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TriMas Corporation Reports Fourth Quarter and Full Year 2010 Results

BLOOMFIELD HILLS, Mich. Feb. 28, 2011 December 31, 2010 $222.7 million $8.2 million $0.23 $8.9 million $0.26 $3.6 million $0.11

December 31, 2010 $942.7 million $41.9 million $1.21 $12.7 million $0.37 $14.9 million $0.43

TriMas 2010 Highlights

  • Reported 17.3% net sales growth in 2010, as compared to 2009, due to overall improved economic conditions and the continued execution of several of the Company’s key growth initiatives.
  • Improved 2010 operating profit margin and Adjusted EBITDA margin by 320 and 250 basis points, respectively, as compared to 2009, excluding the impact of Special Items.
  • $83.4 million $2.50
  • $505.1 million December 31, 2009 $448.3 million December 31, 2010
  • Decreased operating working capital as a percentage of sales from 14.5% in 2009 to 12.6% in 2010.
  • Completed and successfully integrated two bolt-on acquisitions during 2010, enhancing the businesses’ growth opportunities through expansion of the product portfolio and customer base.

David Wathen

Wathen continued, "In addition to our top-line growth, our lower fixed cost structure and ongoing focus on productivity and lean initiatives drove significant margin expansion. 2010 operating profit margin improved by 320 basis points and 2010 diluted earnings per share improved over 150%, as compared to 2009 and excluding Special Items. We continue to generate strong cash flow, lower operating working capital as a percentage of sales and reduce outstanding debt. We have a solid foundation to build upon going into 2011."

$1.40 and $1.50

Fourth Quarter Financial Results – From Continuing Operations

  • $222.7 million $191.1 million
  • $19.5 million $7.1 million $17.0 million $19.5 million
  • $8.2 million $0.23 $0.10 $8.9 million $0.26 $3.6 million $0.11
  • $16.7 million

Full Year 2010 Financial Results – From Continuing Operations

  • $942.7 million $803.7 million $9.9 million
  • $114.1 million $49.9 million $71.5 million $114.1 million
  • $150.7 million $119.0 million $108.6 million $150.7 million
  • $41.9 million $1.21 $12.7 million $0.37 $14.9 million $0.43
  • $83.4 million $2.50

Financial Position

$494.6 million December 31, 2010 $514.6 million December 31, 2009 $46.4 million December 31, 2010 $448.3 million $505.1 million December 31, 2009 $167.1 million

Business Segment Results – From Continuing Operations (Excluding the impact of Special Items(3))

The Company realigned its reportable segments to be consistent with the current operating structure and strategic priorities. The Company’s Packaging and Aerospace & Defense segments remain unchanged. The Company’s Arrow Engine business, previously within the Energy segment, is now included in the Engineered Components segment. In addition, the former Cequent segment has been split into two segments, with the Cequent Performance Products and Cequent Consumer Products businesses comprising the new Cequent North America segment, and the Company’s Cequent Asia Pacific business becoming a separate reportable segment. All prior year information and related comparisons have been adjusted to reflect these changes.

Packaging – Rieke Germany Rieke Italia Rieke China $171.2 million

Net sales for fourth quarter decreased 3.5% compared to the year ago period, due to sales in fourth quarter 2009 related to H1N1 flu virus products that did not recur, as well as the impact of unfavorable currency exchange. Despite the slight decrease in sales, operating profit for the quarter increased due to lower costs as a result of productivity initiatives, partially offset by an increase in selling, general and administrative costs in support of growth initiatives, as well as unfavorable currency exchange. Full year 2010 sales increased 18.0%, due to improved demand for industrial closure products and sales growth in specialty dispensing and other new products, partially offset by the impact of unfavorable currency exchange. Operating profit for the year increased consistent with the reasons noted above, as well as higher sales volumes. Overall, 2010 operating profit margin improved by approximately 530 basis points compared to 2009. The Company continues to diversify its product offering by developing specialty dispensing product applications for growing end markets, including pharmaceutical, personal care and food/beverage, and expanding geographically to generate long-term growth.

Energy – (Consists of Lamons; 2010 Revenue of  $129.1 million)

Fourth quarter and full year 2010 net sales increased 23.4% and 15.8%, respectively, compared to the year ago periods, due to increased sales of specialty gaskets and related fastening hardware resulting from higher levels of turn-around activity at petrochemical refineries and increased demand from the chemical industry. This segment also benefited from incremental sales from newly opened branch facilities, as well as sales resulting from the acquisition of South Texas Bolt & Fitting, completed in the fourth quarter of 2010. Operating profit for the quarter and year increased due to higher sales volumes and lower costs as a result of sourcing and productivity initiatives, partially offset by increased selling, general and administrative costs in support of sales growth initiatives. While operating profit margin decreased during fourth quarter 2010, full-year 2010 operating profit margin increased 100 basis points compared to 2009. The Company continues to grow its sales and service branch network, capitalize on synergies related to the acquisition of South Texas Bolt & Fitting and expand its lines of complementary products.

Aerospace & Defense – $73.9 million

Net sales for the fourth quarter increased 14.3% compared to the year ago period, due to improved demand from aerospace distribution customers and increased sales in the defense business. 2010 sales were relatively flat, as aerospace distribution customers’ increased purchases during the back half of 2010 were more than offset by lower levels of demand during the first half of 2010. The sales declines in the aerospace business, however, were substantially offset by increased sales in the defense business, although the increased revenue associated with managing the defense facility closure and relocation was at lower margin levels. While operating profit for the year was negatively impacted by this less profitable product sales mix, operating profit increased in fourth quarter compared to the prior year, with improvements in operating profit margin of 580 basis points due to the increase in sales volume and the better absorption of fixed costs in the aerospace business. 2010 full year operating profit and the related margin level declined substantially, primarily due to lower sales levels, an unfavorable product sales mix in our defense business and lower absorption of fixed costs in our aerospace business. Given the long-term prospects for its aerospace business, the Company continues to invest in this high-margin segment by developing and marketing highly-engineered products for aerospace applications, as well as expanding its offerings to military and defense customers.

Engineered Components – $153.2 million

Fourth quarter and full year 2010 net sales increased 94.5% and 53.7%, respectively, compared to the year ago periods, primarily due to improved demand for engines, other well-site content and compression products, increased demand for industrial cylinders and the positive impact of the cylinder asset acquisition completed during second quarter 2010. The specialty fittings and precision cutting tools businesses also experienced improved demand, primarily resulting from the upturn in the domestic economy and new product offerings. Fourth quarter and full year 2010 operating profit and related margins improved compared to the prior year periods, due to higher sales levels, increased absorption of fixed costs, and productivity and cost reduction efforts, partially offset by higher selling, general and administrative expenses related to the acquisition and increased sales levels. The Company continues to develop new products and expand its international sales efforts.

Cequent Asia Pacific – Asia Pacific $76.0 million

Thailand

Cequent North America – $339.3 million

Net sales for fourth quarter and full year 2010 increased 7.8% and 9.8%, respectively, compared to the year ago periods, resulting from increased sales within our original equipment, aftermarket, retail, industrial and agricultural channels, all of which were aided by the economic recovery in 2010. Sales increases were the result of improved customer demand, new product introductions and market share gains. While fourth quarter operating profit declined, full year 2010 operating profit increased substantially with an operating profit margin improvement of 480 basis points compared to 2009, due to improved sales levels, cost reduction actions, improved sourcing and productivity initiatives. The Company continues to reduce fixed costs, minimize its investment in working capital and leverage Cequent’s strong brand positions and new products for increased market share.

For a complete schedule of Segment Sales, Adjusted EBITDA and Operating Profit, including Special Items by segment, see page 8 of this release, "Company and Business Segment Financial Information – Continuing Operations."

2011 Outlook

$1.40 and $1.50 $50 million and $60 million

(1) Appendix I details certain costs, expenses and other charges, collectively described as "Special Items," that are included in the determination of net income (loss) under GAAP and are not added back to net income (loss) in determining Adjusted EBITDA, but that management would consider important in evaluating the quality of the Company’s Adjusted EBITDA and operating results under GAAP.

(2) See Appendix II for reconciliation of Non-GAAP financial measure Adjusted EBITDA and Free Cash Flow to the Company’s reported results of operations prepared in accordance with GAAP. Additionally, see Appendix I for additional information regarding Special Items impacting reported GAAP financial measures.

(3) Operating Profit excludes the impact of Special Items. For a complete schedule of Special Items by segment, see Appendix "Company and Business Segment Financial Information – Continuing Operations."

Conference Call Information

Monday, February 28, 2011 10:00 a.m. EST www.trimascorp.com

February 28th 2:00 p.m. EST March 7th 11:59 p.m. EST

Cautionary Notice Regarding Forward-looking Statements

December 31, 2010

About TriMas

Bloomfield Hills, Michigan www.trimascorp.com

TriMas Corporation
Condensed Consolidated Balance Sheet
(Dollars in thousands)

December 31,

December 31,  

2010

2009

Assets

Current assets:

Cash and cash equivalents

$             46,370

$                9,480

Receivables, net of reserves

117,050

93,380

Inventories

161,300

141,840

Deferred income taxes

34,500

24,320

Prepaid expenses and other current assets

7,550

6,500

Assets of discontinued operations held for sale

4,250

Total current assets

366,770

279,770

Property and equipment, net

167,510

162,220

Goodwill

205,890

196,330

Other intangibles, net

159,930

164,080

Other assets

24,060

23,380

Total assets

$           924,160

$            825,780

Liabilities and Shareholders’ Equity

Current liabilities:

Current maturities, long-term debt

$             17,730

$              16,190

Accounts payable

128,300

92,840

Accrued liabilities

68,400

65,750

Liabilities of discontinued operations

1,070

Total current liabilities

214,430

175,850

Long-term debt

476,920

498,360

Deferred income taxes

63,880

42,590

Other long-term liabilities

56,610

47,000

Total liabilities

811,840

763,800

Total shareholders’ equity

112,320

61,980

Total liabilities and shareholders’ equity

$           924,160

$            825,780

TriMas Corporation
Consolidated Statement of Operations
(Dollars in thousands, except for share amounts)

Three months ended

Twelve months ended

December 31,

December 31,

2010

2009

2010

2009

(unaudited)

Net sales

$    222,650

$    191,090

$    942,650

$    803,650

Cost of sales

(158,160)

(137,110)

(662,300)

(594,830)

Gross profit

64,490

53,980

280,350

208,820

Selling, general and administrative expenses

(44,400)

(37,960)

(164,730)

(150,200)

Estimated future unrecoverable lease obligations

(5,250)

(5,250)

Fees incurred under advisory services agreement

(2,890)

(2,890)

Loss on dispositions of property and equipment

(590)

(750)

(1,540)

(570)

Operating profit

19,500

7,130

114,080

49,910

Other income (expense), net:

Interest expense

(12,050)

(10,540)

(51,830)

(45,070)

Gain (loss) on extinguishment of debt

(10,260)

17,990

Gain on bargain purchase

410

Other, net

(260)

(40)

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