December 19, 1995 |
A class-action shareholder lawsuit has been filed against Superior Industries International Inc., accusing the Van Nuys auto wheel manufacturer of fraudulently manipulating its stock price. The complaint, filed in U.S. District Court in Los Angeles earlier this month by shareholder Barry L. May, states that the company and its executives made "false and misleading statements" about Superior's business and profit potential in order to artificially inflate its stock price.
September 26, 1995
Superior Industries International Inc. has reinstated a stock repurchase plan so the company may buy back up to 1 million shares of its common stock. The Van Nuys-based company manufactures aluminum wheels for the Big Three auto makers and various European and Japanese car companies. A stock repurchase plan is often used by companies in hopes of driving up the price of its stock by shrinking the number of shares available on the open market. The company has 29.
September 12, 1995
Superior Industries Inc., a Van Nuys maker of aluminum car wheels, said it expects third-quarter net income to fall about 25% to roughly $9 million from $12.6 million in the same quarter last year. Sales are expected to be about $115 million for the quarter, up 7% from last year, but due to an increase in aluminum prices. The price of Superior's shares fell as much as 15% on the news.
August 1, 1995
Superior Industries International Inc., a Van Nuys-based maker of automobile wheels, said it plans to build a new manufacturing plant in Tatabanya, Hungary, to serve the European automotive market. Superior said it has signed a contract to purchase 1 million square feet of land in Tatabanya, where the company and its joint venture partner, Otto Fuchs Metallwerke of Germany, will produce cast and forged wheels. Louis L.
February 28, 1995
Superior Industries International Inc. said it has signed an agreement for a joint venture with German-based Otto Fuchs Metallwerke to construct a plant in Europe for the production of lightweight forged and low-pressure cast aluminum wheels for the automotive industry. Louis L. Borick, president of Superior, said initial plans call for the joint venture to produce up to 2 million wheels per year.
February 7, 1995
Superior Industries, a Van Nuys supplier of aluminum auto wheels, reported profit and sales gains for the fourth quarter and all of 1994, despite costs associated with the Northridge earthquake and new plants in Mexico and Arkansas. In the three months that ended Dec. 31, Superior earned $15.8 million, up 25% from its $12.6 million in net income a year earlier. Its net sales rose 17%, to $122.6 million from $105.2 million. Superior's annual profit was $56.
October 11, 1994
Superior Industries International Inc., a Van Nuys supplier of aluminum car wheels, benefiting from strong demand for autos, reported earnings and sales gains for its third quarter and nine months ended Sept. 30. In the September quarter, Superior had a profit of $12.6 million, a 36% increase from its $9.29 million in net income a year earlier. Its sales rose 30%, to $107.4 million from $82.8 million. For the recent nine-month period, the company earned $40.6 million, up 24% from a $32.
August 9, 1994
Superior Industries International Inc., the Van Nuys maker of cast aluminum wheels, has struck a deal with Ford Motor Co. to supply wheels for Ford's Escort and Mercury Tracer models. The company said it will begin shipping the wheels in December. The agreement is expected to add $12.5 million to Superior's annual revenues. The company reported revenue of $393 million in 1993.
July 19, 1994
Superior Industries International Inc., a Van Nuys-based supplier of cast aluminum wheels for auto makers, reported net income of $15.4 million for the second quarter ended June 30, a 16% increase from earnings of $13.3 million for the same three-month period a year ago. Revenue for the recent quarter was $121 million, up 13% from the second quarter of 1993, when the company reported net sales of $107 million. Louis L.