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Shiloh Industries Reports First Quarter Results

VALLEY CITY, OH -- (Marketwired) -- 02/26/14 -- Shiloh Industries, Inc. (NASDAQ: SHLO) today reported financial results for its first quarter ended January 31, 2014.

First Quarter Fiscal Year 2014 vs. 2013 Highlights:

  • Sales revenue for the quarter was $183.5 million, an improvement of 26.2 percent.
  • Gross profit for the quarter improved over 66 percent and was $17.8 million, or 9.7 percent of sales revenue.
  • Operating income for the quarter improved 94 percent to $8.0 million.
  • Net income per share diluted improved 93 percent to $0.29 for the quarter, compared to net income of $0.15 per share diluted.

First Quarter Fiscal Year 2014 Results:

The Company reported sales revenue of $183.5 million for the first quarter of fiscal year 2014, an increase of 26 percent from $145.4 million for the first quarter of fiscal year 2013. The increased revenues reflect a 3.6 percent improvement in the North American car and light truck industry production volumes over the first quarter of 2013, with new product launches and sales added from acquisitions.

Gross profit for the first quarter improved 66 percent to $17.8 million, or 9.7 percent of sales revenue, compared to $10.7 million, or 7.4 percent of sales revenue, for the first quarter of 2013. Increased productivity resulting from a sustained focus on continuous improvements in operating and quality metrics along with the increased sales volumes contributed to the increase in gross profit.

For the first quarter of fiscal 2014, operating income improved over 94 percent to $8.0 million, compared to $4.1 million in the first quarter of fiscal year 2013.

The Company reported a net income increase of 91 percent for the first quarter of fiscal year 2014 of $4.9 million, or $0.29 per share diluted compared to the first quarter of 2013 net income of $2.6 million, or $0.15 per share diluted, an improvement of 93 percent.

Cash Flow

Net cash flow provided by operating activities for the first quarter of 2014 totaled $5.9 million compared to a use of cash of $1.7 million in the first quarter of 2013. This was accomplished while continuing our investments in both maintenance and technology capital.

"Shiloh is expanding capacity and upgrading equipment at key facilities to the latest technologies as we continue to leverage the growing demand for automotive lightweight solutions," said Ramzi Hermiz, president and chief executive officer. "We are focused on developing new innovations and tools that will expand our capabilities, product mix, and customer diversification."

A conference call to discuss first quarter 2014 results will be held on Wednesday, February 26, 2014, at 11:00 a.m. EST. To listen to the conference call, dial (888) 461-2024 approximately five minutes prior to the start time and request the Shiloh Industries first quarter conference call.

Headquartered in Valley City, Ohio, Shiloh Industries, Inc. is a leading supplier, providing lightweighting and noise, vibration and harshness (NVH) solutions to automotive, commercial vehicle and other industrial markets. Shiloh delivers these solutions through the design, engineering and manufacturing of first operation blanks, engineered welded blanks, complex stampings, modular assemblies, highly engineered aluminum die casting and machined components and its patented ShilohCore™ acoustic laminate metal solution serving the body-in-white, emission, powertrain, structural and seating needs of OEM and Tier 1 customers. The company has multiple locations across North America, including Georgia, Indiana, Kentucky, Michigan, Ohio, Tennessee, Wisconsin and Mexico, and has approximately 2,000 employees. For more information visit www.shiloh.com.

Certain statements made by the Company in this release and other periodic oral and written statements, including filings with the Securities and Exchange Commission, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company's expectations of future operating results are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are made on the basis of management's assumptions and expectations. As a result, there can be no guarantee or assurance that these assumptions and expectations will in fact occur. The forward-looking statements are subject to risks and uncertainties that may cause actual results to materially differ from those contained in the statements. Some, but not all, of the risks include the ability of the Company to accomplish its strategic objectives with respect to implementing its sustainable business model; the ability to obtain future sales; changes in worldwide economic and political conditions, including adverse effects from terrorism or related hostilities; costs related to legal and administrative matters; the Company's ability to realize cost savings expected to offset price concessions; the Company's ability to successfully integrate acquired businesses; inefficiencies related to production and product launches that are greater than anticipated; changes in technology and technological risks; increased fuel and utility costs; work stoppages and strikes at the Company's facilities and that of the Company's customers or suppliers; the Company's dependence on the automotive and heavy truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending, which is subject to the impact of domestic and international economic conditions, including increased energy costs affecting car and light truck production, and regulations and policies regarding international trade; financial and business downturns of the Company's customers or vendors, including any production cutbacks or bankruptcies; increases in the price of, or limitations on the availability of, steel, the Company's primary raw material, or decreases in the price of scrap steel; the successful launch and consumer acceptance of new vehicles for which the Company supplies parts; the occurrence of any event or condition that may be deemed a material adverse effect under the Credit Agreement or a decrease in customer demand which could cause a covenant default under the Credit Agreement; pension plan funding requirements; and other factors, uncertainties, challenges and risks detailed in the Company's other public filings with the Securities and Exchange Commission. Any or all of these risks and uncertainties could cause actual results to differ materially from those reflected in the forward-looking statements. These forward-looking statements reflect management's analysis only as of the date of this release.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. In addition to the disclosures contained herein, readers should carefully review risks and uncertainties contained in other documents the Company files from time to time with the Securities and Exchange Commission.



                          SHILOH INDUSTRIES, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                       (Dollar amounts in thousands)

                                               January 31,     October 31,
                                                   2014            2013
                                               (Unaudited)
                                             --------------  --------------
                   ASSETS
Cash and cash equivalents                    $        1,023  $          398
Accounts receivable, net of allowance for
 doubtful accounts of $294 and $341 at
 January 31, 2014 and October 31, 2013,
 respectively                                        98,977         116,837
Related-party accounts receivable                     2,060             673
Inventories, net                                     48,645          42,924
Deferred income taxes                                 2,828           2,829
Prepaid expenses                                      3,804           3,095
Other assets                                             23              23
                                             --------------  --------------
    Total current assets                            157,360         166,779
Property, plant and equipment, net                  197,835         197,874
Goodwill                                              6,768           6,768
Intangible assets, net                               17,060          17,605
Deferred income taxes                                   328              --
Other assets                                          2,708           2,927
    Total assets                             $      382,059  $      391,953
                                             ==============  ==============
    LIABILITIES AND STOCKHOLDERS' EQUITY
Current debt                                 $          771  $          882
Accounts payable                                     77,736          87,977
Accrued income taxes                                  1,530           1,666
Other accrued expenses                               24,407          26,416
                                             --------------  --------------
    Total current liabilities                       104,444         116,941
Long-term debt                                      116,726         119,384
Long-term benefit liabilities                        21,331          21,287
Deferred income taxes                                 1,048             969
Other liabilities                                     2,286           2,223
                                             --------------  --------------
    Total liabilities                               245,835         260,804
                                             --------------  --------------
Commitments and contingencies
Stockholders' equity:
  Preferred stock, $.01 per share; 5,000,000
   shares authorized; no shares issued and
   outstanding at January 31, 2014 and
   October 31, 2013, respectively                        --              --
  Common stock, par value $.01 per share;
   25,000,000 shares authorized; 17,131,784
   and 17,031,316 shares issued and
   outstanding at January 31, 2014 and
   October 31, 2013, respectively                       171             170
  Paid-in capital                                    66,855          66,312
  Retained earnings                                  95,688          90,749
  Accumulated other comprehensive loss:
   Pension related liability, net                   (26,490)        (26,082)
                                             --------------  --------------
    Total stockholders' equity                      136,224         131,149
                                             --------------  --------------
    Total liabilities and stockholders'
     equity                                  $      382,059  $      391,953
                                             ==============  ==============




                          SHILOH INDUSTRIES, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (Amounts in thousands, except per share data)

                                                   Three Months Ended
                                                       January 31,
                                             ------------------------------
                                                  2014            2013
                                             --------------  --------------
Revenues                                     $      183,539  $      145,383
Cost of sales                                       165,693         134,645
                                             --------------  --------------
  Gross profit                                       17,846          10,738
Selling, general and administrative expenses         10,945           6,614
Asset recovery, net of impairments                   (1,120)             (7)
                                             --------------  --------------
  Operating income                                    8,021           4,131
Interest expense                                        886             430
Interest income                                           3               6
Other expense                                            18              23
                                             --------------  --------------
  Income before income taxes                          7,120           3,684
Provision for income taxes                            2,181           1,101
                                             --------------  --------------
  Net income                                 $        4,939  $        2,583
                                             ==============  ==============
Earnings per share:
Basic earnings per share                     $         0.29  $         0.15
                                             ==============  ==============
Basic weighted average number of common
 shares                                              17,113          16,988
                                             ==============  ==============
Diluted earnings per share                   $         0.29  $         0.15
                                             ==============  ==============
Diluted weighted average number of common
 shares                                              17,208          17,040
                                             ==============  ==============




                           SHILOH INDUSTRIES, INC.
          CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                        (Dollar amounts in thousands)

                                                    Three Months Ended
                                                        January 31,
                                              ------------------------------
                                                   2014            2013
                                              --------------  --------------
Net income                                    $        4,939  $        2,583
Other comprehensive income, net of tax:
  Defined benefit pension plans & other
   postretirement benefits
    Actuarial net loss                                  (540)             --
    Asset net loss                                      (386)             --
    Recognized gain                                      269              --
    Income tax - benefit                                 249              --
                                              --------------  --------------
  Total defined benefit pension plans & other
   post retirement benefits, net of tax                 (408)             --
                                              --------------  --------------
Comprehensive income, net                     $        4,531  $        2,583
                                              ==============  ==============




                          SHILOH INDUSTRIES, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                       (Dollar amounts in thousands)

                                                   Three Months Ended
                                                       January 31,
                                             ------------------------------
                                                  2014            2013
                                             --------------  --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                 $        4,939  $        2,583
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation and amortization                     6,419           4,252
    Asset recovery, net of impairments               (1,120)             (7)
    Amortization of deferred financing costs            261              75
    Deferred income taxes                                --               5
    Stock-based compensation expense                    150             187
    Gain on sale of assets                             (127)             --
  Changes in operating assets and
   liabilities:
      Accounts receivable                            16,473           6,908
      Inventories                                    (5,721)          1,265
      Prepaids and other assets                        (734)           (283)
      Payables and other liabilities                (14,508)        (17,477)
      Accrued income taxes                             (136)            808
                                             --------------  --------------
        Net cash provided by (used for)
         operating activities                         5,896          (1,684)
                                             --------------  --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                             (3,781)         (5,769)
    Acquisitions, net of cash acquired                   --         (62,684)
    Proceeds from sale of assets                      1,253               7
                                             --------------  --------------
        Net cash used in investing
         activities                                  (2,528)        (68,446)
                                             --------------  --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Payment of dividends                                 --          (4,226)
    Payment of capital lease                            (16)             --
    Proceeds from long-term borrowings                2,600          78,850
    Repayments of long-term borrowings               (5,618)         (4,300)
    Payment of deferred financing costs                 (16)           (307)
    Proceeds from exercise of stock options             307              79
                                             --------------  --------------
        Net cash provided by (used for)
         financing activities                        (2,743)         70,096
                                             --------------  --------------
Net increase (decrease) in cash and cash
 equivalents                                            625             (34)
Cash and cash equivalents at beginning of
 period                                                 398             174
                                             --------------  --------------
Cash and cash equivalents at end of period   $        1,023  $          140
                                             ==============  ==============
Supplemental Cash Flow Information:
Cash paid for interest                       $          772  $          331
Cash paid for income taxes                   $        2,168  $           61

Non-cash Investing and Financing Activities:
  Equipment acquired under capital lease     $          467  $           --


CONTACT:
Thomas M. Dugan
Vice President of Finance and Treasurer
Shiloh Industries, Inc.
(330) 558-2600

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