Superior Industries Files 2007 Annual Report on Form 10-K

Revises Previously Announced 2007 Income Tax Provisions
VAN NUYS, Calif.--(Business Wire)--
Superior Industries International, Inc. (NYSE:SUP) today filed
with the Securities and Exchange Commission its 2007 Annual Report on
Form 10-K. On March 14, 2008, the Company filed a Form 8-K indicating
that its previously issued financial statements should no longer be
relied upon because of errors in recording deferred tax liabilities
and in accounting for inventory costs and deferred taxes of its
Hungarian equity investee in accordance with generally accepted
accounting principles in the United States. In the Form 8-K filing,
the Company also indicated that the evaluation of the errors was still
ongoing. On the same day that the Form 8-K was filed, the Company
announced its unaudited operating results for the fourth quarter and
year 2007 versus the same periods of the prior year.

Subsequent to the announcement of the unaudited 2007 operating
results, and as part of the final evaluation of various tax liability
considerations, it was further determined that the income tax
provision announced for the fourth quarter and year 2007 operating
results had included a tax benefit totaling $1.0 million that should
have been included in the restatement of the 2006 operating results.
Accordingly, the fourth quarter and annual income tax provisions for
2007 and 2006 in the attached table have been revised to include the
correct income tax amounts for each period. Retained earnings as of
December 31, 2007 remains unchanged.

About Superior Industries

Superior supplies aluminum wheels to Ford, General Motors,
Chrysler, Audi, BMW, Fiat, Jaguar, Land Rover, Mazda, Mercedes Benz,
Mitsubishi, Nissan, Seat, Skoda, Subaru, Suzuki, Toyota, Volkswagen
and Volvo. For more information, visit www.supind.com.

Forward-Looking Statements

This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations, estimates and projections about the company's business
based, in part, on assumptions made by management. These statements
are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in such forward-looking statements due to
numerous factors and risks discussed from time to time in the
company's Securities and Exchange Commission filings and reports. In
addition, such statements could be affected by general industry and
market conditions and growth rates, and general domestic and
international economic conditions. Such forward-looking statements
speak only as of the date on which they are made and the company does
not undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of this release.

-0-
*T
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)

Three Months Ended Twelve Months Ended
December 31 December 31
----------------------------------------------------------------------
2007 2006 2007 2006
----------------------------------------------------------------------
Net Sales $229,243 $212,169 $956,892 $789,862
Costs and Expenses
Cost of Sales 217,750 213,117 924,400 781,122
Selling and
Administrative
Expenses 5,442 6,818 29,171 25,679
Impairment of
Long-Lived Assets - 117 - 4,470
----------------------------------------------------------------------

Income (Loss) From
Operations 6,051 (7,883) 3,321 (21,409)

Interest Income,
net 976 1,413 3,684 5,589
Other Income
(Expense), Net 726 246 3,195 (268)
----------------------------------------------------------------------

Income (Loss) From
Continuing
Operations
Before Income
Taxes and Equity
Earnings 7,753 (6,224) 10,200 (16,088)

Income Tax
(Provision) Benefit (5,624) (761) (6,263) 285
Equity in Earnings of
Joint Ventures 2,619 2,254 5,355 5,004
----------------------------------------------------------------------

Net Income (Loss) from
Continuing Operations $4,748 $(4,731) $9,292 $(10,799)
Discontinued
Operations, Net of
Taxes - (381) - 257
----------------------------------------------------------------------

Net Income (Loss) $4,748 $(5,112) $9,292 $(10,542)
----------------------------------------------------------------------

Earnings (Loss) Per
Share - Basic:
Net Income from
Continuing
Operations $0.18 $(0.18) $0.35 $(0.41)
Discontinued
Operations - (0.01) - 0.01
----------------------------------------------------------------------
Net Income (Loss) $0.18 $(0.19) $0.35 $(0.40)
----------------------------------------------------------------------

Earnings (Loss) Per
Share - Diluted:
Net Income from
Continuing
Operations $0.18 $(0.18) $0.35 $(0.41)
Discontinued
Operations - (0.01) - 0.01
----------------------------------------------------------------------
Net Income (Loss) $0.18 $(0.19) $0.35 $(0.40)
----------------------------------------------------------------------

Weighted Average and
Equivalent Shares
Outstanding for
Earnings (Loss)
Per Share:
Basic 26,632,000 26,610,000 26,617,000 26,610,000
Diluted 26,641,000 26,610,000 26,635,000 26,610,000
----------------------------------------------------------------------
*T

-0-
*T
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands)

As of December 31
2007 2006
----------- -----------
Current Assets $356,079 $346,593
Property, Plant and Equipment, net 302,253 310,414
Investments and Other Assets 71,590 55,498
-----------------------
$729,922 $712,505
-----------------------

Current Liabilities $95,596 $112,083
Long-Term Liabilities 83,753 37,308
Shareholders' Equity 550,573 563,114
-----------------------
$729,922 $712,505
-----------------------
*T

Superior Industries International, Inc.
Erika Turner, 818-781-4973

Copyright Business Wire 2008