Tenneco Automotive Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
November 13, 2003
TENNECO AUTOMOTIVE ADJUSTS THIRD QUARTER 2003 FINANCIAL RESULTS
LAKE FOREST, ILLINOIS, NOVEMBER 13, 2003 - Tenneco Automotive (NYSE: TEN) announced today that the company's third quarter results, as reported on October 21, 2003, understated net income by $1 million and earnings per diluted share (EPS) by 1-cent and overstated revenue and earnings before interest and taxes (EBIT) for the quarter by $1 million.
In filing its third quarter report on Form 10-Q today, the company reported third quarter 2003 net income of $4 million, an increase from $3 million as announced on October 21, 2003, and earnings per share of 10-cents, an increase from previously reported 9-cents. The company reported third quarter revenue of $914 million, versus $915 million as previously reported, and the company's EBIT in the quarter was $38 million, down from $39 million as originally reported.
These changes were made as a result of two adjustments. The first adjustment was identified in Germany during a routine monthly review of vehicle platform and customer financial performance. The revenue generated from one particular platform was not recorded properly during a period in the quarter when the company was transitioning its supply of product from one facility to a newly opened manufacturing facility. With the adjustment, European revenue for third quarter 2003 was $344 million versus the previously reported $345 million, and European EBIT was a loss of $3 million instead of a loss of $2 million.
The second adjustment related to the write-off of debt issuance costs by the company in connection with the refinancing of some of its debt earlier this year. The company reported lower interest expense of $2 million following re-examination of the calculation of the write-off.
Third quarter 2003 financial statements and reconciliations of GAAP to non-GAAP results reflecting the adjusted results are attached.
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Tenneco Automotive is a $3.5 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,600 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe® and Walker® global brand names. Among its products are Sensa-Trac® and Monroe Reflex® shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow® mufflers and DynoMax® performance exhaust products, and Monroe® Clevite® vibration control components.
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