American Axle (AXL) Will Restate Certain Financials

On February 19, 2015, the Audit Committee of the Board of Directors of American Axle & Manufacturing Holdings, Inc. (NYSE: AXL), after discussion with management and the Company’s independent registered public accounting firm, Deloitte & Touche LLP, concluded that the financial statements contained in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2014, as previously filed with the Securities and Exchange Commission on October 31, 2014, should no longer be relied upon.

In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4 million were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. While management determined that it was necessary to restate the September 30, 2014 interim period and revise management’s conclusion regarding the effectiveness of disclosure controls and procedures as a result of a material weakness in internal controls over financial reporting, the effect of correcting these errors was not material to opening accumulated deficit as of January 1, 2012. The cumulative impact of the error was a decrease of $6.9 million in opening accumulated deficit as of January 1, 2012.

As a result of the foregoing, AAM will amend our Form 10-Q for the interim period ended September 30, 2014 to restate our previously issued financial statements. The Form 10-Q/A will be filed on February 23, 2015.

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