2011 Q3 Form 10-Q Financial Statement
#000009555211000034 Filed on October 28, 2011
Income Statement
| Concept | 2011 Q3 | 2010 Q3 |
|---|---|---|
| Revenue | $207.1M | $183.7M |
| YoY Change | 12.71% | 64.91% |
| Cost Of Revenue | $194.5M | $164.0M |
| YoY Change | 18.59% | 53.12% |
| Gross Profit | $12.58M | $19.72M |
| YoY Change | -36.23% | 369.48% |
| Gross Profit Margin | 6.07% | 10.73% |
| Selling, General & Admin | $6.607M | $8.337M |
| YoY Change | -20.75% | 43.74% |
| % of Gross Profit | 52.54% | 42.28% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $6.700M | |
| YoY Change | ||
| % of Gross Profit | 53.28% | |
| Operating Expenses | $6.607M | $8.337M |
| YoY Change | -20.75% | 43.74% |
| Operating Profit | $5.968M | $11.38M |
| YoY Change | -47.56% | -811.31% |
| Interest Expense | $200.0K | $700.0K |
| YoY Change | -71.43% | -12.5% |
| % of Operating Profit | 3.35% | 6.15% |
| Other Income/Expense, Net | -$1.091M | $493.0K |
| YoY Change | -321.3% | -38.38% |
| Pretax Income | $5.124M | $12.60M |
| YoY Change | -59.34% | 12501.0% |
| Income Tax | $896.0K | $2.204M |
| % Of Pretax Income | 17.49% | 17.49% |
| Net Earnings | $4.228M | $10.40M |
| YoY Change | -59.33% | -181.87% |
| Net Earnings / Revenue | 2.04% | 5.66% |
| Basic Earnings Per Share | $0.16 | $0.39 |
| Diluted Earnings Per Share | $0.16 | $0.39 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 27.16M shares | |
| Diluted Shares Outstanding | 27.28M shares |
Balance Sheet
| Concept | 2011 Q3 | 2010 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $152.2M | $136.0M |
| YoY Change | 11.91% | -1.23% |
| Cash & Equivalents | $147.1M | $106.6M |
| Short-Term Investments | $5.100M | $5.200M |
| Other Short-Term Assets | $22.94M | $28.90M |
| YoY Change | -20.61% | -10.25% |
| Inventory | $81.75M | $62.20M |
| Prepaid Expenses | ||
| Receivables | $119.0M | $130.0M |
| Other Receivables | $11.30M | $6.600M |
| Total Short-Term Assets | $395.2M | $363.8M |
| YoY Change | 8.62% | 19.47% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $148.7M | $167.2M |
| YoY Change | -11.07% | -7.32% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $4.700M | $2.500M |
| YoY Change | 88.0% | -94.05% |
| Other Assets | $18.21M | $39.40M |
| YoY Change | -53.79% | 328.26% |
| Total Long-Term Assets | $171.6M | $209.1M |
| YoY Change | -17.92% | -9.68% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $395.2M | $363.8M |
| Total Long-Term Assets | $171.6M | $209.1M |
| Total Assets | $566.8M | $572.9M |
| YoY Change | -1.06% | 6.88% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $26.30M | $31.50M |
| YoY Change | -16.52% | 12.1% |
| Accrued Expenses | $40.23M | $43.50M |
| YoY Change | -7.52% | 23.58% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $66.52M | $75.10M |
| YoY Change | -11.42% | 18.64% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $29.61M | $60.30M |
| YoY Change | -50.89% | -17.96% |
| Total Long-Term Liabilities | $29.61M | $60.30M |
| YoY Change | -50.89% | -17.96% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $66.52M | $75.10M |
| Total Long-Term Liabilities | $29.61M | $60.30M |
| Total Liabilities | $96.14M | $184.5M |
| YoY Change | -47.89% | 16.33% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $421.5M | |
| YoY Change | ||
| Common Stock | $68.13M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $424.4M | $388.4M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $566.8M | $572.9M |
| YoY Change | -1.06% | 6.88% |
Cashflow Statement
| Concept | 2011 Q3 | 2010 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $4.228M | $10.40M |
| YoY Change | -59.33% | -181.87% |
| Depreciation, Depletion And Amortization | $6.700M | |
| YoY Change | ||
| Cash From Operating Activities | $12.00M | $2.100M |
| YoY Change | 471.43% | -109.17% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$4.200M | -$2.700M |
| YoY Change | 55.56% | 58.82% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$400.0K | $7.500M |
| YoY Change | -105.33% | -184.27% |
| Cash From Investing Activities | -$4.700M | $4.800M |
| YoY Change | -197.92% | -145.28% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -4.300M | -4.300M |
| YoY Change | 0.0% | 0.0% |
| NET CHANGE | ||
| Cash From Operating Activities | 12.00M | 2.100M |
| Cash From Investing Activities | -4.700M | 4.800M |
| Cash From Financing Activities | -4.300M | -4.300M |
| Net Change In Cash | 3.000M | 2.600M |
| YoY Change | 15.38% | -106.88% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $12.00M | $2.100M |
| Capital Expenditures | -$4.200M | -$2.700M |
| Free Cash Flow | $16.20M | $4.800M |
| YoY Change | 237.5% | -122.64% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2011Q3 | us-gaap |
Assets
Assets
|
566811000 | USD |
| CY2010Q4 | us-gaap |
Assets
Assets
|
572442000 | USD |
| CY2010Q4 | us-gaap |
Assets Current
AssetsCurrent
|
381612000 | USD |
| CY2011Q3 | us-gaap |
Assets Current
AssetsCurrent
|
395173000 | USD |
| CY2010Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
30230000 | USD |
| CY2011Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
26295000 | USD |
| CY2011Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
40229000 | USD |
| CY2010Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
40308000 | USD |
| CY2011Q3 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-65233000 | USD |
| CY2010Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-55722000 | USD |
| us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
1791000 | USD | |
| us-gaap |
Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
|
222000 | USD | |
| CY2010Q4 | us-gaap |
Assets Held For Sale Current
AssetsHeldForSaleCurrent
|
4548000 | USD |
| CY2011Q3 | us-gaap |
Assets Held For Sale Current
AssetsHeldForSaleCurrent
|
4209000 | USD |
| CY2011Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
147067000 | USD |
| CY2010Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
129631000 | USD |
| CY2009Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
108567000 | USD |
| CY2010Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
106596000 | USD |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
17436000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1971000 | USD | |
| CY2010Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
0 | USD |
| CY2011Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
0 | USD |
| CY2011Q3 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.16 | |
| CY2010Q3 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.16 | |
| us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.48 | ||
| us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.48 | ||
| CY2010Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.00 | |
| CY2011Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.00 | |
| CY2010Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2011Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2010Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
26853790 | shares |
| CY2011Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
27160013 | shares |
| CY2011Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
27160013 | shares |
| CY2010Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
26853790 | shares |
| CY2010Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
61675000 | USD |
| CY2011Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
68126000 | USD |
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
26537000 | USD | |
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
468232000 | USD | |
| CY2011Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
194482000 | USD |
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
556326000 | USD | |
| CY2010Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
163994000 | USD |
| CY2010Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
3920000 | USD |
| CY2011Q3 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
3814000 | USD |
| CY2011Q3 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
14833000 | USD |
| CY2010Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
25492000 | USD |
| us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
-13011000 | USD | |
| CY2011Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.16 | |
| CY2010Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.39 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.10 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1 | ||
| CY2011Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.16 | |
| CY2010Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.39 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.99 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.1 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-427000 | USD | |
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
0 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
0 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
222000 | USD | |
| CY2011Q3 | us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
0 | USD |
| us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
0 | USD | |
| us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
-4110000 | USD | |
| CY2010Q3 | us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
0 | USD |
| us-gaap |
Gross Profit
GrossProfit
|
48999000 | USD | |
| CY2010Q3 | us-gaap |
Gross Profit
GrossProfit
|
19718000 | USD |
| CY2011Q3 | us-gaap |
Gross Profit
GrossProfit
|
12575000 | USD |
| us-gaap |
Gross Profit
GrossProfit
|
60238000 | USD | |
| us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
340000 | USD | |
| CY2010Q3 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | USD |
| us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | USD | |
| CY2011Q3 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | USD |
| CY2011Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
5124000 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
29936000 | USD | |
| CY2010Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
12601000 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
34937000 | USD | |
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-2847000 | USD | |
| CY2011Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
0 | USD |
| CY2010Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
0 | USD |
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
0 | USD | |
| CY2010Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2204000 | USD |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2705000 | USD | |
| CY2011Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
896000 | USD |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2954000 | USD | |
| CY2010Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
1221000 | USD |
| CY2011Q3 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
3823000 | USD |
| CY2011Q3 | us-gaap |
Inventory Net
InventoryNet
|
81745000 | USD |
| CY2010Q4 | us-gaap |
Inventory Net
InventoryNet
|
74897000 | USD |
| CY2011Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
247000 | USD |
| us-gaap |
Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
|
0 | USD | |
| us-gaap |
Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
|
630000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
12817000 | USD | |
| CY2010Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
727000 | USD |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1408000 | USD | |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
896000 | USD | |
| CY2011Q3 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
4742000 | USD |
| CY2010Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
4500000 | USD |
| CY2011Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
566811000 | USD |
| CY2010Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
572442000 | USD |
| CY2010Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
70538000 | USD |
| CY2011Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
66524000 | USD |
| CY2011Q3 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
31449000 | USD |
| CY2010Q4 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
33049000 | USD |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Headquartered in Van Nuys, California, the principal business of Superior Industries International, Inc. (referred to herein as the “company” or in the first person notation “we,” “us” and “our”) is the design and manufacture of aluminum road wheels for sale to original equipment manufacturers (OEM). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with wheel manufacturing operations in the United States and Mexico.  Customers in North America represent the principal market for our products. In addition, the majority of our net sales to international customers by our North American facilities are delivered primarily to such customers' assembly operations in North America.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ford Motor Company (Ford), General Motors Company (GM) and Chrysler Group LLC (Chrysler), were our only customers individually accounting for more than 10 percent of our consolidated wheel sales and together represented approximately 75 percent and 80 percent of our total wheel sales during the first </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> quarters of 2011 and 2010, respectively. We also manufacture aluminum wheels for BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen.  The loss of all or a substantial portion of our sales to Ford, GM or Chrysler would have a significant adverse impact on our operating results and financial condition. This risk is partially mitigated by our long-term relationships with these OEM customers and our supply arrangements which are generally for multi-year periods.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning with the third quarter of 2008, the automotive industry was negatively impacted by the continued dramatic shift away from full-size trucks and SUVs caused by continuing high fuel prices, rapidly rising commodity prices and the tightening of consumer credit due to the then deteriorating financial markets. Accordingly, our OEM customers announced unprecedented restructuring actions, including assembly plant closures, significant reductions in production of light trucks and SUVs, delayed launches of key 2009 model-year light truck programs and movement toward more fuel-efficient passenger cars and cross-over type vehicles. These restructuring actions culminated in the bankruptcy reorganization of Chrysler and GM in 2009. Following steep declines in 2009, automotive markets have experienced significant recovery in 2010 and into 2011, especially in North America. According to </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Ward's Automotive Group</font><font style="font-family:inherit;font-size:10pt;">, production of automobiles and light-duty trucks in North America reached 11.9 million vehicles in 2010, an increase of 3.3 million, or 39 percent, from 8.6 million in 2009. For the first </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> quarters of 2011, North America vehicle production increased 7.8% to 9.6 million vehicles when compared with the comparable period in 2010. Conversely, total 2009 production decreased 4.0 million, or 32 percent, from 12.6 million for the full year in 2008. This relatively recent history from 2008 to 2010 reflects the high degree of volatility that our customers and the market for our products can experience.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Despite the improvement in the U.S. automotive industry that began in the later part of 2009, vehicle production levels still remain below historical high points. There can be no guarantee that recent improvements will be sustained or that reductions from current production levels will not occur in future periods.  Vehicle demand is subject to many unpredictable factors such as changes in the general economy, gasoline prices, consumer credit availability and interest rates.  Demand for aluminum wheels can be further affected by other factors, including pricing and performance comparisons to competitive materials such as steel.  Finally, the demand for our products is influenced by shifts of market share between vehicle manufacturers and the specific market penetration of individual vehicle platforms being sold by our customers.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">While we historically have had long-term relationships with our customers and our supply arrangements generally are for multi-year periods, maintaining such long-term arrangements on terms acceptable to us has become increasingly difficult. Despite recovery of the market for our products in 2010 and into 2011, global competitive pricing pressures continue to affect our business negatively as our customers maintain and/or further develop alternative supplier options. Increasingly global procurement practices, the pace of new vehicle introduction and demand for price reductions may make it more difficult to maintain long-term supply arrangements with our customers, and there are no guarantees that we will be able to negotiate supply arrangements on terms acceptable to us in the future.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are engaged in ongoing programs to reduce our own costs through improved operational and procurement practices in an attempt to mitigate the impact of these pricing pressures. However, these improvement programs may not be sufficient to offset the adverse impact of ongoing pricing pressures and potential reductions in customer demand in future periods. Additional factors such as inconsistent customer ordering patterns, increasing product complexity and heightened quality standards also are making it increasingly more difficult to reduce our costs. It is also possible that as we incur costs to implement improvement strategies, the initial impact on our financial position, results of operations and cash flow may be negative.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The raw materials used in producing our products are readily available and are obtained through numerous suppliers with whom we have established trade relations.</font></div></div> | ||
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Payments For Advance To Affiliate
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Payments Of Dividends Common Stock
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Payments To Acquire Equity Method Investments
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Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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Payments To Acquire Marketable Securities
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|
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
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Payments To Acquire Property Plant And Equipment
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|
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Payments To Acquire Property Plant And Equipment
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|
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Preferred Stock Par Or Stated Value Per Share
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Proceeds From Sale And Maturity Of Marketable Securities
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Proceeds From Sale And Maturity Of Marketable Securities
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Proceeds From Sale Of Property Plant And Equipment
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Proceeds From Stock Options Exercised
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Proceeds From Stock Options Exercised
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RetainedEarningsAccumulatedDeficit
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Selling General And Administrative Expense
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Selling General And Administrative Expense
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Selling General And Administrative Expense
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Selling General And Administrative Expense
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Short Term Investments
ShortTermInvestments
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Short Term Investments
ShortTermInvestments
|
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Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
4438000 | USD | |
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
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false | ||
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Current Fiscal Year End Date
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Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
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Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2011 | ||
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Document Period End Date
DocumentPeriodEndDate
|
2011-09-25 | ||
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Document Type
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|
10-Q | ||
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Entity Central Index Key
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Entity Current Reporting Status
EntityCurrentReportingStatus
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Yes | ||
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Entity Filer Category
EntityFilerCategory
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Accelerated Filer | ||
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Entity Registrant Name
EntityRegistrantName
|
SUPERIOR INDUSTRIES INTERNATIONAL INC | ||
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Entity Voluntary Filers
EntityVoluntaryFilers
|
No | ||
| dei |
Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
|
No |
