TROY, Mich., Nov. 18 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc.
(NYSE: ARM) today reported financial results for its full fiscal
year and fourth quarter ended Sept. 28, 2008. Fiscal Year 2008
Highlights -- Sales from continuing operations for fiscal year 2008
were $7.2 billion, up 11 percent compared to fiscal year 2007, due
to strength in Europe and South America. This increase was four
percent at constant exchange rates. -- On a GAAP basis, net loss
was $101 million, or a loss of $1.40 per diluted share, due to
non-cash income tax charges of $183 million which the company
incurred in the fourth quarter primarily to repatriate cash to the
United States. -- On a GAAP basis, loss per diluted share from
continuing operations was $1.26 compared to $0.43 per diluted share
in fiscal year 2007. -- Earnings per share from continuing
operations, before special items, were $1.60 per diluted share,
compared to $0.53 per diluted share in fiscal year 2007 -- in line
with the company's full fiscal year guidance provided throughout
the year. -- Free cash outflow (cash flow from operations, net of
capital expenditures) of negative $9 million for the full fiscal
year, significantly better than the forecasted range of negative
$50 million to negative $100 million. "Our team executed well in
fiscal year 2008," said Chairman, CEO and President Chip McClure.
"We increased margins by 1.8 percentage points, before special
items, in our Commercial Vehicle Systems business by sharpening
operational performance in all regions, and we achieved our
targeted savings of $75 million in cost reductions through our
global Performance Plus profit improvement program. "Although
commercial and light vehicle volumes in North America were down
dramatically from fiscal year 2007, we increased revenue from
customers in Europe, South America and Asia Pacific. We also
achieved our strategic objectives to grow our military business
through an intense and dedicated focus on customer requirements for
ArvinMeritor's drivetrain products. And, we successfully
strengthened our aftermarket business through organic growth and
two key acquisitions which position us for greater market
penetration globally," said McClure. Fourth-Quarter Highlights --
Fourth-quarter sales were $1.7 billion, up eight percent from the
same period last year. -- On a GAAP basis, net loss from continuing
operations was $165 million, or a loss of $2.29 per diluted share,
due to non-cash income tax charges of $183 million primarily to
repatriate cash to the United States. -- Fourth-quarter income from
continuing operations, before special items, was $28 million, or
$0.38 per diluted share, compared to a loss of $4 million, or $0.06
per diluted share in fiscal year 2007. -- Free cash flow was
positive $103 million in the fourth quarter. Fourth-Quarter Results
2008 For the fourth quarter of fiscal year 2008, ArvinMeritor
posted sales of $1.7 billion, up eight percent from the same period
last year. At constant exchange rates, sales were up three percent.
This increase in sales was primarily due to higher volumes in
military, off-highway and aftermarket products, and strong
commercial vehicle production outside of North America. These items
were offset by softness in the global light vehicle markets.
Operating income in the fourth quarter of 2008 was $40 million,
compared to a loss of $16 million in the fourth quarter of fiscal
year 2007. Excluding special items, operating income was $52
million, compared to $8 million in the prior year's fourth quarter.
Income from continuing operations during the fourth quarter of
fiscal year 2008, before special items, was $28 million, or $0.38
per diluted share, compared to a loss from continuing operations,
before special items, of $4 million, or a loss of $0.06 per diluted
share, a year ago. Favorable items that impacted fourth-quarter
results in fiscal year 2008 were higher sales and operational
improvements in supply chain management, application of lean
fundamentals and direct material cost reduction programs. Special
items included non-cash income tax charges, restructuring costs and
costs associated with the planned separation of the company's Light
Vehicle Systems (LVS) business group. These items accounted for
approximately $2.67 per diluted share of expense in the fourth
quarter. Fiscal-Year Accomplishments "Our results in fiscal year
2008 indicate that we have improved our ability to consistently run
leaner operations, produce highly-engineered products for our
customers, execute acquisitions, and manage the business at a
profitable level despite a longer than anticipated downturn in the
North American Class 8 truck market," said McClure. Specific
accomplishments in 2008 include: -- Improved manufacturing
performance through state-of-the-art technology across several of
our core competencies, including advanced gear-cutting processes.
-- Accelerated engineering and development to meet strong demand
for Mine Resistant Ambush Protected (MRAP) programs. -- Grew U.S.
aftermarket sales by six percent during a year in which the U.S.
truck replacement part industry was down six percent from last
year. -- Achieved $75 million in cost reductions through various
initiatives related to manufacturing performance, direct and
indirect material optimization and overhead savings within the
Performance Plus program. -- Higher earnings, enhanced collections
and credit management, and global inventory management favorably
impacted cash flow in fiscal year 2008. Cash and Liquidity
ArvinMeritor had $497 million in available cash balances and an
undrawn, available amount of $626 million under its revolving
credit facility as of Sept. 30, 2008. There are no current covenant
constraints that limit the availability of this facility. Also, as
of Sept. 30, 2008, the company utilized $521 million in factoring
and securitization facilities - $419 million of which are pursuant
to recently renewed 364-day committed liquidity facilities that
extend to September and October of 2009. The company has no
significant long-term debt maturity due until 2012. Light Vehicle
Systems Transaction Update On Oct. 31, the company announced its
plan to explore strategic alternatives for the LVS business.
"Declining global market and credit conditions are the primary
factors that have led us to expand our options for separating the
LVS business group, excluding the Wheels business located in South
America and Mexico," said McClure. "After a comprehensive review of
those options, we have determined that a sale will be our primary
focus." J.P. Morgan is the company's financial advisor related to
the separation of the business. 2009 Priorities "The work we did to
strengthen the company in 2008 enables us to respond more quickly
and efficiently to the deteriorating markets we are now
anticipating in fiscal year 2009," said McClure. "We have defined
five key priorities that we will diligently focus on this year."
The five priorities include: -- Accelerate restructuring and cost
reductions -- Improve operational performance in all areas --
Complete the separation of the light vehicle business, excluding
wheels -- Expand high-margin segments -- Strengthen our product and
technology position Outlook for 2009 ArvinMeritor's forecast for
North American Class 8 truck production is in the range of 200,000
to 220,000 units in calendar year 2009, approximately the same as
in 2008. The company's forecast for heavy and medium truck volumes
in Western Europe is in the range of 400,000 to 450,000 units, down
approximately 25 percent from fiscal year 2008. The company's
fiscal year 2009 financial guidance is for expected continuing
operations - which includes ArvinMeritor's commercial vehicle
systems and wheels businesses. ArvinMeritor expects the remaining
LVS businesses to be separated during 2009. The LVS outlook
continues to be weak and may negatively affect the company's
overall financial condition and GAAP results of operations until
the point of sale. Sales for fiscal year 2009 are forecasted to be
in the range of $4.9 billion to $5.2 billion. The company expects
earnings per diluted share, excluding special items, to be in the
range of $0.80 to $1.00. ArvinMeritor anticipates free cash flow
for the fiscal year to be approximately breakeven. Full-year
expectations include approximately $50 million in savings from the
company's Performance Plus profit improvement program which is now
focused on ArvinMeritor's European operations, and $80 million
associated with restructuring and cost reduction actions announced
on Oct. 31, 2008. About ArvinMeritor ArvinMeritor, Inc. is a
premier global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry. The company
serves commercial truck, trailer and specialty original equipment
manufacturers and certain aftermarkets, and light vehicle
manufacturers. ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM. For more information,
visit the company's Web site at: http://www.arvinmeritor.com/.
Forward-Looking Statements This press release contains statements
relating to future results of the company (including certain
projections and business trends) that are "forward- looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are typically identified by
words or phrases such as "believe," "expect," "anticipate,"
"estimate," "should," "are likely to be," "will" and similar
expressions. There are risks and uncertainties relating to the
planned separation of ArvinMeritor's LVS business, including the
timing and certainty of completion of any transaction, the terms
upon which any purchase and sale agreement may be entered into and
whether closing conditions (some of which may not be within the
company's control) will be met. In addition, actual results may
differ materially from those projected as a result of certain risks
and uncertainties, including but not limited to global economic and
market cycles and conditions, including the recent global economic
crisis; the demand for commercial, specialty and light vehicles for
which the company supplies products; risks inherent in operating
abroad (including foreign currency exchange rates and potential
disruption of production and supply due to terrorist attacks or
acts of aggression); whether our liquidity will be affected by
declining vehicle production volumes in the future; availability
and sharply rising cost of raw materials, including steel and oil;
OEM program delays; demand for and market acceptance of new and
existing products; successful development of new products; reliance
on major OEM customers; labor relations of the company, its
suppliers and customers, including potential disruptions in supply
of parts to our facilities or demand for our products due to work
stoppages; the financial condition of the company's suppliers and
customers, including potential bankruptcies; possible adverse
effects of any future suspension of normal trade credit terms by
our suppliers; potential difficulties competing with companies that
have avoided their existing contracts in bankruptcy and
reorganization proceedings; successful integration of acquired or
merged businesses; the ability to achieve the expected annual
savings and synergies from past and future business combinations
and the ability to achieve the expected benefits of restructuring
actions; success and timing of potential divestitures; potential
impairment of long-lived assets, including goodwill; potential
adjustment of the value of deferred tax assets; competitive product
and pricing pressures; the amount of the company's debt; the
ability of the company to continue to comply with covenants in its
financing agreements; the ability of the company to access capital
markets; credit ratings of the company's debt; the outcome of
existing and any future legal proceedings, including any litigation
with respect to environmental or asbestos-related matters; the
outcome of actual and potential product liability and warranty and
recall claims; rising costs of pension and other post-retirement
benefits and possible changes in pension and other accounting
rules; as well as other risks and uncertainties, including but not
limited to those detailed from time to time in filings of the
company with the SEC. These forward-looking statements are made
only as of the date hereof, and the company undertakes no
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as otherwise required by law. All earnings per share amounts
are on a diluted basis. The company's fiscal year ends on the
Sunday nearest Sept. 30, and its fiscal quarters end on the Sundays
nearest Dec. 31, March 31 and June 30. All year and quarter
references relate to the company's fiscal year and fiscal quarters,
unless otherwise stated. Non-GAAP Measures In addition to the
results reported in accordance with accounting principles generally
accepted in the United States ("GAAP") included throughout this
press release, the company has provided information regarding
income or loss from continuing operations, diluted earnings per
share and operating income before special items, which are non-GAAP
financial measures. These non-GAAP measures are defined as reported
income or loss from continuing operations, reported diluted
earnings or loss per share, and operating income or loss plus or
minus special items. Other non-GAAP financial measures include
"EBITDA," and "free cash flow." EBITDA is defined as income or loss
from continuing operations before interest, income taxes,
depreciation and amortization and loss on sale of receivables. We
use EBITDA as the primary basis to evaluate the performance of each
of our reportable segments. Free cash flow represents net cash
provided by operating activities, less capital expenditures.
Management believes that the non-GAAP financial measures used in
this press release are useful to both management and investors in
their analysis of the company's financial position and results of
operations. In particular, management believes that EBITDA is a
meaningful measure of performance as it is commonly utilized by
management and the investment community to analyze operating
performance and entity valuation; and free cash flow is useful in
analyzing the company's ability to service and repay its debt.
Further, management uses these non-GAAP measures for planning and
forecasting in future periods. These non-GAAP measures should not
be considered a substitute for the reported results prepared in
accordance with GAAP. EBITDA should not be considered as an
alternative to net income as an indicator of our operating
performance or to cash flows as a measure of liquidity. Free cash
flow should not be considered a substitute for cash provided by
operating activities, or other cash flow statement data prepared in
accordance with GAAP, or as a measure of financial position or
liquidity. In addition, the calculation of free cash flow does not
reflect cash used to service debt or cash received from the
divestitures of businesses or sales of other assets and thus does
not reflect funds available for investment or other discretionary
uses. These non- GAAP financial measures, as determined and
presented by the company, may not be comparable to related or
similarly titled measures reported by other companies. Set forth on
the following pages are reconciliations of these non-GAAP financial
measures, if applicable, to the most directly comparable financial
measures calculated and presented in accordance with GAAP.
Fourth-Quarter Results Conference Call The company will host a
telephone conference call and Web cast to discuss the company's
fiscal year 2008 fourth-quarter and full year financial results on
Tuesday, Nov. 18, 2008, at 9 a.m. (ET). To participate, call (888)
680-0890 ten minutes prior to the start of the call. Please
reference participant Passcode 68102365 when dialing in. Investors
can also listen to the conference call in real time - or the
recorded version for seven days afterward- by visiting
http://www.arvinmeritor.com/. A replay of the call will be
available from 11 a.m. on Nov. 18, to 11:59 p.m. on Nov. 25, by
calling (888) 286-8010 within the United States, or (617) 801-6888,
from anywhere else in the world. Please refer to replay Passcode
57935672. To access the listen-only audio Web cast, visit the
ArvinMeritor Web site at http://www.arvinmeritor.com/ and select
the Web cast link from the home page or the investor page.
ARVINMERITOR, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited,
In millions, except per share amounts) Quarter Ended Twelve Months
Ended September 30, September 30, 2008 2007 2008 2007 Sales $1,720
$1,592 $7,167 $6,449 Cost of sales (1,560) (1,483) (6,514) (5,957)
GROSS MARGIN 160 109 653 492 Selling, general and administrative
(117) (114) (444) (379) Restructuring costs (1) (10) (20) (71)
Other income (expense), net (2) (1) (3) 11 OPERATING INCOME (LOSS)
40 (16) 186 53 Equity in earnings of affiliates 9 10 38 34 Interest
expense, net (17) (22) (83) (110) INCOME (LOSS) BEFORE INCOME TAXES
32 (28) 141 (23) Benefit (provision) for income taxes (196) 10
(217) 8 Minority interests (1) (5) (15) (15) LOSS FROM CONTINUING
OPERATIONS (165) (23) (91) (30) INCOME (LOSS) FROM DISCONTINUED
OPERATIONS $12 $(39) $(10) $(189) NET LOSS $(153) $(62) $(101)
$(219) DILUTED EARNINGS (LOSS) PER SHARE Continuing operations
$(2.29) $(0.32) $(1.26) $(0.43) Discontinued operations 0.17 (0.54)
(0.14) (2.68) Diluted loss per share $(2.12) $(0.86) $(1.40)
$(3.11) Diluted average common shares outstanding 72.2 71.7 72.1
70.5 ARVINMERITOR, INC. CONSOLIDATED BALANCE SHEET (Unaudited, In
millions) September 30, September 30, 2008 2007 ASSETS: Cash and
cash equivalents $ 497 $ 409 Receivables, trade and other, net
1,114 1,223 Inventories 623 541 Other current assets 218 216 Net
property 775 738 Goodwill 522 520 Other assets 925 1,142 TOTAL
ASSETS $ 4,674 $ 4,789 LIABILITIES AND SHAREOWNERS' EQUITY
Short-term debt $ 240 $ 18 Accounts payable 1,287 1,342 Other
current liabilities 610 719 Long-term debt 1,063 1,130 Retirement
benefits 690 763 Other liabilities 247 209 Minority interests 75 65
Shareowners' equity 462 543 TOTAL LIABILITIES AND SHAREOWNERS'
EQUITY $ 4,674 $ 4,789 ARVINMERITOR, INC. CONSOLIDATED BUSINESS
SEGMENT INFORMATION (Unaudited, In millions) Quarter Ended Twelve
Months Ended September 30, September 30, 2008 2007 2008 2007 Sales:
Commercial Vehicle Systems $1,191 $1,035 $4,819 $4,205 Light
Vehicle Systems 529 557 2,348 2,244 Total sales $1,720 $1,592
$7,167 $6,449 EBITDA: Commercial Vehicle Systems $ 99 $ 35 $ 355 $
221 Light Vehicle Systems 17 2 61 36 Total Segment EBITDA 116 37
416 257 Unallocated Corporate Costs (22) (3) (40) (11) ET Corporate
Allocations - (9) - (36) Total EBITDA 94 25 376 210 Loss on Sale of
Receivables (7) (3) (22) (9) Depreciation and Amortization (39)
(33) (145) (129) Interest Expense, Net (17) (22) (83) (110) Benefit
(Provision) for Income Taxes (196) 10 (217) 8 Loss from Continuing
Operations $ (165) $ (23) $ (91) $ (30) ARVINMERITOR, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, In
millions) Twelve Months Ended September 30, 2008 2007 OPERATING
ACTIVITIES $(91) $(30) Loss from continuing operations Adjustments
to income (loss) from continuing operations: Depreciation and
amortization 145 129 Gain on divestitures - (3) Adjustment to
impairment reserves, net - (10) Deferred income tax expense
(benefit) 109 (36) Restructuring costs, net of payments (23) 39
Loss on debt extinguishment 3 6 Pension and retiree medical expense
105 129 Other adjustments to loss from continuing operations, net -
16 Pension and retiree medical contributions (82) (202) Proceeds
from termination of interest rate swaps 28 - Changes in off-balance
sheet receivable securitization and factoring 125 139 Changes in
assets and liabilities (144) 3 Cash flows provided by continuing
operations 175 180 Cash flows used for discontinued operations, net
(12) (144) CASH PROVIDED BY OPERATING ACTIVITIES 163 36 INVESTING
ACTIVITIES Capital expenditures (172) (120) Acquisitions of
businesses and investments, net of cash acquired (57) (2) Proceeds
from disposition of property and businesses 9 14 Proceeds from
investments and marketable securities 5 5 Net investing cash flows
provided by discontinued operations 55 199 CASH PROVIDED BY (USED
FOR) BY INVESTING ACTIVITIES (160) 96 FINANCING ACTIVITIES
Borrowings on accounts receivable securitization program 111 (40)
Issuance of convertible notes - 200 Repayment of notes and term
loan (5) (249) Borrowings on lines of credit and other, net 26 3
Net change in debt 132 (86) Debt issuance and extinguishment costs
(6) (10) Proceeds from exercise of stock options - 28 Cash
dividends (29) (29) Other financing activities - (1) CASH PROVIDED
BY (USED FOR) FINANCING ACTIVITIES 97 (98) EFFECT OF CHANGES IN
FOREIGN CURRENCY EXCHANGE RATES ON CASH AND CASH EQUIVALENTS (12)
25 CHANGE IN CASH AND CASH EQUIVALENTS 88 59 CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD 409 350 CASH AND CASH
EQUIVALENTS AT END OF PERIOD $497 $409 ARVINMERITOR, INC. SELECTED
FINANCIAL INFORMATION - RECONCILIATION Non-GAAP (Unaudited, in
millions except per share amounts) Spin-Off Non-Cash Q4 FY 08
Trans- Income Before Q4 FY 08 Restruct- action Tax Tax Special
Reported uring Costs Charges Impact Items Sales $1,720 $ - $ - $ -
$ - $1,720 Gross Margin 160 - - - - 160 Operating Income 40 1 11 -
- 52 Income (Loss) from Continuing Operations (165) 1 7 183 2 28
Diluted Earnings (Loss) Per Share - Continuing Operations $(2.29) $
0.01 $0.10 $ 2.53 $0.03 $ 0.38 Segment EBITDA: Commercial Vehicle
Systems $ 99 $ (1) $ - $ - $ - $ 98 Light Vehicle Systems 17 2 - -
- 19 Total Segment EBITDA $ 116 $ 1 $ - $ - $ - $ 117 Segment
EBITDA Margins Commercial Vehicle Systems 8.3 % 8.2 % Light Vehicle
Systems 3.2 % 3.6 % Total Segment EBITDA Margins 6.7 % 6.8 %
ARVINMERITOR, INC. SELECTED FINANCIAL INFORMATION - RECONCILIATION
Non-GAAP (Unaudited, in millions except per share amounts) Q4 FY 07
Before Q4 FY 07 Restruct- Income Special Reported uring Other(1)
Taxes Items Sales $1,592 $ - $ - $ - $ 1,592 Gross Margin 109 - 9 -
118 Operating Income (16) 10 14 - 8 Income (Loss) from Continuing
Operations (23) 6 9 4 (4) Diluted Earnings (Loss) Per Share -
Continuing Operations $(0.32) $ 0.08 $ 0.12 $ 0.06 $ (0.06) Segment
EBITDA: Commercial Vehicle Systems $ 35 $ 1 $ 9 $ - $ 45 Light
Vehicle Systems 2 8 3 - 13 Total Segment EBITDA $ 37 $ 9 $ 12 $ - $
58 Segment EBITDA Margins Commercial Vehicle Systems 3.4% 4.3%
Light Vehicle Systems 0.4% 2.3% Total Segment EBITDA Margins 2.3%
3.6% (1) Other includes costs associated with product disruptions,
supplier reorganizations, environmental remediation and other.
ARVINMERITOR, INC. SELECTED FINANCIAL INFORMATION - RECONCILIATION
Non-GAAP (Unaudited, in millions except per share amounts) Spin-Off
Non-Cash YTD FY 08 Transact- Income Before YTD FY 08 Restruct- ion
Tax Special Reported uring Costs Charges Items Sales $7,167 $ - $ -
$ - $ 7,167 Gross Margin 653 - - - 653 Operating Income 186 20 17 -
223 Income (Loss) from Continuing Operations (91) 14 11 183 117
Diluted Earnings (Loss) Per Share - Continuing Operations $ (1.26)$
0.19 $ 0.16 $ 2.51 $ 1.60 Segment EBITDA: Commercial Vehicle
Systems $ 355 $ (1) $ - $ - $ 354 Light Vehicle Systems 61 20 - -
81 Total Segment EBITDA $ 416 $ 19 $ - $ - $ 435 Segment EBITDA
Margins Commercial Vehicle Systems 7.4 % 7.3 % Light Vehicle
Systems 2.6 % 3.4 % Total Segment EBITDA Margins 5.8 % 6.1 %
ARVINMERITOR, INC. SELECTED FINANCIAL INFORMATION - RECONCILIATION
Non-GAAP (Unaudited, in millions except per share amounts) Ride
Control YTD FY 07 Fair Value Reported Adjustment Restructuring
Other(1) Sales $6,449 $- $- $- Gross Margin 492 - - 7 Operating
Income 53 (10) 71 12 Income (Loss) from Continuing Operations (30)
(6) 44 8 Diluted Earnings (Loss) Per Share - Continuing Operations
$(0.43) $(0.08) $0.62 $0.11 Segment EBITDA: Commercial Vehicle
Systems $221 $- $11 $- Light Vehicle Systems 36 (12) 54 12 Total
Segment EBITDA $257 $(12) $65 $12 Segment EBITDA Margins Commercial
Vehicle Systems 5.3% Light Vehicle Systems 1.6% Total Segment
EBITDA Margins 4.0% YTD FY 07 Before Debt Income Special
Extinguishment Taxes Items Sales $- $- $6,449 Gross Margin - - 499
Operating Income - - 126 Income (Loss) from Continuing Operations 4
18 38 Diluted Earnings (Loss) Per Share - Continuing Operations
$0.05 $0.26 $0.53 Segment EBITDA: Commercial Vehicle Systems $- $-
$232 Light Vehicle Systems - - 90 Total Segment EBITDA $- $- $322
Segment EBITDA Margins Commercial Vehicle Systems 5.5% Light
Vehicle Systems 4.0% Total Segment EBITDA Margins 5.0% (1) Other
includes costs associated with product disruptions, supplier
reorganizations, environmental remediation and other. ARVINMERITOR,
INC. EBITDA BEFORE SPECIAL ITEMS RECONCILIATION Non-GAAP
(Unaudited, in millions) Twelve Months Ended September 30, 2008
2007 Total EBITDA - Before Special Items $ 413 $ 281 Restructuring
Costs (20) (71) Spin-Off Transaction Costs (17) - Adjustment to
Impairment Reserves - 12 Other (1) - (12) Loss on Sale of
Receivables (22) (9) Depreciation and Amortization (145) (129)
Interest Expense, Net (83) (110) Benefit (Provision) for Income
Taxes (217) 8 Loss From Continuing Operations $ (91) $ (30) (1) In
fiscal year 2007, Other includes costs associated with product
disruptions, supplier reorganizations, environmental remediation
and other. ARVINMERITOR, INC. FREE CASH FLOW - RECONCILIATION
Non-GAAP (Unaudited, in millions) Quarter Twelve Months Ended Ended
September 30, September 30, 2008 2007 2008 2007 Cash flows provided
by continuing operations $ 152 $ 252 $ 175 $ 180 Cash expenditures
of continued operations (54) (48) (172) (120) Free cash flow -
continuing operations 98 204 3 60 Cash flows provided by (used for)
discontinued operations 5 (26) (12) (144) Capital expenditures of
discontinued operations - - - (29) Free cash flow - discontinued
operations 5 (26) (12) (173) Free cash flow - full company $ 103 $
178 $ (9) $(113) (Logo:
http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO )
http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO DATASOURCE:
ArvinMeritor, Inc. CONTACT: Media, Lin Cummins, +1-248-435-7112, ;
or Investor Inquiries, Terry Huch, +1-248-435- 9426, , both of
ArvinMeritor, Inc. Web site: http://www.arvinmeritor.com/ Company
News On-Call: http://www.prnewswire.com/comp/762401.html
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