to the Company's expectations as to the financial impact of the new launch at the Shelbyville plant, gross margin percentage and expectations on future sales, revenue, earnings per share and capital expenditures (including of Martinrea Honsel), the launching of new metal forming and fluid systems programs, anticipated growth in the automotive industry, the opportunity to increase sales, broad geographic penetration, and the nature and duration of the economic recession to the continuation of monitoring, managing and rationalization of expenses, the Company's expectations regarding the amount of restructuring expenses to be expensed, the Company's statements on operations and product launches, the Company's view on the financial viability of its customers, the Company's views on the long term outlook of the automotive industry and corresponding increased sales and production including of the amount of business of Martinrea Honsel in export markets, the Company's statements of its intention for growth over time (organically or through acquisition), including of the Martinrea Honsel business, the Company's statement on the success of the Martinrea Honsel Acquisition and optimism for the future, the Company's ability to capitalize on opportunities in the automotive industry and the Company's statements regarding the repayment of a promissory note, as well as other forward-looking statements. The words "continue", "expect", "anticipate", "estimate", "may", "will", "should", "views", "intend", "believe", "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, some of which are discussed in detail in the Company's Annual Information Form and other public filings which can be found at :
These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, except as required by law.
A conference call to discuss those results will be held on Wednesday, March 21, 2012 at 8:00 a.m. (Toronto time) which can be accessed by dialing 416-340-8410 or toll free 1-866-225-2055. Please call 10 minutes prior to the start of the conference call.
If you have any teleconferencing questions, please call Andre La Rosa at (416) 749-0314.
There will also be a rebroadcast of the call available by dialing 1-800-408-3053 (conference id 4555837#). The rebroadcast will be available until April 4, 2012.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".
See accompanying notes to the consolidated financial statements.
On behalf of the Board:
Robert Wildeboer, Director
Suleiman Rashid, Director
See accompanying notes to the consolidated financial statements.
See accompanying notes to the consolidated financial statements.
See accompanying notes to the consolidated financial statements.
See accompanying notes to the consolidated financial statements.
Contacts:
Martinrea International Inc.
Fred Di Tosto
Chief Financial Officer
(416) 749-0314
(289) 982-3001
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