Superior Announces Departure of Chief Financial Officer
Superior Ended Second Quarter with Liquidity and Net Debt Ahead of Previous Outlook
“We want to thank Matti for his significant contributions and wish him well in his next position. Over his tenure with Superior, Matti has been a key leader for the Company, driving significant operating and cash flow improvement, better positioning Superior for the future,” commented
“While it is difficult to leave such a talented team, I am confident that under Majdi’s leadership, Superior will continue to execute on the initiatives implemented to further enhance the Company’s financial strength and liquidity position,” said
The Company has initiated a comprehensive search to identify a permanent replacement.
Second Quarter 2020 Cash and Liquidity Position and Performance
As previously announced on
Superior’s unit shipments declined by 58% for the second quarter of 2020 compared to the prior year period, including strong shipments for June, which declined by 12% compared to June of 2019. As previously announced on
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates and partners with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as “intend,” “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “outlook”, “predicts,” “projects,” “potential” or “continue,” or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the intention to submit a plan to the NYSE and Superior’s ability to return to compliance of the continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superior's
Non-GAAP Financial Information
In addition to the results reported in accordance with GAAP, this press release refers to “Adjusted EBITDA,” which Superior has defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs, impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative, acquisition and integration costs, certain hiring and separation related costs, gains associated with early debt extinguishment and accounts receivable factoring fees.
Management believes this non-GAAP measure is useful to management and may be useful to investors in their analysis of Superior’s financial position and results of operations. Further, management uses this non-GAAP financial measure for planning and forecasting purposes. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP and may be different from similar measures used by other companies.
1 See Non-GAAP Financial Information.
Superior Investor Relations:
Superior Investor Relations: