July 23, 2014 5:15 AM ET

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Company Overview of Affinia Group Intermediate Holdings Inc.

Company Overview

Affinia Group Intermediate Holdings Inc. manufactures and distributes filtration and replacement products in North America, Europe, South America, and Asia. It operates through Filtration and Affinia South America segments. The Filtration segment offers oil, air, fuel, hydraulic, and other filters for light, medium, and heavy duty on and off-highway vehicles; and construction, agriculture, mining, and forestry vehicles, as well as for industrial and marine applications. The Affinia South America segment provides fuel and water pumps, universal joint kits, axle sets, shocks, steering, filtration products, CV joints, brake products, suspension parts, motorcycle parts, electronics, and other af...

1101 Technology Drive

Ann Arbor, MI 48108

United States

Founded in 2004

6,266 Employees

Phone:

734-827-5400

Key Executives for Affinia Group Intermediate Holdings Inc.

Chief Executive Officer
Age: 52
Chief Financial Officer and Senior Vice President
Age: 46
President of Affinia Group S.A.
Age: 62
President of Global Chassis Group
Age: 58
Senior Vice President
Age: 55
Compensation as of Fiscal Year 2014.

Affinia Group Intermediate Holdings Inc. Key Developments

Affinia Group Intermediate Holdings Inc. Announces Consolidated Financial Results for the First Quarter Ended March 31, 2014

Affinia Group Intermediate Holdings Inc. announced consolidated financial results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of $331 million against $326 million a year ago. The $5 million period-over-period reported net sales increase was the result of increased sales within the Filtration segment, largely offset by lower sales in the Affinia South America segment due to declines in the value of the Brazilian Real and Argentine Peso. On a currency adjusted basis, net sales for the first quarter of 2014 improved by 8% or $27 million over the same period in 2013. Operating profit was $25 million against $30 million a year ago. The decrease was attributable to $7 million of restructuring and other costs in the first quarter of 2014, partially offset by higher operating profit in both the Filtration and Affinia South America segments. Income from continuing operations, before income tax provision, equity in income and noncontrolling interest was $2 million against $14 million a year ago. Net loss from continuing operations was $2 million against income from continuing operations of $8 million a year ago. Net loss attributable to the company was $1 million against net income attributable to the company of $6 million a year ago. The net loss in the first quarter of 2014 was driven by the impact of a currency devaluation in Venezuela. Net cash used in operating activities was $21 million compared to net cash provided by operating activities of $13 million for the same period a year ago. Additions to property, plant and equipment was $5 million against $4 million for the same period a year ago. EBITDA was $22 million against $35 million for the same period a year ago. The decrease in Reported EBITDA was due primarily to a $7 million currency devaluation in Venezuela and $7 million of restructuring and other costs in the first quarter of 2014, as well as unfavorable currency translation. Adjusted EBITDA was $36 million compared to $37 million in the corresponding period in the prior year.

Affinia Group Intermediate Holdings Inc. Announces Executive Changes

Affinia Group Intermediate Holdings Inc. announced that Scot S. Bowie, Chief Accounting Officer has stepped down effective April 1, 2014. Mr. Bowie will continue to perform services for Affinia for a short period of time to assist with the transition of the corporate office. Scott Wulinsky has been appointed as Chief Accounting Officer of Affinia effective April 1, 2014. Mr. Wulinsky most recently served as the Director of Regulated Accounting for Duke Energy Corporation.

Affinia Group Intermediate Holdings Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings Guidance for the Third Quarter and Fourth Quarter of 2013

Affinia Group Intermediate Holdings Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net sales of USD 396 million compared to USD 373 million a year ago. Operating profit was USD 44 million compared to USD 37 million a year ago. Net loss from continuing operations was USD 1 million compared to net loss from continuing operations of USD 10 million a year ago. Net loss was USD 1 million compared to USD 32 million a year ago. Net loss attributable to the company was USD 1 million compared to USD 32 million a year ago. For the six months, the company reported net sales of USD 769 million compared to USD 737 million a year ago. Operating profit was USD 78 million compared to USD 68 million a year ago. Net income from continuing operations was USD 9 million compared to USD 21 million a year ago. Net income was USD 5 million compared to net loss of USD 26 million a year ago. Net income attributable to the company was USD 5 million compared to USD 26 million a year ago. The company provided earnings guidance for the third quarter and fourth quarter of 2013. The company is optimistic about the prospects for continued sales growth in future quarters.

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