Slide 1: 2005 Second Quarter Review Earnings Call
[TRIMAS CORPORATION LOGO] A Heartland Industrial Partners' Company 2005 SECOND QUARTER REVIEW EARNINGS CALL AUGUST 9, 2005 - -------------------------------------------------------------------------------- Innovation o Industry o Growth SAFE HARBOR STATEMENT - ---------------------------------------
Slide 2: 2005 Second Quarter Financial Highlights
o 2005 Second Quarter Financial Highlights o 2005 Second Quarter Operating Highlights o 2005 Second Quarter Financial Performance o TriMas Capitalization o TriMas Corporation - 2005 Focus and Priorities o Q&A o Appendix - ------------------------------------------------------------------------------
Slide 3: 2005 Second Quarter Financial Highlights
to $4.4 million in the same period a year ago. o Second quarter 2005 net income was $4.1 million or $0.20 per share versus net income of $9.0 million or $0.44 per share in the year ago period. o Increased borrowing costs ($2.6 million) and currency exchange losses ($1.7 million) on inter-company loa
Slide 4: 2005 Second Quarter Operating Highlights: Cequent
o Earnings deterioration is a result of volume decline, pricing pressures, insufficient recovery of steel and other material cost increases via pricing, and excessive overhead costs. o Adjusted EBITDA in Q2 2005 decreased $13.1 million to $14.8 million from $27.8 million in Q2 2004. o Quarterly oper
Slide 5: 2005 Second Quarter Operating Highlights: Rieke
o Net sales for the quarter were $35.2 million, up 1.5% compared to second quarter 2004. o In the second quarter 2005, core product sales decreased 5.9%, while sales of new specialty dispensing products increased $2.3 million in second quarter 2005 to $6.7 million compared to $4.4 million in Q2 2004
Slide 6: 2005 Second Quarter Operating Highlights
o Overall, the group expects to recover approximately 90% of increased steel costs via pricing and surcharges over the remainder of 2005. o Operating profit improved $5.8 million to $3.0 million from an operating loss of $2.8 million in second quarter 2004. o Costs associated with Lake Erie Products
Slide 7: 2005 Second Quarter Financial Performance
group benefited from higher sales volumes during the quarter. o This group of companies expects continued earnings momentum across 2005. - -------------------------------------------------------------------------------- Innovation o Industry o Growth [TRIMAS CORPORATION LOGO] 13 2005 SECOND QUARTER
Slide 8: TriMas Capitalization
award expense, and write-off of equity offering costs. (3) Represents certain charges related to our consolidation, restructuring and integration activities intended to eliminate duplicative costs or achieve cost efficiencies related to integrating acquisitions or other restructurings related to exp
Slide 9: TriMas Corporation - 2005 Focus and Priorities
2004. o TriMas' earnings issues are within Cequent Transportation Accessories. As a group, Cequent is focused on: o Lowering its fixed cost base o Reducing selling, general and administrative expense o Shrinking the group's manufacturing and distribution footprint o Fully utilizing our low cost Mexi
Slide 10: Q&A / Appendix: Condensed Balance Sheet
[TRIMAS CORPORATION LOGO] - -------------------------------------------------------------------------------- Q & A - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Innovation o Indust
Slide 11: Condensed Statement of Operations
20 CONDENSED STATEMENT OF OPERATIONS - -------------------------------------------------------------------------------- (Unaudited - In millions, except share amounts) <TABLE> FOR THE THREE MONTHS ENDED June 30, -------------------------- 2005 2004 ------- ------- Net sales..........................
Slide 12: Reconciliation of Non-GAAP Measure: Adjusted EBITDA
Payments on notes payable and other...................... (4.9) 25.1 ----- ------ Cash provided by (used for) financing activites............. (6.3) 23.7 ----- ------ Net increase (decrease) in cash and cash equivalents........ $ 0.8 $ (1.0) ===== ====== - -------------------------------------------
Slide 13: Key Covenant Calculations
KEY COVENANT CALCULATIONS - -------------------------------------------------------------------------------- ($ in millions) Leverage Ratio: Total Indebtedness at June 30, 2005 (1)............................... $783.9 LTM EBITDA, as defined (2)............................................ $145.1 Lev