Superior Industries International Inc. (SUP, Financial) filed Quarterly Report for the period ended 2011-03-27.
Superior Industries International Inc. has a market cap of $650.2 million; its shares were traded at around $24.2 with a P/E ratio of 13.7 and P/S ratio of 0.9. The dividend yield of Superior Industries International Inc. stocks is 2.6%.
non-controlled, Suoftec was not consolidated, but was accounted for using the equity method of accounting. As of March 27, 2011, a receivable in the amount of 1.4 million euro, or $2.1 million, remains on our condensed consolidated balance sheet related to the sale. As of December 26, 2010, this receivable was 2.2 million euro, or $2.9 million, of which 0.8 million euro was received in cash during the quarter ended March 27, 2011. Included below is a summary statement of operations for Suoftec for the first quarter of 2010.
On June 28, 2010, we executed a share subscription agreement (the Agreement) with Synergies Casting Limited (Synergies), a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies by the company. As of March 27, 2011, the total cash investment in Synergies amounted to $4.5 million, representing 14.6 percent of the outstanding equity shares of Synergies. During the first quarter of 2011, Synergies failed to satisfy certain conditions by specific deadlines that required us to make an additional investment and we are not obligated to make any further investment. Additionally, we have the right on or before June 30, 2011, which date was extended from March 30, 2011, to elect to cause Synergies to use reasonable efforts to sell our equity shares at our cost within three months of our election, and if unsuccessful, we may cause certain other shareholders of Synergies to purchase our equity shares at our purchase cost within the following three months. Our investment in Synergies is accounted for under the equity method of accounting. Our proportionate share of Synergies operating results was immaterial for the first quarter of 2011. During the first quarter of 2011, a group of existing equity holders, including the company, made a loan of $1.5 million to Synergies for working capital needs. The company's share of this unsecured advance was $450,000, to be repaid in 24 monthly installments beginning in October 2011 and bearing interest at seven percent per annum, payable quarterly. The terms and conditions of the loan were substantially the same for all equity holders involved in the transaction.
During the first quarters of 2011 and 2010, we did not identify any indicators of impairment that would have required us to test our long-lived assets for impairment under U.S. GAAP. The excess property, plant and equipment associated with the closed facilities that are being actively marketed for sale are included in assets held for sale. During 2010, the estimated fair values of certain of these assets declined to $4.5 million which was less than their respective book values of $5.7 million, resulting in an additional asset impairment charge of $1.2 million. The fair value of these assets has been determined based upon comparable sales information and with the assistance of independent third party appraisers and we have classified the inputs to the nonrecurring fair value measurement of these assets as being level 2 within the fair value hierarchy in accordance with U.S. GAAP.
During the first quarters of 2011 and 2010, we granted options for a total of 135,000 and 120,000 shares, respectively. The weighted average fair values at the grant dates for options issued during the first quarters of 2011 and 2010 were $5.23 per option and $3.90 per option, respectively. The fair value of options at the grant date was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first quarters of 2011 and 2010, respectively: (i) dividend yield on our common stock of 4.05 percent and 4.10 percent; (ii) expected stock price volatility of 37.4 percent and 36.8 percent; (iii) a risk-free interest rate of 2.80 percent and 3.04 percent; and (iv) an expected option term of 7.0 years for both periods. During the first quarter of 2011, 84,700 stock options were exercised and 15,000 options were canceled. No stock options were exercised in the first quarter of 2010, and 86,750 options were canceled.
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Superior Industries International Inc. has a market cap of $650.2 million; its shares were traded at around $24.2 with a P/E ratio of 13.7 and P/S ratio of 0.9. The dividend yield of Superior Industries International Inc. stocks is 2.6%.
Highlight of Business Operations:
As of December 27, 2009, we had invested approximately $25.7 million in short-term fixed deposits with financial institutions that had original maturities greater than three months but less than one year. As of March 28, 2010, approximately $22.5 million of these fixed deposits remained on-hand. These fixed deposits were originally reported as cash and cash equivalents in the first quarter of 2010. As such, we have revised our previously reported condensed consolidated statement of cash flows for the first quarter of 2010 to reflect an increase of approximately $22.5 million in short-term investments, a $22.5 million decrease in cash and cash equivalents, an increase in the purchase of investments by $5.0 million, and the redemption of $8.2 million of investments related to the maturity of these short-term fixed deposits. These revisions correct the misclassification made in presenting these fixed deposits as cash and cash equivalents. The corrections had no effect on our previously reported condensed consolidated statements of operations, condensed consolidated statements of shareholders' equity or the net cash provided by operating activities and the cash used in financing activities within the condensed consolidated statement of cash flows, and is not considered material to any previously reported consolidated financial statements.non-controlled, Suoftec was not consolidated, but was accounted for using the equity method of accounting. As of March 27, 2011, a receivable in the amount of 1.4 million euro, or $2.1 million, remains on our condensed consolidated balance sheet related to the sale. As of December 26, 2010, this receivable was 2.2 million euro, or $2.9 million, of which 0.8 million euro was received in cash during the quarter ended March 27, 2011. Included below is a summary statement of operations for Suoftec for the first quarter of 2010.
On June 28, 2010, we executed a share subscription agreement (the Agreement) with Synergies Casting Limited (Synergies), a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies by the company. As of March 27, 2011, the total cash investment in Synergies amounted to $4.5 million, representing 14.6 percent of the outstanding equity shares of Synergies. During the first quarter of 2011, Synergies failed to satisfy certain conditions by specific deadlines that required us to make an additional investment and we are not obligated to make any further investment. Additionally, we have the right on or before June 30, 2011, which date was extended from March 30, 2011, to elect to cause Synergies to use reasonable efforts to sell our equity shares at our cost within three months of our election, and if unsuccessful, we may cause certain other shareholders of Synergies to purchase our equity shares at our purchase cost within the following three months. Our investment in Synergies is accounted for under the equity method of accounting. Our proportionate share of Synergies operating results was immaterial for the first quarter of 2011. During the first quarter of 2011, a group of existing equity holders, including the company, made a loan of $1.5 million to Synergies for working capital needs. The company's share of this unsecured advance was $450,000, to be repaid in 24 monthly installments beginning in October 2011 and bearing interest at seven percent per annum, payable quarterly. The terms and conditions of the loan were substantially the same for all equity holders involved in the transaction.
During the first quarters of 2011 and 2010, we did not identify any indicators of impairment that would have required us to test our long-lived assets for impairment under U.S. GAAP. The excess property, plant and equipment associated with the closed facilities that are being actively marketed for sale are included in assets held for sale. During 2010, the estimated fair values of certain of these assets declined to $4.5 million which was less than their respective book values of $5.7 million, resulting in an additional asset impairment charge of $1.2 million. The fair value of these assets has been determined based upon comparable sales information and with the assistance of independent third party appraisers and we have classified the inputs to the nonrecurring fair value measurement of these assets as being level 2 within the fair value hierarchy in accordance with U.S. GAAP.
During the first quarters of 2011 and 2010, we granted options for a total of 135,000 and 120,000 shares, respectively. The weighted average fair values at the grant dates for options issued during the first quarters of 2011 and 2010 were $5.23 per option and $3.90 per option, respectively. The fair value of options at the grant date was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first quarters of 2011 and 2010, respectively: (i) dividend yield on our common stock of 4.05 percent and 4.10 percent; (ii) expected stock price volatility of 37.4 percent and 36.8 percent; (iii) a risk-free interest rate of 2.80 percent and 3.04 percent; and (iv) an expected option term of 7.0 years for both periods. During the first quarter of 2011, 84,700 stock options were exercised and 15,000 options were canceled. No stock options were exercised in the first quarter of 2010, and 86,750 options were canceled.
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