ARVINMERITOR, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
Sales
|
|
$
|
1,275
|
|
$
|
942
|
|
$
|
3,628
|
|
$
|
3,124
|
|
Cost of sales
|
|
|
(1,130
|
)
|
|
(873
|
)
|
|
(3,244
|
)
|
|
(2,903
|
)
|
GROSS MARGIN
|
|
|
145
|
|
|
69
|
|
|
384
|
|
|
221
|
|
Selling,
general and administrative
|
|
|
(94
|
)
|
|
(67
|
)
|
|
(268
|
)
|
|
(223
|
)
|
Restructuring
costs
|
|
|
(2
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(76
|
)
|
Asset
impairment charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(223
|
)
|
Other
operating expense
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
(1
|
)
|
OPERATING INCOME (LOSS)
|
|
|
43
|
|
|
(4
|
)
|
|
106
|
|
|
(302
|
)
|
Other
income
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Equity
in earnings of affiliates
|
|
|
14
|
|
|
7
|
|
|
35
|
|
|
8
|
|
Interest
expense, net
|
|
|
(27
|
)
|
|
(24
|
)
|
|
(81
|
)
|
|
(71
|
)
|
INCOME (LOSS) BEFORE INCOME TAXES
|
|
|
31
|
|
|
(21
|
)
|
|
62
|
|
|
(365
|
)
|
Provision
for income taxes
|
|
|
(26
|
)
|
|
(11
|
)
|
|
(36
|
)
|
|
(632
|
)
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
5
|
|
|
(32
|
)
|
|
26
|
|
|
(997
|
)
|
LOSS FROM DISCONTINUED OPERATIONS, net of
tax
|
|
|
(4
|
)
|
|
( 112
|
)
|
|
(5
|
)
|
|
(167
|
)
|
NET INCOME (LOSS)
|
|
|
1
|
|
|
(144
|
)
|
|
21
|
|
|
(1,164
|
)
|
Less: Net income attributable to
noncontrolling interests
|
|
|
(4
|
)
|
|
(20
|
)
|
|
(11
|
)
|
|
(10
|
)
|
NET INCOME (LOSS) ATTRIBUTABLE TO
ARVINMERITOR, INC.
|
|
$$
|
(3
|
)
|
$$
|
(164
|
)
|
$$
|
10
|
|
$$
|
(1,174
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO ARVINMERITOR, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
1
|
|
$
|
(34
|
)
|
$
|
15
|
|
$
|
(1,002
|
)
|
Loss from discontinued
operations
|
|
|
(4
|
)
|
|
(130
|
)
|
|
(5
|
)
|
|
(172
|
)
|
Net income (loss)
|
|
$
|
(3
|
)
|
$
|
(164
|
)
|
$
|
10
|
|
$
|
(1,174
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
EARNINGS (LOSS) PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.01
|
|
$
|
(0.47
|
)
|
$
|
0.18
|
|
$
|
(13.82
|
)
|
Discontinued
operations
|
|
|
(0.04
|
)
|
|
(1.79
|
)
|
|
(0.06
|
)
|
|
( 2.37
|
)
|
Diluted earnings (loss) per share
|
|
$
|
(0.03
|
)
|
$
|
( 2.26
|
)
|
$
|
0.12
|
|
$
|
(16.19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted average common shares outstanding
|
|
|
96.4
|
|
|
72.7
|
|
|
84.6
|
|
|
72.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARVINMERITOR,
INC.
CONSOLIDATED
BALANCE SHEET
(Unaudited,
In millions)
|
|
June 30, |
|
September
30, |
|
|
|
2010 |
|
2009 |
|
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
289 |
|
$ |
95 |
|
Receivables, trade and other, net |
|
|
808 |
|
|
694 |
|
Inventories |
|
|
413 |
|
|
374 |
|
Other current assets |
|
|
116 |
|
|
97 |
|
Assets of discontinued operations |
|
|
— |
|
|
56 |
|
TOTAL CURRENT ASSETS |
|
|
1,626 |
|
|
1,316 |
|
Net property |
|
|
414 |
|
|
445 |
|
Goodwill |
|
|
423 |
|
|
438 |
|
Other
assets |
|
|
354 |
|
|
306 |
|
TOTAL
ASSETS |
|
$ |
2,817 |
|
$ |
2,505 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREOWNERS’
EQUITY (DEFICIT): |
|
|
|
|
|
|
|
Short-term debt |
|
$ |
— |
|
$ |
97 |
|
Accounts payable |
|
|
838 |
|
|
674 |
|
Other
current liabilities |
|
|
475 |
|
|
411 |
|
Liabilities of discontinued operations |
|
|
— |
|
|
107 |
|
TOTAL CURRENT LIABILITIES |
|
|
1,313 |
|
|
1,289 |
|
Long-term debt |
|
|
1,019 |
|
|
995 |
|
Retirement benefits |
|
|
1,070 |
|
|
1,077 |
|
Other liabilities |
|
|
324 |
|
|
310 |
|
|
|
|
|
|
|
|
|
Shareowners’ deficit attributable to ArvinMeritor, Inc. |
|
|
(946 |
) |
|
(1,195 |
) |
Noncontrolling interests |
|
|
37 |
|
|
29 |
|
TOTAL EQUITY (DEFICIT) |
|
|
(909 |
) |
|
(1,166 |
) |
TOTAL LIABILITIES
AND EQUITY (DEFICIT) |
|
$ |
2,817 |
|
$ |
2,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARVINMERITOR,
INC.
CONSOLIDATED
BUSINESS SEGMENT INFORMATION
(Unaudited,
In millions)
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Truck
|
|
$
|
522
|
|
$
|
297
|
|
$
|
1,413
|
|
$
|
1,241
|
|
Industrial
|
|
|
257
|
|
|
229
|
|
|
731
|
|
|
667
|
|
Aftermarket
& Trailer
|
|
|
257
|
|
|
231
|
|
|
717
|
|
|
735
|
|
Light
Vehicle Systems
|
|
|
309
|
|
|
259
|
|
|
994
|
|
|
746
|
|
Intersegment
Sales
|
|
|
(70
|
)
|
|
(74
|
)
|
|
(227
|
)
|
|
(265
|
)
|
Total
sales
|
|
$
|
1,275
|
|
$
|
942
|
|
$
|
3,628
|
|
$
|
3,124
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Truck
|
|
$
|
25
|
|
$
|
(20
|
)
|
$
|
52
|
|
$
|
(39
|
)
|
Industrial
|
|
|
21
|
|
|
37
|
|
|
70
|
|
|
102
|
|
Aftermarket
& Trailer
|
|
|
20
|
|
|
18
|
|
|
54
|
|
|
71
|
|
Light
Vehicle Systems
|
|
|
15
|
|
|
(6
|
)
|
|
31
|
|
|
(53
|
)
|
Segment EBITDA
|
|
|
81
|
|
|
29
|
|
|
207
|
|
|
81
|
|
Unallocated
Corporate Costs
|
|
|
(5
|
)
|
|
(1
|
)
|
|
(11
|
)
|
|
(5
|
)
|
Adjusted EBITDA
|
|
$
|
76
|
|
$
|
28
|
|
$
|
196
|
| | |