Slide 1: 2005 First Quarter Review Public Earnings Call
A Heartland Industrial Partners’ Company 2005 First Quarter Review Public Earnings Call May 10, 2005 Safe Harbor Statement This document contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial condition, results of operations and business. F
Slide 2: Agenda; 2005 First Quarter Financial Highlights
Agenda 2005 First Quarter Financial Highlights 2005 First Quarter Operating Highlights 2005 First Quarter Financial Performance TriMas Capitalization TriMas Corporation - 2005 Focus and Priorities Q&A Appendix 2 2005 First Quarter Financial Highlights TriMas had sales of $292.7 million in the quarte
Slide 3: 2005 First Quarter Operating Highlights
Increased steel costs continued to challenge operating margins in the quarter with its most direct impact on our Cequent and Fastening Systems businesses. Unrecovered steel costs negatively impacted EBITDA within the quarter by approximately $1.5 million. TriMas believes it is currently recovering a
Slide 4: 2005 First Quarter Operating Highlights: Rieke and Fastening Systems
Net sales for the quarter were $34.1 million, up 12.2% compared to first quarter 2004. Core product sales volume increased approximately 4.0% while new specialty dispensing product revenues increased to $4.3 million in the quarter or an increase of $1.7 million over Q1 2004. Rieke launched 8 new pum
Slide 5: 2005 First Quarter Financial Performance
Lamons had record quarterly sales and benefited from significant oil refinery “turnaround” activity with major customers such as Exxon, Dow, BP and Citgo. Sales of Arrow’s engines and replacement parts increased 56.1% versus the year ago period as it benefited from high levels of drilling activity i
Slide 6: TriMas Capitalization; 2005 Focus and Priorities
9.875% Senior Sub Notes due 2012 436.3 436.2 Total Debt $ 753.9 $ 738.0 Total Shareholders' Equity $ 404.0 $ 405.2 Total Capitalization $ 1,157.9 $ 1,143.2 Memo: A/R Securitization $ 59.5 $ 48.0 Total Debt + A/R Securitization $ 813.4 $ 786.0 Key Ratios: Bank LTM EBITDA $ 149.2 $ 154.9 Coverage Rati
Slide 7: Q&A / Appendix
Lean vs. Disable. Continue to drive earnings expansion and debt reduction 12 Q&A Appendix
Slide 8: Condensed Balance Sheet
Condensed Balance Sheet (unaudited - in millions) Mar. 31, Dec. 31, 2005 2004 Assets Current Assets Cash & Cash Equivalents $ 3.9 $ 3.1 Receivables 127.4 93.4 Inventories 176.6 180.0 Deferred Income Taxes 17.5 17.5 Prepaid Expenses and Other Current Assets 7.3 8.5 Total Current Assets 332.7 302.5 Pr
Slide 9: Cash Flow Highlights; Key Covenant Calculations
16 Cash Flow Highlights (unaudited - in millions) For the Three Months Ended March 31, 2005 2004 Cash provided by (used for) operating activities $ (11.4) $ 21.6 Capital expenditures (4.5) (14.8) Proceeds from sales of fixed assets 0.9 0.2 Acquisition of businesses, net of cash acquired - (5.5) Cash
Slide 10: Notes on covenant calculations
Coverage Ratio - Covenant 2.0x Notes: (1) As defined in our Credit Agreement, as amended and restated June 6, 2003. (2) LTM EBITDA, as defined and cash interest expense is based on preliminary estimates, subject to adjustment. 18