Tower International Reports Fourth Quarter Results and Provides Outlook for 2018

LIVONIA, Mich., Feb. 13, 2018 /PRNewswire/ -- Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced fourth quarter 2017 results and provided its business outlook for 2018.

    --  Revenue for the fourth quarter was $538 million compared with $462
        million in the fourth quarter of 2016 representing a 16 percent
        increase.
    --  Net income was negative $3.9 million or $(0.19) per share, compared with
        $16.9 million or $0.81 per share in the fourth quarter last year. As
        detailed below, this year's fourth quarter included a non-cash charge of
        $27.2 million related to U.S. tax reform legislation as well as other
        certain items that, in aggregate, adversely impacted results by $28.4
        million. Excluding these items and comparable items in the fourth
        quarter of 2016, adjusted earnings per share amounted to $1.17, an
        increase of 15 percent from the $1.02 reported a year ago.
    --  Adjusted EBITDA for the quarter was $61.1 million slightly ahead of the
        Company's outlook and up 9 percent from $56.2 million a year ago.
    --  For the quarter, net cash provided by continuing operating activities
        was $129 million. Cash disbursed for purchases of equipment totaled $28
        million resulting in Free Cash Flow of $101 million.
    --  Tower also provided its three year net new business backlog of $350
        million for 2018 through 2020. This represents an increase of more than
        20 percent from the company's previous three year backlog of $290
        million provided last year.
    --  Full year 2018 outlook includes:
        --  Revenue growth of 7 percent to $2.14 billion, reflecting primarily
            net new business of $125 million and favorable foreign exchange;
        --  Adjusted EBITDA of $230 million;
        --  Expansion of Adjusted EBITDA Margin to 10.7 percent;
        --  Diluted Adjusted EPS of $4.10 per share - up 9 percent from 2017;
            and
        --  Free Cash Flow of $50 million, with strong free cash flow in the
            second half of the year more than offsetting the expected cash
            outflow in the first half of the year.
    --  The Company's outlook for first quarter 2018 includes revenue of $550
        million, Adjusted EBITDA of $53 million and Diluted Adjusted Earnings
        Per Share of 80 cents.

"Tower delivered solid financial results in the fourth quarter as revenue, Adjusted EBITDA, Adjusted EPS and Free Cash Flow were all above our previous outlook," said CEO Jim Gouin. "The Tower team did a great job throughout 2017, remaining focused on safety and quality, while meeting our customers' requirements and delivering impressive financial results. We continue to invest in Tower's growth, and are benefitting from the emerging industry trends, as demonstrated by the $350 million of net new business backlog. This new business coupled with our exposure to trucks and SUVs in North America position Tower for continued growth in the coming years at a faster pace than the industry."

Tower to Host Conference Call Today at 11 a.m. EST

Tower will discuss its fourth quarter 2017 results and other related matters in a conference call at 11 a.m. EST today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower's website www.towerinternational.com. To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #6286489. A webcast replay will also be available and may be accessed via Tower's website.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures: "adjusted EBITDA", "adjusted EBITDA margin", "adjusted earnings per share", and "free cash flow". We define adjusted EBITDA as net income/(loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues, Adjusted earnings per share exclude certain income and expense items described in the reconciliation provided in this press release. Free cash flow is defined as cash provided by continuing operating activities less cash disbursed for purchases of property, plant and equipment. We use adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, and free cash flow as supplements to information provided in accordance with generally accepted accounting principles ("GAAP") in evaluating our business and they are included in this press release because they are principal factors upon which our management assesses performance and in certain instances in measuring performance for compensation purposes. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP are set forth below. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, potential gain or loss on our Discontinued Operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.

Forward-Looking Statements and Risk Factors

This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company's projected full year earnings, cash flow and revenues, net new business backlog, business growth, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The forward-looking statements can be identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," "target," and other similar expressions. Forward-looking statements are made as of the date of this press release and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:

    --  global automobile production volumes;
    --  the financial condition of our customers and suppliers;
    --  our ability to make scheduled payments of principal or interest on our
        indebtedness and comply with the covenants and restrictions contained in
        the instruments governing our indebtedness;
    --  our ability to refinance our indebtedness;
    --  risks associated with our non-U.S. operations, including foreign
        exchange risks and economic uncertainty in some regions;
    --  any increase in the expense and funding requirements of our pension and
        other postretirement benefits;
    --  our customers' ability to obtain equity and debt financing for their
        businesses;
    --  our dependence on our largest customers;
    --  pricing pressure from our customers;
    --  work stoppages or other labor issues affecting us or our customers or
        suppliers;
    --  our ability to integrate acquired businesses;
    --  our ability to take advantage of emerging secular trends;
    --  risks associated with business divestitures; and
    --  costs or liabilities relating to environmental and safety regulations.

We do not assume any obligation to update or revise the forward-looking statements contained in this press release.

Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com


                                                                                         TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                                                            CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                           (Amounts in thousands, except share and per share amounts - unaudited)


                                                                                     Three Months Ended Dec. 31,                                  Year Ended Dec. 31,
                                                                                     ---------------------------                                  -------------------

                                                                                                                             2017                                           2016       2017       2016
                                                                                                                             ----                                           ----       ----       ----


    Revenues                                                                                                             $538,159                                       $462,274 $1,988,046 $1,913,641

    Cost of sales                                                                                                         470,753                                        403,332  1,743,511  1,675,232
                                                                                                                          -------                                        -------  ---------  ---------

         Gross profit                                                                                                      67,406                                         58,942    244,535    238,409

    Selling, general, and administrative expenses                                                                          30,162                                         35,427    118,061    131,552

    Amortization expense                                                                                                      110                                            105        443        449

    Restructuring and asset impairment charges, net                                                                         2,356                                          2,607     10,735      5,389
                                                                                                                            -----                                          -----     ------      -----

         Operating income                                                                                                  34,778                                         20,803    115,296    101,019

    Interest expense                                                                                                        5,802                                          3,451     13,735     21,618

    Interest income                                                                                                           133                                            506        330        614

    Other expense                                                                                                               -                                             -       575      6,481
                                                                                                                              ---                                           ---       ---      -----

         Income before provision for income taxes and income / (loss) from                                                 29,109                                         17,858    101,316     73,534
         discontinued operations

    Provision  for income taxes                                                                                            33,264                                          3,476     55,434     17,246
                                                                                                                           ------                                          -----     ------     ------

         Income / (loss) from continuing operations                                                                       (4,155)                                        14,382     45,882     56,288

    Income / (loss) from discontinued operations, net of tax                                                                  288                                          2,991      1,853   (17,008)
                                                                                                                              ---                                          -----      -----    -------

            Net income / (loss)                                                                                           (3,867)                                        17,373     47,735     39,280

         Less: Net income attributable to the noncontrolling interests                                                          -                                           488        110        701
                                                                                                                              ---                                           ---        ---        ---

         Net income / (loss) attributable to Tower International, Inc.                                                   $(3,867)                                       $16,885    $47,625    $38,579
                                                                                                                          =======                                        =======    =======    =======


    Weighted average basic shares outstanding                                                                          20,536,983                                     20,345,078 20,498,668 20,864,321

    Weighted average diluted shares outstanding                                                                        20,536,983                                     20,775,024 20,828,888 21,222,183


    Basic income per share attributable to Tower International, Inc.:

    Income / (loss) per share from continuing operations                                                                  $(0.20)                                         $0.68      $2.23      $2.66

    Income / (loss) per share from discontinued operations                                                                   0.01                                           0.15       0.09     (0.82)

    Income / (loss) per share                                                                                              (0.19)                                          0.83       2.32       1.85


    Diluted income per share attributable to Tower International, Inc.:

    Income / (loss) per share from continuing operations                                                                  $(0.20)                                         $0.67      $2.20      $2.62

    Income / (loss) per share from discontinued operations                                                                   0.01                                           0.14       0.09     (0.80)

    Income / (loss) per share                                                                                              (0.19)                                          0.81       2.29       1.82


    Dividends declared per share                                                                                            $0.12                                          $0.11      $0.45      $0.41


                                            TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                    CONSOLIDATED BALANCE SHEETS

                                                (Amounts in thousands - unaudited)


                                                                    Dec. 31,           Dec. 31,

                                                                                  2017                2016
                                                                                  ----                ----


                           ASSETS

    Cash and cash equivalents                                                 $123,688             $62,788

    Accounts receivable, net of
     allowance of $1,385 and $961                                              239,319             178,251

    Inventories                                                                 78,745              71,710

    Assets held for sale                                                        44,250             102,252

    Prepaid tooling, notes receivable,
     and other                                                                  78,481             103,023

    Total current assets                                                       564,483             518,024
                                                                               -------             -------


    Property, plant, and equipment, net                                        535,272             465,569

    Goodwill                                                                    63,665              56,383

    Deferred tax asset                                                          83,035             112,645

    Other assets, net                                                           13,642               9,902

    Total assets                                                            $1,260,097          $1,162,523
                                                                            ==========          ==========


                   LIABILITIES AND EQUITY

    Short-term debt and current
     maturities of capital lease
     obligations                                                               $42,048             $34,211

    Accounts payable                                                           323,271             258,129

    Accrued liabilities                                                        113,949             114,079

    Liabilities held for sale                                                   17,336              53,310

    Total current liabilities                                                  496,604             459,729
                                                                               -------             -------


    Long-term debt, net of current
     maturities                                                                344,738             351,232

    Obligations under capital leases,
     net of current maturities                                                       -              4,863

    Deferred tax liability                                                       4,807               5,594

    Pension liability                                                           47,813              61,627

    Other non-current liabilities                                               96,263              65,539

    Total non-current liabilities                                              493,621             488,855
                                                                               -------             -------

    Total liabilities                                                          990,225             948,584
                                                                               -------             -------



    Stockholders' equity:

    Tower International, Inc.'s
     stockholders' equity

      Common stock                                                                $223                $221

      Additional paid in capital                                               344,153             340,623

      Treasury stock                                                          (36,408)           (35,645)

      Accumulated earnings / (deficit)                                          29,712            (14,021)

      Accumulated other comprehensive loss                                    (67,808)           (83,383)

          Total Tower International, Inc.'s
           stockholders' equity                                                269,872             207,795

      Noncontrolling interests in
       subsidiaries                                                                  -              6,144

          Total stockholders' equity                                           269,872             213,939
                                                                               -------             -------


      Total liabilities and stockholders'
       equity                                                               $1,260,097          $1,162,523
                                                                            ==========          ==========


                                                                                             TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                                                                CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                                                 (Amounts in thousands - unaudited)


                                                                                                                Three Months Ended Dec. 31,           Year Ended Dec. 31,
                                                                                                                ---------------------------           -------------------

                                                                                                                                                 2017                           2016         2017          2016
                                                                                                                                                 ----                           ----         ----          ----


    OPERATING ACTIVITIES:

    Net income / (loss)                                                                                                                      $(3,867)                       $17,373      $47,735       $39,280

    Less: Income / (loss) from discontinued operations, net of tax                                                                                288                          2,991        1,853      (17,008)
                                                                                                                                                  ---                          -----        -----       -------

    Income / (loss) from continuing operations                                                                                                (4,155)                        14,382       45,882        56,288


    Adjustments required to reconcile income / (loss) from continuing operations to net cash
    provided by continuing operating activities:

         Deferred income tax provision                                                                                                        $30,759                         $3,691      $46,126        $9,546

         Depreciation and amortization                                                                                                         22,431                         19,086       77,284        72,469

         Non-cash share-based compensation                                                                                                        562                            910        2,219         2,455

         Pension income, net of contributions                                                                                                 (1,606)                         5,852     (11,512)      (1,999)

         Change in working capital and other operating items                                                                                   80,835                         61,412        4,740       (1,051)

           Net cash provided by continuing operating activities                                                                              $128,826                       $105,333     $164,739      $137,708
                                                                                                                                             --------                       --------     --------      --------


    INVESTING ACTIVITIES:

         Cash disbursed for purchases of property, plant, and equipment, net                                                                $(27,466)                     $(42,767)  $(104,153)   $(116,283)

         Proceeds from disposition of joint venture, net                                                                                            -                         4,546       15,944         4,546

           Net cash used in continuing investing activities                                                                                 $(27,466)                     $(38,221)   $(88,209)   $(111,737)
                                                                                                                                             --------                       --------     --------     ---------


    FINANCING ACTIVITIES:

         Proceeds from borrowings                                                                                                             $63,962                       $123,081     $599,888      $581,833

         Repayments of  borrowings                                                                                                           (82,687)                     (169,482)   (604,716)    (587,146)

         Repayments on Term Loan Credit Facility                                                                                                    -                             -           -     (50,000)

         Original issuance discount                                                                                                                 -                             -     (1,808)            -

         Debt issuance costs                                                                                                                        -                             -     (4,747)            -

         Dividend payment to Tower stockholders                                                                                               (2,465)                       (2,236)     (9,221)      (8,570)

         Proceeds from stock options exercised                                                                                                    219                            237        1,313           305

         Purchase of treasury stock                                                                                                                 -                       (1,045)       (763)     (19,578)

           Net cash used in continuing financing activities                                                                                 $(20,971)                     $(49,445)   $(20,054)    $(83,156)
                                                                                                                                             --------                       --------     --------      --------


    Discontinued operations:

         Net cash from discontinued operating activities                                                                                       $2,790                         $2,318       $2,468        $6,032

         Net cash used in discontinued investing activities                                                                                   (1,340)                       (1,479)     (2,591)      (3,589)

         Net cash from / (used in) discontinued financing activities                                                                            (846)                         (542)         291       (3,441)

           Net cash from / (used in) discontinued operations                                                                                     $604                           $297         $168        $(998)
                                                                                                                                                 ----                           ----         ----         -----


    Effect of exchange rate changes on continuing cash and cash equivalents                                                                    $(902)                      $(2,392)      $4,256        $(623)
                                                                                                                                                -----                        -------       ------         -----


    NET CHANGE IN CASH AND CASH EQUIVALENTS                                                                                                   $80,091                        $15,572      $60,900     $(58,806)


    CASH AND CASH EQUIVALENTS:

    Beginning of period                                                                                                                       $43,597                        $47,216      $62,788      $121,594
                                                                                                                                              -------                        -------      -------      --------


    End of period                                                                                                                            $123,688                        $62,788     $123,688       $62,788
                                                                                                                                             ========                        =======     ========       =======


                                                                                 TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                                        SEGMENT DATA AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

                                                                                     (Amounts in thousands - unaudited)




    Segment Data                                                                      Three Months Ended Dec. 31,

                                                                                                                2017                                         2016
                                                                                                                ----                                         ----

                                                                                          Revenues                                    Adjusted EBITDA             Revenues             Adjusted EBITDA
                                                                                          --------                                    ---------------             --------             ---------------

    Europe                                                                                                  $197,893                                      $12,515             $155,243                      $18,007

    North America                                                                                            340,266                                       48,579              307,031                       38,238

         Consolidated                                                                                       $538,159                                      $61,094             $462,274                      $56,245
                                                                                                            ========                                      =======             ========                      =======


                                                                                        Year Ended Dec. 31,

                                                                                                                2017                                         2016
                                                                                                                ----                                         ----

                                                                                          Revenues                                    Adjusted EBITDA             Revenues             Adjusted EBITDA
                                                                                          --------                                    ---------------             --------             ---------------

    Europe                                                                                                  $664,849                                      $45,518             $639,307                      $55,314

    North America                                                                                          1,323,197                                      164,218            1,274,334                      146,408

         Consolidated                                                                                     $1,988,046                                     $209,736           $1,913,641                     $201,722
                                                                                                          ==========                                     ========           ==========                     ========




    Adjusted EBITDA Reconciliation                                              Three Months Ended Dec. 31,                         Year Ended Dec. 31,
                                                                                ---------------------------                         -------------------

                                                                                                                2017                                         2016                 2017                         2016
                                                                                                                ----                                         ----                 ----                         ----

    Net income / (loss) attributable to Tower International, Inc.                                           $(3,867)                                     $16,885              $47,625                      $38,579

    Restructuring and asset impairment charges, net                                                            2,356                                        2,607               10,735                        5,389

    Depreciation and amortization                                                                             22,431                                       19,086               77,284                       72,469

    Acquisition costs and other                                                                                  151                                          104                  425                          422

    Long-term compensation expense                                                                             1,378                                        5,315                5,996                       14,093

    Pension actuarial loss                                                                                         -                                       8,330                    -                       8,330

    Interest expense, net                                                                                      5,669                                        2,945               13,405                       21,004

    Other expense                                                                                                  -                                           -                 575                        6,481

    Provision for income taxes                                                                                33,264                                        3,476               55,434                       17,246

    (Income) / loss from discontinued operations, net of tax                                                   (288)                                     (2,991)             (1,853)                      17,008

    Net income attributable to noncontrolling interests                                                            -                                         488                  110                          701

         Adjusted EBITDA                                                                                     $61,094                                      $56,245             $209,736                     $201,722
                                                                                                             =======                                      =======             ========                     ========



    Free Cash Flow Reconciliation                                               Three Months Ended Dec. 31,                         Year Ended Dec. 31,

                                                                                                                2017                                         2016                 2017                         2016
                                                                                                                ----                                         ----                 ----                         ----

    Net cash provided by continuing operating activities                                                    $128,826                                     $105,333             $164,739                     $137,708

    Cash disbursed for purchases of PP&E                                                                    (27,466)                                    (42,767)           (104,153)                   (116,283)

         Free cash flow                                                                                     $101,360                                      $62,566              $60,586                      $21,425
                                                                                                            ========                                      =======              =======                      =======



    Net Debt Reconciliation                                                               Dec. 31,                                        Dec. 31,

                                                                                                                2017                                         2016
                                                                                                                ----                                         ----

    Short-term debt and current maturities of capital lease obligations                                      $42,048                                      $34,211

    Long-term debt, net of current maturities                                                                352,886                                      357,298

    Debt issue costs                                                                                         (8,148)                                     (6,066)

    Obligations under capital leases, net of current maturities                                                    -                                       4,863

         Total debt                                                                                          386,786                                      390,306

    Less: Cash and cash equivalents                                                                        (123,688)                                    (62,788)

         Net debt                                                                                           $263,098                                     $327,518
                                                                                                            ========                                     ========


                                                                                                     TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                                                                        CERTAIN ITEMS INCLUDED IN NET INCOME

                                                                                            (Amounts in thousands, except per share amounts - unaudited)


                                                                                                                                                      After tax                  Before tax

                                                                                                                                                 Three Months Ended          Three Months Ended

                                                                                                                                                      Dec. 31,                    Dec. 31,
                                                                                                                                                      --------                    --------

                                                                                                                                                                        2017                        2016         2017        2016
                                                                                                                                                                        ----                        ----         ----        ----


    Income / (expense) items included in net income, net of tax:

     Cost of sales

          Pension actuarial loss                                                                                                                         $                 -                   $(5,415)  $        -   $(8,330)

    Selling, general, and administrative expenses

         One-time CEO compensation awards                                                                                                                                  -                    (1,375)           -    (2,115)

    Restructuring and asset impairment charges, net

         One-time restructuring actions                                                                                                                              (1,107)                          -     (1,658)          -

         Lease buyout of previously closed facility                                                                                                                        -                    (1,186)           -    (1,824)

    Interest expense

         Mark-to-market gain / (loss) on derivative financial instruments                                                                                              (393)                        653        (634)      1,005

    Provision for income taxes

         U.S. tax reform                                                                                                                                            (27,163)                          -    (27,163)          -

         Release of valuation allowances, net                                                                                                                              -                        553            -        553

    Discontinued operations

         Income from discontinued operations                                                                                                                             288                       2,991          288       2,991

    Noncontrolling interests

         Net income attributable to noncontrolling interests*                                                                                                              -                      (488)           -      (488)

         Total items included in net income, net of tax                                                                                                            $(28,375)                   $(4,267)
                                                                                                                                                                    ========                     =======


    Net income / (loss) attributable to Tower International, Inc.                                                                                                   $(3,867)                    $16,885


    Memo:  Average shares outstanding (in thousands)

    Basic                                                                                                                                                             20,537                      20,345

    Diluted                                                                                                                                                           20,537                      20,775


    Income / (loss) per common share (GAAP)

    Basic                                                                                                                                                            $(0.19)                      $0.83

    Diluted                                                                                                                                                           (0.19)                       0.81


    Diluted adjusted earnings per share (non-GAAP)**                                                                                                                   $1.17                       $1.02


    * Amounts attributable to noncontrolling interests of discontinued operations

    ** For the three months ended December 31, 2017 diluted share count of 20.9 million was
    used to calculate diluted adjusted earnings per share.


                                                                                           TOWER INTERNATIONAL, INC. AND SUBSIDIARIES

                                                                                              CERTAIN ITEMS INCLUDED IN NET INCOME

                                                                                  (Amounts in thousands, except per share amounts - unaudited)


                                                                                                                               After tax              Before tax

                                                                                                                              Year Ended              Year Ended

                                                                                                                               Dec. 31,                Dec. 31,
                                                                                                                               --------                --------

                                                                                                                                                 2017                  2016         2017        2016
                                                                                                                                                 ----                  ----         ----        ----


    Income / (expense) items included in net income, net of tax:

     Cost of sales

          Pension actuarial loss                                                                                                  $                 -             $(5,415)  $        -   $(8,330)

    Selling, general, and administrative expenses

         One-time CEO compensation awards                                                                                                           -              (2,477)           -    (3,812)

    Restructuring and asset impairment charges, net

         One-time restructuring actions                                                                                                       (5,687)                    -     (8,942)          -

         Lease buyout of previously closed facility                                                                                                 -              (1,186)           -    (1,824)

    Interest expense

         Mark-to-market gain / (loss) on derivative financial instruments                                                                       3,278               (1,565)       5,287     (2,407)

         Acceleration of the amortization of debt issue costs and OID                                                                               -                (481)           -      (740)

    Other expense

         Debt refinancing costs                                                                                                                 (357)                    -       (575)          -

         European divestiture expenses                                                                                                              -              (4,476)           -    (6,481)

    Provision for income taxes

         U.S. tax reform                                                                                                                     (27,163)                    -    (27,163)          -

         Establishment of valuation allowance                                                                                                 (2,448)                    -     (2,448)          -

         Release of valuation allowances, net                                                                                                       -                  553            -        553

    Discontinued operations

         Loss on sale of joint venture                                                                                                        (2,596)                    -     (2,596)          -

         Income / (loss) from discontinued operations                                                                                           4,449              (17,008)       4,449    (17,008)

    Noncontrolling interests

         Net income attributable to noncontrolling interests*                                                                                   (110)                (701)       (110)      (701)

         Total items included in net income, net of tax                                                                                     $(30,634)            $(32,756)
                                                                                                                                             ========              ========


    Net income attributable to Tower International, Inc.                                                                                      $47,625               $38,579


    Memo:  Average shares outstanding (in thousands)

    Basic                                                                                                                                      20,499                20,864

    Diluted                                                                                                                                    20,829                21,222


    Income per common share (GAAP)

    Basic                                                                                                                                       $2.32                 $1.85

    Diluted                                                                                                                                      2.29                  1.82


    Diluted adjusted earnings per share (non-GAAP)                                                                                              $3.76                 $3.36


    * Amounts attributable to noncontrolling interests of discontinued operations

View original content:http://www.prnewswire.com/news-releases/tower-international-reports-fourth-quarter-results-and-provides-outlook-for-2018-300597495.html

SOURCE Tower International, Inc.